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CCP 05-19-2003
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CCP 05-19-2003
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<br />CITY OF ARDEN IIILLS, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 3 I, 2002 <br /> <br />I <br /> <br />Proprietary funds are accounted for on the flow of economic resources measurement focus and use the accrual <br />basis of accounting. Under this method, revenues are recorded when eamed and expenses are recorded at the <br />time liabilities are incurred. In accordance with the provisions of the GASB Statement No. 20, Accounting and <br />Financial Reporting for Proprietary Frmds and other Governmental Entities that use Proprietary Fund Account, <br />the City applies all applicable GASB pronotillCements plus all Financial Accounting Standards Board (FASB) <br />Statements and Interpretations, Accounting Principles Board opinions, and Accounting Research Bulletins issued <br />on or before November 30, 1989, except for those that conflict with or contradict GASB pronouncements. The <br />City has elected not to apply FASB Statements and Interpretations issued after November 30, 1989. Proprietary <br />funds include the following fund type: <br /> <br />.1 <br />I <br /> <br />Note 1: <br /> <br />SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED <br /> <br />I <br /> <br />I <br /> <br />Enterprise funds and used to account for those operations that are financed and operated in a manner similar to <br />private business or where the Council has decided that the determination of revenues eanled, costs incurred <br />and/or net income is necessary for management accountability. <br /> <br />I <br /> <br />Account groups. The general fixed assets account group is used to account for fixed assets not accounted for in <br />proprietary funds. The general long-term debt account group is used to account for general long-term debt and <br />certain other liabilities that are not specific liabilities of proprietary funds. <br /> <br />I <br /> <br />C. Assets, Liabilities and Equity <br /> <br />I <br /> <br />Deposits and Investments <br /> <br />I <br /> <br />The City's cash and cash equivalents are considered to be cash on hand, demand deposits and short-term <br />investments with original maturities of three months or less from the date of acquisition. <br /> <br />-. <br /> <br />Cash balances from all funds are pooled and invested, to the extent available, in certificates of deposit and other <br />authorized investments. Earnings from such investments are allocated on the basis of applicable participation by <br />each of the funds. <br /> <br />I <br /> <br />Millllesota statutes authorize the City to invest in obligations oftlle U.S. Treasury, corrrrnercial paper, corporate <br />bonds, repurchase agreements and shares of investment companies registered under the Federal Investment <br />Company Act of 1940 and whose only investments are obligations guaranteed by the United States or its <br />agencies. <br /> <br />I <br /> <br />Investments for the City are reported at fair value. The Minnesota Municipal Money Market Fund investment <br />pool operates in accordance with appropriate State laws and regulations. The reported value ofthe pool is the <br />same as the fair value of the pool shares. <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />.' <br />I <br /> <br />-13- <br /> <br />I <br />
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