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CITY OF ROSEVILLE NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2 0 0 3 NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C. Measurement focus, basis of accounting, and financial statement presentation (Continued) The City reports the following major governmental funds: (Continued) Perm n n P-nt The funds for tax reduction provide resources for maintaining a reduced property tax levy. The infrastructure replacement fund provides for the street paving management program of the City. The City reports the following major proprietary funds: The sanitary sewer fund and the water fund account for the activities related to the operation of a sanitary collection system and a water distribution system, respectively. The golf course fund, accounts for resources and payments related to the operation and maintenance of a municipal golf course. The recycling fund accounts for the resources and expenditures related to the operation of a waste recycling collection systems. The storm drainage fund accounts for activities related to the operation of a surface water collection system. Additionally, the City reports the following fund types: Internal service funds account for the worker's compensation and general insurance services provided to other departments or agencies of the City. The trust fund accounts for the investment activities for a not -for profit organization devoted to providing cable television oversight for a group of communities of which the City is a member. Agency funds account for resources held by the City in a purely custodial capacity for the Grass Lake Water Management Organization, Community Development Block Grant, Local Development Corporation, Roseville Lutheran Cemetery, and the Roseville Visitors Association. Private - sector standards of accounting and financial reporting issued prior to December 1, 1989, generally are followed in both the government -wide and proprietary fund financial statements to the extent that those standards do not conflict with or contradict guidance of the Governmental Accounting Standards Board. Governments also have the option of following subsequent private - sector guidance for their business -type activities and enterprise funds, subject to this same limitation. The City has elected not to follow subsequent private- sector guidance. I.