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05-31-05
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05-31-05
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<br />OTY OF ARDEN HILLS, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2004 <br /> <br />Notel: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED <br /> <br />The City reports the following major governmental fimds: <br /> <br />The Generalfund is the City's primary operating fimd. It accounts for all financial resources of the City, <br />except those required to be accouoted for in another fimd. <br /> <br />The Tax Increment Bonds of I 998Afund accounts for the accumulation of resources and payment of general <br />obligation bond principal and interest from governmental resources and special assessment bond principal and <br />interest from special assessment levies when the City is obligated in some manner for the payment <br /> <br />The Economic Development Authority fund accounts for revenue sources that are legally restricted to <br />expenditures for specified purposes (not including major capital projects). <br /> <br />The Non-Assessable Road Improvements fund accounts for the acqnisition of fixed assets or construction for <br />this major capital project not being financed by proprietary fimds. <br /> <br />The Permanent Improvement Revolving fimd accounts for the acquisition of fixed assets or construction for <br />this major capital project not being financed by proprietary fimds. <br /> <br />The City reports the following major proprietary fimds: <br /> <br />The Water fund accounts for costs associated with the City's water system and insure that user charges are <br />sufficient to pay for those costs. <br /> <br />f1 <br /> <br />. <br />n <br /> <br />n <br /> <br />o <br /> <br />fJ <br /> <br />f] <br /> <br />11 <br /> <br />[l <br /> <br />The Sewer fund accounts for the costs associated with the City's sewer system and insure that user charges ara.1 <br />sufficient to pay for those costs. ~ <br /> <br />Private-sector standards of accounting and financial reporting issued prior to December I, 1989, generally are <br />followed in both the government-wide and proprietary fimd financial statements to the extent that those standards do <br />not conflict with or contradict guidance ofGASB. Governments also have the option of following subsequent <br />private-sector guidance for their business-type activities and enterprise funds. subject to this same limitation. The <br />City has elected not to follow subsequent private-sector guidance. <br /> <br />As a general rule the effect of interfimd activity has been eliminated from government-wide financial statements. <br />Exceptions to this general rule are payments-in-lieu of taxes and other charges between the City's water and sewer <br />fimction and various other fimctions of the City. Elinrination of these charges would distort the direct costs and <br />program revenues reported for the various functions concerned. <br /> <br />Amounts reported as program revenues include 1) charges to customers or applicants for goodsl services, or <br />privileges provided, 2) operating grants and contribution, and 3) capital grants and contributions, including special <br />assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. <br />Likewise, general revenues include all taxes. <br /> <br />n <br /> <br />[f <br />1 <br /> <br />u <br /> <br />[l <br /> <br />u <br /> <br />Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and <br />expenses generally result from providing services and producing and delivering goods in connection with a <br />proprietary fimd's principal ongoing operations. The principal operating revenues of the City's enterprise fimds are <br />charges to customers for sales and services. The City also recognizes as operating revenue the portion of tap fees <br />intended to recover the cost of connecting new customers to the system. All revenues and expenses not meeting this <br />definition are reported as nonoperating revenues and expenses. <br /> <br />When both restricted and unrestricted reSOUTces are available for use, it IS the City's policy to use restricted resource' ; <br />fITst, then unrestricted resources as they are needed. I <br /> <br />-20- <br /> <br />! <br />L <br /> <br />t.i <br />
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