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CITY OF RAMSEY <br />Notes to Financial Statements (continued) <br />December 31, 2000 <br />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 generally accepted accounting principles <br />(GAAP) for the General Fund, Economic Development Authority Special Revenue Fund, and all <br />Enterprise Funds. <br />7. As required by City Charter, the Council sets the legal level of budgetary control. Control is <br />maintained at the department level, for all budgeted funds. This provides management the ability <br />to alter the budget between line items in each department but the total budgeted for each department <br />for the year cannot be exceeded without specific Council approval. <br />Budgeted expenditure appropriations lapse at year -end. Encumbrances outstanding expire at year -end and <br />are not reported in the financial statements. <br />Budgeted expenditure amounts shown are as originally adopted or amended by the City Council: <br />Original Amended <br />Budget Amendments Budget <br />General Fund $ 4,748,083 $ (260,286) $ 4,487,797 <br />Special Revenue Fund <br />Economic Development <br />Authority Fund $ 109,420 $ (54,404) $ 55,016 <br />