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CITY OF ROSEVI�LE, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31. 1987 Note 1- Summarv of Sionificant Accountina Poticies The City of Roseville, Minnesota, was incorporated on May 28, 7948, and 6ecame a statutory City on January 1, 1974. The City operates under a Council-Manager form of government, and provides various services as authorized by State statute, including the following: general government, pu6Lic safety, pu6tic works, parks and recreation, water and sewer utiLity, and community devetopment. The accounting policies of the City of Roseville mnform to generaLLy accepted accounting principles apptitable to governmental units. The foltowing is a summary of the more signitiwnt poLicies. Reoortinq Entity The City has impLemented the NationaL Council on Governmental Accounting Statement No. 3, Defining the Governmentat Entity. In accordan[e with Statement 3, for financiaL reporting purposes the City's financiaL statements inttude all funds, account groups, departments, agencies, boards, commissions and other organizations over which City officials exercise oversight responsibiLity. Oversight responsi6itity includes such aspects as appointment of governing hody mem6ers, budget review, approval of property tax levies, outstanding debt secured by the City's futt faith a�d credit or revenues and responsibiLity for funding deficits. _ As a result of applying the criteria of Statement No. 3 certain organizations have 6een excLuded from the City's financiaL statements as follows: Exctuded: Firemen's Relief Association - This association is organized as a non-profit organization hy it's members to provide pension and other benefits to their respective mem6ers in accordance with Minnesota statutes. Their board of directors are elected by the members. All funding is conducted in accordance vith Minnesota statutes, where6y state aids ftow to the association, and tax levies are determined by the association. The association pays 6enefits directly to their mem6ers. The association may certify tax Levies to the County directLy if the City does not carry out this function. Because the association is a6le to fund it's programs indepe�dentLy of the City, it is extLuded from the reporting entity. (See Note 12 for disclosures reLating to the pension pLan operated 6y the association.) Independent School �istricts No. 621 and 623: These Districts, tike all schooL districts in Minnesota, are compLeteLy independent of any other governmentat entity. They have their own elected Boards of Education, Levy iheir 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 is considered a separate acco�nting entity. The operations ot each fund are accounted for with a separate sef of self-balancing acmunts that comprise its asse[s, tiabilities, fund equity, revenues, and ��