2002-09-25 CC Packet - Laserfiche WebLink

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CITY OF CENTERVILLE, MINNESOTA NOTES TO FINANClAL STATEMENTS DECEMBER 31, 2001 Note 2: STEWARDSIDP, COMPLIANCE AND ACCOUNTABILITY - CONTINUED B. Excess of Expenditures over Appropriatious For the year ended December 31, 2001, expenditures exceeded appropriations in the general fund as illustrated below: Rudeet Actoal Excess General Fund $ I 532.352 $ I 974.028 $ 441.676 The excess expenditures were funded by actual revenue in excess of budget, transfers in and available fund balance. C. Deficit Fnnd Equity The following funds have a deficit fund balance as of December 31,2001: Special Revenue Funds Recycling City Celebration Debt Service Funds 1993 Acorn Creek Improvements Municipal Building Capital Projects Funds Pedestrian Trail Ways Eagle Pass Additions Lakeland Hills TIP District 1.4 TIP District [.5 21 st Avenue Improvements Center Villa Deer Pass Roya] Industrial Park Public Works Building Lift Station #2 Renovation Downtown Revitalization The Shores Economic Development Commission $ 10,628 34,962 38,296 31,326 352 11,152 45,898 2,550 6,233 8,467 40,553 3,599 90,186 6,029 159,422 8,560 1,018 ],521 The deficits in these funds will be eliminated by future revenue sources and transfers. Note 3: DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUl'S A. Deposits and Investments Cash balances of the City's funds are combined (pooled) and invested to the extent available in various investments authorized by Minnesota State Statutes. Each fund's portion oflhis pool (or pools) is displayed on the fmancial statements as "cash and temporary investments." For purposes of identifying the risk of investing public funds, the balances are categorized as follows: Deposits In accordance with Minnesota Statutes and as authorized hy the Council, the City maintains deposits at those depository banks, all of which are members of the Federal Reserve System.