2012 Budget - South Suburban Parks and Recreation

South Suburban Park and Recreation District
Summary of Significant Financial Policies
Fund balances are anticipated to change more the 10% due to the following reasons
(continued):
The Enterprise fund balance is estimated to change only about 9%. This change
could increase depending on the success of program operations during 2012. Staff
has included new fees and anticipated increases in attendance in the budget. If the
anticipated levels are not achieved, staff will look at the expenses directly related to
the program and cut accordingly.
Property Taxes
Property taxes are levied by the District’s Board of Directors. The levy is based on assessed
valuations determined by the County Assessors generally as of January 1 of each year. The
levy is normally set December 15 by certification to the County Commissioners to put the tax
lien on the individual properties as of January 1 of the following year. The County
Treasurers collect the determined taxes during the ensuing calendar year. The taxes are
payable by April, or if in equal installments, at the taxpayer's election, in February and June.
Delinquent taxpayers are notified in August and sales of the tax liens on delinquent
properties are normally held in November or December. The County Treasurers remit the
taxes collected monthly to the District, minus a 1.5% collection fee.
Property taxes, net of estimated uncollectible taxes, are recorded initially as deferred revenue
in the year they are levied and measurable. The deferred property tax revenue is recorded as
revenue in the year it is available or collected (the year it is levied for).
Fees and Charges
Staff is responsible for recommending any changes to the fee structure. These changes are
market driven and usually based on surveys conducted by staff or industry specialists.
Program costs and net revenues are also considered. These changes to the fee structure for
program fees and charges are reviewed and approved by the District’s Board of Directors
annually as part of the budget process. Fees and Charges are discussed and reviewed in a
public session of the Board of Directors and this information is made available to the public
for review and comment. The fees and charges are then formally approved upon the formal
approval for the District’s annual budget.
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