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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANClAL STATEMENTS <br />December 31, 2015 <br />capitalization exceeding $10,000,000, a primary reporting dealer in U.S. government securities to <br />Federal Reserve Bank of New York, or certain Minnesota securities broker-dealers. <br />Investments for the City and the component unit are reported at fair value. <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 same 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 financial 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 in the economic increments construction fund is classified as restricted assets <br />on the balance sheet because they are maintained and administered by an escrow agent. These <br />funds are held for the purpose of guaranteeing the City's obligation to purchase property relating <br />to a settlement agreement. <br />Cash held in escrow in the debt service fund is classified as restricted assets on the balance sheet <br />because they are maintained and administered by an escrow agent. These funds are held for the <br />purpose of refunding a G.O. Municipal Building Bond. <br />Cash held in escrow for the Housing Redevelopinent Authority is classified as restricted assets on <br />the balance sheet because they are maintained and administered by a third party lending <br />administrator. Use of these funds is limited to providing housing loans to qualified residents. <br />45 <br />