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Audit Report 12/31/1977
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Audit Report 12/31/1977
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Audit Report 12/31/1977
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12/31/1977
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CITY OF LINO LAKES <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1977 <br />Note 1: Summary of Significant Accounting Policies <br />a. Basis of accounting - The accrual basis of accounting is followed by the <br />Special Assessment and Enterprise Funds, while the General, Special <br />Revenue and Debt Service Funds utilize the modified accrual basis of <br />accounting. Modifications in such method from the accrual basis follow: <br />1. Revenues are recorded as received in cash except for <br />- revenues susceptible to accrual <br />revenues of a material amount that have not been <br />received at the normal time of receipts <br />2. Expenditures are recorded on the accrual basis except <br />- disbursements for inventory items are considered <br />expenditures at the time of purchase <br />- interest on long -term debt is recorded as an expen- <br />diture when due <br />b. Clerk's balances consist of cash on hand, cash in bank and certificates <br />of deposits which are stated at cost. <br />c. General fixed assets are stated at actual or estimated values. The policy <br />of stating such assets at other than cost is at variance with generally <br />accepted accounting principles. Additions and deletions are not accounted <br />for in detailed inventory records. <br />Depreciation of general fixed assets is not provided for in the City's <br />records because depreciation does not constitute a current budgetary <br />expenditure. The cost of these items are accounted for as current expen- <br />ditures of the various funds in the year paid. However, accumulated <br />depreciation is provided for the Water and Sewer System. The depreciation <br />is computed using the straight line method at rates of 2% to 20%. <br />Note 2: Contributed Equity <br />Balance, beginning of year $407,346 <br />Depreciation on contributed assets (11,480) <br />Transfer to General Fixed Assets (395,866) <br />Balance, End of Year $ -0- <br />
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