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i <br />L RAD II <br />TOWN OF DEBEQUE, CO O Q <br />NOTES TO FINANC�AL STATEMENTS - cdntinued <br />December 31, 2005 <br />NOTE A- SUMMARY OF SIGNIFICANT ACCOUNTING P <br />Properry taxes are levied and collected on behalf of the Town by <br />revenue when received by the County Treasurers. <br />Capital Assets <br />Capital assets, which include property, plant, and equipment a <br />� governmental or business-type activities columns in the governn <br />Capital assets are defined by the gavernment as assets with an initi <br />$500 and an estimated useful life in excess of three years. Such asse <br />� j or estimated historical cost if purchased or constructed. The costs of <br />�� that do not add to the value of the asset or materially extend assets liv <br />Property, plant and equipment of the Town is depreciated using th <br />� � d f 11' � <br />- continued <br />counties and are reported as <br />reported in the applicable <br />nt-wide financial statements. <br />individual cost of more than <br />are recorded at historical cost <br />>rmal maintenance and repairs <br />are not capitalized. <br />straight line method over the <br />followmg estimate use u ives. <br />Infrastructure 40 years <br />Buildings 40 years '� <br />Equipment 3 - 10 years 'i <br />, <br />i <br />Compensated Absences � <br />A Town employee may carry up to 40 hours of vacation time from on;e calendar year to the next, and <br />may accrue up to 60 days of sick leave. The Town pays a t�rminating employee only for <br />accumulated vacation time. Accumulated unpaid vacation and sick pay are accrued when incurred in <br />Proprietary Funds. In Governmental Fund Types, that portion of ac�umulated unpaid vacation and <br />sick pay which is estimated to be current is accrued in the governme ta1 fund with the remainder, if <br />any, being a reconciling item between the fund and govemment-wide �resentations. <br />Lon� Obli at��ions I <br />In the government-wide financial statements, and proprietary fund types in the fund financial <br />statements, long-term debt and other long-term obligations are report�d as liabilities in the applicable <br />governmental activities, business-type activities, or proprietary fund t}ype statement of net assets. <br />Prope Taxes ' <br />Properiy taxes attach as an enforceable lien on property as of Januar� 1. Taxes may be paid in two <br />equal payments. To avoid penalties, the first half must be paid befo�e March 1; and the second half <br />must be paid on or before June 15. Alternatively, the taxes may be pa�d in full by Apri130. All <br />�� <br />