CCP 05-24-1999 - Laserfiche WebLink

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Note 2: CITY OF ARDEN HILLS, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998 STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY - CONTINUED I In August of each year, all departments of the City submit requests for appropriations to the City Administrator el so that a budget may be prepared. Before September 15, the proposed budget is presented to the Council for review. The Council holds public hearings and a final budget is prepared and adopted in December. I The appropriated budget is prepared by fund, function and department. The City's department heads, with the I approval of the City Administrator, may make transfers of appropriations within a department. Transfers of appropriations between departments require the approvaJ of the Council. The legal level of budgetary control is the fund level. Budgeted amounts are as originally adopted, or as amended by the Council. Budget amendments were made during the year within the budget which resulted in no increase in appropriations. I B. Excess of Expenditures over Appropriations For the year ended December 31, 1998, expenditures exceeded appropriations in the following funds: I Fund Budget Actual Excess General Fund $2,355,] 80 $2,401,726 $ 46,546 Special Revenue Funds Recreation Program 159,315 161,283 ],968 Park 90,500 43,182 47,318 Insurance Deductible 7,863 7,863 Cable TV 17,275 20,535 3,260 I I The excess expenditure over appropriations were funded by revenue in excess of budget and available fund balance. I Fund Amount el I C. Deficit Fund Equity The following funds had fund equity deficits at December 31, 1998: Special Revenue Fund Recreation Program $ 757 I This deficit will be eliminated with future revenue sources. I Note 3: DETAILED NOTES ON ACCOUNTS A. Deposits and Investments I Cash balances of the City's funds are combined (pooled) and invested to the extent available in various investments authorized by Minnesota State Statutes. Each fund's portion of this pool (or pools) is displayed on the fmancial statements as "cash and temporary investments". For purposes of identifYing the risk of investing public funds, the balances are categorized as follows: I Deposits I In accordance with Minnesota Statutes and as authorized by the Council, the City maintains deposits at those depository banks, all of which are members of the Federal Reserve System. I el -15- I