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<br />I <br />'. CITY OF ARDEN HILLS, MINNESOTA <br /> NOTES TO FINANCIAL STATEMENTS <br />I Note 3: DECEMBER 31, 1996 <br /> DETAILED NOTES ON ACCOUNTS - CONTINUED <br />I Minnesota Statues require that all City deposits be protected by insurance, surety bond or collateral. The market <br /> value of collateral pledged must equal 110% of the deposits not covered by insurance or bonds (140% in the case <br /> of mortgage notes pledged). <br />I Authorized collateral includes the legal investments described below, as well as certain first mortgage notes, and <br /> certain other State or local government obligations. Minnesota Statutes require that securities pledged as <br />I collateral be held in safekeeping by the City or in a financial institution other than that furnishing the collatera1. <br /> At year end, the City's carrying amount of deposits was $886,151 and the bank balance was $896,321. The <br /> bank balance was covered by federal depository insurance. <br />I TnvMt:ments <br /> Investments are categorized into these three categories of credit risk: <br />I I. Insured or registered, or securities held by the City or its agent in the City's name. . <br /> 2. Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the <br />I City's name. <br /> 3. Uninsured and unregistered, with securities held by the counterparty, or by its trust department or agent <br />I. but not in the City's name. <br /> At year end, the City's investment balances were as follows: <br /> CateeOJ:Y Carrying Market <br />I I 2 3 Amount Value <br /> U.S. Government Securities $5519084 $ - $ - $5519084 $5668680 <br />I Investments not subjected to categorization: <br /> Broker money markets 3239 151 3239 151 <br />I Deferred compensation investments at market value 268613 268613 <br /> Total investments $9 026 848 $9 176 444 <br />I A reconciliation of cash and temporary investments as shown on the Combined Balance Sheet for the City <br /> follows: <br />I Total deposits $ 886 151 <br /> Investments 9 026 848 <br /> Petty cash 325 <br />I Total $9913324 <br /> Cash and temporary investments $9644711 <br />I Investments for deferred compensation 268613 <br /> Total $9913324 <br />I. <br />I -15- <br />