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Comprehensive Annual Financial Report 12/31/2011
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Comprehensive Annual Financial Report 12/31/2011
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Comprehensive Annual Financial Report
Date
12/31/2011
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2011 <br />Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />C. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING (CONTINUED) <br />Amounts reported as program revenues include: 1. Charges to customers or applicants for goods, services, <br />or privleges provided, 2. operating grants and contributions, and 3. capital grants and contributions, <br />including special assessments. <br />Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating <br />revenues and expenses generally result from providing services and producing and delivering goods in <br />connection with a proprietary fund's principal ongoing operations. The principal operating revenue of the <br />City's enterprise funds are charges to customers for sales and services. Operating expenses for enterprise <br />funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All <br />revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. <br />D. BUDGETS <br />Budgets are adopted on a basis consistent with U.S. generally accepted accounting principles. Annual <br />appropriated budgets are adopted for the General Fund and the Program Recreation Special Revenue Fund. <br />Budgeted expenditure appropriations lapse at year -end. <br />Encumbrance accounting, under which purchase orders, contracts, and other commitments for the <br />expenditure of monies are recorded in order to reserve that portion of the appropriation, is not employed by <br />the City because it is not presently considered necessary to assure effective budgetary control or to <br />facilitate effective cash management. <br />E. LEGAL COMPLIANCE — BUDGETS <br />The City follows these procedures in establishing the budgetary data reflected in the financial statements: <br />1. The City Administrator submits to the City Council a proposed operating budget (including the <br />General Fund and Program Recreation Special Revenue Fund) for the fiscal year commencing the <br />following January 1. The operating budget includes proposed expenditures and the means of financing <br />them. <br />2. Public hearings are conducted to obtain taxpayer comments. <br />3. The budget is legally enacted through passage of a resolution on a departmental basis and can be <br />expended by each department based upon detailed budget estimates for individual expenditure <br />accounts. <br />4. The City Administrator is authorized to transfer appropriations within any department budget. <br />Additional interdepartmental or interfund appropriations and deletions are or may by authorized by the <br />City Council with fund (contingency) reserves or additional revenues. <br />5. Formal budgetary integration is employed as a management control device during the year for the <br />General Fund. <br />6. Legal debt obligation indentures determine the appropriation level and debt service tax levies for the <br />Debt Service Funds. Supplementary budgets are adopted for the Proprietary Funds to determine and <br />calculate user charges. These debt service and budget amounts represent general obligation bond <br />indenture provisions and net income for operation and capital maintenance and are not reflected in the <br />financial statements. <br />37 <br />
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