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49 <br />CITY OF ROSEVZLI�, MIP]NESOTA <br />NOTES TO THE FINANCIAL STATEN�NTS (CONTINU�D) <br />DECEP1BlR 31, 1977 <br />Note 1— Summarv of siQnificant accountinQ policies (Continued} <br />Investments 2re carried at cost or amortized cost for investments on tahi.ch <br />premi.ums have been paid when purchased. The carrying value of such investmen�s <br />approximates market and the investment income is recorded as earr.ed. <br />Inventories of inercEiandisr-_ held by the Liquor Dispensary Fund and Goif Cour,e <br />Funci are valued at the lu�aer of cost or market. Costs are determined in pa:t <br />by estimates which approximate ehe first-in, first-out method. <br />Property and equipn;eat of: the Snterprise {unds are stated at cosY.svith tLe <br />deprec,iatinn recorded -as an expense. Property aetd equi.pment of oth.er f;�ads <br />are also staTed at cost and are rep��rted in the general fixed asset group of. <br />accounts. These assets are recorded as er.pendiT.ure:s o[ the rt�spectiv� fiir.l<_: <br />at tihe time of g��rcflase and thA depreciation recorde:d thereon is repor.ted a; <br />a reduction iu the investment in genera; fixed assets. <br />Depreciation is computed using the sLraight-line method over the estimated us�- <br />Iul li_ves of the respective acsets as follows: <br />Euildings and structures <br />�''��,. Furniture and equi.pmert: <br />' Vehicles <br />Sewcr and Ti7ater distribution systern <br />� Stcrm setvcrs <br />... Streets <br />Streel- lighting <br />8 to SO years <br />5 to 20 years <br />1 tc 20 years <br />80 to 100 year; <br />I00 yea::s <br />20 years <br />50 y('.�?S <br />General Long-Term Debt - The general lor.g-tern liabi2ities, except. 1`�.>r er.ter- <br />prise and special assessment Eunds, are nvt carried as a liab:i-litv oi a fund <br />but are ratt;er set up in a separate self-t>alancing group oi accounts Icao-cJn e., <br />the "gene.ral ]ong-term debt group of accounts" <br />No�e 2 - Peferred Credit <br />Under the te�'a�s of an agreement �ai.th the Metropoli.tan Waste Controi Cem�,issi�n, <br />the City c�.i;.7 be 'r.ePai_d for sewer interc�ptocs tran,ierr.ed i.n 1971. The r:,e,se:e;'_ <br />balance i_s presenteei as � recei.vable from ttie Commission on tl,e ba;.ar,ce sh��::t <br />of th� S2wer- (;�,zr.:ati.�zg I'und, ��;t;i.cl� also inciaci;�<; defe��red credi�s uf tn�: sacn:� <br />amoi�nt. F.epaymer,t is� made to the City 6y i.ssuing cred�i.ts, over ihe ne��,<t t;:ertp- <br />five years, against f:iture sewe: billings from tFie Commission. Crecfi_tr; ;�i� <br />$276,014 i.n 191J and $730,689 iu 1976 were received to retiuce disposal ch�rg:�s <br />for each year. <br />