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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 SIGNIFICANT ACCOLTNTING POLICIES (Continued) <br />C. Measurement focus, basis of accounting, and fmancial statement presentation (Continued) <br />Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating <br />revenues and expenses generally result from providing services and producing and delivering goods <br />in connection with a proprietary fund's principal ongoing opera.tions. The principal operating <br />revenue of the City's enterprise funds and internal service funds are chazges to customers for sales <br />and services. Operating expenses for enterprise funds and internal service funds include the cost of <br />sales and services, administrative expenses, and depreciation on capital assets. All revenues and <br />expenses not meeting this definition aze reported as nonoperating revenues and expenses. <br />When both restricted and unrestricted resources aze available for use, it is the City's policy to use <br />restricted resources first, and then unrestricted resources as they aze needed. <br />D. Assets, liabilities, and net assets or equity <br />1. Deposits and investments <br />The City's cash and cash equivalents are considered to be cash on hand, demand deposits, and <br />investments which mature within three months. <br />State statutes authorize investments which aze direct obligations or obligations guaranteed by the <br />United States or its agencies; shares of investment companies registered under the Federal <br />Investment Company Act of 1940 and receives the highest credit rating, is rated in one of the two <br />highest ra.ting categories by a statistical rating agency, and all of the investments have a final <br />maturity of thirteen months or less; general obligations rated "A" or better; revenue obligations <br />rated "AA" or better, general obligations of the Minnesota Housing Finance Agency rated "A" or <br />better; bankers; acceptances of United States' banks eligible for purchase of by the Federal <br />Reserve System; commercial paper issued by Unites States corporations or their Canadian <br />subsidiaries, of the highest quality category by at least two nationally recognized rating agencies, <br />and maturing in 270 days or less; Guaranteed Investment Contracts guaranteed by a United <br />States commercial bank, domestic branch of a foreign bank, or a United Sates insurance <br />company, and with a credit quality in one of the top two highest categories, repurchase or reverse <br />purchase agreements and securities lending agreements with financial institutions qualifies as a <br />"depository" by the City entity, with banks that are members of the Federal Reserve System with <br />capitalization exceeding $10,000,000, a primary reporting dealer in U.S. government securities <br />to Federal Reserve Bank of New York, or certain Minnesota securities broker-dealers. <br />Investments for the City are reported at fair value. <br />41 <br />
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