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RELEVANT LINKS: <br />League of Minnesota Cities Handbook for Minnesota Cities 9/10/2024 <br />Municipal Budgeting Chapter 20 | Page 21 <br /> F. Miscellaneous expenditures <br /> Miscellaneous expenditures are those that do not fit in the other categories. <br />Examples of miscellaneous expenditures may include costs to maintain a <br />cemetery, airport, costs to settle legal claims against the city and costs <br />related to enterprises like water and sewer that do not fit anywhere else. <br /> VIII. Capital improvements <br />Minn. Stat. § 412.221. Budgeting for city infrastructure (roads, bridges, buildings etc.) covers more <br />than one year so many cities separate these costs from yearly budgeting. <br />Planning for future infrastructure costs is essential. <br /> A capital budgeting plan, sometimes referred to as a capital improvement <br />plan or CIP, typically lists five or six years of major capital improvements, <br />the order of priority, and a way to pay for them. A plan allows a city to save <br />money for these projects. Priorities in the capital budget program remain <br />tentative, and the council reviews them annually. Although capital <br />improvement budgeting may appear cumbersome and unwieldy to small <br />cities, this is not the case. A capital improvement plan provides protection to <br />small cities, avoiding unforeseen infrastructure failures and expensive <br />emergency repairs. <br /> IX. Other regulations impacting municipal <br />budgets <br /> A number of state and federal regulations require certain types of reports and <br />technical accounting strategies related to city budgets and city budgeting <br />practices. <br /> A. GASB <br />Governmental Accounting <br />Standards Board. <br />Summaries of GASB <br />Statements. <br /> <br />The Governmental Accounting Standards Board (GASB) issues statements <br />that establish standards for accounting and financial reporting—or generally <br />accepted accounting principles (GAAP)—for state and local governments <br />throughout the United States. <br />Reporting and Publishing <br />Requirements For Cities <br />Reporting in Accordance with <br />Generally Accepted <br />Accounting Principles, Office <br />of the State Auditor. <br />In Minnesota, pursuant to state law, the state auditor enforces the accounting <br />standards for cities. Specifically, the state auditor requires and enforces <br />compliance with GAAP for cities with populations of 2,500 and higher. <br />30