Annual_Report_1990_001 - Laserfiche WebLink

Home

CITY OF ROSEVILLE, MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31. 1990 Note 1- Sumnarv of Sianiticant Accountin9 Policies (Continued) expenditures, or expenses, as appropriate. Government resources are altocated to and accounted for in individuat funds based upon the purposes for uhich they are to be spent and the means by uhich spending activities are controtted. 7he various funds are grouped in the financiat statements report into seven generic fund types and three 6road fund categories as fotlows: GOVERNMENTAL FUNDS GeneraL Fund - The General Fund is the primary operating�fund of the City. It is used to account for aLl financial resources except those required to be accounted for in another tund. Special revenue funds - Special revenue funds are used to account for the proceeds of certain specific revenue sources that are legatty restricted to expenditures for specitied purposes. Debi service funds - Debt service funds are used to accouM for the accumutation of resources for, and the payment ot general long-term debt principaL, interest, and related costs. Capitat projects funds - Capiiat projects funds are used to account for finantiat resources to be used for the acquisition or construction of major capiial facilities other than those financed 6y proprietary funds. PROPRIETARY FUNDS Enterprise Funds - Enterprise Funds are used to account tor operations that are financed and operated in a manner similar to private business enterprises, uhere ihe intent of the governing body is that the cosTs (expenses, including depreciation) oF providing goods or services io the 9eneral public on a con[inuing 6asis be financed or recovered primarily through user charges. The City has five Enterprise Punds: uater UYitity Fund, Seuer Utility Fund, Storm Drainage fund, Golf Fund and Ire Arena Fund. I�ternal Service Funds - Internal Service Funds are used to account for the financing ot goods or �� services provided by one depariment or agency io oiher departments or agencies of the City. The Ci2y has �. two InternaL Service Funds, they are: tJorkers' CompensaCion Self-lnsurance Fund uhich attounts for the City's uorkers' compensation c�aims, and the Risk Management Fund which accounts for all of the City�s �� general insurance costs. � � FIDUCIARY FIJNDS Agenry funds - Agency Funds are used To account for the assets held by the City in a trustee capacity or as an agent for individuals, private organizations, other governments, and/or other tunds. The City�s Agency Funds are custodial in nature (assets equal liabiliiies) and do not involve measurement of results of operations. - C. Measurement focus The accounting and reporting treatment applied To The fixed assets and long-Term liabilities associated uith a fund are determined by its measurement focus. Governmentat funds and Expendable Trust funds are accounted for on a spending or "financiaL tlou" measurement focus. This means that only currenC assets and current liabilities are generally included on their batance sheets. Their reported tund. halance is 30