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06-04-2018 Council Work Session Packet
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06-04-2018 Council Work Session Packet
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2017 <br /> <br /> <br /> <br /> <br />City in payment of delinquent special assessments. Generally, the City will collect the full amount of <br />its special assessments not adjusted by City Council or court action. Pursuant to State Statutes, a <br />property shall be subject to a tax forfeit sale after three years unless it is homesteaded, agricultural or <br />seasonal recreational land in which event the property is subject to such sale after five years. <br /> <br />Within the government-wide financial statements, the City recognizes special assessment revenue in the <br />period that the assessment roll was adopted by the City Council. Uncollectible special assessments are <br />not material and have not been reported. <br /> <br />Within the fund financial statements, the revenue from special assessments is recognized by the City <br />when it becomes measurable and available to finance expenditures of the current fiscal period. In <br />practice, current and delinquent special assessments received by the City are recognized as revenue for <br />the current year. Special assessments are collected by the County and remitted by December 31 <br />(remitted to the City the following January) and are also recognized as revenue for the current year. All <br />remaining delinquent, deferred and special deferred assessments receivable in governmental funds are <br />completely offset by deferred inflows of resources. <br /> <br /> <br />I. INVENTORY <br /> <br /> For governmental funds, the original cost of materials and supplies are recorded as expenditures at the <br />time of purchase. These funds do not maintain material amounts of inventories. <br /> <br /> Inventories of the proprietary funds are stated at cost, which approximates market, using the first-in, <br />first-out (FIFO) method. <br /> <br /> <br />J. PREPAID ITEMS <br /> <br />Certain prepayments to vendors reflect costs applicable to future accounting periods and are recorded as <br />prepaid items in both government-wide and fund financial statements. Prepaid items are reported using <br />the consumption method and recorded as expenditures/expenses at the time of consumption. <br /> <br /> <br />K. INTERFUND TRANSACTIONS <br /> <br />During the course of operations, numerous transactions occur between individual funds for goods <br />provided or services rendered. Interfund services provided and used are accounted for as revenues, <br />expenditures or expenses. Transactions that constitute reimbursements to a fund for expenditures / <br />expenses initially made from it that are properly applicable to another fund, are recorded as <br />expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund <br />that is reimbursed. <br /> <br />The City provides temporary advances to funds that have insufficient cash balances by means of an <br />advance from another fund. Such advances are classified as “advances to/from other funds.” Long- <br />term interfund loans are classified as “interfund loan receivable/payable.” Any residual balances <br />outstanding between the governmental activities and business-type activities are reported in the <br />government-wide financial statements as “internal balances.” All other interfund transactions are <br />reported as transfers. <br /> <br /> <br />50
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