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CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO TBE FINANCIAL STATEMENTS <br />DECEMBER 31, 2015 <br />Note 2: STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY <br />A. Budgetary information <br />Annual budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of <br />America for the General fund. All annual appropriations lapse at fiscal year end. The City does not use encumbrance <br />accounting. <br />In May of each year, all departments of the City submit requests for appropriations to the City Administrator so that a <br />budget may be prepared. Before September 30th, the proposed budget is presented to the City Council for review. The <br />City Council holds public hearings and a final budget is prepared and adopted in early December. <br />The appropriated budget is prepared by fund, function and department. The City's department heads, with the approval <br />of the City Administrator, may make transfers of appropriations within a department. Transfers of appropriations <br />between departments require the approval of the City Council. The legal level of budgetary control is the department <br />level. There were no budget amendments made during 2015. <br />B. Deficit fund equity <br />The following funds had a deficit fund balance as of December 31, 2015: <br />Fund <br />Major <br />Park <br />2013 Street Project <br />Amount <br />$ 1,116,065 <br />471,947 <br />The Park fund and 2013 Street Project deficits will be eliminated with transfers in future years. <br />iia <br />