The County Treasurer collects property taxes on behalf of all taxing districts including the City of Oakwood. The County periodically remits to the City its portion of the taxes collected. Property taxes may be paid on either an annual or semiannual basis.
Receivables / Deferred Inflows of Resources
Governmental funds report deferred inflows of resources in connection with receivable for revenues that are not considered available to liquidate liabilities of the current period. The balances at December 31, 2024 were:
| Governmental Funds | ||
|---|---|---|
| Receivables | Deferred Inflows of Resources |
|
| Taxes | $6,467,973 | $5,203,517 |
| Accounts | 235,529 | 102,292 |
| Interest | 93,957 | 68,654 |
| Intergovernmental | 579,546 | 466,494 |
| Special Assessements | 144,543 | 144,543 |
| Total Fair Value | $7,521,548 | $5,985,500 |
Accounts receivable consists of primarily charges for refuse services, sidewalk repair and emergency medical transportation services provided by the City of Oakwood. Special assessments consist of mainly charges for street lighting. Intergovernmental receivables are amounts due to the City from other governmental units, primarily estate and gasoline taxes.
Payables
The balances at December 31, 2024 were:
| Governmental Funds Payables | |
|---|---|
| Accounts Payable | $72,437 |
| Accrued Wages and Benefits | 431,338 |
| Total Fair Value | $503,775 |
The payables and accrued liabilities were primarily for materials and services, payroll and payroll related liabilities that were expensed but the funds had not been disbursed, both due to the normal lag in processing such transactions at year‐end.