07-08-1996 Council Packet - Laserfiche WebLink

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CITY OF ORONO. MINNESOTA Notes to Financial Statements (continued) December 31, 1995 I NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (CONTIM jTD) The revenue budget amendments in the Special Revenue Funds were for the following purposes: ® Park Fund - The revenue budget was established to reflect investment earnings and park dedication fees from developers. ° Improvement and Equipment Capital Outlay Fund - The rev enue budget was established to reflect equipment use charges, investment earnings, and operating transfers in. * Building Capital Outlay Fund - The revenue budget was established to reflect investment earnings. The expenditure budget amendments in the Special Revenue Funds were for the following purposes: ® Park Fund - The budget was increased to provide for landscaping, fencing, pathways, benches, and equipment at the Crystal Bay Park playground, parking lot improvements, picnic table, and signage at Highwood Nature Trails, partial construction and tree planting along the Old Crystal Bay Road bike/hike trail, and tree planting at French Creek Preserve. “ Improvement and Elqiiipment Capita] Outlay Fund - The budget was increased to provide for the network equipment, printers, computer equipment, and software related to the establishment of a stand alone record keeping system. ® Building Capital Outlay Fund - The budget was increased to provide for clean-up of contaminated soils at the old public works site, and for miscellaneous equipment and landscaping costs related to the 1991 public facilities capital project. M. Memorandum Onlv Columns Because the accounting system is organized and operated on a fund basis, the columns on the combined financial statements captioned, "Totals (Memorandum Only)," are presented for informational purposes only and are mu intended to represent consolidated information. Data in these columns does not present financial position, results of operations, or cash flows in conformity with generally accepted accounting principles. Interfund eliminations have not been made in the aggregation of this data. N. Comparative Data/Reclassifications Comparative total data for the prior year has been presented in the accompanying financial statements in order to provide an understanding of changes in the City’s financial position and operations. However, comparative data has not been presented in all statements because its inclusion would make certain statements unduly complex and difficult to understand. Also, certain amounts presented in the prior year data have been reclassified in order to be consistent with the current year’s presentation. O. Statement of Cash Flow^ For purposes of the Statement of Cash Flows, tfe City considers all highly liquid debt instruments with an original maturity' from the time of purchase by the City of three months or less to be cash equivalents. The Proprietary Funds’ ponion in the City'wide cash and investment management pool is considered to be cash equivalent. -36-