Show — — ' W— Notes inancial to Statements (con’t) J - ! of Summary significant accounting policies (Continued) Budgets Annual by Murray the budgets City beginning year Commission Commission July at prepared are during However the proposed any budget the departmental June for by only the public a when with of City has been held levels sub-department expenditures excess law fiscal the hearing at state following resolution adopted are required accordance 30th provided Budgets are in increased year increase amendments be may - regarding before or Budgets 1 time any on adopted and ’ at occur level ’ ’ : Utah it until 25 the exceeds estimated of than greater until State tax law prohibits sum of above deficits it received fund Reserved be may only be can fund to cover is capital unanticipated specified for ' plus taxes working and appropriated balance balance provide expenditures emergency balance property unreserved used fund unreserved from revenue Until tax meet of appropriation estimated sales amount is revenue of from revenue the 50 the purposes ' ' for Budgets the modified the accrual that accounting and is is statement used by the and to comply accountability accepted accounting reservation financial amounts of fund City balance to adjusted of actual As that open encumbrances be expenditures to and generally included as However in budget budgetary the on operating 2 Note in encumbrances on the control discussed compared are in budgetary with prepared are Encumbrance expenditures law amounts unds accounting with reported not Revenue effective state require include to Special methods assure with and where and encumbrances principles statements are encumbrance reporting ' und General the a- the actual method Taxes Property the City shortly delinquent and after year’s prior material in taxes after are collected Taxes collection November 30 property taxes relationship to of the by each has the County are due An year been not financial Treasurer and payable accrual made of the as taken statements remitted and November bn to 1 uncollected current amounts not whole a as are and ’ K- r 5 Sales the City taxes are collected by the State Commission Tax ’ ' ' - ! ' Page 21 t to (Continued) 5 : remitted quarterly ' ' and : 'C' y’ '' ' |