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EXPENDABLE TRUST FUNDS Expendable Trust Funds are used to account for assets held by the City in the capacity of trustee or agent. The Expendable Trust Funds are accounted for in essentially the same manner as governmental funds. The following is a summary of the financial activities and fund balances of the City's Expendable Trust Funds for 2001 and 2000. 2001 2000 Total revenues and other financing sources $ 616,206 $ 712,623 Total expenditures and other uses $ 324,496 $ 178,602 Total fund balances $ 5,057,023 $ 4,765,313 GENERAL FIXED ASSET ACCOUNT GROUP The general fixed assets of the City are those fixed assets of tangible nature and significant value, which have a service life in excess of one year, are used in the performance of general governmental functions, and are not accounted for in the Enterprise Funds. These assets are accounted for in the General Fixed Asset Account Group. The City has chosen not to report infrastructure fixed assets such as streets, storm sewers, and similar assets that are immovable and of value only to the City. As of December 31, 2001 the general fixed assets of the City amounted to $8,820,573. This amount represents the original cost of the assets and is considerably less than their present replacement value. No depreciation has been provided on general fixed assets. GENERAL LONG-TERM DEBT ACCOUNT GROUP General obligation bonds and other forms of long-term debt supported by general revenues and the full faith and credit of the City are obligations of the City as a whole and not a single individual fund. The proceeds from such debt may also be spent on facilities which are utilized in the operations of several funds. For these reasons, the amount of outstanding long-term indebtedness are accounted for and reported in a separate self -balancing group of accounts entitled General Long -Term Debt Account Group. INDEPENDENT AUDIT Minnesota Statutes and the City Charter require an annual audit of all accounts, financial records and transactions of the City by independent certified public accountants. This requirement has been complied with and the auditors' opinions have been included in this report. The accompanying financial statements have been audited by the firm of Malloy, Montague, Karnowski, Radosevich and Company, Independent Certified Public Accountants. The firm is engaged by the City Council to render an opinion on the City's financial statements in accordance with U.S. generally accepted accounting principles, and an unqualified opinion has been issued. xviii