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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 />E. LEGAL COMPLIANCE – BUDGETS <br /> <br />The City follows these procedures in establishing the budgetary data reflected in the financial <br />statements: <br /> <br />1. The City Administrator submits to the City Council a proposed operating budget (including the <br />General Fund and Program Recreation Special Revenue Fund) for the fiscal year commencing <br />the following January 1. The operating budget includes proposed expenditures and the means <br />of financing them. <br /> 2. Public hearings are conducted to obtain taxpayer comments. <br /> 3. The budget is legally enacted through passage of a resolution on a departmental basis and can <br />expended by each department based upon detailed budget estimates for individual expenditure <br />accounts. <br /> 4. The City Administrator is authorized to transfer appropriations within any department budget. <br />Additional interdepartmental or interfund appropriations and deletions are or may be <br />authorized by the City Council with fund (contingency) reserves or additional revenues. <br /> 5. Formal budgetary integration is employed as a management control device during the year for <br />the General Fund. <br /> 6. Legal debt obligation indentures determine the appropriation level and debt service tax levies <br />for the Debt Service Funds. Supplementary budgets are adopted for the Proprietary Funds to <br />determine and calculate user charges. These debt service and budget amounts represent <br />general obligation bond indenture provisions and net income for operation and capital <br />maintenance and are not reflected in the financial statements. <br /> <br />7. A capital improvement program is reviewed periodically by the City Council for the Capital <br />Project Funds. However, appropriations for major projects are not adopted until the actual bid <br />award of the improvement. The appropriations are not reflected in the financial statements. <br /> <br />8. Expenditures may not legally exceed budgeted appropriations at the department level unless <br />approved by the City Council. Therefore, the legal level of budgetary control is at the <br />department level (i.e. administration, community development, public safety, public services, <br />and other). <br /> 9. The City Council may authorize transfers of budgeted amounts between City funds. <br /> <br /> <br />F. CASH AND INVESTMENTS <br /> <br />Cash and investment balances from all funds are pooled and invested to the extent available in <br />authorized investments. Investment income is allocated to individual funds on the basis of the fund's <br />equity in the cash and investment pool. <br /> <br />Investments are stated at fair value, except for investments in external investment pools that meet <br />GASB 79 requirements, which are stated at amortized cost. Interest earnings are accrued at year-end. <br /> <br />For purposes of the Statement of Cash Flows, the Proprietary Funds consider all highly liquid <br />investments with a maturity of three months or less when purchased to be cash equivalents. All of the <br />cash and investments allocated to the Proprietary Fund types have original maturities of 90 days or less. <br />Therefore, the entire balance in such fund types is considered cash equivalents. <br /> <br />48
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