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1 <br /> Winter Park Water and Sanitation District <br /> NOTES TO FINANCIAL STATEMENTS <br /> (continued) <br /> December 31, 2010 and 2009 ' <br /> recorded as an operating expense. Expenditures for capital assets are shown as <br /> increases in assets and payments on loans are recorded as reductions in liabilities. <br /> Tap fees and contributed assets from developers are recorded as capital contributions <br /> when received or collectible. <br /> Operating revenues and expenses <br /> The District distinguishes between operating revenues and expenses from ' <br /> nonoperating items in the Statements of Revenues, Expenses and Changes in Net <br /> Assets. Operating revenues and expenses generally result from providing services <br /> and producing and delivering goods in connection with the District's purpose of <br /> providing water and sewer services to its customers. Operating revenues consist of <br /> charges to customers for service provided. Operating expenses include the cost of <br /> service, administrative expenses, and depreciation of capital assets. All revenues and <br /> expenses not meeting this definition are reported as nonoperating revenues and <br /> expenses or capital contributions. <br /> Cash equivalents <br /> For purposes of the Statement of Cash Flows, the District considers cash deposits and <br /> highly liquid investments with original maturities of three months or less from the date <br /> of acquisition, to be cash equivalents. <br /> Investments , <br /> Investments for the District are reported at fair value. <br /> Accounts receivable, allowance for doubtful accounts <br /> User fees and tap fees constitute a perpetual lien on or against property served until <br /> paid. Such liens may be foreclosed upon as provided by the State of Colorado. <br /> Therefore, no provision for uncollectible receivables has been made in the financial <br /> statements. <br /> Property Taxes <br /> Property taxes are levied based on assessed valuations determined by the County <br /> Assessor generally as of January 1 of each year. The levy is normally set by <br /> December 15 by certification to the County Commissioners to put the tax lien on the <br /> individual properties as of January 1 of the following year. The County Treasurer <br /> collects the determined taxes during the ensuing calendar year. The taxes are <br /> payable by April or in equal installments, at the taxpayer's election, in February and <br /> June. Delinquent taxpayers are notified in August and generally sales of the tax liens <br /> 12 ' <br />