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CITY OF ROSEVILL�, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS <br />DECEMBER 31, 1982 <br />Note 1- Summary of Significant Accounting Policies <br />The City of Roseville, Minnesota, was incorporated on May 28, 1948, and became a <br />statutory city on January 1, 1974. The City operates under a Council-Manager <br />form of government, and provides for a11 the services as authorized by State statute, <br />including the following: general government, public safety, public works, and <br />parks and recreation. <br />The accounting policies of the City of Roseville conform to generally accepted <br />accounting principles applicable to governmental units. The following is a <br />summary of the more significant policies. <br />A. Fund Accounting <br />The accounts of the City are organ � ed on the basis of funds and account <br />groups, each of which is considered a separate accounting entity. The <br />operations of each fund are accounted for with a separate set of self-balancing <br />accounts that comprise its assets, liabilities, fund equity, revenues, and <br />expenditures, or expenses, as appropriate. Government resources are <br />allocated to and accounted for in individual funds based upon the purposes <br />for which they are to be spent and the means by which spending activities <br />are controlled. The various funds are grouped, in the financial statements <br />in this report, into eight generic fund types and three broad fund categories <br />as follows: <br />GOVERNMENTAL FUNDS <br />General Fund - The General Fund is the primary operating fund of the City. <br />It is used to account for all financial resources except those required to� <br />be accounted for in another fund. �. <br />Special revenue funds - Special revenue funds are used to account for the <br />proceeds of certain specific revenue sources that are legally restricted to <br />expenditures for specified purposes. <br />Debt service funds - Debt service funds are used to account for the <br />accumulation of resources for, and the payment of, general long-term debt <br />principal, interest, and related costs. <br />Capital projects funds - Capital projects funds are used to account for <br />financial resources to be used for the acquisition or construction of <br />major capital facilities and equipment. <br />Special asses�sment funds - Special assessment funds are used to account <br />for the financing of public improvements or services deemed to benefit <br />the properties against which special assessments are levied. <br />-31- <br />