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CCP 05-30-2000
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CCP 05-30-2000
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<br />I <br />I. Note 1: <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I. <br />I <br />I <br />I <br />I Note 2: <br />I <br />I <br />I. <br />I <br />I <br /> <br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 1999 <br /> <br />SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED <br /> <br />Compensaied Absences <br /> <br />Employees with at least ten years of service are entitled to receive one-third of their unused sick leave up to a <br />maximwn of 800 hours upon termination in addition to any unused vacation and compensatory time, <br /> <br />The accrual of these benefits is recorded as a liability in the enterprise funds and expensed, The liability for the <br />governmental funds is recorded in the general long-term debt account group and recorded as an expenditure when <br />paid. <br /> <br />Long-term Obligations <br /> <br />The City reports long-term debt of governmental funds at face value in the general long-term debt account group, <br />Long-term debt and other obligations financed by proprietary funds are reported as liabilities in the appropriate <br />funds, <br /> <br />For governmental fund types, bond premiums and discounts, as well as issuance costs, are recognized during the <br />current period, Bond proceeds are reported as another fmancing source net of the applicable premiwn or <br />discount. Issnance costs, other than those withheld from the actual net proceeds received, are reported as debt <br />service expenditures, For proprietary fund types, bond discounts are deferred and amortized over the life of the <br />bonds using the straight-line method, Discounts are reported as deferred charges, <br /> <br />Fund Equity <br /> <br />Reservations of fund balance represent amounts that are not appropriable or are legally segregated for a specific <br />purpose, Reservations of retained earnings are limited to outside third-party restrictions, Designations offund <br />balance represent tentative management plans that are subject to change, The proprietary fund's contributed <br />capital represents equity acquired through capital grants and capital contributions from developers, customers or <br />other funds, <br /> <br />Memorandum Only - Total Columns <br /> <br />Total columns on the general purpose financial statements are captioned as "memorandwn only" because they do <br />not represent consolidated fmancial information and are presented only to facilitate fmaneiaI analysis, The <br />columns do not present information that reflects fmancial position, results of operations or cash flows in <br />accordance with generally accepted accounting principles, interfund eliminations have not been made in the <br />aggregation of this data, <br /> <br />Comparative DatalReclassifications <br /> <br />Comparative total data for the prior year have been presented in the selected sections of the accompanying <br />fmaneial statements in order to provide an understanding of changes in the City's fmaneial position and <br />operations. Also, certain amounts presented in the prior year data have been reclassified in order to be consistent <br />with the current year's presentation. <br /> <br />STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY <br /> <br />A, Budgetary Information <br /> <br />Annual budgets are adopted on a basis consisteut with generally accepted accounting principles for all the general <br />and special revenue funds, The capital projects funds adopt project length budgets, All annual appropriations <br />lapse at fiscal year end. <br /> <br />-14- <br />
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