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2015_Approved Budget and CIP.pdf
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2015_Approved Budget and CIP.pdf
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City of Roseville — 2015 Budget <br />The government reports deferred revenue on its combined balance sheet. Deferred revenues arise when <br />potential revenue does not meet both the "measurable" and "available" criteria for recognition in the <br />current period. Deferred revenues also arise when resources are received by the government before it <br />has a legal claim to them as when grant monies are received prior to the incurrence of qualifying <br />expenditures. In subsequent periods when both revenue recognition criteria are met or when the <br />government has a legal claim to the resources the liability for deferred revenue is removed from the <br />combined balance sheet and revenue is recognized. <br />Expenditures are generally recognized under the modified accrual basis of accounting when the related <br />fund liability is incurred except for principal and interest on general long-term debt which is recognized <br />when due and accumulated unpaid vacation and compensatory time off which are recognized when paid. <br />The accrual basis of accounting is utilized by proprietary fund types. Under this method, revenues are <br />recorded when earned and expenses are recorded at the time ]iabilities are incurred. Unbilled utility <br />service receivables are recorded at year-end. <br />Basis of Budgeting <br />The City adopts an annual budget for the general and special revenue funds that are prepared on the <br />modified accrual basis of accounting. This is consistent with the City's basis of accounting for <br />governmental funds. Proprietary funds are budgeted on an accrual basis which is also consistent with <br />the City's basis of accounting for those fund types. <br />The adopted budget indicates the amount that can be expended by each fund based on detailed budget <br />estimates for individual expenditure accounts. Management may malce budget modifications within the <br />fund level. All budget revisions at the fund level must be authorized by the City Council at the request <br />of the City Manager. The Council, under Minnesota Statutes, Section 412.731, can modify or amend the <br />budget if funds are available. All supplemental appropriations are financed either by transfers from the <br />contingency section of the general fund budget or by revenues received in excess of the budgeted <br />amounts. All budget amounts lapse at the end of the year to the extent they have not been expended. <br />The level which expenditures may not legally exceed appropriations is at the fund level. <br />Long Range Planning - Capital Improvement Program (CIP) Overview <br />As part of the annual budget and the long range planning process, the city also updates a 20-year Capital <br />Improvement Program (CIP). <br />The Capital Improvement Program process is on-going throughout the year, as the City Council studies <br />and approves various projects. The document preparation is an affirmation of those approvals as well as <br />a projection of potential projects that may be approved within the 20-year period. <br />The general guideline for CIP inclusion would be equipment of a capital nature, and construction project <br />cost generally in excess of $5,000. Items may appear in the CIP that are under the minimum amount, <br />but they are evaluated on the basis of the substance of the expenditure. <br />Budget Procedures (Specific) <br />A budget calendar is developed in early February of each year with the departmental budget material <br />going out to departments in early April. <br />115 <br />
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