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City of Centerville, Minnesota <br />Notes to the Financial Statements <br />December 31, 2021 <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 Citys department heads, with the approval of <br />the City Administrator, may make transfers of appropriations within a department. Transfers of appropriations between <br />departments require the approval of the City Council. The legal level of budgetary control is the department level. There <br />were no budget amendments made during 2021. <br />B.Deficit Fund Equity <br />The following fund had a deficit fund balance as of December 31, 2021: <br /> <br />The Park fund deficit will be eliminated with park dedication fees collected in future years. <br /> <br /> <br /> <br />52 <br /> <br />