My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
2002-09-25 CC Packet
Centerville
>
City Council
>
Agenda Packets
>
1996-2022
>
2002
>
2002-09-25 CC Packet
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
5/13/2009 10:41:58 AM
Creation date
5/13/2009 10:38:41 AM
Metadata
Fields
Template:
General
Jump to thumbnail
< previous set
next set >
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
324
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<br />1---- <br /> <br />CITY OF CENTER VILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2001 <br /> <br />Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br /> <br />A. Reporting Entity <br /> <br />The City of CentervilIe is a statutory city operating in accordance with the "Optional Plan A" form of <br />government, as defined in the State of Minnesota Statutes. Under this plan the government of the City is <br />directed hy a Council composed of an elected Mayor and four elected Council Members. The Council exercises <br />legislative authority and determines all matters of policy. The Council appoints personnel responsible for the <br />proper administration of all affairs relating to the City. The City has considered all potential units for which it is <br />financially accountable, and other organizations for which the nature and significance of their relationship with <br />the City are such that exclusion would cause the City's financial statements to be misleading or incomplete. The <br />Governmental Accounting Standards Board (GASB) has set forth criteria to be considered in determining <br />financial accountability. These criteria include appointing a voting majority of an organization's governing <br />body, and (I) the ability of the primary government to impose its will on that organization or (2) the potential for <br />the organization to provide specific benefits to, or impose specific financial burdens on the primary government. <br />The City's reporting entity does not include any component units. <br /> <br />B. Measurement Focus, Basis of Accounting and Basis of Preseutation <br /> <br />The accounts of the City are orgauized and operated on the basis of funds and account groups. A fund is an <br />independent fiscal and accounting entity with self~balancing sets of accounts. Fund accounting segregates funds <br />according to their intended purpose and is used to aid management in demonstrating compliance with finance~ <br />related legal and contractual provisions. The minimum number of funds are maintained consistent with legal <br />and managerial requirements. Account groups are a reporting device to account for certain assets and liabilities <br />of the governmental funds not recorded directly in those funds. <br /> <br />The City has the following fund types and account groups: <br /> <br />Governmentalfunds are used to account for the City's general government activities, Governmental fund types <br />use the flow of current financial resources measurement focus and the modified accrual basis of accounting. <br />Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when <br />they are <<measurable and available"). "Measurable" means the amount of the transaction can be determined, <br />and "available" means collectible within the current period or soon enough thereafter to pay liabilities of the <br />current period. The City considers all revenues available if they are collected within 60 days after year end. <br />Expenditures are recorded when the related fund liability is incurred, except for unmatured interest on general <br />long-term debt which is recognized when due, and certain compensated absences and claims and judgments <br />which are recognized when the obligations are expected to be liquidaled with expendable available financial <br />resources. <br /> <br />Property taxes, franchise taxes, licenses, interest and special assessments are susceptible to accrual. Other <br />receipts and taxes become measurable and available when cash is received by the government and are <br />recognized as revenue at that time. <br /> <br />The preparation of general purpose financial statements in conformity with generally accepted accounting <br />principles in the United States of America requires managemem to make estimates and assumptions that affect <br />certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. <br /> <br />Entitlements and shared revenues are recorded at the time of receipt or earlier if the susceptible to accrual <br />criteria are met. Expenditure driven grants are recognized as revenue when the qualifying expenditures have <br />been incurred and all other grant requirements have been met. <br /> <br />Governmental funds include the following fund types: <br /> <br />The general fund is the City's primary operating fund. It accounts for all financial resources of the City, except <br />those required to be accounted for in another fund. <br /> <br />I <br /> <br />The special revenue funds account for revenue sources that are legally restricted to expenditures for specified <br />purposes (not including major capital projects). <br /> <br />The debt service funds account for the servicing of general long-term debt not being financed by proprietary <br />funds. <br />
The URL can be used to link to this page
Your browser does not support the video tag.