Annual_Report_1995_001 - Laserfiche WebLink

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. •• . • .: „ . �-�m��:�. � .. L�Int� i_ S��mmar� of S'�cancAccQllnting�'olicie� - roncinued Encumhzances - Encumbrances represent purchase commitments. Encumbrances outstanding at yeaz-end aze reported as reservations of fund balances since they do not constimte expendirures or liabilities. Vacaaon�Sick_and Compensatory�T me_Off__Pay - The Ciry compensates employees upon termination for unused vacation and compensatory tune oK. Employees aze not compensated for unused sick pay upon termination of employment, except upon retirement, at which time employees are entitled to one-half of their acwmulated leave up to one month's pay. Vacation and compensarory time off aze accrued when eamed and sick pay is expensed when payment is made in the proprietary funds. Vacation, compensatory time off, and sick pay aze recognized when payment is made in the govemmental funds. The noncurrent liabiliry for the govemmental funds is reflected in the General Long-Term Debt Acwunt Group representing the City's commitment to fund such cosu from furure operations. CashFlows - For purposes of this statement, all highly liquid investments (including restricted assets) with a maturiry of ttuee months or less when purchased are considered to be cash equivalents. Claims - There aze a number of claims for worker's compensation and liabiliry damage in the internal service funds which have occurred but have not yet been conveyed ro the Ciry on December 31 of each year. The Ciry prepazes an estimate of those ciaims based on hisrorical information and subsequent events. The amount of the estunate is ezpeaced and shown as a current liability for the reporting year. PastRetiuement_Henefits - The City does not provide for employee post-retirement benefits. G. Compuative Data Comparative data for the prior year have been presented to provide an understanding of changes in the Ciry's financial position and opera[ions. H. Total Columns on Combined Statemeats Total columns on the combined statements aze captioned "Memorandum Only" to indicate they are presented only to facilitate financial analysis. Data in these columns do not present fmancial position, results of operations, or cash flows in conformity with generally accep[ed accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. Note 2_-_Eacpenditures_in Excess ofBudgeiand_Deficits_iaEundBalances The Recreation Fund - expenditures ezceeded the 1995 budget by $224,095 and recreation revenues exceed budget by $93,955 resulting in an increase in the fund deficit of $150,140. The Recreation Fund deficit as of December 31, 1995, totaled $1,966,538. The Communiry Development Fund - expenditures exceeded the 1995 budget by $126,262. The excess expendirures were higher than expected due ro an increase in operations. The Communiry Development Fund revenue was $544,183 in excess of the budgeted revenue for 1995. The License Cenrer Fund - 1995 expenditures exceeded budget by $90,668. The excess revenues for 1995 rotaled $11,158 resulting in a net decrease in the fund balance of $79,510. The excess expenditures were higher than anticipated due to higher administrative charges to the general fund. The Charitable Gambting Fund - expenditures for 1995 exceeded budget by $11,144. 1995 revenues were $31,517 less than anticipated. 33