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05-31-05
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05-31-05
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<br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2004 <br /> <br />n <br /> <br />A, Reporting Entity <br /> <br />., <br />n <br /> <br />Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br /> <br />The City of Arden Hills, Minnesota (the City), operates under the "Optional Plan A" form of government as defined <br />in the State of Minnesota statutes. Under this plan, the government of the City is directed by a Council composed of n <br />an elected Mayor and four elected Council members. The Council exercises legislative authority and detemaines all <br />matters of policy. The Council appoints personnel responsible for the proper administration of all affairs relating to <br />the City. The City has considered all potential onits for which it is fmancially accountable, and other organizations [ 1 <br />for which the nature and significance of their relationship with the City are such that exclusion would cause the J <br />City's fmancial statements to be misleading or incomplete. The Governmental Accounting Standards Board (GASB) <br />has set forth criteria to be considered in detennining fmancial accountability, These criteria include appointing a [1 <br />voting majority of an organization's governing body, and (I) the ability of the primary governmentto impose its will <br />on that organization or (2) the potential for tbe organization to provide specific benefits to, or impose specific <br />financial burdens on the primary government. <br /> <br />Blended component onits, although legally separate entities, are, in substance, part of the City's operations and so <br />data from these onits are combined with data of the City. The blended component onit has a December 31 year end, <br />The City has the following component unit. <br /> <br />[I <br /> <br />Blended Component Unit <br /> <br />n <br /> <br />The Economic Development Authority (EDA) of the City was created pursnaot to Minnesota statutes 469,090 <br />through 469.108 to carry out economic and industrial development and redevelopment consistent with policies <br />established by the Council. It is comprised of the members of the City Council. The EDA activities are blended and <br />reported in a separate special revenue fimd. Separate financial statements are not issued for this component onit. _ <br /> <br />B. Government-wide and Fund Financial Statements <br /> <br />[l <br /> <br />The government -wide financial statements (i.e., the statement of net assets and the statement of changes in net assets) [-.J' <br />report information on all of the nonfiduciary activities of the City and its component onit. For the most part, the <br />effect of interfund activity has been removed from these statements. Governmental activities, which normally are <br />supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely f I <br />to a significant extent on fees and charges for support. Likewise, the primary government is reported separately <br />from certain legally separate component units for which the City is fmancially accountable. J <br /> <br />The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are <br />offset by program revenues. Direct expenses are those that are clearly identifiable with a specific fimction or <br />segment. Program revenues include I) charges to customers or applicants who purchase, use, or directly benefit <br />from goods, services, or privileges provided by a given fimction or segment and 2) grants and contnbutions that are <br />restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other <br />items not properly included among program revenues are reported instead as general revenues. <br /> <br />[I <br />J <br /> <br />Ll <br /> <br />Separate fmancial statements are provided for governmental fimds and proprietary fimds. Major individual <br />governmental fimds and major individual enterprise fimds are reported as separate columns in the fimd finaocial <br />statements. <br /> <br />If <br />11 <br /> <br />! : <br />" <br /> <br />-; <br />( <br /> <br />t" <br /> <br />-18- <br />
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