Annual_Report_1995_001 - Laserfiche WebLink

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• •• . . .:. „ . �a�.,: . � .. ��e_ 1- Snmm Tarv of S�cantAccnuntin�Policies The Ciry of Roseville, Minnesota, was incorporated on May 28, 1948, and became a statutory ciry on January l, 1974. The City opera[es under a Council-Manager form of government, and provides vazious services as authorized by S[ate statute, including the following: general govemmen[, public safery, public works, pazks and recreation, water and sewer utility, and communiry development. The accounting policies of the City of Roseville conform to generally accepred accounting principals applicable to governmental units. The following is a summary of the more significant policies. A. Reporting Entiry For financial reporting purposes the Ciry's fmancial statements include all funds, account groups, depattments, agencies, boazds, commissions, and other organizations for which the City is financially accountable. However, none of the units included aze legatly separate organizations and do not qualify as component units under Statement 14 of the Govemmental Accounting S[andards Boazd (GASB). B. Fund Accounting The accounts of the City aze organized on the basis of funds and account groups, each of which is considered a sepazate accounting entity. The operations of each fund aze accounted for with a sepazate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expendimres, or expenses, as appropriate. Govemment resources aze allocated to and accounted for in individual funds based upon the purposes for which they ue to be spem and the means by which spending activities aze controlled. The vazious funds ue grouped in the financial sta[ements repon into seven generic fund types and three broad fund categories as follows: GOVERNMENTALFUNDS General Fund - The General fund is the primary operating fund of the Ciry. It is used to account for all financial resources except those required to be accounced for in another fund. Special Revenue Funds - Special revenue funds ue used to account for the proceeds of ceaain specific revenue sources ffiat aze legally restricted ro expendimres for specified purposes. Debt Service Funds - Debt service funds aze used to account for the accumulation of resources for, and the payment of general long-term debt principal, interest, and related costs. Capi[al Projects Funds- Capital projects funds aze used to account for financial resources to be used for the acquisition or construction of major capital facili[ies other than those fmanced by proprietary funds. PROPRIETARY FUNDS Enterprise Funds - Enterprise Funds are used to account for operations that are financed and operated in a manner similar to private business enrerprises, where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be fmanced or recovered primazily through user chazges. The Ciry has five Enterprise Funds: Water Utility Fund, Sewer Utility Fund, Storm Drainage Fund, Golf Fund, and Solid Waste Recycling. Internal Service funds - Intemal Service Funds are used to account for the Financing of goods or services provided by one department or agency to other departments or agencies of the Ciry. The Ciry has two Intemal Service Funds, they are: Workers' Compensation Self-Insurance Fund which accounu for the Ciry's Workers' compensation claims, and the Risk Management Fund which accounts for all of the Ciry's general insurance costs. 29