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05-31-05
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05-31-05
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<br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2004 <br /> <br />n <br /> <br />Interfund Receivables and Payables <br /> <br />.w <br />n <br /> <br />Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED <br /> <br />Activity between fimds that are representative oflending/borrowing arrangements outstanding at the end of the fiscal <br />year are referred to as either "due to/from other fimds" (i.e., the current portion ofinterfimd loans) or "advances <br />to/from other fimds" (i.e" the non-current portion ofinterfimd loans). All other outstanding balances between fimds <br />are reported as "due to/from other funds." Any residual balances outstanding between the governmental activities <br />aod business-type activities are reported in the government-wide financial statements as "internal balances." <br /> <br />n <br /> <br />Advances between fimds, as reported in the fund fmancial statements, are offset by a fimd balance reserve account in <br />applicable governmental fimds to indicate that they are not available for appropriation aod are not expendable <br />available fmancial resources. <br /> <br />n <br /> <br />o <br /> <br />Inventories and Prepaid Items <br /> <br />o <br /> <br />All inventories are stated at the lower of cost or market on the first-in, frrst -out (FIFO) method. <br /> <br />Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items <br />in both goverrunent-wide and fimd fmancial statements. <br /> <br />n <br /> <br />Capital Assets <br /> <br />fJI <br />Capital assets, which include property, plant, equipment and infrastructure assets (e,g" roads, bridges, sidewalks, and l <br />similar items) are, reported in the applicable governmental or business-type activities columns in the goverrunent- <br />wide financial statements. Capital assets are defined by the City as assets with an initial, individual cost of more mel <br />$5,000 (amount not rounded) aod an estimated useful life in excess of one year. Such assets are recorded at ~ I <br />historical cost or estinaated historical cost if purchased or constructed. Donated capital assets are recorded at <br />estimated fair market value at the date of donation. <br /> <br />The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets' <br />lives are not capitalized. <br /> <br />[l <br /> <br />Major outlays fOT capital assets and improvements are capitalized as projects are constructed. Interest incurred <br />during the construction phase of capital assets of business-type activities is included as part of the capitalized value <br />of the assets constructed. <br /> <br />II <br /> <br />Property, plant and equipment are depreciated in the proprietary fimds of the City using the straight-line method over f] <br />the following estimated useful lives: <br /> <br />Assets <br /> <br />Useful Lives <br />in Years <br /> <br />l: <br /> <br />Buildings and improvements <br />Infrastructure and improvements <br />Machinery and equipment <br />Office furniture and equipment <br />Vehicles <br /> <br />7 -40 <br />15 - 50 <br />5 -15 <br />5 - 10 <br />7 -20 <br /> <br />fl <br />U <br /> <br />fl <br />II <br /> <br />I' <br />ee, <br />! <br /> <br />l ~ <br /> <br />-22- <br />
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