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CITY OF ORONO. MINNESOTA <br />Notes to Financial Statements (continued) <br />December 31, 1994 <br />NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />J.Liability for Compensated Absences <br />Vacation and sick leave expected to be liquidated with expendable available financial resources is reponed <br />as an expenditure and a ^nd liability of the governmental fund type that will pay it. The remaining <br />porti on of such obligations is recorded in the General Long-Term Debt Account Group. The unused <br />vacation of the Proprietary Funds is included in accrued liabilities of the respective fund. <br />K.Bond Discounts'lssuance Costs <br />In the go\cmmental fund types, bond discounts and issuance costs are recognized in the current periixl. <br />Bond discfnints and issuance costs in the Enterprise Funds are deferred and amonized over the term of <br />the bonds using the bonds outstanding meth(x] which approximates the effective interest rate method. <br />L.Budgets and Budgetary Accounting <br />Each fall, after holding a meeting to obtain public comments, the City Council legally adopts the General <br />Fund and all of the Special Revenue Funds* budget for the following fi.scal year beginning January 1. <br />These budgets are adopted on a basis consistent with generally accepted accounting principles (GAAP). <br />The City has established budgetary control at the department level City management must request <br />Council approval before exceeding the budget at that level City management may transfer apprtipriations <br />within the department level without Council approval. Appropriations lapse at year-end; however, the <br />Council may approve the carryover of specific amounts. <br />Budget amounts are presented on a modified accrual basis of accounting and include .several amendments <br />adopted by the City Council during the year. Encumbrance accounting is not used. <br />During the year, the City made significant budget amendments to the General Fund appropriations and <br />the Special Revenue Funds’ revenue and appropriations as reflected in the follow ing table; <br />General Fund Expenditures <br />Elections <br />Legal <br />Fire Protection <br />Emergency Preparedness <br />Parks and Recreation <br />Recycling <br />Engineering <br />Special Services - Consulting/Police <br />Contingency <br />Operating Transfer Out <br />$ <br />Adopted <br />Budget <br />Net <br />Budget <br />Amendment <br />Amended <br />Budget <br />8.390 $1.470 $9.860 <br />88.500 10.280 98.780 <br />199.473 (16.685)182.788 <br />2.550 975 3.525 <br />53.6%2.044 55.740 <br />91.327 (4.844)86.483 <br />13.100 7.735 20.835 <br />25.700 27.685 53.385 <br />65.595 (48.660)16.935 <br />64.900 20.000 84.900 <br />Net amendmeni <br />- <br />-35-