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<br />r--- <br /> <br />CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2001 <br /> <br />Note 2: STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY - CONTINUED <br /> <br />B. Excess of Expenditures over Appropriations <br /> <br />For the year ended December 31. 2001. expenditures exceeded appropriations in the general fund as illustrated <br />below: <br /> <br />Bud~et <br /> <br />Actual <br /> <br />Excess <br /> <br />General Fund <br /> <br />$ ] ';12 1';2 $ 1 929 024 $ 396 672 <br /> <br />The excess expenditures were funded by actual revenue in excess of budget and available fund balance. <br /> <br />C. Deficit Fund Equity <br /> <br />The following funds have a deficit fund balance as of December 31. 2001: <br /> <br />Special Revenue Funds <br />Recycling <br />City Celebration <br />Debt Service Funds <br />1993 Acorn Creek Improvements <br />Municipal Building <br />Capital Projects Funds <br />Pedestrian Trail Ways <br />Eagle Pass Additions <br />Lakeland Hills <br />TIP District 1-4 <br />TIP District 1-5 <br />21st Avenue Improvements <br />Center Villa <br />Deer Pass <br />Royal Industrial Park <br />Public Works Building <br />Lift Station #2 Renovation <br />Downtown Revitalization <br />The Shores <br />Economic Development Commission <br /> <br />$ 10.628 <br /> 34,962 <br /> 38,296 <br /> 31,326 <br /> 352 <br /> ll,152 <br /> 45,898 <br /> 2,550 <br /> 6,233 <br /> 8,467 <br /> 40,553 <br /> 3,599 <br /> 90,186 <br /> 6,029 <br /> 159,422 <br /> 8,560 <br /> 1,018 <br /> 1,521 <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 State Statutes. Each fund's portion of this pool (or pools) is displayed on <br />the 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 />Deposits <br /> <br />In accordance with Minnesota Statutes and as authorized by the Council, the City maintains deposits at those <br />depository banks, all of which are members of the Federal Reserve System. <br /> <br />-14- <br />