- June 12, 2019LB840 Info
It is the intent of the City of Norfolk, Nebraska, to implement an Economic Development Program, the purpose and goals of which will be to: create jobs and generate employment opportunities; to expand labor markets of Norfolk, Madison County and the surrounding… Read More
The City of Norfolk uses fund accounting to report on its financial position and the results of its operations. To accomplish efficient tracking and control spending, all funds are budgeted on a line-item cash basis, which differs from the financial statements that are prepared in accordance with generally accepted accounting principles. Under this basis Fund Balance is the funds' cash balance. Management of the City is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the City are protected from loss, theft, or misuse; that adequate accounting data is compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles; and present supplementary schedules comparing budget to actual. Detailed reports are distributed monthly to all divisions for review and to facilitate internal control. The City also uses a formal encumbrance system, which appropriates funds for later payment and ensures that we cannot overspend those appropriations.