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25 <br />CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) <br />DECEMBER 31, 1974 <br />Note 2 - Prior Period adjustments (Continued) <br />The Special Assessment Fund has been adjusted to reflect the removal of deferred <br />taxes receivable and amounts to be provided in order to conform with generally <br />accepted accounting principles. <br />The Retained earnings of the Public Utility Funds have been adjusted to reflect <br />the distribution of prior years depreication on contributed property, plant <br />and equipment to the contribution account. <br />Note 3 - General Fixed Assets <br />General fixed assets owned by the City are not included in the financial. <br />statements since records thereof are not maintained. Generally accepted <br />accounting principles require their inclusion in the financial statements. <br />Note 4 - Water Revenue Bonds <br />The revenues of the Water Operating Fund are pledged for payment of the Water <br />Revenue Bonds of 1961 and 1963. <br />Note 5 - Litigation: <br />The City had the usual and customary types of miscellaneous claims pending at <br />year. -end, mostly of a minor nature and usually all covered by insurance carried <br />for that purpose. <br />The City also carries personal injury insurance against suits for false arrest, <br />libel, slander, violation of privacy, wrongful entry, etc., which suits can arise <br />from enforcement of the city code and general laws. There were no such suits <br />pending at ,year-end which would, in the opinion of the City Attorney's office, <br />incur any material liability, and any such liability would be covered by insurance_ <br />