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<br /> ------ ------.- <br /> I <br /> CITY OF ARDEN HILLS, MINNESOTA .1 <br /> NOTES TO FINANCIAL STATEMENTS I <br /> DECEMBER 31, 1996 <br />Note 2: STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY - CONTINUED <br /> In August of each year, all deparbnents of the City submit requests for appropriations to the City Administrator I <br /> so that a budget may be prepared. Before September 15, the proposed budget is presented to the Council for <br /> review. The Council holds public hearings and a final budget is prepared and adopted in December. I <br /> The appropriated budget is prepared by fund, function and deparbnent. The City's department heads, with the <br /> approval of the City Administrator, may make transfers of appropriations within a deparbnent. Transfers of <br /> appropriations between departments require the approval of the Council. The legal level of budgetary control is I <br /> the department level. Budgeted amounts are as originally adopted, or as amended by the Council. Budget <br /> amendments were made during the year within the budget which resulted in no increase in appropriations. <br /> B. Excess of Expenditures over Appropriations I <br /> For the year ended December 31, 1996, expenditures exceeded appropriations in the following funds: <br /> Fund Bud~et Actual Excess I <br /> Special Revenue Funds I <br /> Park $ 73 000 $ 152395 $ 79 395 <br /> Cable TV 17730 19263 1533 <br /> The excess expenditure over appropriations were funded by available fund balance. ~I <br /> C. Deficit Fnnd Eqnity <br /> The following funds had fund equity deficits at December 31, 1996: I <br /> Fund Amount I <br /> Special Revenue Fund <br /> Recreation program $ 760 I <br /> Capital Project Funds <br /> Development/Redevelopment TIP 323 484 <br /> The deficits in the above funds will be eliminated with future revenue sources. I <br />Note 3: DETAILED NOTES ON ACCOUNTS <br /> A. Deposits and Investments I <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 I <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 I <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. -I <br /> -14- I <br />