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CCP 05-22-2006
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CCP 05-22-2006
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<br />.otel: <br /> <br />. <br /> <br />. <br /> <br />CITY OF ARDEN lULLS, MINNeSOTA <br />NOTES TO TIlE FINANCIAL STATEMENTS <br />DECEMBER 31 <br /> <br />SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED <br /> <br />In ' dd' th . h f . II ~fu ~ A VI ~d ' <br />terest mcurre unng e constructIOn p ase 0 capIta asse~",f1l3'sirSJYPe ael1Y1,l1eS[,illlC u'deiil!ts p <br />capltallZed value of the assets constructed. JI..J.' Jl.'~ ..1 . <br /> <br />Property, plant and equipment are depreciated using the ,aight-line method over the following estimated useful <br />lives: <br /> <br />. of the <br /> <br />Assets <br /> <br />Useful Lives <br />in Years <br /> <br />Buildings aud 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 />Compensated Absences <br /> <br />It is the City's policy to permit employees to accumulate eamed but unused vacation and sick pay benefits. <br />Employees with at least ten years of service are entitled to receive one-third of their unused sick leave up to a <br />maximum of 800 hours upon tennination in addition to any unused vacation and compensatory rime. All vacation <br />pay is accrued when incurred in the government-v.ride and proprietary financial statements. A liability for these <br />amounLc;; 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 governmcnt-v.ride 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 cbarges and amortized over the term of the related debt. <br /> <br />In the fund financial statements, govemmental 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 fmancing sources. <br />Premiums received on debt issuances arc reported as other fInancing SOillces 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 expenditures. <br /> <br />Net Assets <br /> <br />In the government~wide fInancial statements, net assets represent the difference between assets and liabilities. Net <br />assets are displayed in three component,>: <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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