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Building and Construction Data <br /> <br /> The following table sets forth the number and value of building permits issued by the City for the past <br />five years. <br /> <br /> New Residential New Commercial Estimated <br />Fiscal Number Number Total Total <br />Year Permits Value Permits Value Permits Value <br /> <br />1992 1,019 $ 7,100,000 <br />1993 883 9,181,120 <br />1994 825 16,500,000 <br />1995 882 15,600,000 <br />1996 848 12,500,000 <br /> <br />Source: City of University City Planning Department and Finance Department. <br /> <br />FINANCIAL INFORMATION CONCERNING THE CITY <br /> <br />Accounting, Budgeting and Auditing Procedures <br /> <br /> The City's accounts are organized on the basis of funds and account groups, each of which is <br />considered a separate accounting entity. Operations of each fund are accounted for by providing a separate set <br />of self-balancing accounts which comprise its assets, liabilities, equities, revenues and expenditures. The <br />various funds are grouped by type. The three types of funds are the Governmental Fund Type, the Proprietary <br />Fund Type and the Fiduciary Fund Type. <br /> <br /> Accounting records for the City's general governmental operation are maintained on a modified accrual <br />basis, with the revenues.being recorded when measurable and available, and expenditures being recorded when <br />the liability is incurred. The City's accounting records for proprietary funds are maintained on the accrual basis. <br /> <br />The City follows these procedures in establishing the budgetary data reflected in the financial statements: <br /> <br /> 1. The Mayor submits to the City Council a proposed operating budget for the fiscal <br />year commencing the following July 1. The operating budget includes proposed expenditures and the <br />means of financing them. <br /> <br />2. Public hearings are conducted in the City to obtain taxpayer comments. <br /> <br /> 3. The budget must be adopted by the affirmative vote of a majority of the members of the <br />City Council no later than three days prior to the end of each respective fiscal year. If the City Council <br />takes no final action by this date, the budget, as submitted, is deemed to have been finally adopted. <br /> <br /> 4. The City Council is authorized to transfer budget amounts between departments <br />within any fund and to alter total expenditures of any funds. All appropriations not spent or legally <br />encumbered at year end lapse. <br /> <br /> 5. Formal budgetary integration is employed as a management control device during <br />the year for all funds budgeted. <br /> <br />-22- <br /> <br /> <br />