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<br /> CITY OF ARDEN HILLS, MINNESOTA I <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 3 I, 1997 I <br /> Note 2: STEWARDSHIP, COMPLIANCE AND ACCOUNTA BILlTY - CONTINUED . <br /> In August of each year, all departments 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 hudget is prepared and adopted in December. <br /> The appropriated budget is prepared by fund, function and department. The City's department beads, with the I <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 I <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, 1997, expenditures exceeded appropriations in the following funds: I <br /> Fund Budget Actual Excess I <br /> Special Revenue Funds <br /> Community Services $ 1.700 $ 2,688 $ 988 I <br /> Recreation Program 142,065 147,644 5,579 <br /> Cable TV 18.070 19,398 1,328 <br /> Economic Development Authority 376.210 594,596 218,386 <br /> The excess expenditure over appropriations were funded by revenue in excess of budget and available fund I <br /> balance. <br /> C. Deficit Fund Equity . I <br /> The following funds had fund equity deficits at December 31,1997: <br /> I <br /> Fund Amount <br /> Special Revenue Fund I <br /> EDA $ 491,724 <br /> This deficit 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 I <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 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 /> . I <br /> -14- <br /> I <br />