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