Laserfiche WebLink
CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2001 <br />NOTE 1- SUMMARY OF SIGNIFICANT ACCOLJNTING POLICIES (Continued) <br />D. Assets, liabilities, and net assets or equity (Continued) <br />2. Receivables and payables <br />Activity between funds that aze representative of lending/borrowing arrangements outstanding at <br />the end of the fiscal yeaz aze referred to as either "due to/from other funds" (i.e. the current <br />portion of interfund loan) or "advances to/from other funds" (i.e., the non-current portion of <br />interfund loans). <br />All other outstanding balances between funds are reported as "due to/from other funds." Any <br />residual balances outstanding between the governmental activities and business-type activities <br />aze reported in the govemment-wide financial statements as "internal balances". <br />Advances between funds, as reported in the fund financial statements, are offset by a fund <br />balance reserve account in app�icable govemmental funds to indicate that they aze not available <br />for appropriation and are not expendable available financial resources. <br />All trade (utility) and property tax receivables are shown at a gross amount, since both taxes and <br />trade (utility) receivables aze assessable to the property taxes and are collectible upon sale of the <br />assessed property. <br />Property taxes are submitted to the County Auditor by December 28 of each yeaz, to be levied <br />on January 1 on property values assessed as of the same date. The tax levy notice is mailed in <br />Mazch with the first half payment due on May 15 and the second half payment is due on <br />October 15. <br />Unpaid taxes at December 31 become liens on the respective property and are classified in the <br />financial statements as delinquent taxes receivable. <br />3. Inventories and prepaid items <br />All inventories are valued at cost using the first-in/first-out (FIFO) method. Inventories of <br />governmental funds are recorded as expenditures when consumed rather than when purchased. <br />Certain payments to vendor reflect costs applicable to future accounting periods and are recorded <br />as prepaid items in both government-wide and fund financial sta.tements. <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 />42 <br />