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2001 CAFR
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2001 CAFR
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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2001 <br />NOTE 1- SUMMARY OF SIG1vIFICANT ACCOLTNTING POLICIES (Continued) <br />C. Measurement focus, basis of accounting, and financial statement presentation (Continued) <br />Govemmental fund fmancial statements are reported using the current financial resources <br />measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon <br />as they aze both measurable and available. Revenues are considered to be available when they are <br />collectible within the current period or soon enough thereafter to pay liabilities of the current period. <br />For this purpose, the City considers revenues to be available if they aze collected within 60 days of <br />the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, <br />as under accrual accounting. However, debt service expenditures, as well as expenditure-related to <br />compensated absences and claims and judgments, aze recorded only when payment is due. <br />Property taxes, franchise taxes, licenses and interest associated with the current fiscal period are all <br />considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal <br />period. Only the portion of special assessments receivable due within the current fiscal period is <br />considered to be susceptible to accrual as revenue of the current period. All other revenue items aze <br />considered to be measurable and available only when cash is received by the City. <br />The City reports the following major govemmental funds: <br />The general fund is the City's primary operating fund. It accounts for all financial resources of <br />the general government, except those required to be accounted for in another fund. <br />The recreation fund accounts for resources and payments related to the parks and recreation <br />functions and the community development fund accounts for resources and payments related to <br />the City's building codes enforcement, development and redevelopment activities. The funds for <br />tax reduction provide resources for maintaining a reduced property tax levy. <br />The general improvement and tax increment debt service funds accounts for resources <br />accumulated and payments for principal and interest on long term general obligation tax <br />increment debt and general obligation special assessment debt. <br />The revolving improvements fund and economic increments construction fund account for <br />improvements revenues and expenditures from replacement funds set aside for equipment and <br />buildings replacement and from tax increments, respectively. The infrastructure replacement <br />fund provides for the street paving management program of the City. <br />� <br />
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