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Annual_Report_1984_001
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Annual_Report_1984_001
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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) <br />DECEMBER 3 L 1984 <br />Note 1- Summary of SiQnificant AccountinQ Policies (Continued) <br />E. Assets, Liabilities and Fund Equity (Continued) <br />Reserve for Encumbrances - Encumbrances are reported for governmental type funds are <br />are not the equivalent of expenditures. Encumbrances are shown as part of fund <br />balance. They are recorded as reservation of fund balance until expended or accrued <br />as a liability of the fund. <br />Vacation, Sick and Compensatory Time Off Pay - The City compensates employees upon <br />termination for unused vacation and compensatory time off. Employees are not <br />compensated for unused sick pay upon termination of employment, except upon <br />retirement, at which time employees are entitled to one-half of their accumulated <br />leave up to one month's pay." Vacation and compensatory time off are accrued when <br />earned and sick pay is expensed when payment is made in the proprietary funds. <br />Vacation, compensatory time off, and sick pay are recognized when payment is made in <br />the governmental funds. Liability for the governmental funds is reflected in the <br />General Long-Term Debt Account Group. <br />Total Columns on Combined Statements - Total columns on the combined statements are <br />captioned "Memorandum Only" to indicate they are presented only to facilitate <br />financial analysis. Data in these columns do not present financial position, results <br />o£ operations, or changes in financial position in conformity with generally accepted <br />accounting principles. Neither is such data comparable to a consolidation. Interfund <br />eliminations have not been made in the aggregation of this data. <br />Note 2 - Fund Deficits <br />Special assessments - A fund balance deficit of $(3,072,478) existed in this fund on <br />December 31, 1984. This deficit arises because of the application of generally accepted <br />accounting principles to the financial reporting for this fund. Special assessments are <br />recognized as revenue only to the extent that individual installments and deferred <br />payments are considered current assets. As of December 31, 1984, this fund had deferred <br />revenues of $2,846,172 and deferred tax levies of $10,678,850. It has been the City's <br />practice to cancel the tax levies when funds are sufficient to provide retirement of debt. <br />3- Due from Other Governments <br />Amounts due from other governments on December 31, 1984 are presented below: <br />Fund <br />General <br />Special Revenue <br />Capital Projects <br />Enterprise <br />Agency <br />Federal State <br />$38,686 <br />$13,906 <br />5,000 <br />$38,686 $18,906 <br />-31- <br />County Other <br />$34,689 $ 3,048 <br />91,972 <br />14,980 <br />$34,689 $110,000 <br />Total <br />$ 37,737 <br />38,686 <br />13,906 <br />91,972 <br />19,980 <br />$202,281 <br />
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