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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 />8. Comparative data (Continued) <br />The city is currently in the process of converting all vacation and sick leave into a personal time off <br />(PTO) bank. In 2006, the conversion was completed for all non -union personnel. With the new PTO <br />program, employees are entitled to the entire bank upon severance. The change from sick and <br />vacation to PTO has increased the compensated balance reported on the Statement of Net Assets. <br />During 2006, the City reclassified the Tax Reduction. and Infrastructure Replacement funds to more <br />appropriately reflect the nature of these funds. These funds are now reported within the General fund <br />and Street Construction fund, respectively. <br />NOTE 2 - RECONCILIATION OF GOVERNMENT -WIDE AND FUND FINANCIAL STATEMENTS <br />A. Explanation of certain differences between the governmental fund balance sheet and the government - <br />wide statement of net assets <br />The governmental fund balance sheet includes reconciliation between fund balance - total governmental <br />funds and net assets - governmental activities as reported in the government -wide statement of net assets. <br />Elements of that reconciliation are detailed as follows: <br />Long -term debt: <br />Bonds payable <br />Bond interest p ayab l e <br />Notes payable <br />Compensated abences <br />Change to Net Assets <br />Internal service funds <br />Capital assets (net of depreciation) <br />Net Pension Obligation <br />Addition of long -term deferred revenues <br />Net change to net assets - governmental activities <br />53 <br />$ (11,875,000) <br />( 179,263) <br />(4,425) <br />(934,444) <br />$ (12,993,132) <br />2,622,743 <br />1 12,459,976 <br />391,713 <br />1,707,975 <br />$ 10411$92275 <br />