6.2. SR 06-19-2017 - Laserfiche WebLink

Home Browse Search

CITY OF ELK RIVER NOTES TO BASIC FINANCIAL STATEMENTS YEAR ENDING DECEMBER 31, 2016 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) W. Revenues and Expenditures/Expenses Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the City's enterprise funds are charges to customers for sales and services. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. NOTE 2 STEWARDSHIP AND ACCOUNTABILITY A. Expenditures in Excess of Appropriations All expenditures in excess of appropriations in 2016 were funded by available fund balance. For the year ended December 31, 2016, expenditures exceeded appropriations in the following funds: Fund Budget Expenditures Excess Special Revenue Funds: Landfill $ 31,050 $ 34,243 $ 3,193 Economic Development Authority 255,850 323,070 67,220 B. Deficit Fund Balance The following funds had deficit fund balances at December 31, 2016: Fund Fund Balance Capital Projects Funds: Park Dedication $ (1,181,389) TIF Districts (1,478,875) (47)