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2. Departures From Generally Accepted Accounting Principles <br /> The significant departures of the Town's financial statements from generally <br /> accepted accounting principles are as follows: <br /> • General fixed asset acquisitions are not capitalized in a general fixed <br /> asset group of accounts. <br /> • Accumulated vacation and sick leave earned but unused by the Town <br /> employees are not included as a liability in the accompanying financial <br /> statements. <br /> • Unfunded pension costs have not been determined and are therefore not <br /> reported as a liability in the financial statements. Also, certain pension <br /> disclosures required by generally accepted accounting principles are not <br /> presented. <br /> 3. Property Taxes <br /> Real and Personal Property Taxes are based on assessed values as of the <br /> previous January 1 and are normally due on November 1 and May 1. By law, <br /> all taxable property must be assessed at 100% of fair cash value. Taxes due <br /> and unpaid after the due dates are subject to interest and penalties. The <br /> Town has an ultimate right to foreclose on property for unpaid taxes. <br /> i <br /> Legislation known as "Proposition 2 1/2", limits the amount of revenue the j <br /> Town can derive from property taxes as follows: <br /> I <br /> • The prior fiscal year's tax levy is used as a base and cannot increase by <br /> more than 2.5 percent (excluding new growth), unless an override or debt <br /> exemption is voted. The following is a calculation of this limitation: <br /> i <br /> Fiscal year 1992 Authorized Tax Levy $ 13,179,429 <br /> I <br /> 2.5% increase 329,486 <br /> New growth 169,925 <br /> Debt exclusion 1,785,806 <br /> Fiscal year 1993 Authorized Tax Levy $ 15,464,646 <br /> • In any fiscal year, the total property taxes assessed cannot exceed 2.5 <br /> percent of the full and fair cash valuation of the Town. The following is a <br /> calculation of this limitation: <br /> I <br /> - 11 - <br />