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1501''N 11r2l 11111 111111 lli! I W�M gill K Notes to the Financial Statements June 30, 2020 • ii 1111 lill IN F. Long -Term Debt Government -Wide Financial Statements- Long-term debt and other long-term obligations are reported as liabilities in the appropriate activities. Fund Financial Statements - The fund financial statements do not present long-term debt. Long-term debt is shown in the Reconciliation of the Governmental Funds Balance Sheet to the Government -Wide Statement of Net Position. G. Compensated Absences The District accrues accumulated vacation leave and then expenses the cost as paid in the General Fund. It is policy of the District to pay all accumulated vacation leave when an employee retires or is otherwise terminated. Sick leave costs are expensed as paid in the General Fund. Employees have vested rights in half of their accumulated unpaid sick leave upon retirement after ten years of service. Sick and vacation pay is accrued when incurred in the Government -Wide Financial Statements. A liability for these amounts is reported in the governmental funds only if they have matured, for example, as a result of employee resignations and retirements. H. Property Taxes Property taxes in the State of California are administered for all local agencies at the county level, and consist of secured, unsecured, and utility tax rolls. The following is a summary of major policies and practices relating to property taxes: Property Valuations - are established by the Assessor of the County of Ventura for the secured and unsecured property tax rolls; the utility property tax roll is valued by the State Board of Equalization. Under the provisions of Article XIIIA of the State Constitution (Proposition 13 adopted by the voters on June 6, 1978), properties are assessed at 100% of full value. From this base assessment, subsequent annual increases in valuation are limited to a maximum of 2%. However, increases to full value are allowed for property improvements or upon change in ownership. Personal property is excluded from these limitations, and is subject to annual reappraisal. Tax Levies - are limited to 1 % of fair value which results in a tax rate of $1.00 per $100 assessed valuation, under the provisions of Proposition 13. Tax rates for voter -approved indebtedness are excluded from this limitation. Tax Levy Dates - are attached annually on January 1 preceding the fiscal year for which the taxes are levied. 0(