Financial Health Profile 1984-1988

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Vow NNW Vow II MN OMER 12. Expenditures by Function (Per Capita) Expenditures shown in Indicator 7, divided by the population in Indicator 1 for each year. 13 Budget to Actual Revenues ) Source: Annual Financial Statement 14. Budget to Actual Expenditures ) Compares budget to actual figures for two fund types: general fund and special revenue funds. Not shown are debt service funds, capital projects funds, enterprise funds, or fiduciary (trust and agency) funds which are not required to be compared to budget by GAAP. 15. Outstanding Bonded Indebtedness The outstanding principal portion of five types of long -term debt is shown. The types are: (1) General obligation; (2) special assessment; (3) tax increment financing; (4) general obligation revenue; (5) revenue, and other. 16. Bond Ratings Source: Moody's and Standard and Poor's bond rating services. Note: Cities are often rated only in years when the city markets an issue. 17. Current Debt Service Costs Includes the principal and interest paid during the year on long -term debt by the governmental funds. Total debt redemption plus Interest and fiscal charges 18. Governmental Fund Liabilities Total liabilities of the governmental fund types. Includes accounts payable, outstanding principal of short term debt, certain long -term debt, and other liabilities. Special Assessment bonded debt is not shown in governmental fund liabilities in 1988. 19. Fund Balances (unreserved, undesignated) Source: Annual Financial Statement 20. Opinion on Financial Report and Certificate of Achievement Unqualified opinion: In the auditor's professional opinion, the financial statements conform to generally accepted accounting principles (GAAP). Qualified opinion: In the auditor's opinion, there is a material departure from generally accepted accounting principles in the financial statements. A common example is general fixed assets, which may not be accounted for in a manner prescribed by GAAP.