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2. <br /> <br />I <br />I <br />I <br /> <br />Arc the bases of accounting for the various funds appropriate? <br />NCGA Statement 1 p. I0-11 t <br /> <br />a) General Fund <br />b) Special Revenue Funds <br />c) Debt Service Funds <br />d) Capital Projects Funds <br />e) Special Assessment Funds <br />f) Enterprise Funds <br />g) Internal Service Funds <br />h) Trust and Agency Funds <br /> <br />METHOD REQ~JlRED USED APPROPRIATE METH <br />UNDER STATEMENT 1 YES NO <br /> <br />Modified Accrual <br />Nodified Accrual <br />_Modified Accrual <br />Modified Accrual <br />Modified ~ccrual <br />Accrual <br />Accrual__ <br />Accrual-~tfied~ <br />Accrual <br /> <br />Rer~rks <br /> <br /> Check if <br />Yes No N/A <br /> <br />3. Is <br /> <br />footnote disclosure in accordance with GAAP? <br /> <br />~equired disclosures <br /> <br />a) Is the basis of accounting disclosed for each fund? <br /> ASLGU p. 109 <br /> <br />b) <br /> <br />Is there a su~ry of significant accounting policies? <br />GAAFR p. 28-30. (e.g. inventory~ investments, <br />allocations, fixed assets, etc.) <br /> <br /> c) Is there a disclosure as to the type, funding and <br /> liability (if any) of employee pension and benefit <br /> plans? <br /> Statement 1, p. 24, ASLGU p. ~52-53. <br /> <br />4. Is a comparison to budget required <br /> there <br /> for <br /> funds? <br /> Statement 1, p. 23-24, ASLGU p. ;3. <br /> <br />,I <br /> I <br /> <br />a) Ceneral Fund? <br /> <br />b) Special Revenue Funds? <br /> (list any for which no comparison) <br /> <br />iii the cash basis is used and the auditor qualified his opinion regarding departure <br />from GAAP (ASLGU p. 127), the only remark to make to the auditor is that Minnesota <br />statutes do not permit cash basis reporting by cities with populations of 2,500 or <br /> <br />i more; or that modified accrual accounting is recommended (for cities ~ith population <br /> under 2,500). <br /> <br />-- 2 - <br /> <br /> <br />