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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) <br />DECEMBER 31, 1982 <br />Note 2 - AccountinQ Chan,�es (Continued) <br />A summary of the effect of changes on retained earnings is shown below: <br />Retained earnings, at December 31 <br />as previously reported <br />Restatement for changes in vacation <br />pay <br />Correction in valuation of tiquor <br />inventory <br />Restatement for additional waste <br />water charges <br />Retained earnings, at December 31 <br />as restated <br />1982 <br />$3,991,594 <br />( 20,453) <br />( 3,879) <br />( 22,431) <br />$3.944.831 <br />1981 <br />$3,944,585 <br />( 17,591) <br />( 3,879) <br />$3,923,115 <br />The expenditure for vacation pay and compensatory time off of the governmental <br />funds is recorded when paid. During 1982, the method of accounting for the accrued <br />liability�was�changed-to.record the accrued�liability.in the General Long-term <br />Account Group; previously, the accrued liability was disclosed in the notes to the <br />financial statements. The December 31, 1981 liability of the General Long-term <br />Debt Account Group has been restated to include the accrued liability of $150,815 <br />for the vacation pay and compensatory time off of the governmental funds. <br />Note 3 - Fund Deficits <br />Special Assessment Debt Service - The special assessment fund has a deficit balance <br />of $1,555,193 as of December 31, 1982. The deficit represents the City's share of <br />impr wement costs. It is the intention of the City to reduce this deficit through <br />annual tax levies. Taxes of $687,650 have been levied for collection in 1983 to <br />reduce the deficit. The resolutions, adopted by Council, authorizing the issuance <br />of the general obligation improvement (special assessment) bonds set forth deferred <br />tax levies which are to be levied annually. These levies may be reduced or <br />cancelled only in accordance with the �.provisions of Minnesota Statutes. The <br />deferred tax levies are not reflected in the financial statements as of <br />December 31, 1982. The total amount of the deferred tax levies as of December 31, <br />1982 are $6,715,750. <br />Recreation Fund - The fund balance deficit of $10,156 is expected to be eliminated <br />by future tax levies. <br />- 36- <br />