Annual_Report_1983_001 - Laserfiche WebLink

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Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentat.ion, including a11 disclosures, rests with the City. We believe the data as presented is accurate in all material aspects, that it is presented in a manner designed to fairly set forth the financial position and results of operations of the City as measured by the financial activity of its various funds, and that all disclosures necessary to enable the reader to gain the maximum understanding of the City's financial activity have been included. AccountinQ System and BudRetarv Control The accounting system provides for a complete, self-balancing account group for each fund of the City, Accounting records are maintained on the modified accrual basis for the governmental type funds and the trust and agency fund, and the accrual basis of accounting is utilized for the proprietary type funds, as defined in the notes to the financial statements. In developing and altering the City's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding the safeguarding of assets against loss from unauthorized use or disposition and the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes the cost of a control should not exceed the benefits likely to be derived, and the evaluation of costs and benefits requires estimates and judgments by management. A11 internal control evaluations occur within the above framework. We believe that the City's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. A budgetary system of accounts is maintained for the general and special revenue funds. Control is maintained by the use of a purchase order system and the continuing review of actual expenditures compared to budgeted amounts. Budget revisions are done upon approval of a resolution by the City Covncil. The financial statements of revenue and expenditures compared with the budget in this report would reflect these revisions. Reserve for encumbrances is reported as part of the fund balance at the end of the fiscal year, Citv Entitv and Its Services The funds and entities included in this comprehensive annual financial report are controlled by or dependent on the City of Roseville. Determination of "controlled by or dependent on" is based o❑ criteria developed by the Federal Bureau of the Census. The criteria deal with existence as an organized entity, governmental character, and substantial autonomy. Based on these criteria, the various funds and account groups, which are all the fund and account groups of the City shown in the table of contents, are included in this report. - 2-