Laserfiche WebLink
CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2007 <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 />p <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 ro osed <br />P P <br />budget is presented to the city council for review and approval. By September 15, the proposed budget and <br />. P p g <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' de heads may <br />pa s department Y <br />make transfers of appropriations within a department with approval of the City's manager. Transfers of <br />. g <br />appropriations between funds require the approval of the Council. The legal level of budgetary control i.e. <br />the level at which expenditures may not legally exceed appropriations) is at the fund level. The Council <br />made several supplementary budgetary appropriations for the general fund and various special revenue <br />fund i p <br />s n 2007. Those supplementary budgetary appropriations increased budgeted expenditures in the <br />General Fund by $1,370,000 and Recreation Fund by $73,804. <br />B. Deficit fund equity <br />The general obligation improvement bonds, charitable gambling, and information technolo gy funds had <br />deficit balances of $916,039, $91,111, and $359,826, respectively. These fund deficits are expected to be <br />covered from future fund revenues or transfers from other funds <br />NOTE 4 - DETAILED NOTES ON ALL FUNDS <br />A. Deposits and investments <br />1. Components of Cash and Investments <br />Cash and investments at year -end consist of the following: <br />Deposits <br />Investments <br />Cash on hand <br />Total <br />$ 151654,967 <br />30,153,369 <br />5,474 <br />$_45,816,810._= <br />54 <br />