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CITY OF ROSEVIILE MINNESOTA <br />NOTES TO PINANCIAI STATEMENTS (Continued) <br />Deember 37. 1991 <br />Note 1• S�mrerv of Si9nificant Aceantins Policies (Contirwed) <br />Those revmrwes ausceptible to �ecrwl ere property tues, apecial assessmmts, licroses, interest revenue and <br />charpea for services. Stata aids hetd by the state st ye�r-end on behalf of ihe poverrmnt also sre recognized <br />u revenue. Fines ud perieits are mt suateptfble to �eeru�l beeause penerally they are not measurebte �mtil <br />raeeived in essh. <br />The aeorwt besis of aeeantinp is utilized by proprletary fuM types, Urxier this method, reverwes are <br />reeorded when eernad and expensea ere recordcd at ¢he tiae lisbilities ere incurrcd. Unbilted u4itity service <br />reeeivables sre racorded at year mnd. <br />The yoverrximt reporta deferrcd revarue on its ea�bined b�lanee sheet. Deferrad reverxres arise rhen a potential <br />revenw does not meet both the •measurable" ard "avsilable" erite�i� for reeopnition in the eurrent period. <br />Deferrad revmues also erise `hen resourees are reeeiwd by th� poverrniant befo�e it has a leyal elaim to them <br />as �hen prant monies are reeeived prior to the ineurrenee of qwlifyinp expenditures. In wbsequent periods <br />whe� botb reverx+e reeoqnition eriteris sre met o� rhen the povermrnt has a lepsl elaiA So the resources the <br />liability for defer�ad revanue is re�oved frae the cabi�ed b�lanee aheet erd revenue is reeopnized. <br />Experditurn are generetly recognized �rder the eadifiad xerwl besis of eceantirp yhm the rclated <br />fv+d Liability is incurred exeept for princip�t erd internt on yener�l lag-term debt ul+ich is reaognized <br />whm due erd aceunuleted unpaid vacation and caipensaeory time aff whicfi sre reco9��=� �m paid. <br />E. Budgets ard Budgetary Feeanting <br />The City edopts an amual ddqet for the Gmeret erd Speeiel Revmue finds rhich ere prepered on the modified <br />seerwl basis of accantinq. The sdopted budget irdicaees the erovrc thaY ean be experrded by each fund besed <br />oes detailad budget estimetea for indivedwl experditute seeants. Management mey meke 6udget modifieations <br />ritAin the fvd tevel. All GJdpet revisione at the fvd level wut be authorized by the Cicy Camil at the <br />request of the City Maneger. �he Caneil uder Mimesota St�te Statutn Seetim 412.731 can modity or emend Yhe <br />txxiyet if tnapproprieted fvda are evailable. Budyet woditiestion et the f�nd level res necessary in 1997. The <br />penenl fvd wac amended dowrwerd by the a�w�nt of 5132,285 . All uyplementet sppropriations rere fina�cM <br />either by trenafers fram the Continpency Sectian of the General fud bWge4 or by revmues received in extess <br />of the budgeted emants. Budget reductia�s were accaplishad by reducinp setected line items in selected <br />depsrtments. Alt 6udget amwnts lepse at the eid of the year to the eatent they have not bem ezperded. The <br />tevel which ezperditures msy rot lepelty enceed eppropri�tiona is �t the ftnd tevet. <br />F. Assets, li�bititiq end fvd Equity <br />Investments - City imeatmmta �re carried at eost, W�ich �pproxinrte+ nrrket. ( See note 4 for disclosures <br />reletinp to cssh nrnsqement and investments.) Imestments reported io the deferred ea�ensation plen are <br />rcported by the plsn's trustees st m�rket v�lue. <br />Prooertv Texee • Groperry tez levies �re eet by tbe City Cancil in October e�ch yeer and ere certified ro the <br />Canty for toltectim t�e follorirq yeer. In Mimesou, canties �ct �s collection eqents for ell property <br />t�xes. <br />32 <br />