06-25-1990 Council Packet - Laserfiche WebLink

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r CITY OF ORONO NOTES TO FINANCIAL STATEMENTS (Continued) December 31, 1989 Note 2. BUDGETS AND BUDGETARY ACCOUNTING The City follows these procedures in establishing the budgetary data reflected in the financial statements: 1) The City Administrator submits to the City Council a proposed operating budget for the fiscal year commencing on January 1 of the following year. The operating budget Includes proposed expenditures and the means of financing them. 2) At least one special Council meeting is conducted to obtain public comments as required by the State Truth in Taxation Law. 3) The budget is adopted by the City Council. Neither Minnesota Statutes nor City Code establish a legal level of control for the budgets presented. The City Code requires the City Administrator to make such recommendations for budget revi sions as he may from time to time determine to be derirable and necessary. The 1989 budget was amended at the department level. A) Formal budgetary integration is employed as a management control device during the year for the General Fund and Special Revenue Funds. Budgetary control for Debt Service Funds is achieved through general obligation bond provisions. Budgetary control for Capital Project Funds is accomplished through the use of project controls. 5) Budgets for the General Fund and Special Revenue Funds are adopted on a basis consistent with generally accepted accounting principles (GAAP). Budgeted amounts presented are as originally adopted, or as amended by the City Council. Budgeted expenditure appropriations lapse at year- end; however, the City Council may approve carryover of specific amounts. Purchase commitments outstanding at year-end were not significant. During the year, the City made significant budget amendments to the General Fund appropriation and revenue as reflected in the following table. M -32-