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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 (Continued) <br />B. Government -wide and fund financial statements (Continued) <br />Program revenues include 1) charges to customers or applicants who purchase, use or directly benefit <br />from goods, service or privileges provided by a given function or segment and 2) grants and <br />contributions that are restricted to meeting the operational or capital requirements of a particular function <br />or segment. Taxes and other items not properly included among program revenues are reported instead <br />as general revenues. <br />Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary <br />funds, even though the latter are excluded from the government -wide financial statements. Major <br />individual governmental funds and major individual enterprise funds are reported as separate columns in <br />the fund financial statements. <br />C. Measurement focus, basis of accounting, and financial statement presentation <br />The government -wide financial statements are reported using the economic resources measurement focus <br />and the accrual basis of accounting, as are the proprietary funds. Fiduciary fund financial statements also <br />use the accrual basis of accounting. The City's fiduciary fund type, agency funds are custodial in nature <br />(assets equal liabilities) and do not involve measurement of results of operations. With the economic <br />resources measurement focus, revenues are recorded when earned and expenses are recorded when a <br />liability is incurred, regardless of the timing of the related cash flows. Property taxes are recognized as <br />revenues in the year for which they are levied. Grants and similar items are recognized as revenue as <br />soon as all eligibility requirements imposed by the provider have been met. <br />Governmental fund financial statements are reported using the current financial resources measurement <br />focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both <br />measurable and available. Revenues are considered to be available when they are collectible within the <br />current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the City <br />considers revenues to be available if they are collected within 60 days of the end of the current fiscal <br />period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. <br />However, debt service expenditures, as well as expenditure - related to compensated absences and claims <br />and judgments, are recorded only when payment is due. <br />Property taxes, franchise taxes, licenses and interest associated with the current fiscal period are all <br />considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal <br />period. Only the portion of special assessments receivable due within the current fiscal period is <br />considered to be susceptible to accrual as revenue of the current period. All other revenue items are <br />considered to be measurable and available only when cash is received by the City. <br />MIN <br />
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