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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 />The City categorizes its fair value measurements within the fair value hierarchy established by <br />generally accepted accounting principles. The Hierarchy is based on the valuation inputs used to <br />measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical <br />assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant <br />unobservable inputs. <br />2. Receivables and payables <br />Activity between funds that are representative of lending/borrowing arrangements outstanding at <br />the end of the fiscal year are referred to as either "due to/from other funds" (i.e. the current <br />portion of interfund loan). <br />All utility and property tax receivables, including those for the HRA, are shown at a gross <br />amount, since both taxes and utility receivables are assessable to the property taxes and are <br />collectible upon sale of the assessed property. <br />Property taxes are submitted to the County Auditor by December 28 of each year, to be levied on <br />January 1 on property values assessed as of the saine date. The tax levy notice is mailed in <br />March with the first half payment due on May 15 and the second half payment is due on October <br />15. <br />3. Prepaid Items <br />Certain payments to vendors which reflect costs applicable to future accounting periods are <br />recorded as prepaid items in both government-wide and fund tinancial statements. <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 />Cash held in escrow for the Economic Development Authority is classi�ed as restricted assets on <br />the balance sheet because they are maintained and adininistered by a third party lending <br />administrator. Use of these funds is limited to providing housing loans to qualified residents. <br />5. Capital Assets <br />Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, <br />bridges, sidewall�s, and similar items), and intangible assets such as easements and colnputer <br />software are reported in the applicable governmental ar business-type activities columns in the <br />government-wide financial statements. Capital assets, except infrastructure assets, are de�'ined by <br />the City as assets with an initial, individual cost equal to ar greater than $5,000 and an estimated <br />useful life in excess of 2 years. Accordingly, the amounts spent for the construction or <br />acquisition of infrastructure assets are capitalized and reported in the government-wide financial <br />statements regardless of their amount. <br />45 <br />
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