Annual_Report_1997_001 - Laserfiche WebLink

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C'ITY OF ROSEVILLE NOTES TO FINANCIAL STATEMENTS DE�MBER 31 1997 Note 1 Stmmar� of Sienificant Accountine Policirc - continued Inventones - Inventories heid by the entecprise funds are stated at [he lower of cost or market, using the tirs[-in, first-out method. The wst of inventory is recognized as e�cpense at the time die icems are sold or aced (consump'.ion method). iTtilitv c:� m_cP c. �r� are reco�T�d �'�n �d `v�� n° al�owar�ce for uncollectible as delinquen[ accounts are certified ac a lien agaii�st the property billed. Unbitled utiliry service charges are included in receivables at year-end. E��mb�ances - Encumbrances represent pwchase wmmiunents. Vacation Sick an ('omnensatorv Time Off Pav - The Ciry compep YteP emp!oyees upon te pii�tion for P usPd vacation and comperuatory time off. Employees are rat compensa[ed for unaced sick a u on eennination of em lo nent exce t u on retirement at which time employees are entided ro one-ha�f of their accumUlated leave up ro or� month's pay. In the proprietary funds, vacation and compensatnry time off are accrued when earned and sick pay is expensed when payment is made. Vacatioq compensatory time off, and sick pay are recognized when payable trom expendable, available financiai resources in [he governmental funds. The noncurrent liabiliry for the goverranental furds is reflected in the general tong-term debt account group re�resenting the City's commiunen[ [o fund such cos[s from f�ture operationc. ('ash Fiows - For purposes of this statement, all highly tiquid imesmien[s (including restricted assets) with a maturiry of dvee months or tess when purchased are considered to be cash equivalents. Claims - There are a number of claims for workers' compensa[ion and liability da�nage in the intemal service funds• which have occurred but have rat yet been corneyed to the Ciry on December 31 of each year. The City prepares an es[imate of claims based on historical inforn�ation and subsequen[ even[s. The amoun[ of the estimate is expei�sed and shown as a current liabitity Por the reporting year. Po �-RetiremPnt Benefits - The City does not provide tor employee post-retirement benefits. G. Comparative Data/Reclassifications Comparative data for the prior year is presented to provide an understanding of changes in [he City's financial position and operations. Cenain amounts preser�ted in the prior year data ttave been reciassified in order [o be consistern with the current year's presentation. H. Total Colwnns on Combired Statements Total columns on the combined statements are cap[ioned "Memorandwn Only" to indicate they are presented only to facilitare fi�tarK ial analysis. Data in these colwnm do rot present financial pcnrtion, results of operations, or cash flows in confomiity with generally accep[ed accouruing princ�P�es. Neither is such data comparable to a consolida[ioa Interfund eliminacions have not been made in the aggregation of this data. Note 2 Excendihue in Ex f Budeet and Deficitti in Fund Balances The Recreation Pund - axpend�tmes exceeded rhe 1997 bud@et by �257,853. The Recrea�ion fund deficit as of December 31, 1997, rotaled $1,393,976. The Commurtiry Developmen[ Fund - expenditures for 1997 exceeded budget by 5158,027. The Licence Center Fund - expenditures for 1997 exceeded budget by 530,565. The Wireless Fund - ended the year with a fund balance defici[ of S682,876. 33