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CITY OF ROSEVILLE. MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31. 1989 Note t- SummarY of Siqnificant Accountinq Policies The City of Rosevilte, Minnesota, was incorporated on May 28, 1948, and became a statutory City on January 1, 1974. The City operetes under a Council-Manager form of government, and provides various services as auihorized by State statute, inc Wding the foLLouing: generaL government, puhLic safeTy, puhLic uorks, parks and recreation, water and sewer utitity, and community devetopment. � The accounting policies of the City of RoseviLle conform to generalty accepted accounting principtes ap- plicabte to governmental units. The foLtowing is a summary of the more signiticant poLities. A. Reporting Entity The City has implemented the Nationat Council on Governmen[aL Accounting Statement No. 3, Oefininq the Governmental Entitv. In accordance with Statement 3, for financial reporting purposes the City's financial statements include atl funds, account 9roups, departments, agencies, boards, commissions and other organiza- tions over which City officiats exercise oversight responsi6itity. � Oversi9ht responsibiLity includes such aspects as appointment of governing body members, 6udget review, approval of property tax Levies, outstanding debt secured 6y the City's fulL fai[h and credit or revenues and responsi6iLity for funding deficits. As a result of applying the criteria of Statemen[ No. 3 certain organizations have been extluded from the City's financiat statements as foltows: ExcLuded: Firemen's Relief Association - This association is organized as a non-profit orga�ization bK it's mem6ers to provide pension and other benefits to their respective mem6ers in accordance with Minnesota statutes. Their 6oard of directors are eLected by the members. ALL funding is conducted in acwrdance uith Minnesota statutes, whereby state aids flow to the association, and tax Levies are determined hy the association. The association pays benefits directly to their members. The association may certify tax levies to the County directly if the City does not carry out this function. Because the assbciation is able to fund it's pro- grams independentty of the City, it is exctuded from the reporting entity. (See Note 12 for discLosures retating to the pension pLan operated hy the association.) Independent School Districts No. 621 and 623: These Districts, like atl schoot districts in Minnesota, are completeLy independent of any other � governmentat en[ity. They have their own elected Boards of Education, levy their own taxes and prepare their own financiaL reports. � 8. Fu�d Actounting - The accounts of the City are organized on the basis of funds and account groups, each of uhich is ' considered a separate accounting entity. The operations of each fund are accounted for with a separate '�. set of self-batancing accounts that comprise its assets, lia6ilities, fund equity, revenues, and 28