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% <br />■ ^ ■ <br />I <br />I <br />^ -HI o <br />I m <br />I 'fr''Ni^ <br />I <br />I <br />f: <br />f w <br />I #» <br />I I, . <br />CITY OF ORONO. MINNESOTA <br />Notes to Financial Statements <br />December 31. 1991 <br />NOTTE I - SIGNinCANT ACCOUNTING POLICIES <br />A. Organiiation <br />Hm Chy opertte* under "Optional Plan A" form of government as defined in the State of Minnesota <br />StHiitct. The City Council, composed of an elected mayor and four elected trustees or councilmembers. <br />MerciMS legislative authority and determines all matters of policy <br />The financial statements and the accounting policies of the City conform to generally accepted accounting <br />principles as applicable to governmental units <br />B. Baportliig Entity <br />For financial reporting purposes the City’s financial statements include all funds, account groups, <br />departments^ conunissions, and the HRA of Orono over which City officials exercise oversight <br />responsibility. There are no other organizations that when considered would be included in the financial <br />Oversight responsibility includes such aspects as appointment of governing body members, budg^ <br />l^roval, approval of property tax levies, outstanding debt secured by the City’s full faith and credit or <br />revenue, and responsibility for funding deficits <br />C. Bnirit of Statement Presentation <br />The accounts of the City are organized on the basis of funds and account groups, each of which is <br />ooasidered a septate accounting entity The City maintains the following funds, grouped by fund type <br />and account group: <br />I) Govemmoital Fund Tyi <br />t) G«icnil Fund - The General Fund is the general operating fund of the City. It is used to <br />account for all fri-ncial resources excq)t those required to be accounted for in another fund. <br />h) Spadat Revenue Funds - The Special Revenue Funds are used to account for the proceeds <br />of specific revenue sources (other than expendable trusts or major capital projects) that are <br />dmignated for specified purposes. <br />c) Debt Service Funds • The Debt Service Funds are used to accou"* for the accumulaiioQ (rf <br />resources for, and the payment of. general Uing-term deln prim., al, interest, and related <br />costs. <br />Capital Project Fundi - The Capita! Project Funds are used to Knnini fer financid <br />resources to be used for the acquisition or construction of major capital factitties (other than <br />those financed by Proprietary Funds i <br />-28 <br />fel: <br />lyaMiii