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L. ALLOWANCE FOR UNCOLLECTIBLE RECEIVABLES <br />`-' Based on past experience, the City is able to collect almost all of its receivables. <br />Amounts uncollectible have been immaterial. Based on this history, the City will only <br />record an allowance for uncollectibles on a case by case basis, if needed. <br />M. ELIMINATION OF INTERNAL ACTIVITY ON THE STATEMENT OF <br />ACTIVITIES <br />The City, as a general rule, eliminates the effect of interfund activity on the government - <br />wide financial statements. The only interfund activities that will be reported on these <br />financial statements are those between the two types of activities: governmental and <br />business -type. <br />N. APPLICATION OF FASB PRONOUNCEMENTS TO BUSINESS -TYPE <br />ACTIVITIES <br />The City generally follows private- sector standards of accounting and financial reporting <br />issued prior to December 1, 1989 for the government -wide and proprietary fund financial <br />statements to the extent that those standards do not conflict with or contradict guidance of <br />the Governmental Accounting Standards Board. The City has the option of following <br />subsequent private- sector guidance for their business -type activities and enterprise funds, <br />subject to the same limitation; however, the city elects not to follow subsequent private - <br />sector guidance. <br />O. SPECIAL AND EXTRAORDINARY ITEMS <br />The City's policy regarding the financial reporting for special and extraordinary items is <br />that it will be reported separately on the government -wide financial statements, if <br />applicable, in accordance with the definitions provided in GASB #34. <br />P. PAYMENT OF CLAIMS <br />The Clerk is authorized to make immediate navment of claims for those claims which are <br />regular and recurring and where late, fees or penalties cannot be avoided with the <br />followiL7g conditions. <br />1. A list of the claims is provided to the council for approval <br />2. Amendments to the list shall be approved by council <br />3. These claims shall be added to the check register for council approval <br />Immediate payment of claims maybe made for claims that are not regular and recurring <br />and where late fees or penalties cannot be avoided with the following conditions. <br />1. The claim must be endorsed by a majoriV of the council members <br />2. The claim must be added to the check register for council approval <br />12 -1 -08 ACCOUNTING AND REPORTING POLICIES (amendments): 11/29/2010 <br />7 <br />