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<br />1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) <br /> <br />Measurement Focus. Basis of Accountinrz and Financial Statement Presentation (Continued) <br /> <br />Governmental fund financial statements are reported using the current financial resources <br />measurement focus and the modified accrual basis of accounting. Revenue is recognized as <br />soon as it is both measurable and available. Revenue is considered to be available when it is <br />collectible within the current period or soon enough thereafter to pay liabilities of the current <br />period. For this purpose, the Authority considers revenue to be available if collected within <br />60 days of the end of the current fiscal period. Expenditures generally are recorded when a <br />liability is incurred, as under accrual accounting. However, debt service expenditures, are <br />. recorded only when payment is due. <br /> <br />The Authority reports the following major governmental fund: <br /> <br />The General Fund is the Authority's primary operating fund. It accounts for all <br />financial resources of the general government, except those required to be <br />accounted for in another fund. <br /> <br />Private-sector standards of accounting and financial reporting issued prior to December 1, <br />1989, generally are followed in the government-wide financial statements to the extent that <br />those standards do not conflict with or contradict guidance of the Governmental Accounting <br />Standards Board. <br /> <br />Assets. Liabilities and Net Assets or EQuity <br /> <br />- <br /> <br />Receivables and Payables <br /> <br />Property taxes are levied on October 1 and attach as an enforceable lien on property as of <br />January 1. Statements are mailed on October 1, or as soon thereafter as possible, and are <br />due upon receipt. All unpaid taxes become delinquent if not paid before February 1 of <br />the following year. <br /> <br />.,..; <br /> <br />Governmental funds report deferred revenue in connection with receivables for revenue <br />that is not considered to be available to liquidate liabilities of the current period. <br />Governmental funds also defer revenue recognition in connection with resources that have <br />been received, but not yet earned. As of September 30,2009, the Authority does not have <br />property taxes receivable or deferred revenue. <br /> <br />I <br /> <br />-. <br /> <br />..., <br /> <br />Long-term Obligations <br /> <br />i <br />.... <br /> <br />In the government-wide financial statements, long-term liabilities are reported as <br />liabilities in the governmental activities statement of net assets. In the fund financial <br />statements, governmental fund types recognize the long-term obligation as other <br />hn4'Jlni"';"n" ~^'1""""'~C' A'lM.,."n +'h~ ~,'1.,..,.,::It."+ n~.,..;n~ <br />...,&.I..u,w....w.........o ..:1Vu..L"""'';', """".......1....0 w........, "'w..a...."".l..." t"""....LVu..e <br />.... <br /> <br />(continued) <br /> <br />I <br /> <br />- <br /> <br />8 <br /> <br />[ <br />.. <br />