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CITY OF GEM LAKE, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2007 <br />NOTE 5 STEWARDSHIP COMPLIANCE AND ACCOUNTABILITY <br />Excess of Expenditures. Over Appropriations <br />Actual expenditures. exceeded budgets during 2007 as follows: <br />General Fund: <br />Public Works <br />Final <br />Budget Actual <br />Excess <br />$ 70,340 $ 74.,:161 $ (3,821) <br />These excess expenditures were funded by available fund balance in the General Fund. <br />NOTE 6 COMMITMENTS AND CONTINGENCIES <br />The City. has an active construction project as of December 31, 2007. The project relates to <br />the city half construction. At year-end, the City's commitment with contractors was $59,800. <br />NOTE 7 INTERFUND TRANSFERS <br />Individual fund transfers for fiscal year 2007 are as follows: <br />Transfer <br />In <br />Governmental Activity: <br />GO Improvement Bonds 2006A $ 37,480 <br />Other Governmental Funds Business -Type Activity, <br />Sewer Fund .5,000 <br />$ 42.,480 <br />Transfer <br />Out <br />42,480 <br />$ 42,480 <br />During 2007, the City made interfund transfers from the street improvement fund to fund <br />debt service payments related to the improvement bonds as well as finance> sewer <br />operations. <br />NOTE 8 RISK MANAGEMENT <br />The City is exposed to various risks of. loss related to torts; theft of, damage to and <br />destruction of assets; errors and omissions; injuries to employees; .and. natural. disasters. <br />The City carries commercial insurance for all risks of loss, including disability and employee <br />health insurance. <br />There were no significant reductions in insurance from the previous year or settlements in <br />excess of insurance coverage for any of`the past three fiscal years.. <br />(26) <br />