Laserfiche WebLink
<br />City of CenterviIle <br />Narrative for Interim Financial Statements <br />Month Ended April 30, 2002 <br /> <br />Attached are interim financial statements for the General Fund, Special Revenue Funds, <br />Debt Service Funds and Capital Projects Funds for the City of Centerville. These reports <br />are intended to illustrate how city operations are progressing financially during the year. <br /> <br />The interim financial statements are unaudited and may not reflect all financial <br />transactions that will be recorded for the year. <br /> <br />NOTE: THE GENERAL LEDGER AND REVENUE EXPENSE ACCOUNTS <br />FOR THE YEAR 2002 ARE IN rHJL~ROCESS OElJ~ING RECONCILED. <br />UNTIL THAT PROCESS IS COMPLETE, THE NUMBERS ON THIS REPORT <br />SHOULD NOT BE RELIED UPON TO AN EXTENDED DEGREE. WE ARE <br />PROVIDING THE INTERIM FINANCIAL STATEMENTS THIS MONTH FOR <br />THE PURPOSE OF OBTAINING INPUT ON THE FORMAT AND NEED OF <br />THE REPORT. IF THE FORMAT OF THIS REPORT IS ACCEPTABLE TO <br />COUNCIL, IT CAN BE PREPARED ON A MONTHL Y BASIS FOR ALL FUNDS. <br /> <br />Please take note of the following: <br /> <br />General Fund <br />Revenues <br />1. Taxes <br />Property tax revenues are received from the county in June, November, December <br />and January. The January settlement is accrued back to the previous year. <br />Therefore, no property tax revenues should be reflected on the interim statements <br />as of the above date. A coding error from March, resulting in a negative balance <br />of$14,847.63 will be corrected on the next report. <br /> <br />2. Intergovernmental <br />There has been no intergovernmental revenue received so far this year. Police <br />State Aid will be received in September or October. There was no budget for <br />Local Government Aid. <br /> <br />3. Interest <br />Interest earnings are below budget and will most likely continue to be below <br />budget throughout the year. <br /> <br />4. Miscellaneous <br />The amount shown includes a grant from the Minnesota Department of Natural <br />Resources, in the amount of $40,500, for equipment for Acorn Creek Park. The <br />equipment was purchased in the year 2001. It may have been more appropriate to <br />recognize the grant revenue in the same year. <br />