Annual_Report_1988_001 - Laserfiche WebLink

Home

CITY OF ROSEVILLE, MINNESOTA NOTES TO FINANCIAL STATEMENTS - (CONTINUED) DECEMBER 31,1988 Note 1- Summary of Siqnificant Accountinq PoLi<ies (Continued) Vacation, Sick and Compensatory Time Otf Pay - The City compensates employees upon termination tor unuseo vacation and compensatory iime off. EmpLoyees are oot compensated fo� unused sick pay upon xe�mination of employment, except upon retirement, at uhich time empLoyees are entitLed to one-halt of their accumulated Leave up to one month's pay. Vatation and wmpensatory time otf are a¢rued when earned anc sick pay is expensed when payment is made in the proprieiary funds. Vacation, compensatory time off, and sick pay are recognized uhen payment is made in the governmental funds. Liahility for the governmental funds is refitected in ihe GeneraL Long-Term Debt Account Group representing the City's commitment to fund such costs trom fu2ure operations. Ctaims - There are a number of claims for uorker's compensation and LiahiLity damage in the internat service tunds ahich have occurred but have not yet been conveyed to the City on December 31 of each year. The City prepares an estimate of those claims based on historicaL information and subsequent events. TFe amount of the estimate is expensed and shown as a current lia6iLity for the reporting year. Post-Retirement BenefiTs - 7he City does not provide for employee post retirement 6enefits. Comparative Data - Comparative data for the prior year have been presented to provide an understanding of changes in the City's financial position and operations. Total Cotumns on Com6ined Statements - Total columns on the combined statements are captioned 'Memorandum Only" to indicate they are presented onLy to facitiiate financiat anatysis. Data in these columns do not present tinanciaL position, resutts of operations, or changes in financial position in conformity uith generatty accepted accounting principLes. Neither is such data comparabte to a consotidation. I�terfund eliminations have not 6een made in the aggregation of this data. Note 2- Prior Period Adiustments - Enterorise Funds As a resuLt of the instattation of a computerized inventory system, su6stantial effort was made during the year to adjust fixed asset vaLues of enterprise funds to reflect previously non-vaLued assets. Certain adjustments have been made to the January 1, 1988 6alances of retained earnings as fottows: Retained Earnings Batance 1/9/88 Adjustments to: Fixed Assets Accumulated Depreciation Nei Prior pe�iod Adjustme�t ReTained Earnings January 1, 1988 as restated Enterprise Funds Sanitary Ice Storm Grand Sewer Water GoLf Arena Drainaqe TotaL 52,699,971 (25,969) 18.151 (7,818) 81,816,958 S 483,563 S 436,104 S(398,698) 85,037,898 103,836 66,910 54,457 44,733 243,967 (74,12U 113,047) (35,399) (35,827) (�40,243) 29.715 53,863 19,058 8,906 103.724 S2 692.153 41,846,673 S 537,426 S 435 162 S(389 792) 55,141,622