Laserfiche WebLink
<br />CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2002 <br /> <br />Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED <br /> <br />Comparatlve DataJRec1assifieatlons <br /> <br />Comparative total data for the prior year have been presented in the selected sections of the accompanying <br />financial statements in order to provide an understanding 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 <br />consistent with the current year's presentation. <br /> <br />".'-j <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 <br />States of America for thegenera1 fund. All annual appropriations lapse at fiscal year end. The City does not use <br />encumbrance accounting. <br /> <br />In August of each year, all departments of the City submit requests for appropriations to the City Administrator <br />so that a budget may be prepared. Before September 15, the proposed budget is presented to the Council for <br />review. The Council holds public hearings and a final budget is prepared and adopted in early 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 department level. Budgeted amounts are as originally adopted, or as amended by the Council. There were <br />no budget amendments made during the year. <br /> <br />B. Defidt Fund Equity <br /> <br />The following funds have a deficit fund balance as of December 31,2002: <br /> <br />Capital projects <br />TIP District 1-4 <br />21 st Avenue Improvements <br />Downtown Revitalization <br /> <br />$ <br /> <br />4,420 <br />11,021 <br />8,560 <br /> <br />The deficits in these funds will be eliminAted by future revenue sources and transfers. <br /> <br />Note 3: DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS <br /> <br />A. Deposits and Investments <br /> <br />Cash balances of the City's funds are combined (pooled) and invested to the extent available in various <br />investments authorized by Minnesota statute. Each fund's portion of this pool (or pools) is displayed on the <br />financial statements as "cash and temporary investments." For purposes of identifying the risk of investing <br />public funds, the balances are categorized as follows: <br /> <br />-15- <br />