2011 budget summary - St. Louis County

INTRODUCTIONreported as non‐operating revenues. All expensesrelated to operating the airport enterprise fund arereported as operating expenses. Interest expense,financing costs, and miscellaneous expenses arereported as non‐operating expenses.The budget is prepared in conjunction with themodified accrual accounting policies practiced by St.Louis County.EncumbrancesWithin the governmental fund, fund balance isreserved for outstanding encumbrances, whichserves as authorization for expenditures in thesubsequent year. Encumbrances will remain inforce and will be liquidated under the current year’sbudget.Cash and InvestmentsThe County Treasurer maintains a cash andinvestment pool that is available for use by allfunds, except certain restricted Special Revenue andAgency Funds. Investment income earned onpooled cash and investments is distributed to theappropriate funds based on the average dailybalance of the cash and investments of each fund.In addition, cash and investments are separatelymaintained by other County officials, several of theCounty's departments, and third‐party trustees andfiscal agents.Property TaxesProperty taxes are levied annually in October basedon the assessed valuation of all real and personalproperty located in the County as of the previousJanuary 1. The County tax rate was levied at $0.495per $100 of assessed valuation for the General Fundto fund General Government, Highways and Traffic,Health, and Parks and Recreation and $0.028 for theDebt Service fund, for a total levy of $0.523. Taxesare billed in November and are due and collectibleon December 31. All unpaid taxes becomedelinquent on January 1 of the following year andattach as an enforceable lien on the property atthat date.Capital AssetsCapital assets include buildings, improvements,equipment, and infrastructure assets (e.g., roads,bridges, and similar items). Capital assets aredefined by the County as assets with an estimateduseful life in excess of one year with an initial,individual cost of $500 or more; land improvementswith a cost of $5,000 or more; infrastructure (otherthan roads or bridges) with a cost of $50,000 ormore; roads, bridges, and improvements to roadsand bridges with a cost of $500,000 or more; and allland.- 26 -