Annual_Report_1985_001 - Laserfiche WebLink

Home

Internal Service Fund The Workers' Compensation Self-Insurance Fund was established to service workers' compensation insurance claims. A11 awards of compensation, legal fees, administrative costs and the premium for excess coverage are paid from this fund. The Workers' Compensation Reinsurance Association provided excess coverage for all claims in 1985 in excess of $150,000 (1984 -$140,000), with no limits. Trust and AQency Fund The Northwest Youth Service Bureau is a separate nonprofit organization which was established under a joint powers agreement between the City of Roseville and other governmental units. In accordance with the terms o£ the agreement, the City provides accounting services to the Bureau. The Grass Lake Water Management Organization is a separate nonprofit organization which was established under a joint powers agreement between the City of Roseville and the City of Shoreview. In accordance with the terms of the agreement, the City provides accounting services to the Organization. General Fixed Asset Account Group General Fixed Assets are those fixed assets used in the performance of general governmental functions and exclude fixed assets of the enterprise funds. The City has chosen to report all public domain fixed assets, such as streets, storm sewer, and similar assets that are immovable and of value only to the City. The City has started a program of reviewing the machinery and equipment inventory. Adjustments have been made to the inventory records, and are reflected in the addition and deduction columns of the General Fixed Assets records. General LonQ-Term Debt Account Group General long-term debt is used to account for general obligation bonds, general obligation tax increment bonds, general obligation State aid highway bonds, accrued vacation pay and compensatory time off for governmental fund types, and other forms of long-term debt supported by general revenues which are obligations of the City as a whole and not its individual funds. Independent Audit State law provides that the City may arrange for examination of its books by a certified public accountant or the State Auditor. It has been a long-standing practice of the City to provide for an annual audit of City records by a certified public accountant. The Auditors' opinion has been included in this report. Certificate of Conformance "The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Conformance in Financial Reporting to the City of Roseville, Minnesota, for its comprehensive annual financial report for the fiscal year ended December 31, 1984. -13-