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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 />M. COMPENSATED ABSENCES <br />It is the City's policy to permit employees to accumulate earned but unused vacation and sick pay benefits. <br />All vacation pay and the portion of sick pay allowable as severance pay is accrued as incurred in the <br />government -wide and proprietary fund financial statements. The current portion is calculated based on <br />historical trends. <br />N. LONG -TERM OBLIGATIONS <br />In the entity-wide financial statements, long -term debt and other long -term obligations are reported as <br />liabilities in the applicable governmental activities. Bond premiums and discounts are deferred and <br />amortized over the life of the bonds using the straight -line method. Bond issue costs, if material, are <br />amortized over the term of the related debt using the straight -line method. <br />In the governmental fund financial statements, bond premiums and discounts, as well as bond issue costs <br />are recognized during the current period. The face amount of the debt issue is reported as other financing <br />sources. Premiums received on debt issuances are reported as other financing sources while discounts are <br />reported as other financing uses. Issue costs are reported as debt service expenditures. <br />O. FUND EQUITY <br />At December 31, 2011, the City adopted GASB Statement No. 54, Fund Balance Reporting and <br />Governmental Fund Type Definitions. <br />In the fund financial statements, governmental funds report fund balances in classifications that disclose <br />constraints for which amounts in those funds can be spent. These classifications are as follows: <br />Nonspendable — portions of fund balance related to prepaids, inventories, long -term receivables, <br />and corpus on any permanent fund. <br />Restricted — funds are constrained by external parties (statute, grantors, bond agreements, etc). <br />Committed — funds are established and modified by a resolution approved by the City Council. <br />Assigned — consists of internally imposed constraints. These constraints are established by the <br />City Council and/or management. The City Council also delegates the authority to assign fund <br />balance to the Finance Director. <br />Unassigned — is the residual classification for the General Fund and also reflects negative residual <br />amounts in other funds. <br />When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is <br />available, it is the City's policy to use restricted first, then unrestricted fund balance. <br />When an expenditure is incurred for purposes for which committed, assigned, and unassigned amounts are <br />available, it is the City's policy to use committed first, then assigned, and finally unassigned amounts. <br />Gala <br />The City formally adopted a fund balance policy for the General Fund. The policy establishes an <br />unassigned fund balance range of 40% - 50% of General Fund operating expenditures. <br />41 �. <br />
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