03.06 - Accounting and Reporting Policy Revisioins

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and regular part-time employees with five to nine (5 -9) years of service with the City of Pequot Lakes shall receive monetary compensation in the amount of ten percent (10 %) in cash of unused sick leave up to 960 hours. Employees with ten (10) or more years of service with the City of Pequot Lakes shall receive monetary compensation in the amount of twenty -five percent (25 %) in cash of unused sick leave up to 960 hours. 50% of the unused vacation and comp time balances plus 25% of accrued sick leave balances will be reported as liabilities due within one year. The city will review the compensated absences on an individual basis to determine if any portion of the liability should be reclassified to the other compensated absences liability account due to unusual circumstances. G. APPLYING RESTRICTED AND UNRESTRICTED NET ASSET RESOURCES The city will first use restricted resources to finance qualifying activities. Any remaining qualifying activities will be financed with unrestricted resources. H. ALLOCATION OF INDIRECT EXPENSES Indirect expenses will be allocated to the funds and departments that share in the expense, if determinable and possible. If the entire city or many city departments are involved, the cost will be recorded in the city hall department budget. I. CLASSIFICATION OF OPERATING AND NON - OPERATING REVENUES IN ENTERPRISE FUNDS Operating revenues in an enterprise fund are those that support the day -to -day operations of the activities in that fund. These revenues cover costs such as salaries, supplies, repairs and maintenance, depreciation, and small tools and equipment. • Water — user fees (billed monthly), sale of water meters, Gopher State 1 -call fees, inspection fees, water use permits, connect /reconnect fees, penalties, charges for repairs • Sewer — user fees (billed monthly), inspection fees, charges for repairs, permits, penalties Non - Operating revenues in an enterprise fund are those revenues that occur from non - operations of the enterprise activities, including, but not limited to, such items as property taxes; local, state or federal grants; interest income from investments; property rental; assessments; and other miscellaneous revenue. J. IDENTIFICATION AND APPLICATION OF FUND BALANCES Non - Spendable — Amounts that cannot be spent because they are either not in spendable form or there is a legal or contractual requirement to be maintained intact. Restricted — Externally enforceable limitations of use.