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CITY OP ROSSVILLB NOT65 TO FINANCIAL STAT6M8NTS DBCHMBSA 31, 1994 N t 1- 5 f S� 'f' t Accountinq Policiee The City o¢ Roaeville, Mi�eeota, wae incoZporated on May 28, 1948, and became a etatutoxy city on January 1, 19'/4. The City opesatee undex a Couneil-Manager fozm of government, and providee variove eervicee ae authorized by State etatute, including the following: general government, public ea£ety, public vorke, parke and recreation, water and sever utility, and co�unity development. � The atcounting politiee of the City of Roeeville confoem to generally accepted accounting principals applicable to governmental units. The £ollowing ie a eu�ary o£ the more aigniEicant policiee. A. Reporting HntiYy , Por financial reporting puzpoaea the City•e financial etatemente include all funde, aceount gmupe, departmenta, agenciee, boarde, eo�ieeione, and other oxganizatione for which the City ie finaneially accouncable. Howevez, none of the unite included are legally aeparate orgavizatione and do not quali£y ae component unite under Statement 14 0£ the Governmental Aecounting Standarde Board (GASB). B. Fund Acco�nting ' The accounte of the City are ozganized on the baeis of fvnde and account gmupe, each of vhich ie conaidered a eeparaCe accounting entity. The operationa of each fund are accounted for with a eepazate eat o£ eelf-balancing accounte that compriae ite aeeete, liabilitiee, fund equity, revenuas, and expendituree, or expeneee, aa appmpriate. Government reeourcee are allocated to and accounted for in individual funde baeed upon Che puzpoaee for which they are to be epent and the meane by which apending activitiee are controlled. The varioue funde are grouped in the financial etatemente report into aeven genezie fund typee and three bmad fund catagoriee ae followe: CAVSRITI&NTAL PUNDS General Pund - The General Fund ie the primavy opezating fund oE the City. It ie ueed to account for all Financia] resourcee except those requized to be accounted for in another fund. Special revenue funda - special revenue E�nde aze ueed to aeeount £or the procaede o£ certain epetiEic revenue eourcea that are legally zeetricted to expendituree for epecified puvpoeee. Debt eervice funde - Debt eervice £unde are ueed to account foz the accumulation of ineourcee for, and the payment of general long-term debt principal, intereet, and related coste. Capital pzojecte E�nde- Capital projecte £unde are ueed to ateount for financial reeoureee to be ueed for the acquieieion or construceion of majoz capital facilitiea othez than thoee financed by proprietaxy funds. � PHOPRISTARY PUNDS evtezpriee Funde - Sntezpriee Funde are ueed to actount for operationa that are financed and operated in a manner eimilar to private bueineea entexprieee, where the intent of the governing body ie that the coate (expeneee, including depreciation) oE providing goode oz eervicee to the general public on a continuing baeie be Einanced or recovered primarily thmugh ueez ehazgee. The City hae Eive Bn[ezpriee Funde: Water U[ility Pund, Sewer Vtility Fund, Stoxm Dsainage Pund, Golf Pund, and Solid Waete Aecyeling. Internal Service funde - Internal Service Punde are ueed to accovnt £oz the financing oE goode or eervicee provided by one department oz a9ency to othez departmente or agenciee of the City. The City hae two Intemal Service Punde, they are: Workere' Compeneation Self-Ineurance Pund which accounta for the City'e Workere' eompeneation claime, and the Riek Management Pund which accounta Eor all of the City'e geneza7 ineurance coete. PIDUCIARY PUNDS Agency funds - Agenry Pu�da are ueed to account £or the aeeete held by the City in a tnetee capacity or ae an agent for individuale, private oxganizatione, other govesnmente, and/or other Eunde. The City'e Agency Punde are cuatodial in natuze (aseete equal liabilitiae) and do not involve meaeuremmt of reeulta o£ operatione. ACCOUNT GROUPS The general fixed aeeete account gmup is ueed to account for fixed aeeete not accounted £oz in proprietary or truet Eunds. The general long-term debt aeeount group ie uaed to account for general long-texm debt and tertain othes liabilitiee that are not epecific liabilitiee of proprietary oz Csvet funde. 30