Laserfiche WebLink
� <br /> , � Swan's Nest Metropolitan District <br />Notes to Financiat S�Eatemenfis <br />December 31, 2008 <br />1. Summary of Significant Accounting Policies (Continued) <br />Property Taxes <br />The District has recorded annual property taxes assessed in the current <br />year, to be collected in the following year, as receivable at December 31 <br />af the current year and offset by a deferred revenue account. Summit <br />County handles the levying and collecting vf these taxes. <br />� The taxes are tevied on December 15 of each year and are due January 1 <br />of the fallowing year. For purposes of collections, taxpayers can pay half <br />of the tax (iability on or befare the last day of February with the remaining <br />' half due on or before June 15; or they can pay the entire amount on or <br />before April 30. If the taxes remain unpaid, the County may file liens <br />beginning in October of each year. Assessed taxes are anticipated to be <br />i fully collected within one year. <br />2. Deposits and Investments <br />� The District has deposits that are governed by Colorado statute. The <br />Colorado Public Deposit Protection Act (PDPA) requires that the District <br />� deposits cash in eligible public depositories as determined by Colorado <br />state regulators. Deposits in excess of federal depository insurance levels <br />are required to be coltateralized by a single collateral pool for alt public <br />� funds, maintained by another institution or held in trust for all the <br />uninsured public deposits. The deposits are collaterafized at 102% of the <br />uninsured amounts. The selection of eligible public depositories and <br />� reporting of uninsured deposits maintained in the pool is monitored by the <br />Colorado Division of Banking and Financial Services. <br />At December 31, 2008 and 2007, the District's cash deposits bank <br />balances as welf as carrying values as follows: <br />� 2008 2007 <br />Cash in banks $106,446 $83,315 <br />These deposits were #uliy FDIC insured. State statutes authorize the <br />District to invest in obligations of the U.S. Treasury and U.S. Agencies, <br />obligations of the State of Colorado or of any county, schaol district, and <br />certain towns and cities therein, notes or bonds secured by insured <br />mortgages or trust deeds, obligations of national mortgage associations, <br />certain repurchase agreements, and local government investment pools. <br />No investments were in existence as of December 31, 2008 and 2007. <br /> � <br />0 <br /> � <br />