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41 CITY OF ROSEVILLE, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1975 Note 1- Summary of significant accounting policies The City statements are shown on both the accrual and modified accrual basis of accounting. The basis of accounting, by fund, is as follows: Fund General Fund Special revenue funds Fixed Asset Replacement Eund Civil Defense Fund Pension Fund Employee Insurance Fund Contingency Fund Public Works Reserve Fund Firer,�en°s Relief Fund Revenue Sharing Fund State,Aid Fund Capital projects funds Specizl assessment funds Enterorise funds Liquor Dispensory Fund Sewer Operating Fun3 Water Operating Fund Golr Fund Ice Arena Pund Ski Fund Genera.l debt service funds General fixed assets Basis of accounting modified accrual accrual modified accnial modified accrual modified accrual modified accrixal modified accrual modified accrual accrual accrual accrual modified accrual accrual accrual accrual accrual modified accrual modified accriial modified accrual accrual Funds niaintained on the modified basis (which is in accordance with gener«lly accepted accounting principles, in certain circumstances) are those funds which record transactions in the following manner: (a) Genzral property taxes - Revenue is recoonized in t'�e year of anticipated col2ection; (b) Interest expense on general bonded indebtednesc and special assessment bonds - Interest expense is recorded as an expenditur�. when paid; interest is not accrued unless fully matured and not paid; (c) Interest revenue on special assessments receivable — Interest revenue is recognized in the year of anticipated collection of the current principal installment; (d) Bond and interest payments due January 1- Expenditures a.r.e recooniz.ed when amounts are remitted to the fiscal agent (usually in December) for payment of bonds and interest.