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REDEVELOPMENT AGENCY OF SAN LEANDRO <br />NOTES TO THE FINANCIAL STATEMENTS <br />FOR THE YEAR ENDED JUNE 30, 2007 <br />L SUMMARY OF SIGNII?'ICANT ACCOUNTING POLICIES (Continued) <br />Fund Financial Statements -The fund financial statements do not present long-term debt but are shown in <br />the Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net <br />Assets. <br />H. Compensated Absences <br />Compensated absences are charged to operating expenditures when paid. Vacation and related benefits fully <br />vest as earned and are paid in full upon termination. Vested vacation obligations are recorded in the <br />Agency's Government-Wide Financial Statements as accrued compensated absences until paid. The <br />Agency is not liable for payment to employees for accrued sick leave and no related liability is recorded in <br />the accompanying basic financial statements. The Agency's portion of related liabilities is not considered <br />significant to the Agency. <br />I. Property Tax Increment <br />The State of California (State) Constitution Article XIII A provides that the combined maximum property <br />tax rate on any given property may not exceed one percent of its assessed value unless an additional amount <br />for general obligation debt has been approved by voters. Assessed value is calculated at 100 percent of <br />market value as defined by Article XIII A and may be increased by no more than two percent per year <br />unless the property is sold, transferred or improved. The State Legislature has determined the method of <br />distribution of receipts from a one percent tax levy among the counties, cities, school districts and other <br />districts. <br />The County of Alameda bills for and collects property taxes as follows: <br />Secured <br />Valuation dates January 1 <br />Lien dates January 1 <br />Due dates 50% on November 1 <br />50% on February 1 <br />Delinquent as of December 10 (for November) <br />April 10 (for February) <br />Unsecured <br />January 1 <br />January 1 <br />August 31 <br />Secured taxes are secured by liens on the property being taxed. Unsecured taxes refer to taxes on personal <br />property other than land and buildings. Property tax returns and receivables are recognized to the extent that <br />they are measurable and will be received within 60 days of year-end. <br />20 <br />