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CCP 05-15-2006
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CCP 05-15-2006
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5/8/2007 1:21:33 PM
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11/15/2006 10:10:06 AM
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<br />.NoteI: <br /> <br />. <br /> <br />. <br /> <br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS <br />DECEMBER 31 <br /> <br />SUMMARY OF SIGl\'1FICANT ACCOUNTING POLICIES - CONTINUED <br /> <br />Interest incurred during the construction phase of capital tsB' e*s:Ft~ <br />capltahzed value of the assets constructed.. -, .I. <br /> <br />. of the <br /> <br /> <br />Property, plant and equipment are depreciated using the <br />lives: <br /> <br />. ght-line method over the following estimated eful <br /> <br />Assets <br /> <br />Useful Lives <br />in Years <br /> <br />Buildings and improvements <br />Infrastructure and improvements <br />Machinery and eqnipment <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 />Compensated Absences <br /> <br />It is the City's policy to pennit employees to accunmlate earned but illlused vacation and sick pay benefits. <br />Employees 'With at least ten years of service arc entitled to receive one-third of their unused sick leave up to a <br />maximum of 800 hours upon termination in addition to any unused vacation and compensatory time. All vacation <br />pay is accrued when incurred in the government-v..ride and proprietary flllancial statements. A liability for these <br />amounts is reported in governmental funds only if they have matured, for example~ as a result of employee <br />resignations and retirements. <br /> <br />Long-term Obligations <br /> <br />In the government-wide financial statements, and proprietary fund types in the fund fmancial statements, long-term <br />debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business- <br />type activities, or proprietary fund type statement of net assets. Bond premiums and discounts, as well as issuance <br />costs, are deferred and amortized over the life of the bonds using the straight line method. Bond issuance costs are <br />reported as deferred charges and amortized over the term of the related debt. <br /> <br />In the fund fmancial statements, governmental fund types recognized bond premiums and discounts, as well as bond <br />issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. <br />Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are <br />reported as other fmancing uses. Issuance costs, whether or not withheld from the actual debt proceeds received) are <br />reported as debt service expendinrres. <br /> <br />Net Assets <br /> <br />In the government-Viride fmancial statements, net assets represent the difference between assets and liabilities. Net <br />assets are displayed in three components: <br /> <br />a. Invested in capital assets, net of related debt - Consists of capital assets, net of accumulated depreciation <br />reduced by any outstanding debt attributable to acquire capital assets. <br /> <br />b. Restricted net assets - Consist of net assets restricted when there are limitations imposed on their use <br />through external restrictions imposed by creditors, grantors, laws or regulations of other governments. <br /> <br />c. Unrestricted net assets - All other net assets that do not meet the defInition of "restricted" or "invested in <br />capital assets, net of related debt". <br /> <br />-28- <br />
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