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CITY OF PARIS, TEXAS <br />Notes to Financial Statements (Continued) <br />September 30, 2021 <br />1. Summa of Significant Accounting Policies (Continued) <br />H. Revenues and Expenditures/ Expenses <br />1. Program Revenues <br />Amounts reported as program revenues include 1) charges to customers or applicants who purchase, use, or <br />directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants <br />and contributions that are restricted to meeting the operational or capital requirements of a particular <br />function or segment. Taxes and other items not properly included among program revenues are reported <br />instead as general revenues. <br />2. Property Taxes <br />The City's property taxes are levied on October I and are due no later than January 31 of the following <br />year. Taxes become delinquent February 1, after which time penalties and interest and, if not paid by July, <br />attorney's collection fees are added. A tax lien attaches to property (real and personal) on January I of each <br />year to secure the payment of all taxes, penalties, and interest ultimately imposed on the property. The lien <br />is effective until all such amounts are paid. <br />3. Compensated Absences <br />Vacation and sick leave benefits are accumulated by City employees in accordance with guidelines <br />suggested in the City's personnel policies. <br />4. Proprietary Funds Operating and Nonoperating Revenues and Expenses <br />Proprietary Funds distinguish operating revenues and expenses from nonoperating items. Operating <br />revenues and expenses generally result from providing services and producing and delivering goods in <br />connection with a proprietary fund's principal ongoing operations. The principal operating revenues of <br />the water and sewer enterprise fund are charges to customers for sales and services. The water and sewer <br />fund also recognizes as operating revenue the portion of tap fees intended to recover the cost of <br />connecting new customers to the system. Operating expenses for enterprise funds include the cost of <br />sales and service, administrative expenses, and depreciation on capital assets. All revenues and expenses <br />not meeting this definition are reported as nonoperating revenues and expenses. <br />1. Future Adoption of Accounting Pronouncements <br />The GASB has issued the following potentially significant statements which the City has not yet adopted, <br />and which require adoption subsequent to September 30, 2021. <br />Statement <br />No. <br />87 <br />Leases <br />91 <br />Conduit Debt Obligations <br />96 <br />Subscription -Based Information <br />Technology Arrangements <br />34 <br />Adoption Required <br />September 30, 2022 <br />September 30, 2023 <br />September 30, 2023 <br />