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2012 CAFR
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2012 CAFR
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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2012 <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br />A. Reporting entity <br />The City of Roseville is a municipal corporation formed under Section 412 of Minnesota State Statutes <br />and operates under a Council- Manager form of government. The five- member Council and Mayor are <br />elected on rotating terms in each odd - numbered year. <br />The financial statements present the City and its component unit. The City includes all funds, <br />organizations, institutions, agencies, departments and offices that are not legally separate from <br />such. Component units are legally separate organizations for which the elected officials of the City are <br />financially accountable and are included within the basic financial statements of the City because of the <br />significance of their operational or financial relationships with the City. <br />The City is considered financially accountable for a component unit if it appoints a voting majority of the <br />organization's governing body and it is able to impose its will on the organization by significantly <br />influencing the programs, projects, activities or level of services performed or provided by the <br />organization or there is a potential for the organization to provide specific financial benefits to or impose <br />specific financial burdens on, the City. <br />As a result of applying the component unit definition criteria above, certain organizations are presented <br />in this report as follows: <br />Discretely presented component unit. The Housing & Redevelopment Authority (HRA) is responsible <br />for providing housing programs and promoting safe, decent and affordable housing options for the <br />community. The HRA Board of Directors is appointed by a recommendation of the Mayor and approval <br />of the City Council. The HRA can give, sell, buy and transfer property, provide grants, loans, leases and <br />abatements and raise funds through several financing tools. The HRA may levy a special property tax to <br />fund housing improvement plans within the City. The levy is separate from the City's general fund levy. <br />The HRA annually submits a budget to the City Council who has the final authority to approve the HRA <br />levy each year. Separate financial statements are not prepared for the HRA. <br />B. Government -wide and fund financial statements <br />The government -wide financial statements (i.e., the statement of net position and the statement of <br />activities) report information on all of the nonfiduciary activities of the primary government and its <br />component unit. Governmental activities, which normally are supported by taxes and intergovernmental <br />revenues, are reported separately from business -type activities, which rely to a significant extent on user <br />fees and charges for support. <br />The statement of activities demonstrates the degree to which the direct expenses of a given function or <br />segment, are offset by program revenues. Direct expenses are those that are clearly identifiable with a <br />specific function or segment. <br />43 <br />
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