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TitleSTATE OF MINNESOTA
LanguageEnglish
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Total Pages109
Table of Contents
                            01COVER1.pdf
02 Inside Cover.pdf
03 COVER2.pdf
03a This page . . ..pdf
04 TOC.pdf
05a This page . . ..pdf
06 ORG.pdf
06a This page . . ..pdf
07a This page . . ..pdf
08 OPINION.pdf
09 MD&A Div.pdf
09a This page . . ..pdf
10 MD&A.pdf
10a This page . . ..pdf
11 Basic FS Div.pdf
11a This page . . ..pdf
12 Gov.-Wide FS Div.pdf
12a This page . . ..pdf
13 FS-EXH-1 statement of net asset.pdf
14 fs-exh-2 statement of activites.pdf
15 Fund FS Div.pdf
15a This page . . ..pdf
16 fs-exh-3.pdf
17 fs-exh-4.pdf
18 fs-exh-5.pdf
19 fs-exh-6.pdf
20 fs-exh-7.pdf
20a This page . . ..pdf
21 Notes.pdf
22 Req. Supp. Info. Div.pdf
22a This page . . ..pdf
23 FS-SCH-1.pdf
24 fs-sch-2.pdf
25 fs-sch-3.pdf
26 fs-sch-4.pdf
27 fs-sch-5.pdf
27a This page . . ..pdf
28 RSI Notes.pdf
28a This page . . ..pdf
29 Supp. Info. Div.pdf
29a This page . . ..pdf
30 fs-st-1.pdf
30a This page . . ..pdf
31 Other Sch. Div.pdf
31a This page . . ..pdf
32 fs-sch-6.pdf
32a This page . . ..pdf
33a This page . . ..pdf
33b This page . . ..pdf
34 Findings.pdf
34a This page . . ..pdf
34c This page . . ..pdf
35 MGTLTR1.pdf
36 MGTLTR2.pdf
36a This page . . ..pdf
37 fs-sch-8.pdf
                        
Document Text Contents
Page 1

STATE OF MINNESOTA�
Office of the State Auditor �

Patricia Anderson �
State Auditor �

LINCOLN COUNTY �
IVANHOE, MINNESOTA�

YEAR ENDED DECEMBER 31, 2004 �

Page 2

Description of the Office of the State Auditor

The Office of the State Auditor serves as a watchdog for Minnesota taxpayers by helping to
ensure financial integrity, accountability, and cost-effectiveness in local governments throughout
the state.

Through financial, compliance, and special audits, the State Auditor oversees and ensures that
local government funds are used for the purposes intended by law and that local governments
hold themselves to the highest standards of financial accountability.

The State Auditor performs approximately 250 financial and compliance audits per year and has
oversight responsibilities for over 4,300 local units of government throughout the state. The
office currently maintains five divisions:

Audit Practice - conducts financial and legal compliance audits for local governments;

Government Information - collects and analyzes financial information for cities, towns,
counties, and special districts;

Legal/Special Investigations - provides legal analysis and counsel to the Office and responds to
outside inquiries about Minnesota local government law; as well as investigates allegations of
misfeasance, malfeasance, and nonfeasance in local government;

Pension - monitors investment, financial, and actuarial reporting for over 700 public pension
funds; and

Tax Increment Financing, Investment and Finance - promotes compliance and accountability
in local governments’ use of tax increment financing through financial and compliance audits.

The State Auditor serves on the State Executive Council, State Board of Investment, Land
Exchange Board, Public Employee’s Retirement Association Board, Minnesota Housing Finance
Agency, and the Rural Finance Authority Board.

Office of the State Auditor
525 Park Street, Suite 500
Saint Paul, Minnesota 55103
(651) 296-2551
[email protected]
www.auditor.state.mn.us

This document can be made available in alternative formats upon request. Call 651-296-2551
[voice] or 1-800-627-3529 [relay service] for assistance; or visit the State Auditor’s web site:
www.auditor.state.mn.us.

Page 54

LINCOLN COUNTY �
IVANHOE, MINNESOTA �

3. Detailed Notes on All Funds

A. Assets

4. Capital Assets

Governmental Activities (Continued)

Beginning Ending
Balance Increase Decrease Balance

Less: accumulated depreciation
for

Land improvements $ 77,549 $ 5,529 $ - $ 83,078
Buildings 625,858 58,531 - 684,389

Machinery and equipment 2,086,994 258,895 205,484 2,140,405
Infrastructure 5,034,335 538,698 - 5,573,033

Total accumulated
depreciation $ 7,824,736 $ 861,653 $ 205,484 $ 8,480,905

Total capital assets
depreciated, net $ 24,827,440 $ (73,591) $ - $ 24,753,849

Governmental Activities
Capital Assets, Net $ 25,364,917 $ 1,325,842 $ - $ 26,690,759

Depreciation expense was charged to functions/programs of the primary
government as follows:

Governmental Activities
General government $ 38,567
Public safety 83,363
Highways and streets, including depreciation of infrastructure assets 716,674
Culture and recreation 13,529
Sanitation 9,520

Total Depreciation Expense - Governmental Activities $ 861,653

B. Interfund Receivables, Payables, and Transfers

The composition of interfund balances as of December 31, 2004, is as follows:

Page 33

Page 55

LINCOLN COUNTY �
IVANHOE, MINNESOTA �

3. Detailed Notes on All Funds

B. Interfund Receivables, Payables, and Transfers (Continued)

1. Due To/From Other Funds

Receivable Fund Payable Fund Amount

General Road and Bridge $ 335

Due To/From Other Funds represents amounts due for reimbursement for services.

2. Interfund Transfers

Interfund transfers for the year ended December 31, 2004, consisted of the
following:

Transfers from General Fund to
Road and Bridge $ 6,134 Provide funds for operations
Ditch 4,018 Provide funds for operations

Total Interfund Transfers $ 10,152

C. Liabilities

1. Payables

Payables at December 31, 2004, were as follows:

Governmental
Activities

Accounts $ 52,989
Salaries 74,546
Contracts 54,501
Due to other governments 169,359

Total Payables $ 351,395

2. Construction Commitments

The government has active construction projects as of December 31, 2004. The
projects include the following:

Page 34

Page 109

LINCOLN COUNTY
IVANHOE, MINNESOTA

Schedule 8

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED DECEMBER 31, 2004

Federal Grantor
Pass-Through Agency

Grant Program Title

Federal
CFDA

Number Expenditures

U.S. Department of Transportation
Passed Through Minnesota Department of Transportation

Highway Planning and Construction 20.205 $ 828,414

Public Transportation for Non-Urbanized Areas 20.509 29,099

Passed Through Minnesota Department of Public Safety
State and Community Highway Safety 20.600 321

Total U.S. Department of Transportation $ 857,834

U.S. Department of Homeland Security
Passed Through Minnesota Department of Public Safety

State Domestic Preparedness Equipment Support Program 97.004 $ 15,203

Emergency Management Performance Grants 97.042 8,845

Total U.S. Department of Homeland Security $ 24,048

Total Federal Awards $ 881,882

Notes to Schedule of Expenditures of Federal Awards

1. The Schedule of Expenditures of Federal Awards presents the activity of federal award programs expended by Lincoln
County. The County's reporting entity is defined in Note 1 to the financial statements.

2. The expenditures on this schedule are on the modified accrual basis of accounting.

3. During 2004, the County did not pass any federal money to subrecipients.

4. Pass-through grant numbers were not assigned by the pass-through agencies.

Page 70

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