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K' ■ <br />vr’ <br />& <br />r <br />ftf?:- <br />i: <br />I'i ■.. <br />^' ■ ;/ <br />v' <br />e;^v <br />^v. <br />IV <br />t:W <br />m- <br />m-^ <br />, ‘A-> <br />:V-5f <br />'■'’i . . <br />m-m:m <br />P-'ir - <br />V-‘ <br />rv <br />' <br />^ -MM <br />•Sifti <br />, : #! <br />'■ '. “SS 'fj.''; flar- <br />. <br />• .:> <br />:V'!. <br />■ ■. <br />•' -'v'tll- <br />b»r- <br />te' <br />V#S: <br />CITY OF ORONO. MINNESOTA <br />Notes to Financial Statements (continued) <br />December 31, 1991 <br />NOTE 1 - SIGNinCANT ACCOUNTING POLICIES (CONTINUFn) <br />H Invcniorica <br />Inventories are stated at the lower of cost or market on the first*in. first-out basts <br />I. lUelri^cd Assets * Cash and Investments <br />Certain proceeds from the General Fund Public Facilities Revenue Bonds and the Enterprise Fund <br />Revenue Bonds are classified as restricted assets on the balance sheet because their use is limited by <br />i^>plicahlc bond covenants. <br />J. Property^ Plant, and Equipment <br />Fixed assets are swed at cost, estimated historical cost, or in the case of contributions, at fair market <br />value at the time received. <br />I) General Fixed Assets Account Group • General fixed assets are not depreciated The costs of <br />property, plant, and equipment are accounted for as current expenditures of the Governmental <br />Fund Types in the year purchased. Infrastructure fixed assets - roads, bridges, curbs and <br />flrtters, streets and sidew^ks, drainage systems, lighting systems, and r'milar assets - are not <br />included in the City ’s accounting records. <br />2) Proprietary Fund Type - Fixed assets of the Proprietary Funds are depreciated using the <br />ttraight-iine method over the estimated useful lives of the assets, as follows; <br />Buildings <br />Distribution colleciKin system <br />Equipment <br />25 '■-0 years <br />10-75 years <br />3-20 vears <br />Depreciation on contributed assets charged to operations is closed to contributed equity. <br />K. Vacation and Sevrraftet Deneflis Payable (Compensated Absences) <br />The liability fr» v«ted vac^ion and severance benefits is recorded in the General Long-Term Debt <br />Account Grtaip and in the Enterprise Funds, as appropriate <br />L. Muoi andum Only Columns <br />Becaaie the accotmting system is organized and operated on a fund basis, the columns on the combined <br />financki Stawmenti captioned. "Totals (Memorandum Onlyji.’' art presented for informational purposes <br />only. They do not fairly present financial position or results o( <>perjUions for the CHy as a whole and <br />are not Intended to represent ctmsolidMed inKrrmation <br />31 • <br />,V