1998 CAFR - Laserfiche WebLink

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Trott Brook Cemetery Perpetual Care Fund. The Trott Brook Cemetery Perpetual Care Fund is used to account for perpetual care fees collected on the sale of cemetery plots in Trott Brook Cemetery. Interest earnings will be used to provide for maintenance of the cemetery. On December 31, 1998, the fund balance was $13,557, compared to $12,968 for 1997. 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 elected 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, 1998, the general fixed assets of the City amounted to $5,986,237. 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 oflong-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, which is backed by the City, 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 pubic 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 & Co., P.A., 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 generally accepted accounting principles, and an unqualified opinion has been issued. CERTIFICATE OF ACHIEVEMENT The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its comprehensive annual financial report for the year ended December 31, 1997. This was the fourth time the City has received this prestigious award since 1988. The City had consecutively received the award from 1981 through 1988, after which point, due to a number of factors, there had not been application for review. -xxii-