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Annual_Report_1976_001
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Annual_Report_1976_001
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� <br />CITY OF ROSEVILLE, MINDIESOTA <br />NOTES TO THf; FINANCIAZ. STATEMF.NTS (CONTINUED) <br />DECEMBER 31, 1976 <br />Note 1- Summary of siQnificant accounting policies (Continued) <br />Investments are carried at cost or amortized cost for investments on cahich <br />premiums have been paid when purchased. The carrying value of such investments <br />approrimates market and the investment income is recorded as earned. <br />Inventories of inerchandise held by the Liquor Dispensary Fund and Golf Course <br />Pund are valued at the lower of cost or market. Costs are determined in part <br />by estimates which approximate the first-in, first-out method. <br />� Pr�perty and equipment of the Enterprise funds are stated at cost with the <br />',`' depreciation recorded as an expense. Property and equipment of other funds <br />are also stated at cost and are reported in the general fixed asset group of <br />, accounts. These assets are recorded as expenditures of the respective funds <br />; at the time of purchase and the depreciation recorded thereou is reported as <br />a reduction in the investment in general fixed assets. <br />Depreciation is computed using the straight-line methoci over the estimaCed use- <br />ful lives of the respective assets as follows: <br />Buildings and structures <br />_ Furniture and equipment <br />Vehicles <br />����- Sewer and Water distri.bution systemi <br />�^ Storm sewers <br />Streets <br />Street li.ghting <br />8 to 50 years <br />5 to 20 years <br />1 to 20 years <br />80 to 100 years <br />100 years <br />20 years <br />50 years <br />�� General Long-Term Debt - The general long-term liabilities, except for enter- <br />prise and special assessment funds, are nat carried as a liability of a fund <br />but are rather set up in a separate self-balancing group of accouats kno��m as <br />the "general long-term debt group oE accounts". <br />Note 2 - Deferred Credit <br />Under the terms of an agreement coith the Metropoli.tan tdaste Control Commission, <br />the City ivill be repaid for sewer interceptors transferred in 1971. The present <br />balance is presented as a receivable from the Commission on the balance sheet <br />of the Sewer Operating Pund, which also includes deferred credits of the same <br />amount. Repayment is made to the City hy issuing credits, over the ne�:t tcaenty- <br />five years, against future setaer bi:Ll.ings from the Commission. Credits of <br />$23p,689 in 1976 and $235,367 in 1975 were received to reduce disposal charges <br />for each year. <br />
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