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Comprehensive Annual Financial Report 12/31/2014
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Comprehensive Annual Financial Report 12/31/2014
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Comprehensive Annual Financial Report
Date
12/31/2014
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2014 <br />Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />M. COMPENSATED ABSENCES <br />It is the City's policy to permit employees to accumulate earned but unused vacation, PTO (Personal Time <br />Off), extended leave and sick pay benefits. All vacation pay and PTO and the portion of sick pay allowable <br />as severance pay is accrued in the government -wide and proprietary fund financial statements. The current <br />portion is calculated based on historical trends. <br />N. LONG-TERM OBLIGATIONS <br />In the entity -wide financial statements, long-term debt and other long-term obligations are reported as <br />liabilities in the applicable governmental activities. Bond premiums and discounts are amortized over the <br />life of the bonds using the straight-line method. Bond issuance costs are reported as an expense in the <br />period they are incurred. <br />In the governmental fund financial statements, bond premiums and discounts, as well as bond issue costs <br />are recognized during the current period. The face amount of the debt issue is reported as other financing <br />sources. Premiums received on debt issuances are reported as other financing sources while discounts are <br />reported as other financing uses. Issue costs are reported as debt service expenditures. <br />O. FUND EQUITY <br />In the fund financial statements, governmental funds report fund balances in classifications that disclose <br />constraints for which amounts in those funds can be spent. These classifications are as follows: <br />Nonspendable — portions of fund balance related to prepaids, inventories, long-term receivables, <br />and corpus on any permanent fund. <br />Restricted — funds are constrained by external parties (statute, grantors, bond agreements, etc.). <br />Committed — funds are established and modified by a resolution approved by the City Council. <br />Assigned — consists of internally imposed constraints. These constraints are established by the <br />City Council and/or management. The City Council passed a resolution authorizing the Finance <br />Director to assign fund balances and their intended uses. <br />Unassigned — is the residual classification for the General Fund and also reflects negative residual <br />amounts in other funds. <br />When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is <br />available, it is the City's policy to use restricted first, then unrestricted fund balance. <br />When an expenditure is incurred for purposes for which committed, assigned, and unassigned amounts are <br />available, it is the City's policy to use committed first, then assigned, and finally unassigned amounts. <br />The City formally adopted a fund balance policy for the General Fund. The policy establishes an <br />unassigned fund balance range of 40% - 50% of General Fund operating expenditures. <br />42 <br />
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