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48 <br />C7'PY OF ROSEVLI,LE, M7NNF.SOTA <br />NOTES TO THF FINANCIAT. STATEMENTS <br />DECF.TII3ER 37., 1977 <br />Not.e 1- Sum:nary of significant accountinQ pol.icies <br />The City statements are shown on both the accrual and modified accrual basis <br />of accountin;. 7'he basis of accounting, by fund, is as follows: <br />Fund <br />General Fund <br />Special revenue funds <br />Equipment Revolviag Fund <br />Recreation Fund <br />Pe'r!naaent Imurovemei;t ��i:nd <br />Yotith Service Eureau <br />Cont�i.ngc:nc.y Fund <br />Pui�lic Works Ac:serve P�:nd <br />Fi.reme,n's F.elief Fuad <br />Pcli.:.csaer,.�s R�lief Fur_d <br />P.evenue Sharing Fund <br />State-Aici Fund <br />Capital. projects io.ed, <br />Special assessment fund <br />Fni2rp_�i.se funds <br />Licuor Di�pensary Fund <br />S-r_tioer Ope1'ating Fund <br />?^Iate.r �peratin� 'r'iuAd <br />Goi� Fuad <br />Ic� Ar,na rund <br />Sl:i Fund <br />Ge.i�ral debt_ service funcis <br />'grust aad age.ncy <br />General Tixed assets <br />7i351S Of ?CaOURtiCt.:. <br />modified accrual <br />modified acctual <br />modi.f.ied =�ccrual <br />modifi:�d accrual <br />modi.fi.ed accruai <br />modiiied ac.rual <br />modifiel ac::rua1 <br />cr.odifi.�•d accr•i<:i <br />accr.ual <br />accrual <br />accrual <br />accrual <br />rnodi.fied acc.unl <br />accrual <br />accrual <br />accr.ual. <br />accrual <br />modified accrual <br />modified accruz'_ <br />modified accrur:l <br />accrual. <br />accrual <br />Funds ma:iatained on the modified basis (which is ia accerdaizce �aith generally <br />acccpte�l �ccotuitin� pri.acipl.es, in certai.a circumstances) are thase funds wl:ich <br />record trac�sactions in the fello�aing manncr: <br />(a) General properLv taYes - P.evenue is recognized in the 3ear of <br />aat.icipated cullection; <br />(b) Intrrast expense o❑ general bonded iadr..btecinnss and specia7 assessment <br />bon�3, - Inter2st expense is recorded as an e•r.penditure wher ��a:.d; <br />i.nter�st is nat ::ccrued i:nless ful.ly matured a�id not paid; <br />(c) Intere=t revenue cn special asse�cu:ant.s receivable - T.nteres2: reve::ue. <br />i=_: recognized i_n the year of anticipated collection oi tlle current <br />princi�al ins'�all.ment; <br />(d) i5orid a��d int:erest payments due .Janusry 1-?s�:pe. aditur�s are. recognize3 <br />canen amount:, are remitted to the fiscal agent (usually in Di�cecnUer) <br />€ox paynent of bonds and interest. <br />