Annual Reports 2015 | Page 83

District of Lake Country Notes to Financial Statements For the year ended December 31 , 2015
5 . Accounts receivable Accounts receivable are recorded net of allowance and is comprised of the following :
2015 2014
Property tax
$
755,920
$
778,352
Trade receivables
392,851
716,168
Performance deposit letters of credit
2,158,451
2,983,924
Due from other governments
289,330
2,081,449
Water utility fees
274,953
256,468
Prepaid expenses
6,373
705
$
3,877,878
$
6,817,066
6 . Accounts payable and accrued liabilities Accounts payable and accrued liabilities are comprised of the following :
2015 2014
Accounts payable
$
954,289
$
1,097,626
Due to other governments
636,951
883,171
Trade contract holdbacks
127,331
6,482
Wages and benefits
405,102
691,711
$
2,123,673
$
2,678,990
7 . Deferred revenue
The District records deferred revenue for funds received in advance on services not yet rendered and is recognized as revenue during the period in which the services are provided . Because these funds are restricted in nature , they are shown as a liability .
2015 2014
Prepaid taxes
$
1,049,025
$
971,373
Prepaid water utility fees
13,220
14,641
Prepaid leisure service fees
24,009
19,907
Deferred parcel tax
26,166
26,165
Other
59,813
29,223
$
1,172,233
$
1,061,309
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