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CITY OF EUGENE, OREGON <br />Notes to Basic Financial Statements <br />(3) Stewardship, Compliance, and Accountability <br />(A) Budgetary Information <br />The City Manager submits to the Budget Committee a proposed operating and capital budget a sufficient length <br />of time in advance to allow adoption of the budget prior to July 1. The operating and capital budget includes <br />proposed expenditures and the means of financing them. Public hearings are conducted to obtain taxpayer <br />comments. <br />Prior to July 1, the City legally adopts its annual budget for all funds through passage of a resolution. The <br />resolution authorizes fund appropriations as current annual departmental requirements, debt service, capital <br />outlay, interfund transfers, interfund loans, intergovernmental, and miscellaneous fiscal transactions. <br />Expenditures cannot legally exceed appropriations at these control levels. Appropriations which have not been <br />spent at year-end lapse, although an amending resolution passed in the subsequent year specifically provides <br />for the reappropriation of prior-year lapsed encumbrances. <br />Unexpected additional resources or appropriations may be added to the budget through the use of a <br />supplemental budget. A supplemental budget requires hearings before the public, publications in newspapers, <br />and approval by the City Council. Original and supplemental budgets may be modified by the use of <br />appropriation transfers between the levels of control. Such transfers require approval by passage of a Council <br />resolution authorizing the transfer. All budget amendments are subject to the limitations put forth in the Oregon <br />Revised Statutes Chapters 294.305 through 294.565. Supplemental appropriations, permitted by Oregon <br />Budget Law, were authorized by the City Council during the fiscal year. The net effect of amending resolutions <br />passed during the fiscal year was an appropriation increase of $17,718,556. <br />(B) Overexpenditures of Appropriations <br />For the year ended June 30, 2011, the Special Assessment Management Special Revenue Fund and the <br />Parking Services Enterprise Fund had budget-basis expenditures in excess of legal appropriations of $57,528 <br />and $125,789, respectively. <br />(4) Detailed Notes on All Funds <br /> (A) Equity in Pooled Cash and Investments <br />The City maintains a common cash and investments pool that is available for use by all funds. Each fund’s <br />portion of this pool is displayed in the Statement of Net Assets, the Statement of Fund Net Assets, or the <br />Balance Sheet as "Equity in pooled cash and investments.” Cash and investments are comprised of the <br />following at June 30, 2011: <br />Cash on hand$55,609 <br />Cash with fiscal agent517,734 <br />Deposits with banks7,956,483 <br />Investments181,650,034 <br />$190,179,860 <br />Deposits <br />At June 30, 2011, the City’s deposits with various financial institutions had a bank value of $10,706,159, which <br />included $4,011,784 in time certificates of deposits and $517,734 held by escrow companies (cash with fiscal <br />agent). The City’s investment policy limits investments in time certificates of deposits to 50% of the City’s total <br />investment portfolio with a maximum length to maturity of three years. <br />continued <br />48 <br />