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<br />' CITY OF RAMSEY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS (Continued) <br />' December 31, 1989 <br />Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) <br />' E Budget and Budgetary Accountinglcontinuedl <br />' 1) The City Administrator submits to the City council a proposed <br />operating budget for the fiscal year commencing on January 1 of the <br />following year. The operating budget includes proposed expenditures <br />and the means of financing them. <br />' 2) Public hearings are conducted to obtain public comments. <br />' 3) The budget is legally enacted through passage of a resolution. <br />4) As required by City Charter Section 7.06.01, the City Council may <br />authorize the transfer of budgeted amounts between departments <br />within any fund; however, no amendment to the budget may increase <br />expenditures to an amount greater than the estimated .funds available. <br />' 5) Formal budgetary integration is employed as a management control <br />. device during the year for the General Fund and Special Revenue <br />Funds. Budgetary control for Debt Service Funds is achieved through <br />' general obligation bond provisions. Budgetary control for Capital <br />Project Funds is accomplished through the use of project controls. <br />6) Budgets for the General Fund and Special Revenue Funds are adopted on <br />a basis consistent with generally accepted accounting principles <br />(GAAP). <br />' 7) As required by City Charter, the Council sets the level of budgetary <br />control. Budgetary control is maintained by fund. <br />' Budgeted amounts presented are as originally adopted, or as amended by the <br />City Council. Individual amendments were not material in relation to the <br />original appropriations which were amended. Budgeted expenditure <br />appropriations lapse at year-end. <br />' Encumbrances outstanding at year-end expire and are not re orted in the <br />p <br />financial statements. <br />' -17- <br />