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