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CITY OF SUNNY ISLES BEACH, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS <br />FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />D. PROPERTY TAXES (CONTINUED) <br />All real and tangible personal property taxes become payable on November 1 each year or <br />as soon as practicable thereafter as the assessment roll is certified by the County Property <br />Appraiser. Miami -Dade County mails to each property owner on the assessment roll a <br />notice of the taxes due, and Miami -Dade County also collects the taxes for the City. Taxes <br />may be paid upon receipt of such notice from Miami -Dade County, with discounts at the <br />rate of four percent (4%) if paid in the month of November, three percent (3%) if paid in <br />the month of December, two percent (2%) if paid in the month of January and one percent <br />(1%) if paid in the month of February. Taxes paid during the month of March are without <br />discount, and all unpaid taxes on real and tangible personal property become delinquent and <br />liens are placed on April I of the year following the year in which taxes were assessed. <br />Procedures for the collection of delinquent taxes by Miami -Dade County are provided for <br />in the Laws of Florida. There were no material delinquent property taxes at September 30, <br />2023. <br />E. DEPOSITS AND INVESTMENTS <br />Cash and cash equivalents include cash on hand, certificate of deposits and investments in <br />U.S. Government Agencies. Income from investments is recorded as earned. <br />The City considers all highly liquid investments with a maturity of three months or less <br />when purchased, to be cash and cash equivalents. <br />All investments are reported at fair value, which is based on quoted market prices. <br />F. RECEIVABLES <br />Receivables include amounts due from other governments and others for services provided <br />by the City. Receivables are recorded and revenues are recognized as earned or as specific <br />program expenditures/expenses are incurred based on the accounting basis required for that <br />fund. There were no allowances for uncollectible receivables. <br />30 <br />