Annual Financial Report 12/31/1990

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CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1990 Page 9 of 23 NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued) INVENTORIES GOVERNMENTAL TYPE FUNDS The original cost of materials and supplies has been recorded as expenditures and/or expenses at the time of purchase. The City does not maintain significant levels of material or supplies. PROPRIETARY TYPE FUNDS Inventories of the Proprietary Funds are stated at the lower -of -cost or market; cost being determined by the first -in, first-out method. FIXED ASSETS GENERAL General fixed assets are recorded as expenditures of the governmental funds at the time of purchase. Such assets are capitalized, at cost, in the General Fixed Asset Account Group except for certain improvements (roads, bridges, curbs, gutters, streets, sidewalks, drainage systems and lighting systems) which are not capitalized. Gifts or contributions are recorded in general fixed assets at fair market value at the time received. No depreciation has been provided on general fixed assets. A summary of changes in general fixed assets is as follows: Balance Balance 1/1/90 Additions Deletions 12/31/90 Land $298,943 $298,943 Buildings and improvements 569,905 $8,779 578,684 Wells 6,216 6,216 Furniture and equipment 880,423 263,430 $34,967 1,108,886 Totals $1 755 487 $272,209 $34,967 $1,992,729 The City does not maintain detailed records nor accounting controls over general fixed assets. The amounts presented in the financial statements represent partial accumulations of historical accounting records without regard to physical listings.