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'� t��/� � �' �� . 2060 CIVIC CEN7ER DRIVE E TELEPHONE 484-3371 �� .. ARINNESOTA 55113 April 28, 1980 Mayor Demos and Council Members City of Roseville Roseville, Minnesota 55113 Dear Mayor Demos and Council Members: , The annual financial report of the City of Roseville, Minnesota, for the fiscal year ended December 31, 1979, is submitted herewith. Accounting System and Reports The organization, form and contents of this report were prepared in accordance with standards prescribed by the Municipal Finance Officers Association of the United States and Canada, the American Institute of Certified Public Accountants and the State Auditors Office, State of Minnesota. The format for this report has been modified to incorporate changes recommended by the National Council on Governmental Accounting in Statement 1 of the Governmental Accounting, Auditing, and Financial Reporting which are effective for fiscal years ending after Sune 30, 1980. The report consists of three sections: Section I is the introductory.section and contains the Table of Contents, Letter of Transmittal and other appropriate material. Section II is the financial section and contains the accountant's opinion, the combined overview�financial statements, notes to the financial statements, the combining and individual fund statements, account group statements and schedules. Section III is the statistical section which includes past year's financial and non-financial data. The accounting system provides for a complete self-balancing account group for each fund of the City. The accounting records are maintained on the modified accrual basis for governmental type funds and agency fund and on the accrual� basis for proprietary type funds as defined in the aotes to financial statements. A bud�getarysystem of accounts is maintained for the required funds and control is maintained by the use of a purchase order system and the continuing review of actual expenditures compared to budgeted amounts. The existence of a parti- cular line item in the approved budget does not mean that funds will be expended. Open encumbra�.ices are reported as reservation of fund balance at the end of the fiscal year. 1 Fund Functions Revenues (including operating transfers) of the General Fund totaled $3,405,157, an increase of $457,279 over 1978. Likewise, expenditures (including operating transfers) for the �eneralFund totaled $2,941,584, an increase of $180,116 over the previous year. The fund balance increased by $463,573 and was $1,283,069 at the er.d of the year. 1