AgdaPkt 2012-01-09 - Laserfiche WebLink

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Re� 6.1. B. - 183 Jency of the City of Redwood City Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued H. NetAssets In tlle government-wide financial statements, net assets are classified u1 the following categories: Investe� in C��pit��l Assets, Net o{ Pelate� Debt - This amount consists of capital assets net of accunlulated depreciation and reduced by outstanding debt that attributed to t11e acquisition, construction, or inlprovenlent of t11e assets. Restricte� Net Assets - This amount is restricted by external creditors, grantors, contributors, or laws or regulatioils of other goverilments. Unrestricted Net Assets (Deficit) - This anlount is all ilet assets tllat do not nleet the definition of "invested in capital assets, net of related debt" or "restricted net assets." I. Llse of Estiynates Tl1e preparation of financial statenlents in coilformity with generally accepted accounting principles requires managenlent to nlake estimates and assumptions that affect certaul reported amounts and disclosures. Accordingly, actual results could differ from those estinlates. j. Prope�^ty Taxes San Mateo County assesses properties and bills, collects, and distributes property taxes as follows: Secured Unsecured Lien/levy dates January 1 January 1 Due date 50% on November 1 and February 1 July 1 Delinquent as of December 10 & Apri110 August 1 T11e term "unsecured" refers to taxes on personal property o$Zer t11an real estate, land and buildings. These taxes are secured by liens on the property being taxed. Property tax revenues are recognized by the Agency u1 the fiscal year they are assessed provided t11ey beconle available as defuled above. Under t11e County's Teeter plan, t11e County renlits 100% of the taxes levied to the Agency withul sixty days of the due date. ?�