Laserfiche WebLink
General Fixed Asset Account Gr011p <br />Generai Fixed Assets are those £ixed assets used in the ' <br />performance of general governmental £unctions and exclude fixed ' <br />assets of the enterprise funds, The City has chosen to report <br />all public domain fixed assets, such as streets, traffic control, ' <br />and similar assets that are immovable and of value only to the <br />City. The City has started a program of reviewing the machinery <br />and equipment inventory. Adjustments have been made to the <br />inventory records, and are reflected in the addition and ' <br />deduction columns of the General Fixed Asets records. Storm Sewer <br />assets of 510,801,625 were transferred in 1986 into the Storm <br />Drainage fund from the General Fixed Asset group. <br />General Lonq-Term Debt Account GC011p <br />General long-term debt is used to account for general obligation <br />bonds, general obiigation tax increment bonds, general obligation <br />State aid highway bonds, accrued vacation pay and compensatory <br />time off for governmental fund types, and other forms of long- <br />term debt supported by general revenues which are obligations of <br />the City as a whole and not its individual funds. <br />Independent Audit <br />State law provides that the City may arrange for examination of <br />its books by a certi£ied public accountant or the State Auditor. <br />It has been a long-standing practice of the City to provide for <br />an annual audit of City records by a certified public accountant. <br />The Auditor's opinion has been included in this report. <br />Certificate of Conformance <br />"The Government Finance Officers Association o£ the United States <br />and Canada (GFOA) awarded a Certificate of Achievement for <br />Excellence in Financial Reoorting to the City of Roseville, <br />Minnesota, for its comprehensive annual financial report for the <br />fiscal year ended December 31, 1985. <br />In order to be awarded a Certificate of Achievement, a <br />governmental unit must publish an easily readabie and efficiently <br />organized comprehensive annual financial report, the contents of <br />which must conform to program standards. Such reports must <br />satisfy both generally accepted accounting principles and <br />applicable legal requirements. <br />A Certiiicate of Achievement is valid for a period of one year <br />on1y. We believe our current report continues to conform to <br />Certificate of Achievement program requirements, and we are <br />submitting it to GFOA to determine its eligibility for another <br />certificate." <br />14- <br />