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CITY OF CENTERVILLE, MINNESOTA <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31, 1999 <br /> Note 2: STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY - CONTINUED <br /> B. Excess of Expenditures over Appropriations <br /> For the year ended December 31, 1999, expenditures exceeded appropriations in the General Fund as illustrated <br /> below: <br /> Budget Actual Excess _ <br /> General Fund 11.089.727 <br /> The excess expenditures were funded by actual revenue in excess of budget. <br /> C. Deficit Fund Equity <br /> The following funds have a deficit fund balance as of December 31, 1999: <br /> Special Revenue Funds <br /> Recycling $ 16,523 <br /> City Celebration 11,307 <br /> Debt Service Funds <br /> 1993 Acron Creek Improvements 12,379 <br /> Municipal Building 32,701 <br /> Capital Projects Funds <br /> Pedestrian Trail Ways 352 <br /> Eagle Pass Additions 10,786 <br /> Lakeland Hills 45,811 <br /> TIF District 1 -5 4,942 <br /> 21" Avenue Improvements 4,900 <br /> Center Villa 25,022 <br /> Deer Pass 2,670 <br /> Royal Industrial Park 88,182 <br /> Public Works Building 6,029 <br /> Lift Station #2 Renovation 7,316 <br /> Downtown Revitalization 3,019 <br /> The deficit in these funds will be eliminated by future revenue sources. <br /> Note 3: DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS <br /> A. Deposits and Investments <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 /> Deposits <br /> In accordance with Minnesota Statutes and as authorized by the City Council, the City maintains deposits at <br /> those depository banks, all of which are members of the Federal Reserve System <br /> -14- <br />