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2014 CAFR
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2014 CAFR
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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANClAL STATEMENTS <br />December 31, 2014 <br />As a rule, the effect of interfund activity has been eliminated from the government-wide financial <br />statements. Exceptions to this rule are other charges between the City's water and sewer function <br />and various other functions of the primary government and its component unit. Elimination of these <br />charges would distort the direct costs and program revenues reported from the various functions <br />concerned. <br />Amounts reported as program revenues include 1) charges to customers or applicants for goods, <br />services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and <br />contributions, including special assessments. Internally dedicated resources are reported as general <br />revenues rather than as program revenues. Likewise, general revenues include all taxes. <br />Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating <br />revenues and expenses generally result from providing services and producing and delivering goods <br />in connection with a proprietary fund's principal ongoing operations. The principal operating revenue <br />of the City's enterprise funds and internal service funds are charges to customers for sales and <br />services. Operating expenses for enterprise funds and internal service funds include the cost of sales <br />and services, administrative expenses, and depreciation on capital assets. All revenues and expenses <br />not meeting this definition are reported as nonoperating revenues and expenses. <br />When both restricted and unrestricted resources are available for use, it is the Ciry's policy to use <br />restricted resources first, and then unrestricted resources as they are needed. <br />D. ASSETS, LIABILTTIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION/FUND BALANCE <br />1. Deposits and investments <br />The enterprise and internal service funds participate in the pooling of City-wide cash and <br />investments. Amounts from the pool are available to these funds on demand. As a result, the <br />cash and investments of the enterprise and internal service funds are considered to be cash and <br />cash equivalents for statement of cash flow purposes. <br />State statutes authorize investments in the following: direct obligations or obligations guaranteed <br />by the United States or its agencies; shares of investment companies registered under the Federal <br />Investment Company Act of 1940 which receive the highest credit rating are rated in one of the <br />two highest rating categories by a statistical rating agency, and all of the investments have a fmal <br />maturity of thirteen months or less; municipal general obligations rated "A" or better; municipal <br />revenue obligations rated "AA" or better, general obligations of the Minnesota Housing Finance <br />Agency rated "A" or better; bankers acceptances of United States' banks eligible for purchase of <br />by the Federal Reserve System; commercial paper issued by United States corporations or their <br />Canadian subsidiaries, of the highest quality category by at least two nationally recognized rating <br />agencies, and maturing in 270 days or less; Guaranteed Investment Contracts guaranteed by a <br />United States commercial bank, domestic branch of a foreign bank, or a United States insurance <br />company, and with a credit quality in one of the top two highest categories, repurchase or reverse <br />repurchase agreements and securities lending agreements with financial institutions qualifies as a <br />"depository" by the City entity, with banks that are members of the Federal Reserve System with <br />
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