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<br />-- <br /> <br />General long-term debt <br />account group <br /> <br />1 <br /> <br />NA <br /> <br />c. Budgetary Basis of Accounting <br />All Governmental Funds are accounted for using the modified accrual basis of <br />accounting. Their revenues are recognized when susceptible to accrual, i.e., when <br />they become measurable and available to pay liabilities of the current period. Ad <br />Valorem taxes, licenses, permits, charges for services, fines and investment earnings <br />are susceptible to accrual. Property taxes are considered available when collected in <br />the current year or within sixty (60) days subsequent to September 30, provided that <br />amounts received pertain to billings through the fiscal year just ended. Where grant <br />revenue is dependent upon expenditures by the City, revenue is accrued as the related <br />obligations are incurred. Revenues collected in advance of the year to which they <br />apply are recorded as deferred revenues. A one-year availability period is used for <br />revenue recognition for all other governmental fund revenues. Expenditures under <br />the modified accrual basis of accounting are generally recognized when the related <br />fund liability is incurred and expected to be liquidated with available resources. An <br />exception to this general rule is accrued interest on general long-term debt which is <br />recognized when due. <br /> <br />The Proprietary Fund is accounted for using the accrual basis of accounting. <br />Revenues are recorded when earned and expenses are recorded at the time liabilities <br />are incurred. <br /> <br />Account Groups are used to establish accounting control and accountability for the <br />City's general fixed assets and the unmatured principal of its general long-term <br />obligations. The two (2) accounts are not funds. They do not reflect available <br />financial revenues and related liabilities but are accounting records of the general <br />fixed assets and general long-term obligations. <br /> <br />D. Pension Plans <br />The City of Sunny Isles Beach participates in the following pension plans: <br /> <br /> Defined Defined Deferred <br />Plan Contribution Benefit Compensation <br />401(a) Plan administered by ..J <br />ICMA Retirement Corporation <br />FRS Pension Plan administered <br />by the Florida Division of ..J ..J <br />Retirement <br />Deferred Compensation Plan <br />(457) administered by the ICMA ..J <br />Retirement Corporation <br />