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CITY OF ARDEN HILLS,MINNESOTA <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31,2000 <br /> Note 2: STEWARDSHIP,COMPLIANCE AND ACCOUNTABILITY-CONTINUED <br /> In August of each year,all departments of the City submit requests for appropriations to the City Administrator so <br /> that a budget may be prepared. Before September 15,the proposed budget is presented to the Council for review. <br /> The Council holds public hearings and a final budget is prepared and adopted in December. <br /> The appropriated budget is prepared by fund,function and department. The City's department heads,with the <br /> approval of the City Administrator,may make transfers of appropriations within a department. Transfers of <br /> appropriations between departments require the approval of the Council. The legal level of budgetary control is <br /> the fund level. Budgeted amounts are as originally adopted,or as amended by the Council.Budget amendments <br /> ' were made during the year within the budget,which resulted in no increase in appropriations. <br /> B. Excess of Expenditures over Appropriations <br /> ' For the year ended December 31,2000,expenditures exceeded appropriations in the following funds: <br /> ' Fund Budget Actual Excess <br /> Special Revenue Funds <br /> Recreation Program $ 160,505 $ 170,735 $ 10,230 <br /> Insurance Deductible 1,000 9,496 8,496 <br /> Economic Development Authority 40,495 321,360 280,865 <br /> The excess expenditure over appropriations were funded by revenue in excess of budget and available fund <br /> balance. <br /> C. Deficit Fund Equity <br /> �• The following funds had fund equity deficits at December 31,2000: <br /> Fund Amount <br /> Special Revenue Fund <br /> Recreation Program $ 4,997 <br /> Economic Development Authority 878,766 <br /> iThe deficits will be eliminated with future revenue sources. <br /> Note 3: DETAILED NOTES ON ACCOUNTS <br /> A. Deposits and Investments <br /> Cash balances of the City's funds are combined(pooled)and invested to the extent available in various <br /> investments authorized by Minnesota State Statutes. Each fund's portion of this pool(or pools)is displayed on <br /> the financial statements as"cash and temporary investments". For purposes of identifying the risk of investing <br /> public funds,the balances are categorized as follows: <br /> Deposits <br /> In accordance with Minnesota Statutes and as authorized by the Council,the City maintains deposits at those <br />' depository banks,all of which are members of the Federal Reserve System. <br />' -15- <br />