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CITY OP ROSSVILLe NOT65 TO PINANCIAL STATSMBNTS DBCBMS6R 31, 1994 N t 1 5 f S' 'f' t Ac t' P 1' (C t'nued) Intereet ie capitalized on pmprietary £unde aeaeta acquired with tax-exampt debt. The amount of intereet to be capitalized ia calculated by o£feetting interaet eupenee incurzed £mm the date o£ the boxxoving until completion o£ the projeet with intereet earned on invested pzoceede over the eame period. Sp cial Aeeeeemen[e - Special aeaeeementa are laviod againet the benefitted pmpertiee £or the aeeaeeable coste of epecial aeeeaement improvement pmjecte in aceordante with State etatutee. The City veually adopte the aseeeement xolle when the individual psojecte are complete or eubetantially tomplete. The aeaeeemente are collettible over a tezm of yeare genezally consietent with the tesm of yeare of the related bond ieeue. Collection of a}uival inetallmente (including intezeat) is handled by the County in the eame ma�u�es ae pmperty taxee. Property owneze are allowed to prepay total future inatallmenta wiehout ineereet or prepayment penaltiea. Inventoriae - Inventoriee held by thc entezpriee funde are atated at the lower of coat or market, uaing the Eiret-in, firet-out method. The eoet o£ inventozy ie recognized ae e�cpenee at the time the iteme aze eold or �eed (conaumption method) Utilitv eerviee chamee are recognized when earn<d with no allowance foz untollectible ae delinquent aecounte are certi£ied ae a lien againe[ the pmperty billed. Uz�billed utility eervice chargee aze included in zeceivablee at year-end. encumbraneee - Bneumbraneee repreeent purehaae eo�itmente. Bncumbraneee outetanding at year-end aze reported as reeervatione of £�nd balancee eince they do not conetitvte �pendituree or liabilitiee. v t" S'ck and Comoeneatorv Time Off Pav - The City eompeneatee employeee vpon texmination for unusad vacation and compeneatory time oEf. Smployeae are not compeneated for unueed sick pay upon texmination of employment, except upon retiremenc, a[ vhich tima employeee aze entitled to one-half o£ their accumulated leave up to one month'e pay. Vacation and compeneatory time off are acczued when eamed and eick pay ie expeneed when payment ie made in the pzopzietary funde. Vacation, compeneatory time off, and eick pay are reeognized vhen payment is made in the govemmental £unde. The noncuzrent liability foz Che governmantal funde ie reflected in the General Long-Texm Dabt Account Gmup rapreeenting the City'e eo�itment to fvnd euch coste from future operatione. Caeh Flowa - Por purpoeee of thie etatement, all highly liquid inveetmenta (including reetricted aeaete) with a maturity of three monthe or leee vhen purehaeed are coneidered to be caeh equivalente. Claims - There are a numbex of claime £or workez' e eompeneation and liability damage in the inCernal eervice funda which have occuzred but have not yet been conveyed to the City on December 31 of each yeaz. The City prapazee an eetimate of those claime baeed on hietorical information and eubeequen[ eventa. The amoune of the eetimate ie expenaed and ehown ae a current liability for the reporting year. Post-Retirement Hene£ite - The City doee not provide for employee poet-retirement benefite. G. Comparative Data Comparative data for the prior year have been preeeneed to pmvide an undesetanding of ehangee in the City'e financial poeition and operatione. H. Total Columne on Combined Statemente Total columne on the eom6ined etatemente aze cap[ioned "Memorandum Only" to indieate they are preeented only to Eaeilitate tinancial analyeie. �ata in theae columne do not praeant finaneial poeition, reeulte of operatione, oz cash flowe in conEozmity vith generally accepted accounting pzinciplea. Neither ie euch data comparable to a conaolidation. Intezfund eliminatione have not been made in the aggregation of thie data. Note 2- 8 endiWres in 6 £ 9ud t and Deficite in Pund Balancea The RecreaCion Pund - expendituree exceeded the 1994 budget by $256,6]3 reeulting in a fund deficit of $1,961,3]1. The deficit wae due to higher than expeeted expenditurea and a departmental reoxganization. (See Note 19.) The Tele-Communieatione Fund - 1994 ievenuee exceeded expendituxee by $41,']83 reeulting in a neduction in the fund de£icit to 519,901. The deficit vae due to capital expendituzee in 1992 aeeoeiated with the televieing oE City Council meetinga. The Community Development Pund - expendituzee excaeded the 1994 budget by $52,102. The exeeee expenditurea vere highez than expected due to an increaee in opexationa. The co�unity development fund revenue wae 5312,346 in exeeee of the budgeted zevenue for 1994. 33