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=‘’4 ■ <br />IL <br />feL.S|pfeI-'-' <br />I4:",' i; <br />I <br />1 <br />I <br />I <br />, T. ' <br />I <br />% <br />I* <br />I <br />I <br />I i. <br />Ikf'M w. ■! <br />r..v.,I S' <br />CITY OF ORONO, MINNESOTA <br />Notes to Financial Statements (continued) <br />December 31. 1991 <br />NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />M. CominnitiTC Data <br />Comparative total data for the prior year has been presented In the accompanying financial statements In <br />order to provide an understanding of changes in the City’s financial position and operations. However, <br />oomparative data has not been presented in all statements because its inclusion would make certain <br />atatements unduly complex and difficult to understand <br />N. Smicment of Cash Flows <br />Fot purposes of the Statement of Cash Flows, the Cii> considers all highly liquid debt instruments with <br />a maturity of three months or less to be cash equivalents The Pri)prielary Funds portion in the City­ <br />wide cash and investment management pool is considered to be cash equivalents to the extent available. <br />NOTE 2 - BUDGETS AND BUDGETARY ACCOUNTING <br />The City follows these procedures in establishing the budgetary data reflected m the financial ststements: <br />1) The City Administrator submits to the City Council a proposed operating budget .or the fiscal <br />year commencing on January I of the following year. The operating budget includes proposed <br />expenditures and the means of financing the.m <br />2) At lemt one special Council meeting is conducted to obtain public comments as required by the <br />State Truth in Taxation Law. <br />3) The budget is adopted by the City Council. The City has established budgetary control at the <br />department level. City management requests Council approval when exceeding the budget aA that <br />level. The City Code requires the City Administrator to make recommendations for budget <br />revisions as he may determine to be desirable and necessary The 1991 budget was amended tf <br />the diqpartment level . <br />4) Formal budgetary integration is employed as a management control device during the ye» for <br />the General Fund and Special Revenue Funds Budgetary control for Debt Service Funds is <br />achieved through general obligation K>nd provisions Budgetary amtro! for Capital Froj ct <br />Funds is accxHiqxIished through the use of project controls <br />S) Budgets I6r dM General Fund and Special Revenue Funds are adopted on a basts consiMcnt with <br />generally accepted accounting principles (GAAP) <br />IflHfgftf^ amounts presented are as originally adopted, or m amended by the City Council Budgeted <br />C^pMMBnirt appropriiaions lapse at year -end. however, the City Council may throve carryover of <br />specifk amounts <br />32 <br />'I <br />A <br />M