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CITY OF ROSEVILLE, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2024 d) Commercial paper issued by United States corporations or their Canadian subsidiaries, of the highest quality, and maturing in 270 days or less. e) Repurchase or reverse repurchase agreements with U.S. government. f) General obligation temporary bonds of the same governmental entity issued under section 429.091, subdivision 7; 469.178, subdivision 5; or 475.61, subdivision 6. g) Time deposits that are fully insured by the Federal Deposit Insurance Corporation. h) Guaranteed Investment contracts issued or guaranteed by United States commercial banks, domestic branches of foreign banks, United States insurance companies, or their Canadian subsidiaries, or domestic affiliates of any if the foregoing with a credit quality in in one of the two highest risk rating categories by at least one nationally recognized statistical rating organization. i) Shares of a Minnesota joint powers investment trust whose investments ae restricted to securities described in Section 118A.04 and 118A.05. Investments for the City and the component unit are reported at fair value. The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The Hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. 2. Receivables and payables Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either "due to/from other funds" (i.e. the current portion of interfund loan). All utility and property tax receivables, including those for the HRA, are shown at a gross amount, since both taxes and utility receivables are assessable to the property taxes and are collectible upon sale of the assessed property. Property taxes are submitted to the County Auditor by December 28 of each year, to be levied on January 1 on property values assessed as of the same date. The tax levy notice is mailed in March with the first half payment due on May 15 and the second half payment is due on October 15. The entity's lease receivable is measured at the present value of lease payments expected to be received during the lease term. Under the lease agreement, the entity may receive variable lease payments that are dependent upon the lessee's revenue/the lessee's usage levels. 3. Prepaid Items Certain payments to vendors which reflect costs applicable to future accounting periods are recorded as prepaid items in both government-wide and fund financial statements. The City uses the consumption method for accounting prepaid expenses, where the City reports the prepaid items as an asset in the period in which they are purchased and defers the recognition of the expenditure until the period in which the prepaid items are used or consumed. 46 Qbhf!65!pg!334