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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2013 <br />When committed, assigned or unassigned resources are available for use, it is the City's policy to use <br />resources in the following order; 1) committed 2) assigned and 3) unassigned. <br />P. INTERFUND TRANSACTIONS <br />Interf ind 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 <br />that are properly applicable to another fund, are recorded as expenditures/expenses in the reimbursing <br />fund and as reductions of expenditures/expenses in the fund that is reimbursed. Interfund loans are <br />reported as an interfund loan receivable or payable which offsets the movement of cash between <br />funds. All other interfund transactions are reported as transfers. <br />Q. USE OF ESTIMATES <br />The preparation of financial statements in accordance with generally accepted accounting principles <br />(GAAP) requires management to make estimates that affect amounts reported in the financial <br />statements during the reporting period. Actual results could differ from such estimates. <br />R. RECLASSIFICATIONS <br />Certain amounts presented in the prior year data has been reclassified in order to be consistent with the <br />current year's presentation. <br />S. COMPARATIVE TOTALS <br />The basic financial statements, required supplementary information, combining and individual fund <br />financial statements and schedules and supplementary financial information include certain prior -year <br />summarized comparative information in total but not at the level of detail required for presentation in <br />conformity with generally accepted accounting principles. Accordingly, such information should be <br />read in conjunction with the City's financial statements for the year ended December 31, 2012, from <br />which the summarized information was derived. <br />T. DEFERRED OUTFLOWSANFLOWS OF RESOURCES <br />In addition to assets, the statement of financial position will sometimes report a separate section for <br />deferred outflows of resources. This separate financial statement element, deferred ouij7ows of <br />resources, represents a consumption of net position that applies to a future period(s) and so will not be <br />recognized as an outflow of resources (expense/expenditure) until then. The government has no items <br />that qualify for reporting in this category. <br />51 <br />