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2006 CAFR
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2006 CAFR
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CITE'` OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2006 <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) <br />D. Assets, liabilities, and net assets or equity (Continued) <br />2. Receivables and payables (Continued) <br />All trade (utility) and property tax receivables, including those for the HRA, are shown at a gross <br />amount, since both taxes and trade (utility) receivables are assessable to the property taxes and are <br />collectible upon sale of the assessed property. <br />Property taxes are submitted to the County Auditor by December 28 of each year, to be levied on <br />January 1 on property values assessed as of the same date. The tax levy notice 1s mailed in March <br />with the first half payment due on May 15 and the second half payment is due on October 15. <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 />4. Capital Assets <br />Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, bridges, <br />sidewalks, and similar items), are reported in the applicable governmental or business -type activities <br />columns in the government -wide financial statements. Capital assets are defined by the City as assets <br />with an initial, individual cost equal to or greater than $2,000 and an estimated useful life in excess of <br />2 years. The City reports infrastructure assets on a network basis. Accordingly, the amounts spent <br />for the construction or acquisition of infrastructure assets are capitalized and reported in the <br />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 Public Works Pavement Management Plan contained all historical costs for the City's general <br />infrastructure assets. As the City constructs or acquires additional capital assets each period, <br />including infrastructure assets, they are capitalized and reported at historical cost. The reported value <br />excludes normal maintenance and repairs which are essentially amounts spent in relation to capital <br />assets that do not increase the capacity or efficiency of the item or extend its useful life beyond the <br />original estimate. Donated capital assets are recorded at their estimated fair market value on the date <br />of donation. <br />6111 <br />
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