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2012 CAFR
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2012 CAFR
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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2012 <br />NOTE 3 - STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY <br />A. Budgetary information <br />Annual budgets are adopted on a basis consistent with accounting principles generally accepted in the <br />United States of America for the governmental funds classified as the general fund and special revenue <br />funds. No budgets are prepared for other governmental funds which include the debt service and capital <br />projects. All annual appropriations lapse at fiscal year -end. <br />On or before mid -May of each year, all departments and agencies of the City submit requests for <br />appropriations to the City's manager so that a budget may be prepared. Before September 15, the proposed <br />budget is presented to the city council for review and approval. By September 15, the proposed budget and <br />tax levy must be submitted to the county auditor. The Council holds public hearings and a final budget and <br />tax levy must be prepared, adopted and submitted to the county auditor, no later than December 28. <br />The appropriated budget is prepared by fund, function and department. The City's department heads may <br />make transfers of appropriations within a fund with approval of the City's manager, without Council <br />approval. Transfers of appropriations between funds require the approval of the Council. The legal level <br />of budgetary control (i.e. the level at which expenditures may not legally exceed appropriations) is at the <br />fund level. The Council made a supplementary budgetary appropriation for the general fund and few <br />special revenue funds in 2012. The supplementary budgetary appropriation increased budgeted <br />expenditures in the general fund by $210,000, expenditures in the Community Development fund by <br />$207,000, and expenditures in the Charitable Gambling Fund by $6,500. <br />B. Deficit fund equity <br />The Charitable Gambling Fund had a deficit balance of $29,777. This fund deficit is expected to be <br />covered from future fund revenues or transfers from other funds. <br />53 <br />
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