Notes to Financial Statements

plan, a defined contribution OPEB plan, or an other employee benefit plan (for example, certain Section 457 plans), the absence of a governing board should be treated the same as the appointment of a voting majority of a governing board if the primary government performs the duties that a governing board typically would perform.

GASB 98: This Statement establishes the term annual comprehensive financial report and its acronym ACFR. That new term and acronym replace instances of comprehensive annual financial reports and its acronym. Early adoption was implemented by The City with the issuance of the FY21 ACFR.

GASB 99: The City is preparing for implementation of GASB 99, Omnibus 2022. The requirements related to leases, public-private partnerships (PPPs), and SBITAs are effective for the City’s fiscal year ending September 30, 2023. The requirements related to financial guarantees and the classification and reporting of derivative instruments within the scope of GASB Statement No. 53 are effective for the City’s fiscal year ending September 30, 2024.

GASB 100: The City is preparing for implementation of GASB 100, Accounting Changes and Error Corrections –

An Amendment of GASB Statement No. 62. The primary objective of this statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent, and comparable information for making decisions or assessing accountability. The requirements of this statement are effective for the City’s fiscal year ending September 30, 2024.

GASB 101: The City is preparing for implementation of GASB 101, Compensated Absences. The objective of this statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures. The requirements of this statement are effective for the City’s fiscal year ending September 30, 2025

2) Property Taxes

The City of Boise is one of several taxing districts receiving revenue in the form of property taxes assessed, levied, collected, and distributed by Ada County. Property taxes are levied for general purposes and debt service of the City. Taxes are remitted to the City in the month following collection.

The property tax calendar is as follows:

• Property tax year runs from January 1st to December 31st

• Tax levies are typically approved by the Board of County Commissioners on the 3rd Monday of September, and then verified/approved by the State by the 4th Monday in October

• Primary assessments are mailed by the 1st Monday in June

• Primary property tax bills are send on or before the 4th Monday in November

• Property taxes attach as an enforceable lien on property as of January 1st

• The first half of the taxes are payable to Ada County by December 20th and the second by June 20th of the following year

Tax Abatements

The City is not authorized under Idaho State Code to enter into agreements with an individual or entity in which the City is promising to forgo tax revenues and the individual or entity promises to subsequently take a specific action that contributes to economic development or otherwise benefits the City or its citizens. Ada County, nor any other governments have entered into agreements that in turn reduces the City’s tax revenues.