Laserfiche WebLink
CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2024 <br />B. Explanation of certain differences between the governmental fund statement of revenues, <br />expenditures and changes in fund balances and the governmental-wide statement of activities <br />governmental fund statement of revenues, expenditures, and changes in fund balances includes <br />reconciliation between net changes in fund balances-total governmental funds and change in net <br />position of governmental activities as reported in the government-wide statement of activities. One <br />element of that reconciliation explains that ÐGovernmental funds report capital outlays as <br />expenditures. However, in the statement of activities the cost of those assets is allocated over their <br />estimated useful lives and reported as depreciation expense.Ñ The details of this difference are as <br />follows: <br />Capital outlay $5,676,174 <br />Capital asset contribution - <br />Depreciation expense (5,463,092) <br />Net change in fund-balances-total govermental funds and change <br /> in net position of govermental activities $213,082 <br /> <br /> <br />Note 3 DETAILED NOTES ON ALL FUNDS <br />A. Deposits and investments <br />1. Components of Cash and Investments <br /> <br />Cash and investments at year-end December 31, 2024 consist of the following: <br /> <br />Deposits$1,583,061 <br />Investments63,860,141 <br />Cash on Hand28,718 <br />Total$65,471,920 <br /> <br /> <br />Cash and investments at year-end December 31, 2024 consist of the following: <br /> <br />Statement of Net Positions - Government Wide <br />Cash and cash equivalents$65,385,340 <br />Statement of Fiduciary Net Positions <br />Cash and cash equivalents - Custodial Funds86,580 <br />Total $65,471,920 <br /> <br /> <br />In accordance with applicable Minnesota Statutes, the City maintains deposits at depository banks <br />authorized by the City Council, including checking accounts and certificates of deposits. <br /> <br />The following is considered the most significant risk associated with deposits: <br /> <br />Custodial credit risk Î In the case of deposits, this is the risk that in the event of a bank failure, the <br />CityÓs deposits may be lost. Minnesota Statutes require that all deposits be protected by federal <br />deposit insurance, corporate surety bond, or collateral. The CityÓs deposits were fully insured and <br />52 <br />Qbhf!71!pg!334 <br /> <br />