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2016 CAFR
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2016 CAFR
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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2016 <br />Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br />A. FINANCIAL REPORTING ENTITY <br />The City of Roseville is a municipal corporation formed under Section 412 of Minnesota State <br />Statutes and operates under a Council-Manager form of government. The five-member Council and <br />Mayor are elected on rotating terms in each odd-numbered year. <br />The financial statements present the City and its component unit. The City includes all funds, <br />organizations, institutions, agencies, departments and offices that are not legally separate from <br />such. Component units are legally separate organizations for which the elected officials of the City <br />are financially accountable and are included within the basic financial statements of the City because <br />of the significance of their operational or financial relationships with the City. <br />The City is considered financially accountable for a component unit if it appoints a voting majority of <br />the organization's governing body and it is able to impose its will on the organization by significantly <br />influencing the prograins, projects, activities or level of services performed or provided by the <br />organization or there is a potential for the organization to provide specific financial benefits to or <br />impose specific financial burdens on, the City. <br />As a result of applying the component unit definition criteria above, certain organizations are <br />presented in this report as follows: <br />Blended Component unit. The Roseville Econamic Development Authority (EDA) was established <br />to facilitate development and redevelopment in the City. The governing board consists of the <br />members of the City Council. The City approves the levy and appropriations for the EDA annually <br />as part of the City's budget process. Any sale of bonds or obligations issued by the EDA must be <br />approved by the City Council before issuance and the City Council may require the EDA to transfer <br />any portion of the reserves generated by activities of the EDA to the City to reduce the tax levies for <br />bonded indebtedness of the City. The EDA does not issue separate financial statements. Financial <br />information may be obtained at the City's offices. <br />B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS <br />The government-wide financial statements (i.e., the statement of net position and the statement of <br />activities) report information on a11 of the nonfiduciary activities of the primary government and its <br />component unit. Governmental activities, which normally are supported by taxes and <br />intergovernmental revenues, are reported separately from business-type activities, which rely to a <br />significant extent on user fees and charges for support. <br />The statement of activities demonstrates the degree to which the direct expenses of a given function <br />or segment, are offset by program revenues. Direct expenses are those that are clearly identifiable <br />with a specific function or segment. <br />Program revenues include 1) charges to customers or applicants who purchase, use or directly benefit <br />from goods, service or privileges provided by a given function or segment and 2) grants and <br />41 <br />
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