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CCP 05-19-2003
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CCP 05-19-2003
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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 />.e <br />I <br />I <br />I <br />I <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, 2002 <br /> <br />SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED <br /> <br />The City has the following fund types and account groups: <br /> <br />Governmentalfunds are used to account for the City's general government activities. Governmental fund types <br />use the flow of current [mancial resources measurement focus and the modified accrual basis of accounting. <br />Under the modified accrual basis of accounting, revenues arc recognized when susceptible to accrual (i.e., when <br />they are "measurable and available"). "Measurable" means the amount of the transaction can be determined and <br />"available" means collectible within the current period or soon enough thereafter to pay Iiahilities of the current <br />period. The City considers all revenues available if they are collected within 60 days after year end. <br />Expenditures are recorded when the related fund liability is incurred, except for unmatured interest on general <br />long-term debt which is recognized when due, and certain compensated absences and claims and judgments <br />which are recognized when the obligations are expected to be liquidated with expendable available financial <br />resources. <br /> <br />Property taxes, franchise taxes, licenses, interest and special assessments are susceptible to accrual. Other <br />receipts and taxes become measurable and available when cash is received by the government and are recognized <br />as revenue at that time. <br /> <br />The preparation of general purpose financial statements in conformity with accounting principles generally <br />accepted in the United States of America requires management to make estimates and asswnptions that affect <br />certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. <br /> <br />Entitlements and shared revenues are recorded at the time of receipt or earlier if the susceptible to accrual criteria <br />are met. Expenditure driven grants are recognized as revenue when the qualifying expenditures have been <br />incurred and all other grant requirements have been met. <br /> <br />Governmental funds include the following fund types: <br /> <br />The general fund is the City's primary operating fund. It accounts for all financial resources of the City, except <br />those required to be accounted for in another fund. <br /> <br />The special revenue funds account for revenue sources that are legally restricted to expenditures for specified <br />pmposes (not including major capital projects). <br /> <br />The debt service funds account for the servicing of general long-term debt not being financed hy proprietary <br />funds. <br /> <br />The capital projects funds account for the acquisition of fixed assets or construction of major capital projects not <br />heing financed by proprietary funds. <br /> <br />-12- <br />
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