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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2001 <br />NOTE 1- SUMMARY OF SIG1vIFICANT ACCOLINTING POLICIES (Continued) <br />D. Assets, liabilities, and net assets or equity (Continued) <br />7. Long-term obligations <br />In the government-wide financial statements, and proprietary fund types in the fund fmancial <br />statements, long-term debt and other long-term debt reported as liabilities in the applicable <br />governmental activities, business-type activities, and proprietary fund type statement of net <br />assets. Bond premiums and discounts, as well as issuance costs, aze defened and amortized over <br />the life of the bonds using the effective interest method. Bonds payable are reported net of the <br />applicable bond premium or discount. Bond issuance costs are reported as deferred charges and <br />amortized over the term of the related debt. <br />In the fund financial statements, governmental fund types recognize bond premiums and <br />discounts, as well as bond issuance costs, during the current period. The face amount of debt <br />issued is reported as other financing sources. Premiums received on debt issuances aze reported <br />as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds <br />received, aze reported as debt service expenditures. <br />8. Fund equity <br />In the fund fmancial statements, governmental funds reported reservations of fund balance for <br />amounts that aze not available for appropriation or are legally restricted by outside parties for use <br />for a specific purpose. Designations of fund balance represent tentative Council plans that aze <br />subject to change. <br />9. Compazative data/reclassifications <br />Comparative total data for the prior year have presented only for individual enterprise funds in <br />the fund fmancial statements in order to provide an understanding of the changes in the fmancial <br />position and operations of these funds. <br />NOTE 2- RECONCILIATION OF GOVERNMENT- <br />WIDE AND FUND FINANCIAL STATEMENTS <br />A. Explanation of certain difFerences between the governmental fund balance sheet and the <br />government-wide statement of net assets <br />The governmental fund balance sheet includes reconciliation between <br />governmental funds and net assets - governmental activities as reported in <br />statement of net assets. Elements of that reconciliation aze detailed as follows: <br />44 <br />fund balance - total <br />the government-wide <br />