CCP 05-21-2001-WS - Laserfiche WebLink

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Ing City of Arden Hills April 14,2001 Page Ten ip Recycling Fund A summary of activities over the last four years follows: Year ended December 31, Recycling Fund 1997 1998 1999 2000 Charges for Services $ 56,576 $ 51,880 $ 53,710 $ 54,145 Operating Expenses 69,701 68,748 68,055 71,650 Operating loss (13,125) (16,868) (14,345) (17,505) Non-operating Income 21,003 21,664 19,490 23,379 Net Income $_ 7.878 $ 4,796 $5.145 5.874 Cash Balance 39.464 $ 44.685 55.830 2 67 Surface Water Management Fund A summary of activities over the last four years follows: Year ended December 31, Surface Water Management Fund 1997 1998 1999 2000 Charges for Services $ 179,535 $ 185,084 $ 191,470 $ 190,824 • Operating Expenses 89,719 168,408 174,057 48,258 Operating Income $ 89,816 $ 16.676 17.413 142.566 Cash Balance $ 73.394 $ 107,731 $ 142.530 $ 311.955 Governmental Accounting Standards Board(GASB)Statement No.34,Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments GASB Statement No.34 is the result of an almost decade-Prior effort by GASB to reexamine the financial reporting model for state and local governments. The most notable change is the presentation of a set of highly aggregated,"full accrual" financial statements. At the same time,however,the Statement retains many familiar features of current governmental financial reporting, in particular fund-based financial statements. State and local governmental financial statement preparers and auditors will need to comprehend and implement a vast number of changes in accounting and financial reporting. They will have to explain those changes to persons who are unfamiliar with the particulars of accounting,much less the unique area of state and local governmental accounting. The following are some specific areas that need to be addressed with the implementation of this new statement: Timeline GASB Statement No. 34 is effective in three phases based on the total annual revenues of the primary government's governmental and proprietary funds,although earlier application is encouraged. For this purpose,revenues include all revenues except for other financing sources and certain extraordinary items. The City is considered to be phase 3. Therefore,the City is required to implement GASB Statement No. 34 for the calendar year ending 2004. • Management's Discussion and Analysis(MD&A) MD&A gives an objective and easily readable analysis of a government's financial activities based on currently known facts,decisions,or conditions. It presents short-and Prior-term analyses of the government's activities,compares current- year results with those of the prior year,and discusses the positive and negative aspects of that comparison.