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CITY OF PEQUOT LAKES <br /> ACCOUNTING AND REPORTING POLICIES <br /> Adopted: 4-5-OS <br /> Amended: 1-2-I 8 <br /> A. MAJOR FUNDS AND FUND GROUPS <br /> The City will report funds as major according to the GASB 34 requirements. In <br /> addition, the City has the discretion to show additional major funds (i.e. fire <br /> fund). All remaining funds are reported as non-major governmental-type funds. <br /> B. ANNUAL OPERATING BUDGET <br /> The purpose of establishing an operating budget is to ensure the City's annual <br /> operating expenditures are based on a stable stream of revenues. The City follows <br /> these procedures in establishing the budgetary data reflected in the financial <br /> statements. <br /> 1. During May or June of each year, the City Administrator and/ar City <br /> Clerk/Treasurer ��a �'�^^^^� ^�'��^��+r^+^~'provide all department heads <br /> with budget worksheets. Department heads prepare a proposed operating <br /> budget and return the worksheets to the City Administrator and/or City <br /> Clerk/Treasurer ^^a �'�^^^^� ^�'m�~��+~'^+^~' for review. The City <br /> Administrator and/ar Citv Clerk/Treasurer ^�' �'�^�^^� ^�'~~•�~�'"+""+^" <br /> meet with department heads and accept proposed budget wark-papers. <br /> 2. Priar to September 1, the City Administrator C�e�l� submits to the City <br /> Council a proposed operating budget for the fiscal year commencing the <br /> following January L The operating budget includes proposed <br /> expenditures and the means of financing them. <br /> 3. Public meetings or hearings are conducted in accordance with the state <br /> truth in taxation statutes to obtain taxpayer comments and adopt the final <br /> tax levy and budgets for the governmental, special revenue, and enterprise <br /> funds. <br /> 4. Formal budgetary integration is employed as a management control device <br /> during the year for the governmental ge��, special revenue€tr�s, <br /> and enterprise funds. <br /> 5. Operating budgets are prepared for the following funds as recarded in the <br /> general ledger: General Government—administration ger�e�a�,police, <br /> roads, parks, planning and zoning, cemetery, fire, library, business park, <br /> housing and redevelopment authority, and Enterprise—water and sewer. <br /> 6. Capital outlay carryover is a budget line item far the purpose of <br /> assigning monies for future projects, programs, or equipment. <br /> C. REVENUE CLASSIFICATION AND USE <br /> General Fund revenues typically consist of: various taxes, rental income, grants <br /> and contributions, special assessments, fees and charges, fines and forfeits, and <br /> grants that are budgeted or indicated for a specific purpose, activity or program. <br /> - 1 - <br />