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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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i <br />IMEnr <br />Nr- <br />CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2011 <br />Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />P. INTERFUND TRANSACTIONS <br />Interfund services provided and used are accounted for as revenues, expenditures or expenses. <br />Transactions that constitute reimbursements to a fund for expenditures /expenses initially made from it that <br />are properly applicable to another fund, are recorded as expenditures /expenses in the reimbursing fund and <br />as reductions of expenditures or expenses in the fund that is reimbursed. All other interfund transactions <br />are reported as transfers. <br />All Interfund transactions are eliminated except for activity between governmental activities and business- <br />type activities for presentation in the entity-wide statements of net assets and statements of activities. <br />Q. PRIOR PERIOD ADJUSTMNENT <br />The amount of land at December 31, 2010 was understated due to unrecorded donated land from previous <br />years. A total of $466,800 was added to the beginning balance of land and the adjustment was posted to <br />beginning net assets on the government -wide statement of activities. <br />Note 2 DEPOSITS AND INVESTMENTS <br />Components of Cash and Investments <br />Cash and investments at year -end consists of the following: <br />Deposits $ 4,532,173 <br />Investments 23,389,470 <br />Cash on Hand 820 <br />Total $ 27,922,463 <br />Cash and investments are presented in the financial statements as follows: <br />Cash and Investments - Statement of Net Assets $ 27,221,483 <br />Cash and Investments - Statement of Net Assets - Fiduciary Funds 700,980 <br />Total $ 27,922,463 <br />A. Deposits <br />The City maintains a cash and investment pool that is available for use by all funds. Each fund type's <br />portion of this pool is displayed on the statement of net assets and the balance sheet as "Cash and <br />Investments." In accordance with Minnesota Statutes, the City maintains deposits at financial institutions <br />which are authorized by the City Council. <br />
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