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CCP 05-19-2003
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CCP 05-19-2003
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<br />I <br />. <br />,- Note 1: <br />, <br />, <br />I <br />, <br />I <br />I <br /> Note 2: <br />.e <br />I <br />. <br />I <br />I <br />I <br />I <br />I. <br />I <br />I <br /> <br />CITY OF ARDEl\ IIILLS, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 3 L 2002 <br /> <br />SUMMARY Of SIGNIFICANT ACCOUNTING POLICIES - CONTINUED <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 arc limited to outside third-party restrictions. Designations offunct <br />balance represent tentative management plans that are subject to change. The proprietary funds contributed <br />capital represents equity acquired through capital grants and capital contributions from developers, custolllers or <br />other funds. <br /> <br />Memorandum Only - Total Columns <br /> <br />Total colunms on the general purpose financial statements are captioned as "memorandum only" because they do <br />not represent consolidated financial information and are presented only to facilitate financial analysis. The <br />columns do not present infonnation that reflects financial position, results of operations or cash flows in <br />accordance with accounting principles generally accepted in the United States of America. Interfund eliminations <br />have not been made in the aggregation of this data. <br /> <br />Comparative DatalReclassifications <br /> <br />Comparative total data for the prior year have been presented in the selected sections ofihe accompanying <br />financial statements in order to provide an llildcrstanding of changes in the City's financial position and <br />operations. Also, certain amounts presented in the prior year data have been reclassified in order to be consistent <br />vrith the current year's presentation. <br /> <br />STEWARDSHIP, COMPLIANCE AND ACCOUNT ABILITY <br /> <br />A. Budgetary Information <br /> <br />Annual budgets are adopted on a basis consistent with accounting principles generally accepted in the United <br />States of America for the general, special revenue and debt service funds. The capital projects funds adopt <br />project length budgets. All al111ual appropriations lapse at fiscal year end. The City does not use encumbrance <br />accounting. <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 15"', the proposed budget is presented to the Council for <br />review. The Conncil holds public hearings and a final budget is prepared and adopted in December. <br /> <br />The appropriated budget is prepared by fund, function and department. The City's department heads, with the <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 amended by the Council. <br /> <br />B. Excess of Expenditures over Appropriations <br /> <br />For the year ended Deccmber 31, 2002, expenditures exceeded appropriations in the following funds: <br /> <br />Fund Budget Actual Excess <br />Special revenue <br />Cable TV $ 20,045 $ 25,239 $ 5,194 <br />TCA_AP 38,415 144,885 106,470 <br />Debt service <br />Tax Increment Bonds of 1998A 286,315 286,318 3 <br /> <br />The excess expenditure over appropriations was funded by revenue in excess of budget and available fund <br />balance. <br /> <br />-16- <br />
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