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2015-04-22 CC Packet
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2015-04-22 CC Packet
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CITY OF CENTERVILLE,MINNESOTA <br /> NOTES TO T14E FINANCIAL STATEMENTS <br /> DECEMBER 31,2014 <br /> Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-CONTINUED <br /> Non-exchange transactions,in which the City receives value without directly giving equal value in return,include <br /> property taxes,grants,entitlement and donations. On an accrual basis,revenue from property taxes is recognized in the <br /> year for which the tax is levied.Revenue from grants,entitlements and donations is recognized in the year in which all <br /> eligibility requirements have been satisfied. Eligibility requirements include timing requirements,which specify the year <br /> when the resources are required to be used or the year when use is first permitted,matching requirements,in which the <br /> City must provide local resources to be used for a specified purpose,and expenditure requirements,in which the <br /> resources are provided to the City on a reimbursement basis. On a modified accrual basis,revenue from non-exchange <br /> transactions must also be available before it can be recognized. <br /> Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied. Grants and <br /> entitlements received before eligibility requirements are met are also recorded as unearned revenue. <br /> The preparation of financial statements in conformity with accounting principles generally accepted in the United States <br /> of America requires management to make estimates and assumptions that affect certain reported amounts and <br /> disclosures.Accordingly,actual results could differ from those estimates. <br /> The City reports the following major governmental funds: <br /> The General fund is the City's primary operating fund.It accounts for all financial resources of the City,except <br /> those required to be accounted for in another fund. <br /> The Debt Service fund accounts for the resources accumulated and payments made for principal and interest on <br /> long-term general obligation debt of governmental funds. <br /> The Park fund captures all park capital items and receives all the City's park dedication fees. <br /> The City reports the following major proprietary funds: <br /> The Water fund accounts for the activities of the water distribution system the City maintains. <br /> The Sewer fund accounts for the activities of the City's sewage collection operations. <br /> As a general rule the effect of interfund activity has been eliminated from government-wide financial statements. <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 proprietary <br /> fund's principal ongoing operations. The principal operating revenues of the City enterprise funds are charges to <br /> customers for sales and services. Operating expenses for enterprise funds include the cost of sales and services, <br /> administrative expenses and depreciation on capital assets.All revenues and expenses not meeting this definition are <br /> reported as nonoperating revenues and expenses. <br /> When both restricted and unrestricted resources are available for use,it is the City's policy to use restricted resources <br /> first,then unrestricted resources as they are needed. <br /> -48- <br />
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