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w <br />8'' <br />L*-r:V <br />ti'' <br />r.'. <br />h:-. <br />p.’F ,r <br />m <br />h. <br />k <br />f't. <br />I.V <br />rV -■: . <br />iK-‘ <br />i^'-H h,;;.-y: <br />:i * <br />v^\ <br />ii;'-m <br />mif'' <br />HH>-• <br />I, <br />iV\ <br />• i*. ' <br />'/ f' <br />w <br />If <br />■•••./. <br />.•V. <br />fe-A <br />ter"- <br />> ■ <br />P" '‘>:. 1 <br />■«.'ffe* <br />« «-.LAKE MINNETONKA CABLE COMMUNICA TIONS COMMISSION <br />NOTES TO FINANCIAL STATEMENTS <br />FOR THE YEAR ENDED DECEMB^JL 1991 •/!■ ■ - 0m . 1. f».. <br />/. C..m.n.lV nf «|r'«-T' PoHci^ <br />.......... <br />The Uke Minnetonka Cable Communications Commission is a joint <br />venture of fourteen (14) communities; Excelsior. Orono, Spring <br />Park. Long Lake, Minnetonka Beach. Deephaven. Tonka Bay. <br />Woodland. Victoria. Minnetrista. Greenwood. St. Bomfacius. <br />Shorewood. and Medina, organized to control and regulate cable <br />communications with the public in the respective cities. <br />The financial statements of Lake Minnetonka Cable <br />Communications Commission have been prepared on the cash <br />basis. The significant policies followed are described below. <br />Fund Accounting <br />To insure observance of limitations and restrictions placed on <br />the use of lesources available to the commission, the accounts <br />of the commission are maintained in accordance with the <br />principles of fund accounting. This is the procedure by which <br />resources for various purposes are classified for accounting <br />and reporting purposes into funds established according to <br />their nature and purposes. Separate accounts are maintained <br />for each fund. <br />Fixed Assets <br />Fixed Assets used in governmental fund type operations (General <br />Rxed Assets) are accounted for in the General Fixed Assets <br />Account Group, rather than in governmental funds. No depreciation <br />has been provided on General Fixed Assets. <br />All Rxed Assets are valued at historical costs or estimated <br />historical costs if actual historical cost is not available. <br />Donated Rxed Assets are valued at their estimated fair value on <br />the date donated. <br />-6-