My WebLink
|
Help
|
About
|
Sign Out
Home
2016 CAFR
Roseville
>
Budget
>
2016 CAFR
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
3/9/2018 4:17:59 PM
Creation date
2/2/2018 11:42:30 AM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
144
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2016 <br />With the initial capitalization of general infrastructure assets (i.e., those reported by governmental <br />activities), the City chose to include all such items regardless of their acquisition date or amount. <br />The City's Pavement Management Plan contained all historical costs for the City's general <br />infrastructure assets. As the City constructs or acquires additional capital assets each period, <br />including infrastructure assets, they are capitalized and reported at historical cost. The reported <br />value excludes normal maintenance and repairs which are essentially amounts spent in relation to <br />capital assets that do not increase the capacity or efficiency of the item or extend its useful life <br />beyond the original estimate. Donated capital assets are recorded at their acquisition value on <br />the date of donation. <br />Property, plant and equipment of the City are depreciated using the straight-line method over the <br />following estimated useiul lives: <br />Assets Years <br />Buildings 40 <br />Building Improvements 25 <br />Furniture and Equipment 5 <br />Light Vehicles 5 <br />Heavy Vehicles 10 <br />Fire Trucks 20 <br />Streets and public infrastructure 50 <br />Utility distribution systems 80 <br />The City implemented GASB 51, Accounting and Financial Repo�ting for Intangible Assets <br />effective January l, 2010, which required the City to capitalize intangible assets. Pursuant to <br />GASB Statement 51, in the case of initial capitalization of intangible assets, the City chose to <br />capitalize intangible assets retroactively to 1980. The City was able to obtain historical costs and <br />estimated fair value of donated intangible assets as of the date of donation for the initial reporting <br />of easements through public works project records. <br />6. Deferred outflows/inflows of resources <br />In addition to assets, the statement of financial position wi11 sometimes report a separate section <br />for deferred outflows of resources. This separate financial statement element represents <br />consumption of net position that applies to future period(s) and so will not be recognized as an <br />outflow of resources (expense/expenditures) until that time. The City has one item that qualifies <br />for reporting in this category. The presents deferred outflows of resources on the Statement(s) of <br />Net position for deferred outflows of resources related to pensions. Deferred outflows of <br />resources related to pensions results from the difference between projected and actual earnings, <br />changes in actuarial assumptions and employer contribution paid to PERA subsequent to the <br />measurement date. <br />In addition to liabilities, the statement of financial position and fund financial statements will <br />sometimes report a separate section far deferred inflows of resources. This separate financial <br />
The URL can be used to link to this page
Your browser does not support the video tag.