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<br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 1999 <br /> <br />STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY - CONTINUED <br /> <br />1 <br /> <br />In August of each year, all departments of the City submit requests for appropriations to the City Administrator so <br />that a budget may be prepared, Before September IS, the proposed budget is presented to the Council for review, <br />The Council holds public hearings and a fInal budget is prepared and adopted in December, <br /> <br />.1 <br />1 <br /> <br />Note 2: <br /> <br />The appropriated budget is prepared by fund, function and department. The City's department heads, with the 1 <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 1 <br />were made during the year within the budget which resulted in no increase in appropriations. <br /> <br />B. Excess of Expenditures over Appropriations <br /> <br />For the year cnded December 31, 1999, expenditures exceeded appropriations in the following funds: <br /> <br />1 <br /> <br />Fund <br /> <br />Budeet <br /> <br />Actual <br /> <br />Excess <br /> <br />1 <br /> <br />Special Revenue Funds <br />Insurance Deductible <br /> <br />$ <br /> <br />$ 719 <br /> <br />$ 719 <br /> <br />The excess expenditure over appropriations were funded by the available fund balance, <br /> <br />1 <br /> <br />C. Deficit Fund Equity <br /> <br />Fund <br /> <br />Amount <br /> <br />1 <br />-I <br /> <br />The following funds had fund equity defIcits at December 31, 1999: <br /> <br />Special Revenue Fund <br />Recreation Program <br />Economic Development Authority <br /> <br />This defIcit will be eliminated with future revenue sources, <br /> <br />$ 2,531 <br />984,858 <br /> <br />1 <br /> <br />Note 3: DETAILED NOTES ON ACCOUNTS <br /> <br />1 <br /> <br />A. Deposits and Investments <br /> <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 <br />the fmancial statements as "cash and temporary investments", For purposes of identifying the risk of investing <br />public funds, the balances are categorized as follows: <br /> <br />1 <br /> <br />Deposits <br /> <br />1 <br /> <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. <br /> <br />1 <br /> <br />1 <br /> <br />J <br />1 <br /> <br />-15- <br /> <br />1 <br />