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NOTE 1— SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />5. Formal budgetary integration is employed as a management control device during the year for the <br />following funds: <br />General Fund <br />Special Revenue Funds <br />Economic Development Authority Fund <br />Enterprise Funds <br />Water Utility <br />Sewer Utility <br />Street Light Utility <br />Recycling Utility <br />Storm Water Utility <br />For remaining Special Revenue Funds and Capital Project Funds, effective budgetary control <br />is achieved through the use of project controls. Budgetary control for Debt Service Funds is <br />achieved through bond indenture provisions. <br />6. Formal budgets are adopted on a basis consistent with accounting principles generally accepted in <br />the United States of America for the General Fund, Economic Development Authority Special <br />Revenue Fund, and all Enterprise Funds. <br />7. As required by City Charter, the City Council sets the legal level of budgetary control. This legal <br />level of budgetary control has been set at the fund level, however, control is maintained at the <br />department level, for all budgeted funds. This provides management the ability to alter the <br />budget line items in each department. <br />Budgeted expenditure appropriations lapse at year -end. Encumbrances outstanding expire at year -end <br />and are not reported in the financial statements. <br />Budgeted expenditure amounts shown are as originally adopted or amended by the City Council: <br />General Fund <br />Special Revenue Fund <br />Economic Development <br />Authority Fund <br />P. Totals (Memorandum Only) Columns <br />$ 6,921,003 $ (86,966) $ 6,834,037 <br />$ 108,285 $ (42,922) $ 65,363 <br />Because the accounting system is organized and operated on a fund basis, the columns on the combined <br />financial statements captioned, "Totals (Memorandum Only)," are presented for informational purposes <br />only and are not intended to represent consolidated information. Data in these columns does not present <br />financial position, results of operations, or cash flows in conformity with accounting principles generally <br />accepted in the United States of America. Interfund eliminations have not been made in the aggregation <br />of this data. <br />-17- <br />Original Amended <br />Budget Amendments Budget <br />