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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 />4. Capital Assets (Continued) <br />Property, plant and equipment of the City are depreciated using the straight -line method over the <br />following estimated useful lives: <br />Assets Years <br />Buildings <br />40 <br />Building Improvements <br />25 <br />Furniture and Equipment <br />5 <br />Light Vehicles <br />5 <br />Heavy Vehicles <br />10 <br />Fire Trucks <br />20 <br />Streets and public infrastructure <br />50 <br />Utility distribution systems <br />80 <br />The City implemented GASB 51, Accounting and Financial Reporting for Intangible Assets effective <br />January 1, 2010, which required the City to capitalize intangible assets. Pursuant to GASB Statement <br />51, in the case of initial capitalization of intangible assets, the City chose to capitalize intangible <br />assets retroactively to 1980. The City was able to obtain historical costs and estimated fair value of <br />donated intangible assets as of the date of donation for the initial reporting of easements through <br />public works project records. <br />5. Deferred inflows of resources <br />In addition to liabilities, the statement of financial position will sometimes report a separate section <br />for deferred inflows of resources. This separate financial statement element, deferred inflows of <br />resources, represents an acquisition of net position that applies to a future period(s) and so will not be <br />recognized as an inflow of resources (revenue) until that time. The government has only one type of <br />item, which arises only under a modified accrual basis of accounting, which qualifies for reporting in <br />this category. Accordingly, the item, unavailable revenue, is reported only in the governmental funds <br />balance sheet. The governmental funds report unavailable revenues from two sources; property taxes <br />and special assessments. These amounts are deferred and recognized as an inflow of resources in the <br />period that the amounts become available. <br />.J <br />
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