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EXHIBIT 4
<br />The reclassification of the permanent improvement activity
<br />has been applied retroactively in the accompanying financial
<br />statements. The effect of the change was to eliminate the
<br />special assessment funds, including deferred taxes and
<br />assessments receivable, unassessed construction costs and
<br />bond discount previously recorded therein; increase the
<br />January 1, 1981 fund balance in the debt service fund type
<br />$618,752, and the capital project fund type $151,650; and
<br />transfer the improvement bonds outstanding of $2,510,000 at
<br />January 1, 1981 to the general long -term debt account
<br />group. Additionally, as a result of this change, the
<br />excess of revenues and other sources over expenditures and
<br />other uses for the debt service fund type increased $238,610
<br />and $307,848 in 1982 and 1981, respectively, and for the
<br />capital project fund type increased $15,463 and $51,300 in
<br />1982 and 1981, respectively.
<br />3. COLLATERAL FOR BANK DEPOSITS
<br />Minnesota law requires that public funds on deposit in banks be
<br />protected by deposit insurance and pledged collateral. On
<br />December 31, 1982, the City's funds on deposit exceeded such
<br />protection by approximately $195,000.
<br />4. RESERVED FUND BALANCE
<br />At December 31, 1982, the City has reserved fund balance in the
<br />General Fund for $30,325, representing the estimated liability
<br />for compensated absences. An equal amount of cash has also
<br />been restricted for this purpose.
<br />5. CHANGES IN GENERAL FIXED ASSETS
<br />Changes in the general fixed assets account group during 1982
<br />were as follows:
<br />Land
<br />Buildings and
<br />improvements
<br />Office
<br />equipment
<br />Motor vehicles
<br />Machinery and
<br />equipment
<br />Other
<br />improvements
<br />Balance Balance
<br />January 1, Retire- December 31
<br />1982 Additions ments Transfers 1982
<br />$ 234,413
<br />628,577 $ 85,256
<br />24,306 6,962 $ 1,080
<br />302,581 36,246 9,828
<br />29,210 2,217
<br />12,162 69,012
<br />$(5,190) $ 229,223
<br />713, 833
<br />30,188
<br />328,999
<br />31,427
<br />5,190 86,364
<br />Total.... $1.231,249 $199,693 $10,908 $1,420,034
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