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Comprehensive Annual Financial Report 12/31/2002
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Comprehensive Annual Financial Report 12/31/2002
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Comprehensive Annual Financial Report
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12/31/2002
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2002 <br />Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br />The City of Lino Lakes is a public corporation formed under Minnesota Statute 410. As such, the City is under <br />home rule charter regulations and applicable statutory guidelines. <br />The financial statements of the City of Lino Lakes have been prepared in conformity with U.S. generally <br />accepted accounting principles as applied to governmental units by the Governmental Accounting Standards <br />Board (GASB). The following is a summary of the significant accounting policies: <br />A. FINANCIAL REPORTING ENTITY <br />As required by U.S. generally accepted accounting principles, the financial statements of the reporting <br />entity include those of the City of Lino Lakes and its component units. A component unit is a legally <br />separate entity for which the primary government is financially accountable, or for which the exclusion <br />of the component unit would render the financial statements of the primary government misleading. <br />The criteria used to determine if the primary government is financially accountable for a component <br />include whether or not the primary government appoints the voting majority of the potential component <br />unit's board, is able to impose its will on the potential component unit, is in a relationship of financial <br />benefit or burden with the potential component unit, or is fiscally depended upon by the potential <br />component unit. <br />COMPONENT UNITS <br />In conformity with U.S. generally accepted accounting principles, the financial statements of <br />component units have been included in the financial reporting entity either as blended component units <br />or as discretely presented component units. <br />Blended Component Units. <br />The Economic Development Authority (EDA) of Lino Lakes is an entity legally separate from the City. <br />However, for financial reporting purposes, the EDA is reported as if it were part of the City's <br />operations because the members of the City Council serve as commission members. The EDA does not <br />issue separate financial statements. <br />The Housing and Redevelopment Authority (HRA) of Lino Lakes is an entity legally separate from the <br />City. However, for financial reporting purposes, the HRA is reported as if it were part of the City's <br />operations because the members of the City Council serve as commission members. The HRA has not <br />yet incurred any financial activity. <br />B. FUND ACCOUNTING <br />The accounting system of the City is organized and operated on a fund basis. A fund is defined as a <br />fiscal and accounting entity with a self - balancing set of accounts recording cash and other financial <br />resources, together with all related liabilities and residual equities or balances, and changes therein, <br />which are segregated for the purpose of carrying on specific activities or attaining certain objectives in <br />accordance with special regulations, restrictions or limitations. <br />
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