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2006 CAFR
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2006 CAFR
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CITY 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 />f. Long -term obligations <br />In the government -wide financial statements, and proprietary fund types in the fund financial <br />statements, long -term debt and other long -term obligations are reported as liabilities in the applicable <br />governmental activities, business -type activities, and proprietary fund type statement of net assets. <br />Bond premiums and discounts, as well as issuance costs if material, are deferred and amortized over <br />the life of the bonds using the effective interest method. Bonds payable are _reported net of the <br />applicable bond premium or discount. Bond issuance costs are reported as deferred charges and <br />amortized over the term of the related debt. <br />In the fund financial statements, governmental fund types recognize bond premiums and discounts, as <br />well as bond issuance costs, during the current period. The face amount of debt issued is reported as <br />other financing sources. Premiums received on debt issuances are reported as other financing sources <br />while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not <br />withheld from the actual debt proceeds received, are reported as debt service expenditures. <br />7. Fund equity <br />In the fund financial statements, governmental funds reported reservations of fund balance for <br />amounts that are not available for appropriation or are legally restricted by outside parties for use for <br />a specific purpose. Designations of fund balance represent tentative Council plans that are subject to <br />change. <br />The Statement of Net Assets reports restrictions in net assets for tax increment whose revenues are <br />used to pay for costs associated with the development of a district. Law Enforcement is proceeds <br />received from fines and forfeitures generated from driving under the influence (DUI) or drugs. These <br />proceeds are restricted for specific law enforcement uses. Minnesota law governs both tax increment <br />and law enforcement uses. <br />8. Comparative data <br />Comparative total data for the prior year have been presented only for individual enterprise funds in <br />the fund financial statements in order to provide an understanding of the changes in the financial <br />position and operations of these funds. <br />52 <br />
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