2012 Comprehensive Annual Financial Report - the City of Tukwila

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CITY OF TUKWILA: 2012 CAFRNOTES TO THE FINANCIAL STATEMENTSConcentration of Credit RiskConcentration of credit risk is the risk of loss attributed to the magnitude of an investment in a singleissuer. The City of Tukwila diversifies its investments by security type and institution as described below:1) No more than fifty percent (50%) of the City’s cash and investment portfolio, at thetime of purchase, shall be in any single financial institution.2) Except, that no more than seventy-five percent (75%) of the City’s portfolio, at thetime of purchase, shall be invested in the Washington State Local GovernmentInvestment Pool, and3) No more than seventy-five percent (75%) of the City’s portfolio, at the time ofpurchase, shall be invested in U.S. Treasury or Agency securities.NOTE 4 – RECEIVABLESTaxes ReceivableTaxes receivable consists of property taxes, sales and use tax, and gambling taxes. Customer accountsreceivable consists of amounts owed by private individuals or organizations for good and servicesprovided. Uncollectible amounts are considered immaterial and the direct write-off method is used.Other types of accounts receivable include utility taxes due from private organizations and customeraccounts receivable for amounts owed which billings have not been prepared.Business-GovernmentalActivitiesTypeActivities TotalTaxes ReceivableProperty $ 317,035 $ - $ 317,035Sales & Use 3,380,239 - 3,380,239Admission/Gambling/Parking 743,484 - 743,484Total Taxes Receivable 4,440,757 - 4,440,757Customer ReceivableUtility Tax 590,383 - 590,383Miscellaneous 472,230 1,196,224 1,668,454Total Customer Receivable 1,062,613 1,196,224 2,258,837Interest 44,798 33,105 77,903Total Receivables $ 5,548,167 $ 1,229,329 $ 6,777,49668
CITY OF TUKWILA: 2012 CAFRNOTES TO THE FINANCIAL STATEMENTSProperty Taxes ReceivableThe County treasurer acts as an agent to collect property taxes levied in the County for all taxingauthorities. Collections are distributed daily via wire transfer.Property Tax CalendarJanuary 1 stFebruary 14 thApril 30 thMay 31 stOctober 31 stTaxes are levied and become an enforceable lien against properties.Tax bills are mailed.First of two equal installment payments is due. If taxes are less than $50, fullpayment is due. (RCW 84.56.020)Assessed value of property established for next year’s levy at 100 percent of marketvalue.Second installment is due. (RCW84.56.020)Assessed values are established by the County Assessor at 100% of fair market value. A revaluation ofall property is required every two years. On May 31 of each year the assessed value of property isestablished for the next year’s property tax levy.Property taxes levied by the County Assessor and collected by the County treasurer become a lien onthe first day of the levy year and may be paid in two equal installments if the total amount exceeds $50.The first half of real property taxes is due on April 30 and the balance is due October 31. Delinquenttaxes bear interest at the rate of 12% and are subject to additional penalties if not paid as scheduled.During the year, property tax revenues are recognized when cash is received. At year-end, unpaidproperty taxes are recorded as a receivable. Property tax receivables at year-end not expected to becollected within 60 days after the current period are reported as deferred revenue in the governmentalfunds financial statements. The tax rate for general City operations is limited to $3.60 per $1,000 ofassessed value. Of this amount, up to $0.45 per thousand may be designated for contribution to theFiremen’s Pension Fund, if a report by a qualified actuary indicates that additional funds are required.The payment of principal and interest on limited tax (non-voted) bonds issued by the City is made fromthe general levy. Accordingly, the issuance of limited tax general obligation bonds has the effect ofreducing property taxes available for the general operations of City government. State law also providesthat the City’s operating levy may not exceed 101% of the largest single levy of the past three years. TheState Constitution provides that the total of all taxes upon real and personal property by the State and alltaxing entities, including the City, shall not in any year exceed 1% ($10 per $1,000) of the true and fairmonetary value of such property. This limitation may be exceeded upon the approval of 60% of the Cityvoters at an election in which the total vote exceeds 40% of the votes cast at the last general election.The City’s regular levy for 2012 was $2.95408 per $1,000 of assessed valuation of $4,649,191,308 for atotal regular levy of $13,705,220.Intergovernmental Grants and EntitlementsAll receivables from other governments are recorded at year-end as amounts Due from OtherGovernmental Units. These amounts represent federal, state, and local reimbursement-type grants, andare reported as receivables and intergovernmental revenues in the year when the related expendituresare incurred.69
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2012 Comprehensive Annual Financial Report - the City of Tukwila

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