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05-31-05
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05-31-05
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<br />n <br /> <br />r. <br /> <br />[1 <br /> <br />fJ <br /> <br />f] <br /> <br />[l <br /> <br />[I <br /> <br />n <br /> <br />l1 <br />[1. <br /> <br />[' <br />J <br /> <br />u <br /> <br />II <br /> <br />[; <br /> <br />1, <br />l <br />d <br /> <br />( , <br />I <br />I <br /> <br />. <br /> <br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2004 <br /> <br />Note 1: SUMMARY OF SIGNIF1CANT ACCOUNTING POLICIES - CONTINUED <br /> <br />Compensated Absenees <br /> <br />It is the City's policy to permit employees to accunmlate earned but unused vacation and sick pay benefits. <br />Employees with at least ten years of service are entitled to receive one-third of their unnsed sick leave up to a <br />maximum of 800 hours upon termination in addition to any unused vacation and compensatory time. All vacation <br />pay is accrued wben incurred in the government-wide and proprietary finaocial statements. A liability for these <br />amounts is reported in governmental fimds only if they have matured, for example, as a result of employee <br />resignations and retirements. <br /> <br />Long-term Ohligations <br /> <br />In the government-wide fmancial statements, and proprietary fimd types in the fimd financial statements, long-term <br />debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business- <br />type activities, or proprietary fund type statement of net assets. Bond premiums and disCOlUlts, as well as issuance <br />costs, are deferred aod amortized over the life of the bonds using the effective interest metho<l Bonds payable are <br />reported net of the applicable bond premium or discount. Bond issuance costs are reported as deferred charges and <br />amortized over the term of the related debt. <br /> <br />In the fimd fmaocial statements, governmental fimd types recognized bond premiums and discounts, as well as bond <br />issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. <br />Premiums received on debt issuances are reported as other fInancing sources while discounts on debt issuances are <br />reported as other financing uses, Issuance costs, whether or not withheld from the actual debt proceeds received, are <br />reported as debt service expenditures. <br /> <br />Fund Equity <br /> <br />In the fimd fmaucia1 statements, governmental fimds report reservations of fimd balance for amounts that are not <br />available for appropriation or are legally restricted by outside parties for use for a specific purpose. Designations of <br />fund balance represent tentative management plans that are subject to change. <br /> <br />Comparative DatalReclassifications <br /> <br />Comparative total data for the prior year have not been presented for the governmental-wide aod all fimd fmandal <br />statements as this is the first year of implementation of GASB Statement No. 34. <br /> <br />Note 2: STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY <br /> <br />A, Budgetary Information <br /> <br />Annual budgets are adopted on a basis consistent with accounting principles generally accepted in the United States <br />of America for the General, special revenue and Debt Service fimds. The capital projects fimds adopt project length <br />budgets. All annual appropriations lapse at fiscal year end. The City does not use encumbrance 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 review. <br />The Council bo1ds public hearings and a fmal budget is prepared and adopted in December. <br /> <br />The appropriated budget is prepared by fimd, nmction 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 />approprialions between departments require the approval of the CounciL The legal level of budgetary control is the <br />fund level. Budgeted amounts are as amended by the Council. <br /> <br />-23- <br />
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