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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 />D. Assets, liabilities, deferred inflows of resources, and net position/fund balance (Continued) <br />3. Restricted Assets <br />Certain assets in the water fund are restricted to the extent of the customer deposits, which are carried <br />as liabilities. <br />Cash held in escrow in the economic increments construction fund is classified as restricted assets on <br />the balance sheet because they are maintained and administered by an escrow agent. These funds are <br />held for the purpose of guaranteeing the City's obligation to purchase property relating to a <br />settlement agreement. <br />Cash held in escrow for the Housing Redevelopment Authority is classified as restricted assets on the <br />balance sheet because they are maintained and administered by a third party lending administrator. <br />Use of these funds is limited to providing housing loans to qualified residents. <br />4. Capital Assets <br />Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, bridges, <br />sidewalks, and similar items), and intangible assets such as easements and computer software are <br />reported in the applicable governmental or business -type activities columns in the government -wide <br />financial statements. Capital assets, except infrastructure assets, are defined by the City as assets <br />with an initial, individual cost equal to or greater than $5,000 and an estimated useful life in excess of <br />2 years. Accordingly, the amounts spent for the construction or acquisition of infrastructure assets <br />are capitalized and reported in the government -wide financial statements regardless of their amount. <br />With the initial capitalization of general infrastructure assets (i.e., those reported by governmental <br />activities), the City chose to include all such items regardless of their acquisition date or amount. The <br />City's Pavement Management Plan contained all historical costs for the City's general infrastructure <br />assets. As the City constructs or acquires additional capital assets each period, including <br />infrastructure assets, they are capitalized and reported at historical cost. The reported value excludes <br />normal maintenance and repairs which are essentially amounts spent in relation to capital assets that <br />do not increase the capacity or efficiency of the item or extend its useful life beyond the original <br />estimate. Donated capital assets are recorded at their estimated fair market value on the date of <br />donation. <br />
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