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48 CITY OY ROSEVILLE. t4INNT;SOTA NOTES TO THF. FINlu�'CIAL STATF.^�tr',NTS DECEMBEP. 31, 1976 Note 1- Sumnary of: sig,nificant. accounting policies The Ci.ty statemer�ts are sho�,m on both tfie accrual and modified accrual basis of accounting. The basi.s of accountino, by fund, is as follows: Fund General Pund Special revenue fands Equipment Revol.ving Funci P.ecreation Fund Permanent Improvement Fund Youth Service Bureau Continf;ency Fund Public Works Reserve Fund Firemen's RelieF Fund Policemen's Rel.ief Fund Revenue Shari.ng Fund State�-Aid Fund Capital projects funds Special aesessment funds Enterprise funds Liquor Dispensary Fund Sewer Operating Fund Water Operating Fund C.olf Fund Ice Arena Fund Ski Fund Gerieral debt service funds Trust and agency General fixed assets BaSis of accounting modified accrual modified accrua7. modified accrual modified accrual modifi.ed accrual modified accrual modified accrual mudified accrual accrual accrual accrual accrual modified accrual accrual accrual accrual accrual modified accrual modified accrual modified accrual accrual accrual Funds maintained on the modified basis (which is in accordance u�ith generally accepted accounting principles, in certain circumseances) are those funds which record transactions in the following manner: (�} General property taxes - Revenue is recognized in the year of anticipated collecl-ion; (b) Interest exp�nse on general bonded indebtedness and special assessment bonds - Interest expense is recerded as an expenditure cuhen paid; interest is not accrued anless fully matured and not paid; (c) Znterest revenue on special assessments receivable - Interest reve.nue is recognized in the year of anticipated coll.ection of the curr.ent principal installmerit; (d) Bond and interest payments ciue January 1- Fxpendit-ures are recognized when amounts are remitted tio the fiscal a�ent (usually in DecemUer) for payment of bonds and interest.