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Finalized the open space categorization and adopt open space zoning <br />ordinance. <br />PROJECTS PLANNED IN 2012 <br />The City reviews and publishes its Five-Year Capital Improvements Plan on an <br />annual basis. Planned City projects for 2012 amount to over $8.6 million and <br />include: <br /> Begin design work and site improvements on the new City Services <br />Facility. <br /> Complete over $1.25 million in general street improvements. <br /> Complete the McCaslin/Dillon Intersection project. <br /> Begin design and engineering of the South Street Underpass project. <br /> Complete nearly $1,500,000 in Recreation Center and parks <br />improvements. <br /> Complete nearly $3.5 million in Water, Wastewater, and Storm Water <br />Utility projects. <br />FINANCIAL INFORMATION <br />Management of the City is responsible for establishing and maintaining internal <br />controls that are designed to ensure that the assets of the City are protected from <br />loss, theft or misuse. Also, management ensures that financial statements are <br />prepared in conformity with generally accepted accounting principles through the <br />compilation of adequate accounting data.Internal controls are designed to <br />provide reasonable, but not absolute, assurance that these objectives are met. <br />The concept of reasonable assurance recognizes that: (1) the cost of a control <br />should not exceed the benefits likely to be derived; and (2) the valuation of costs <br />and benefits requires estimates and judgments by management. <br />Budgetary Controls. The City maintains budgetary controls. The objective of <br />these budgetary controls is to ensure compliance with legal provisions embodied <br />in the annual appropriated budget approved by the City Council. The level of <br />budgetary control (that is, the level at which expenditures cannot legally exceed <br />the appropriated amount) is established at the fund level. The City also <br />maintains an encumbrance accounting system as one technique of <br />accomplishing budgetary control. Encumbered amounts do not lapse at year- <br />end and are generally re-appropriated the following year. <br />As demonstrated by the statements and schedules included in the financial <br />section of the report, the City continues to meet its responsibility for sound <br />financial management. <br />4 <br />16 <br />