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Annual_Report_1976_001
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Annual_Report_1976_001
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48 <br />CITY OY ROSEVILLE. t4INNT;SOTA <br />NOTES TO THF. FINlu�'CIAL STATF.^�tr',NTS <br />DECEMBEP. 31, 1976 <br />Note 1- Sumnary of: sig,nificant. accounting policies <br />The Ci.ty statemer�ts are sho�,m on both tfie accrual and modified accrual basis <br />of accounting. The basi.s of accountino, by fund, is as follows: <br />Fund <br />General Pund <br />Special revenue fands <br />Equipment Revol.ving Funci <br />P.ecreation Fund <br />Permanent Improvement Fund <br />Youth Service Bureau <br />Continf;ency Fund <br />Public Works Reserve Fund <br />Firemen's RelieF Fund <br />Policemen's Rel.ief Fund <br />Revenue Shari.ng Fund <br />State�-Aid Fund <br />Capital projects funds <br />Special aesessment funds <br />Enterprise funds <br />Liquor Dispensary Fund <br />Sewer Operating Fund <br />Water Operating Fund <br />C.olf Fund <br />Ice Arena Fund <br />Ski Fund <br />Gerieral debt service funds <br />Trust and agency <br />General fixed assets <br />BaSis of accounting <br />modified accrual <br />modified accrua7. <br />modified accrual <br />modified accrual <br />modifi.ed accrual <br />modified accrual <br />modified accrual <br />mudified accrual <br />accrual <br />accrual <br />accrual <br />accrual <br />modified accrual <br />accrual <br />accrual <br />accrual <br />accrual <br />modified accrual <br />modified accrual <br />modified accrual <br />accrual <br />accrual <br />Funds maintained on the modified basis (which is in accordance u�ith generally <br />accepted accounting principles, in certain circumseances) are those funds which <br />record transactions in the following manner: <br />(�} General property taxes - Revenue is recognized in the year of <br />anticipated collecl-ion; <br />(b) Interest exp�nse on general bonded indebtedness and special assessment <br />bonds - Interest expense is recerded as an expenditure cuhen paid; <br />interest is not accrued anless fully matured and not paid; <br />(c) Znterest revenue on special assessments receivable - Interest reve.nue <br />is recognized in the year of anticipated coll.ection of the curr.ent <br />principal installmerit; <br />(d) Bond and interest payments ciue January 1- Fxpendit-ures are recognized <br />when amounts are remitted tio the fiscal a�ent (usually in DecemUer) <br />for payment of bonds and interest. <br />
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