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05-13-19-R
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05-13-19-R
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<br />-28- <br />NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br /> <br />The City reports the following nonmajor proprietary fund: <br /> <br />Recycling Fund – The Recycling Fund accounts for the recycling service charges, which are used to <br />finance the City’s recycling operations. <br /> <br />Additionally, the City reports the following fund type: <br /> <br />Internal Service Funds – The internal service funds account for the financing of goods or services <br />provided by one department or agency to other departments or agencies of the City, or to other <br />governments on a cost reimbursement basis. The City’s internal service funds account for risk <br />management, engineering, central garage, and technology services. <br /> <br />E. Budgets and Budgetary Accounting <br /> <br />Budgets are legally adopted on a basis consistent with accounting principles generally accepted in the <br />United States of America. Annual appropriated budgets are legally adopted for the General Fund and all <br />special revenue funds. Budgeted expenditure appropriations lapse at year-end, but may be adopted in the <br />subsequent year. <br /> <br />The City follows these procedures in establishing the budgetary data reflected in the financial statements: <br /> <br />1. The city administrator submits to the City Council a proposed operating budget for the fiscal year <br />commencing the following January 1. The operating budget includes proposed expenditures and <br />the means of financing them. <br /> <br />2. Public hearings are conducted to obtain taxpayer comments. <br /> <br />3. The budget is legally enacted through passage of a resolution. The appropriated budget is <br />prepared by fund, function, and department. The City’s department heads, with the approval of <br />the city administrator, may make transfers of appropriations within a department. Transfers of <br />appropriations between funds require the approval of the City Council. The legal level of <br />budgetary control is the fund level. Budgeted amounts are as amended by the City Council. <br /> <br />4. The city administrator is authorized to transfer appropriations within any fund budget. <br />Adjustments to appropriations between funds, and budget additions and deletions must be <br />authorized by the City Council. <br /> <br />5. Formal budgetary integration is employed as a management control device during the year for the <br />General Fund and special revenue funds. <br /> <br />6. Legal debt obligation indentures determine the appropriation level and debt service tax levies for <br />the Debt Service Fund (if necessary). Supplementary budgets are adopted for the proprietary <br />funds to determine and calculate user charges. These debt service and budget amounts represent <br />general obligation bond indenture provisions and net income for operation and capital <br />maintenance, and are not reflected in the financial statements. <br /> <br />7. A capital improvement program is reviewed annually by the City Council for the capital project <br />funds. However, appropriations for major projects are not adopted until the actual bid award of <br />the improvement. The appropriations are not reflected in the financial statements. <br /> <br />For the year ended December 31, 2018, actual expenditures exceeded budgeted expenditures in the EDA <br />Revolving Fund and EDA TIF District No. 4 Fund by $34,208 and $90,559, respectively. These <br />variances were financed by revenues in excess of budget and available fund balance.
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