My WebLink
|
Help
|
About
|
Sign Out
Home
Search
Annual Financial Report 12/31/1982
LinoLakes
>
Finance
>
Annual Financial Statements
>
Annual Financial Report 12/31/1982
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
5/19/2014 11:22:20 AM
Creation date
12/4/2013 12:31:04 PM
Metadata
Fields
Template:
Finance Dept
Finance Category
Audit
Finance Document Folder
Annual Financial Reports
Finance Number Identifier
Annual Financial Report
Date
12/31/1982
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
54
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1982 <br />Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br />The City of Lino Lakes operates under "Plan A" as defined in the State of <br />Minnesota Statutes. Under this plan the government of the City is run by a <br />council composed of an elected mayor and four elected trustees or councilmen. <br />The Council exercises legislative authority and determines all matters of <br />policy. The City Administrator, who is appointed by the Council, is respon- <br />sible for the proper administration of all affairs relating to the City. <br />The accounting policies of the City of Lino Lakes conform to generally accepted <br />accounting principles as applicable to governments except for the valuation of <br />certain general fixed assets. The following is a summary of the more signifi- <br />cant policies. <br />ENTITY - DEFINITION <br />The criteria as prescribed by NCGA Statement 3 regarding reporting entities has <br />been applied in the preparation of the Annual Financial Report. No additional <br />reporting entities meet the criteria prescribed and therefore only City finan- <br />cial presentations are included herein. <br />FUND ACCOUNTING <br />The accounts of the City are organized and operated on the basis of funds and <br />groups of accounts. A fund is defined as a fiscal and accounting entity with <br />a self - balancing set of accounts recording cash and other financial resources, <br />together with all related liabilities and residual equities or balances (and <br />changes therein) which are segregated for the purpose of carrying on activities <br />or attaining certain objectives in accordance with special regulations, <br />restrictions or limitations. The various funds are grouped, in the financial <br />statements in this report, into seven generic fund types and two broad fund type <br />categories as follows: <br />GOVERMENTAL FUNDS <br />General Fund - The General Fund is the general operating fund of the City. It <br />is used to account for all financial resources except those required to be <br />accounted for in another fund. <br />Special Revenue Funds - Special Revenue Funds are used to account for the pro- <br />ceeds of specific revenue sources (other than special assessments or major <br />capital projects) that are restricted to expenditures for specified purposes. <br />Debt Service Funds - Debt Service Funds are used to account for the accumulation <br />of resources for, and the payment of, general long -term debt principal, <br />interest, and related costs. <br />
The URL can be used to link to this page
Your browser does not support the video tag.