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NOTE 1_- SUMMARY OF SIGNIFICANT ACCOUM'ING POLICIES (CpNTINUED):
<br />Govemmental Entities Included in the Combined _Financiai Statements
<br />For fmancial reporting purposes, the County includes all funds, account groups, agencies, boards, commissions, and
<br />authorities that are controlled by or depead upon the County. Control or dependency on the County is determined on the
<br />basis of the budget adoption, taxing suthority, outstanding debt secured by rev~ues of geaeral obligations of the Couaty,
<br />obligation of the County to finance any deficits that may occur, or roceipt of signi5cant subsidies from the County. Based
<br />on the above criteria, the County includes the following eatities in the Snancial statements in accordance with the criteria
<br />set forth in Statement No. 3 issued by the National Council on Governmental Accaunting (NCGA), aad adopted by the
<br />Governmental Accounting Staadards Board:
<br />Brooks Community Sewer District (3 budgetary funds)
<br />East Salem Servia Distrid (2 budgetary funds)
<br />Labish Village Sewage and Dtainage District (2 budgetary funds)
<br />The Board of County Commissioners fundians as the gove~ning body of the Districts and financial intadepcndence exists
<br />with the County administeting their financial state~ents. No other entities inanifest sigaificant aspeds of dependency on,
<br />or control by, the County and, consequently, none were required to be includ~ed in the combined financial statements.
<br />In Jane 1991, the Government Accounting Standards Board (GASB) issued statement No.14, entitled the "Financial
<br />Reporting Entity." ~his statement sets forth revised criteria for defining npordng eatities and supeisedes NCGA No. 3.
<br />GASB No. 14 becomes effoctive for the County's fiscal year ending June 30, 1994. '1~-e County is in the process of
<br />determining which, if any, additional entities will~be included as a part of its reporting e,atity and does not believe that
<br />the implementation of GASB No.14 will have a material effect on its reported finaacial position or excess of revenues
<br />over expenditures.
<br />Investments '
<br />County invesmients are recorded at cost which agproximates market at Jnne 30, 1993. Deferred compensation plan
<br />investinents are recorded at market value, wluch equals cost, and are recorded in the 'IY+easurers Trust Agency Fund.
<br />A written investrnent policy, adopted by the Board of County Commissioners, cantrols the types of invGStments allowed
<br />to be purchased by the County. Invesmlarts are gaierally those that can be coltatasliud.
<br />Receivables
<br />The Counry levies, collects and distributes proptrty taxes for all taxing jurisdictions within its boundaries. Uncollected
<br />property taxes receivable in the General Fund, the Special, Revenue Funds, and the Debt Service Fund which are not
<br />considered available to finance current opcrations are shown in the balance sheets of the respective funds as assets and
<br />are offset by deferred revenue. Accordingly, such receivables are not reflected as revenue until they become available to
<br />finance current operations. In addition, interest neceivable on delinquent pmperty taxes in the amount of 54,897,818 is not
<br />recorded as of June 30, 1993. Such interest revenue is recognizEd in the period in which the interest and related delinquent
<br />taxes are collected.
<br />Assessments receivable repres~nt uncollxted amounts levied against benefitted property for the cost of street
<br />improvements. Assessments receivable in the Public Works Fund, a Special Revenue Fund, are recognized at the time
<br />property owners are assessed for property improvements. Assessments receivable not considered measurable and available
<br />are offset by deferred revenues and, accordingly, have not been recorded as t~evenue. An ailowance for uncollectible
<br />amounts is not deemed necessary as substantially all amounts, including delinquent assessments, are considered recoverable
<br />through tiens on the benefittod property. Substantially all assessments are payable over a period of up to 20 yeazs and bear
<br />interest at six percent to seven percent
<br />Loans receivable consist of housing rehabilitation loans made with federal funds by the Community Development Block
<br />Grant Fund, a Special Revenue Fund. 'It~e loans are fully restrved through the use of a deferred revenue account.
<br />Receivables of the Enterprise Funds are recorded as revenue when earned, including charges for services rendered but not
<br />billed, net of any required allowance for doubtful accounts.
<br />Receivables for federal and state financial assistance are recorded as revenue, in all fund types, as eamed.
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