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CITY OF PLEASANTON <br /> <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />FOR THE YEAR ENDED JUNE 30, 2022 <br /> <br />  <br />Note 1: Summary of Significant Accounting Policies (Continued) <br /> <br /> Sick leave is not considered a right which employees may use at their discretion, but is allowed <br />only for specific purposes as explained in the City’s personnel policies. The City accrues <br />accumulated unpaid compensated absences when earned by the employee. <br /> <br />Governmental <br />Activities <br />Balance June 30, 2021 5,166,916$ <br />Additions 37,960 <br />Payments 389,212 <br />Balance June 30, 2022 4,815,664$ <br />Due within one year 510,172$ <br /> <br />The City records both an asset funded by the operating funds and a liability in its <br />Employee Benefits Internal Service Fund to recognize the financial effect of unused <br />vacation and other compensated leaves. <br /> <br />l. Long-Term Debt <br /> <br />In the government-wide financial statements, long-term debt and other long-term <br />obligations are reported as liabilities in the applicable governmental activities and <br />business-type activities. Bond premiums and discounts are deferred and amortized over <br />the life of the bonds using the effective interest method. Bonds payable are reported net <br />of the applicable bond premium or discount. Bond issuance costs are recognized in the <br />period in which they occur. <br /> <br />In the fund financial statements, governmental funds recognize bond premiums and <br />discounts, as well as bond issuance costs, during the current period. The face amount of <br />debt issued is reported as other financing sources. Premiums received on debt issuances <br />are reported as other financing sources while discounts on debt issuances are reported as <br />other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds <br />received, are reported as debt service expenditures. <br /> <br />m. Interest Payable <br /> <br />In the government-wide financial statements, interest payable on long-term debt is <br />recognized when the liability is incurred for governmental activities and business-type <br />activities. <br /> <br />In the fund financial statements, proprietary fund types recognize the interest payable <br />when the liability is incurred. <br /> <br />n. Property Taxes <br /> <br />Property taxes are levied based on a fiscal year (July 1 – June 30). The property tax <br />assessments are formally due on November 1 and February 1, and become delinquent as <br />of December 10 and April 10, respectively. Taxes become a lien on the property effective <br />January 1 of the preceding year. <br />62