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CITY OF ftOSEVILLE. MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31. 1986 Note 1- Summarv of Sianificant Accountina Poiicles The CSty of Roseville, Minnesota, was incocporated on May 28, 1998, and became a statutory City on January 1, 1974. The CSty operates under a Council-Manager form of government, and provldes for ali the varlous services as authorized by State statute, Sncluding the following: generai government, pu611c safety, public works, parks and recreatlon, water and sewer utility, and community development. The accounting pollcies of the CSty of Roseville conform to generaily accepted accounting princSples applicable Lo governmental units. The following is a summary of the more sSgnSficant policies. Reoortina EntSty The City's financial statements include all funds, account groups, departments, agencles, boaCds, commissions, and other organizatlons over which Clty officials exercise oversight responsib111ty. Overslght responslbility includes such aspects as appointment of governing body members, budget approval, approval of property tax levles, o�tstanding debt secured by City £ull faith and credit or revenues, responslbility for funding deficits, and others. As a result of applying the entlty definition criteria, the fo11ow1ng organizatlons have been excluded from the City's £inancSai statements. Excluded: F1re Relief Association - This AssociatSon is organSzed as a nonprofit organization by their members to provide pension and other beneflts to such members in accordance with Minnesota statutes, The board of directors 15 appointed by the membership of the organization. All funding is conducted Sn accordance with Minnesota Statutes, whereby state aids £low to the associations, tax levies are determined by the Association and are only reviewed by the City, and the Association pays benefits directly to theSr members. (See Note 9 for disclosures relating to the pension plan operated by the Associatlon.) Independent School Districts No. 621 and 623: These Districts, like all schooi districts in Minnesota, are completely independent of any other governmental entity. They have their own elected Boards of Education, levy their own taxes and prepare their own financial reports. A. Fund Accounting � The accounts of the City are organized on the basis of funds and account groups, each of.which Ss consldered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, 11aLi11ties, fund equlty, revenues, and expenditures, or expenses, as appropriate. Government resources are aliocated to and accounted for in individual funds based uport the purposes for which they are to be spent and the means by which spending activities are controlled. The various f�nds are gro�ped 1n the financial statements in this report into eight generic fund types and three broad fund categories as follows: GOVERNMENTAL FUNDS General Fund - The General Fund !s the primary operating fund of the CSty. It is used to account for all financial resources except those required to be accounted for Sn another fund. Special revenue funds - Special revenae funds are used to account for the proceeds of certain speclfic revenue sources that are legally restrlcted to expendltures for specified purposes. Debt service fu�ds - Debt service funds are used to accounG for the accumulation of resources for, and the payment of, general long-term debt principal, interest, and related costs. _ 28 _