{ "document_id": 11944, "page": 47, "width_pt": 612, "height_pt": 792, "rotation": 0, "pipeline_version": "paddleocr-vl-1.6+paul-48", "engine": "paddleocr_vl", "source_run_id": 12055, "item_count": 9, "counts_by_type": { "footer": 1, "heading": 1, "text": 6, "title": 1 }, "build_ms": 2, "items": [ { "id": "p47.1", "order": 1, "type": "title", "bbox": { "l": 188.64, "t": 756.48, "r": 423.84, "b": 718.08 }, "text": "TOWNSHIP OF JACKSON\nNOTES TO FINANCIAL STATEMENTS\nFOR THE YEAR ENDED DECEMBER 31, 2017", "attrs": { "block_label": "doc_title" }, "level": 2 }, { "id": "p47.2", "order": 2, "type": "heading", "bbox": { "l": 69.6, "t": 704.88, "r": 375.12, "b": 691.92 }, "text": "Note 1. Summary of Significant Accounting Policies (continued)", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p47.3", "order": 3, "type": "text", "bbox": { "l": 68.4, "t": 678.96, "r": 542.16, "b": 614.88 }, "text": "Interfunds - Interfund receivables and payables that arise from transactions between funds are recorded by all funds affected by such transactions in the period in which the transaction is executed. Interfund receivables in the Current Fund are recorded with offsetting reserves, which are created by charges to operations. Income is recognized in the year the receivables are liquidated. Interfund receivables in the other funds are not offset by reserves." }, { "id": "p47.4", "order": 4, "type": "text", "bbox": { "l": 68.4, "t": 602.64, "r": 541.92, "b": 563.76 }, "text": "Inventories and Supplies - The cost of inventories of supplies for all funds are recorded as expenditures at the time individual items are purchased. The costs of inventories are not included on the various statements of assets, liabilities, reserves and fund balance." }, { "id": "p47.5", "order": 5, "type": "text", "bbox": { "l": 68.16, "t": 551.76, "r": 542.88, "b": 308.16 }, "text": "General Fixed Assets – Accounting for governmental fixed assets, as required by N.J.A.C.5:30-5.6, differs in certain respects from accounting principles generally accepted in the United States of America. In accordance with the regulations, all local units, including municipalities, must maintain a general fixed assets reporting system that establishes and maintains a physical inventory of nonexpendable, tangible property as defined and limited by the U.S. Office of Management and Budget Circular A-87 (Attachment B, Section 19), except that the useful life of such property is at least five years. The Township has adopted a capitalization threshold of $5,000.00, the maximum amount allowed by the Circular. Generally, assets are valued at historical cost; however, assets acquired prior to December 31, 1985 are valued at actual historical cost or estimated historical cost. In some instances, assets are valued at the assessed valuation of the property at the time of acquisition, which approximates fair value. No depreciation of general fixed assets is recorded. Donated general fixed assets are recorded at their acquisition value as of the date of the transaction. Interest costs relative to the acquisition of general fixed assets are recorded as expenditures when paid. Public domain (\"infrastructure\") general fixed assets consisting of certain improvements such as roads, bridges, curbs and gutters, streets and sidewalks and drainage systems are not capitalized. Expenditures for construction in progress are recorded in the capital funds until such time as the construction is completed and put into operation. The Township is required to maintain a subsidiary ledger detailing fixed assets records to control additions, retirements, and transfers of fixed assets. In addition, a statement of general fixed assets, reflecting the activity for the year, must be included in the Township's basic financial statements." }, { "id": "p47.6", "order": 6, "type": "text", "bbox": { "l": 68.4, "t": 296.64, "r": 542.4, "b": 219.36 }, "text": "The regulations require that general fixed assets, whether constructed or acquired through purchase, grant or gift be included in the aforementioned inventory. In addition, property management standards must be maintained that includes accurate records indicating asset description, source, ownership, acquisition cost and date, the percentage of federal participation (if any), and the location, use, and condition of the asset. Periodically, physical inventories must be taken and reconciled with these records. All fixed assets must be adequately controlled to safeguard against loss, damage, or theft." }, { "id": "p47.7", "order": 7, "type": "text", "bbox": { "l": 68.4, "t": 207.84, "r": 542.16, "b": 129.6 }, "text": "Foreclosed property – Foreclosed Property or “Property Acquired for Taxes” is recorded in the Current Fund at the assessed valuation when such property was acquired and is fully reserved. Ordinarily it is the intention of the Township to resell foreclosed property in order to recover all or a portion of the delinquent taxes or assessments and to return the property to a taxpayer basis. For this reason the value of foreclosed property has not been included in the General Fixed Assets Account Group. If such property is converted to a municipal use, it will be recorded in the General Fixed Assets Account Group." }, { "id": "p47.8", "order": 8, "type": "text", "bbox": { "l": 68.4, "t": 118.32, "r": 542.16, "b": 66.48 }, "text": "Deferred Charges – The recognition of certain expenditures is deferred to future periods. These expenditures or deferred charges are generally overexpenditures of legally adopted budget appropriations or emergency appropriations made in accordance with N.J.S.A.40A:4-46 et seq. Deferred charges are subsequently raised as items of appropriation in budgets of succeeding years." }, { "id": "p47.9", "order": 9, "type": "footer", "bbox": { "l": 299.52, "t": 20.64, "r": 312.96, "b": 10.32 }, "text": "39", "attrs": { "block_label": "number" } } ], "excluded_furniture": { "first": [], "last": [] } }