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CTTY OF ROSEVILLE, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1984 Note 1- Swnmarv of SiRnificant Accounting Policies ' The City of Roseville, Minnesota, was incorporated on May 28, 1948, and became a ' statutory City on January 1, 1974. The City operates under a Council-Manager form of '�... government, and provides for all the services as authorized by State statute, including the following: general government, public safety, public works, parks and , recreation, water and sewer utility, and community development. ' The accounting policies of the City of Roseville conform to generally accepted , accounting principles applicable to governmental units. The following is a summary of the more significant policies. ReportinQ Entity ', For the year ended December 31, 1984, the City has adopted the National Council on Governmental Accounting Statement 3, Definin� the Governmental ReportinQ Entity. In ' accordance with Statement 3, for financial reporting purposes the City's financial statements include all funds, account groups, departments, agencies, boards, commissions, and other organizations over which City of£icials exercise oversight responsibility. Oversight responsibility includes such aspects as appointment of governing body members, budget approval, approval of property tax levies, outstanding debt secured by City full faith and credit or revenues, responsibility for funding deficits, and others. As a result of applying the criteria of Statement 3, the following organization has been excluded from the City's financial statements as follows: Fire Relief Association - This association is organized as a nonprofit organization by their members to provide pension and other benefits to such members in accordance with Minnesota statutes. Their boards of directors are appointed by the membership of the organization. All funding is conducted in accordance with Minnesota Statutes, whereby state aids flow to the associations, tax levies are determined by the association and are only reviewed by the City, and the association pays benefits directly to their members. (See Note 6 for disclosures relating to the pension plan operated by the association.) A. Fund Accounting The accounts of the City are organized on the basis of funds and account groups, each of which is conside`red a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures, or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped, in the financial statements in this report, into eight generic fund types and three broad fund categories as follows: