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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 />6. Deferred inflows of resources <br />In addition to liabilities, the statement of financial position will sometimes report a separate <br />section for deferred inflows of resources. This separate financial statement element, deferred <br />inflows of resources, represents an acquisition of net position that applies to a future period(s) and <br />so will not be recognized as an inflow of resources (revenue) until that time. The government has <br />only one type of item, which arises only under a modified accrual basis of accounting, which <br />qualifies for reporting in this category. Accordingly, the item, unavailable revenue, is reported <br />only in the governmental funds balance sheet. The governmental funds report unavailable <br />revenues from two sources; property taxes and special assessments. These amounts are deferred <br />and recognized as an inflow of resources in the period that the amounts become available. <br />7. Compensated absences <br />It is the City's policy to permit employees to accumulate earned but unused vacation, paid time off <br />(PTO), compensatory time, and sick pay benefits. There is an estimate for a liability for unpaid <br />accumulated sicic leave, as employees may receive up to 320 hours upon retirement only. <br />Vacation, PTO, compensatory time, and estimated sicic pay benefits are accrued when incurred in <br />the government-wide and proprietary fund financial statements. A liability for these amounts is <br />reported in governmental funds only if they have matured, for example, as a result of employee <br />resignations and retirements. <br />8. Long-term obligations <br />In the government-wide financial statements, and proprietary fund types in the fund financial <br />statements, long-term debt and other long-term obligations are reported as liabilities in the <br />applicable governmental activities, business-type activities, and proprietary fund type statement <br />of net position. Bond premiums and discounts, if material, are deferred and amortized over the <br />life of the bonds using the effective interest method. <br />In the fund financial statements, governmental fund types recognize bond premiums and <br />discounts, as well as bond issuance costs, during the current period. The face amount of debt <br />issued is reported as other financing sources. Premiums received on debt issuances are reported <br />as other financing sources while discounts on debt issuances are reported as other financing uses. <br />Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as <br />debt service expenditures. <br />9. Fund balance <br />a. Classification <br />In the fund financial statements, governmental funds report fund classifications that comprise <br />hierarchy based primarily on the extent to which the City is bound to honor constraints on the <br />specific purpose for which amounts in those funds can be spent. <br />47 <br />
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