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<br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 1998 <br /> <br />LAKE JOHANNA VOLUNTEER FIRE DEPARTMENT, INC. <br /> <br />I <br /> <br />The City receives fire protection under a contract with the Lake Johanna Volunteer Fire Department, Inc. The <br />contract calls for annual payments and expires December 31, 1998. The contract was renewed effective January I, <br />1999 through December 31, 2003 and allows renewal for three additional five year periods. The contract cost will be <br />based on the budget submitted by the fIre department and approved by the City. The amount expended under the <br />contract was $161,000 in 1998. <br /> <br />.1 <br />I <br /> <br />Note 7: <br /> <br />I <br /> <br />Note 8: CHANGES IN ACCOUNTING PRINCIPLE <br /> <br />In 1998, the City implemented Governmental Accounting Standards Board Statement #31, Accounting and Financial <br />Repartingfor Certain investments andfor ExtemalInvestment Pools. This statement required the City to value its <br />investments at fair value. The effect of the statement was to restate the prior year interest from investments for the <br />change in market value. The following summarizes the restatement of prior year cash and investment and interest <br />income by fund type based on the excess of fair value above cost. <br /> <br />I <br /> <br />I <br /> <br />Increase in <br />Prior Year <br />Cash and <br />Interest Income <br /> <br />I <br /> <br />General Fund <br />Special Revenue Fund <br />Debt Service Fund <br />Capital Projects Fund <br />Enterprise Fund <br /> <br />$ <br /> <br />4,106 <br />6,288 <br />6,693 <br />38,258 <br />12.712 <br /> <br />68,057 <br /> <br />I <br /> <br />I <br /> <br />Total <br /> <br />$ <br /> <br />el <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br />el <br /> <br />-23- <br /> <br />I <br />