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CCP 05-22-2006
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CCP 05-22-2006
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<br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO HlE FINANCIAL STATEMENTS <br />DECEMBER 31,2005 <br /> <br />Note 1: <br /> <br />'"::~":~::"^"TAccmm'mGMKrnR A. E' I. <br /> <br /> <br />Accounts receivable include amounts billed for services PlOVJdOO'15efOT.".:y~mn . 4ltility . rprise fund <br />receivables are also included for services provided in 201" The City ann. ually certifies delinquent water aJi sewer <br />accounts to the County for collection in the following ye _Ther",fM~<>L~becncnQ,allol'L""ce.,[or".d"u~tful <br />accounts established, <br /> <br />. <br /> <br />Special Assessments <br /> <br />Special assessments represent the financing for public improvements paid for by benefiting property owners, These <br />assessments are recorded as receivables upon certification to the County. Special assessments are recognized as <br />revenue when they are annually certified to the County or received in cash OT within 60 days after year end. All <br />governmental special assessments receivable are offset by a deferred revenue liability in the fund fmancial <br />statements. <br /> <br />Interfund Receivables and Payablcs <br /> <br />Activity between funds that arc representative oflendinglborrov.r:ing arrangements outstanding at the end of the fiscal <br />year are referred to as either "due to/from other fimds" (i.e., the CWTent portion of inter fund loans) or "advances <br />to/from other funds" (i.e_, the non-current portion of inter fund loans), All other out$tanding balances between funds <br />are reported as "due to/from other funds." A.ny residual balances outstanding benveen tbe governmental activities <br />and business-type activities are reported in the government-wide fmancial statements as "internal balances." <br /> <br />Advances between fimds) as reported in the fund financial statements, are offset by a fund balance reserve account in <br />applicable governmental funds to indicate that they are not available for appropriation and are not expendable . <br />available financial resources. <br /> <br />Inventories and Prepaid Items <br /> <br />All inventories are stated at the lower of cost or market on the fust-in, first-out (FrFO) method. <br /> <br />Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items <br />in both government-wide and fund fInancial statements. <br /> <br />Capital Assets <br /> <br />Capital assets, which include property, plant, equipment and iufrastmcture assets (e,g" roads, bridges, sidewalks, and <br />similar items) are, reported in the applicable governmental or business-type activities columns in tbe governrnent- <br />wide financial statements. Capital assets are defmed by the City as assets \vith an initial: individual cost of more than <br />$5,000 (amonnt not rounded) and an estimated usefilllife in excess of one year. Such assets are recorded at <br />historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at <br />estimated fair market value at the date of donation. <br /> <br />In the case of initial capitalization of general infrastructure assets (i.e., those reported by governmental activities) the <br />City chose to include items dating back to June 30, 1980, The City was able to estimate the historical cost for the <br />initial reporting of these assets through backtracking (i_e" estimating the current replacement cost of the <br />infrastructure to be capitalized and using an appropriate price-level index to deflate the cost to the acquisition year or <br />estimated acquisition year). As the City constmcts or acquires capital assets each period, including infrastructure <br />assets. they are capitalized and reported at historical cost. The reported value excludes normal maintenance and <br />repairs which are essentially amOlmts spent in relation to capital assets tbat do nor increase the capacity or efficiency <br />of rhe item or extend its useful life beyond the original estimate. In the case of donations the City values these . <br />capital assets at the estimated fair value of the item at the date of its donation. <br /> <br />-27- <br />
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