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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
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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 />E. LEGAL COMPLIANCE — BUDGETS (CONTINUED) <br />7. A capital improvement program is reviewed periodically by the City Council for the Capital Project <br />Funds. However, appropriations for major projects are not adopted until the actual bid award of the <br />improvement. The appropriations are not reflected in the financial statements. <br />8. Expenditures may not legally exceed budgeted appropriations at the department level unless approved <br />by the City Council. Therefore, the legal level of budgetary control is at the department level (i.e. <br />administration, community development, public safety, public services, and other). <br />9. The City Council may authorize transfers of budgeted amounts between City funds. <br />F. CASH AND INVESTMENTS <br />Cash and investment balances from all funds are pooled and invested to the extent available in investments <br />authorized by Minnesota Statutes. Earnings from investments are allocated to individual funds on the basis <br />of the fund's equity in the cash and investment pool. <br />The City provides temporary advances to funds that have insufficient cash balances by means of an <br />advance from another fund shown as interfund receivables in the advancing fund in the governmental fund <br />financial statements, and an interfund payable in the fund with the deficit, until adequate resources are <br />received. These interfund payables are eliminated for statement of net assets presentation. <br />Investments are stated at fair value and interest earnings are accrued at year -end. <br />For purposes of the statement of cash flows the Proprietary Fund considers all highly liquid investments <br />with a maturity of three months or less when purchased to be cash equivalents. All of the cash and <br />investments allocated to the proprietary fund types have original maturities of 90 days or less. Therefore, <br />the entire balance in such fund types is considered cash equivalents. <br />Permanently restricted cash and investments represents the principal portion of resources received that <br />must be retained in a permanent fund. Only earnings from these funds may be used for purposes that <br />support environmental maintenance and improvements. <br />G. PROPERTY TAX CREDITS <br />Property taxes on homestead property (as defined by State Statutes) are partially reduced by property tax <br />credits. These credits are paid to the City by the State in lieu of taxes levied against homestead property. <br />The State remits these credits through installments each year. These credits are recognized as revenue by <br />the City at the time of collection. <br />
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