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CITY OF ROSEVILLE NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2011 NOTE 3 - STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY A. Budgetary information Annual budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America for the governmental funds classified as the general fund and special revenue funds. No budgets are prepared for other governmental funds which include the debt service and capital projects. All annual appropriations lapse at fiscal year -end. On or before mid -May of each year, all departments and agencies of the City submit requests for appropriations to the City's manager so that a budget may be prepared. Before September 15, the proposed budget is presented to the city council for review and approval. By September 15, the proposed budget and tax levy must be submitted to the county auditor. The Council holds public hearings and a final budget and tax levy must be prepared, adopted and submitted to the county auditor, no later than December 28. The appropriated budget is prepared by fund, function and department. The City's department heads may make transfers of appropriations within a department with approval of the City's manager, without Council approval. Transfers of appropriations between departments and funds require the approval of the Council. The legal level of budgetary control (i.e. the level at which expenditures may not legally exceed appropriations) is at the fund level. The Council made a supplementary budgetary appropriation for a few special revenue funds in 2011. The supplementary budgetary appropriation increased budgeted expenditures and revenues in the Community Development fund by $325,000 and $300,000 respectively, and expenditures in the Charitable Gambling Fund by $20,000. B. Deficit fund equity The Charitable Gambling Fund had a deficit balance of $47,403. This fund deficit is expected to be covered from future fund revenues or transfers from other funds. NOTE 4 - DETAILED NOTES ON ALL FUNDS A. Deposits and investments 1. Components of Cash and Investments Cash and investments at year -end consist of the following: Deposits Investments Cash on hand $ 24,412,489 26,03 3,039 8,639 Total $ 50,454,167 53