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CITY OF ROSEVILLE, MINNESO7A NO7E5 TO FINANCIAL STATEMENTS DELEMBER 31, 1990 Note 1- Sumnary of Significant Accountinq Poticies The City of Rosevitle, Minnesota, was incorporated on May 28, 1948, and became a statu[ory City on January 7, 7974. The City operates under a Council-Manager form of goverrvnent, and provides various services as authorized 'oy State statute, inctuding the follouing: generat government, pubLic safety, public works, parks and recreation, uater and seuer utitity, and comnunity devetopnent. The accounting poLities of the City of Roseville conform to generally acrepied acrounting principles ap- plicable to goverrvnentat unfts. The foltouing is a surtn�ary of the more significant policies. A. Reportin9 Entity For financiat reporting purposes the City�s financiaL statemen[s include all tunds, account groups, depart- ments, agencies, boards, comnissions and other organizations over uhich City officials ezercise oversiaht responsibitity. � Oversight responsibility includes such aspects as appointment of governing 6ody members, budget revieu, approval of property tax levies, outstanding de6t secured by the City's full faith and credit or revenues and responsibitity tor funding deficits. Certain organizations have been exctuded from the City's financial statements as follous: Excluded: Piremen�s Retief Association - This association is organized as a non-profit organization by it's members to provide pension and other benefits to their respective members in accordance with Minnesota statutes. Their board of directors are eLected by the members. Atl funding is conducted in accordance wi[h Minnesota statuYes, whereby siate aids flow to the association, and tax tevies are determined by the association. The association pays benefits directty to their members. The association may certify tax levies to the County directty if the City does not carry out this function. Because the association is able to fund it's �pro- grams independently of the City, it is exctuded from the reporting entity. (See Note 11 for disclosures relating To the pension plan operated by the association.7 Yndependent School Districts No. 621 and 623 - These Districis, tike aLl schoot dis2ricts in Minnesota, are completely independent of any other governmental entity. They have their oun elected Boards of Eduwtion, lery their own taxes and prepare their own financiaL reports. 6. Fund Accounting 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 tor uith a separate set of self-balancing accounts that compnse its assets, liabilities, fund equity, revenues, and 29