The City has the following fair value measurements as of June 30, 2021:
Fair Value Measurements Using:
Quoted prices
in active Significant Significant
markets for observable unobservable
identical assets inputs inputs
Description (Level 1) (Level 2) (Level 3)
Investments by fair value level:
Debt securities
U.S. Treasury Obligations $ 14,949,928 $ - $ 14,949,928 $ -
U.S. Government Agencies 10,914,022 - 10,914,022 -
Corporate Bonds §,249,591 - §,249,591 -
Equity Securities 64,409,001 64,409,001 - -
Mutual Funds 17,342,639 - 17,342,639 -
Total $ 112,865,181
Equity securities classified in Level | are valued using prices quoted in active markets for
those securities.
U.S. Treasury securities, U.S. Government agency securities, corporate bonds, and mutual
funds classified in Level 2 are valued using standard inputs consisting of benchmark yields,
reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark
securities, bids, offers, where available, and reference data including market research
publications.
Property Taxes Receivable
The City bills property taxes semi-annually, in May and November. Property tax revenues
are recognized in the fiscal year for which taxes have been levied to the extent that they become
available, i.e., due or receivable within the current fiscal year and collected within the current
period or within 60 days of year-end.
Property taxes billed and collected in advance of the year for which they are levied, and
are recorded as a prepaid tax Itability.
Property taxes are due in July and December. Taxes paid after the due, date accrue interest
at 8% per annum. In April of the following calendar year, the Tax Collector executes tax
liens on properties that have unpaid taxes. The lien is recorded on the delinquent taxpayer’s
property at the Registry of Deeds. The tax liens accrue interest at 14% per annum. If the
lien is not redeemed within a two-year redemption period, the property may be conveyed
to the City by deed.
