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' CITY OF ROSEVILLE,MINNESOTA <br /> NOTES TO FINANCIAL STATEMENTS <br /> December 31, 2014 <br /> I <br /> capitalization exceeding $10,000,000, a primary reporting dealer in U.S. government securities to <br /> Federal Reserve Bank of New York, or certain Minnesota securities broker-dealers. <br /> Investments for the City and the component unit are reported at fair value. <br /> 2. Receivables and payables <br /> Activity between funds that are representative of lending/borrowing arrangements outstanding at <br /> the end of the fiscal year are referred to as either "due to/from other funds" (i.e. the current <br /> portion of interfund loan). <br /> All utility and property tax receivables, including those for the HRA, are shown at a gross <br /> amount, since both taxes and 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 is mailed in <br /> March with the first half payment due on May 15 and the second half payment is due on October <br /> I 15. <br /> 3. Prepaid Items <br /> Certain payments to vendors which reflect costs applicable to future accounting periods are <br /> recorded as prepaid items in both government-wide and fund financial statements. <br /> 4. Restricted Assets <br /> Certain assets in the water fund are restricted to the extent of the customer deposits, which are <br /> carried as liabilities. <br /> Cash held in escrow in the economic increments construction fund is classified as restricted assets <br /> on the balance sheet because they are maintained and administered by an escrow agent. These <br /> funds are held for the purpose of guaranteeing the City's obligation to purchase property relating <br /> to a settlement agreement. <br /> Cash held in escrow in the debt service fund is classified as restricted assets on the balance sheet <br /> because they are maintained and administered by an escrow agent. These funds are held for the <br /> purpose of refunding a G.O. Municipal Building Bond. <br /> Cash held in escrow for the Housing Redevelopment Authority is classified as restricted assets on <br /> the balance sheet because they are maintained and administered by a third party lending <br /> administrator. Use of these funds is limited to providing housing loans to qualified residents. <br /> 1 <br /> 45 <br />