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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 />imposed by the provider have been met. The City’s only fiduciary funds are agency funds. Agency <br />funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of <br />operations. <br /> <br />Governmental fund financial statements are reported using the current financial resources measurement <br />focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both <br />measurable and available. Revenues are considered to be available when they are collectible within the <br />current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the <br />City considers all revenues, except reimbursement grants, to be available if they are collected within 60 <br />days of the end of the current fiscal period. Reimbursement grants are considered available if they are <br />collected within one year of the end of the current fiscal period. Expenditures generally are recorded <br />when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well <br />as expenditures related to compensated absences and claims and judgments, are recorded only when <br />payment is due. <br /> <br />Property taxes, special assessments, intergovernmental revenues, charges for services and interest <br />associated with the current fiscal period are all considered to be susceptible to accrual and so have been <br />recognized as revenues of the current fiscal period. Only the portion of special assessments receivable <br />due within the current fiscal period is considered to be susceptible to accrual as revenue of the current <br />period. All other revenue items are considered to be measurable and available only when cash is <br />received by the City. <br /> <br />As a general rule the effect of interfund activity has been eliminated from the government-wide <br />financial statements. Exceptions to this general rule are transactions that would be treated as revenues, <br />expenditures or expenses if they involved external organizations, such as buying goods and services or <br />payments in lieu of taxes, are similarly treated when they involve other funds of the City. Elimination <br />of these charges would distort the direct costs and program revenues reported for the various functions <br />concerned. <br /> <br />Proprietary Funds distinguish operating revenues and expenses from nonoperating items. Operating <br />revenues and expenses generally result from providing services and producing and delivering goods in <br />connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of <br />the water and sewer enterprise funds are charges to customers for sales and services. Operating <br />expenses for enterprise funds include the cost of sales and services, administrative expenses, and <br />depreciation on capital assets. All revenues and expenses not meeting this definition are reported as <br />nonoperating revenues and expenses. <br /> <br /> <br />D. BUDGETS <br /> <br />Budgets are adopted on a basis consistent with accounting principles generally accepted in the United <br />States of America. Annual appropriated budgets are adopted for the General Fund and the Program <br />Recreation Special Revenue Fund. Budgeted expenditure appropriations lapse at year-end. Budgeted <br />amounts are reported as originally adopted and as amended by the City Council. Budgeted expenditure <br />appropriations lapse at year end. <br /> <br /> Encumbrance accounting, under which purchase orders, contracts, and other commitments for the <br />expenditure of monies are recorded in order to reserve that portion of the appropriation, is not employed <br />by the City because it is at present not considered necessary to assure effective budgetary control or to <br />facilitate effective cash management. <br />47
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