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<br />I <br />I. Note 3: <br />I <br />. <br />I <br />I <br />I <br />. <br />I <br />.. <br />I <br />I <br />I <br />I <br />I <br />. <br />I. <br />. <br />I <br /> <br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2001 <br /> <br />DETAILED NOTES ON ALL FUNDS AND ACCOUNTS - CONTINUED <br /> <br />At year end, the City's investment balances were as follows: <br /> <br />Category <br />2 <br /> <br />Carrying <br />Amount! <br />Fair Value <br /> <br />3 <br /> <br />U,S. Government Securities <br /> <br />U.9~6 OlQ $ <br /> <br />$ <br /> <br />$ 5.926.020 <br /> <br />Investments not subjected to categorization: <br />Broker money market funds <br />Mi1lllesota Municipal Money Market Fund <br /> <br />457,359 <br />6.888.778 <br /> <br />$ 13 272 157 <br /> <br />Total investments <br /> <br />A reconciliation of cash and temporary investments as shown on the Combined Balance Sheet for the City <br />follows: <br /> <br />Deposits <br />Investments <br />Petty cash <br /> <br />$ 1,263,000 <br />13,272,157 <br />325 <br /> <br />Total cash and temporary investments <br /> <br />$ 14 535482 <br /> <br />B. Loans Receivable <br /> <br />In 1998, the City entered into an agreement with Cardiac Pacemakers, Inc. and the Mi1lllesota Department of <br />Trade and Economic Development (MNDTED). This agreement provides a $300,000 loan to Cardiac <br />Pacemaker, Inc. that has a $200,000 forgivable component and a $100,000 loan component at 3 percent payable <br />over 60 months. The forgivable component remains forgivable if Cardiac Pacemakers, Inc. meets certain <br />employment criteria over a five-year period beginning September 1998 through August 2003. The outstanding <br />balance at year end for the loan component is $35,011. The forgivable component has been satisfied and no <br />balance is due at year end. <br /> <br />C. Dne From Other Governments <br /> <br />The amount due from Ramsey County as of December 31,2001 in the general and capital projects funds is <br />$54,612 and $2,469, respectively. <br /> <br />D. Fixed Assets <br /> <br />A summary of changes in general fixed assets for the year ended December 31, 200 I is as follows: <br /> <br /> Balance Balance <br /> Jannarv I Additions Disposals December 31 <br />Land $ 2,309,549 $ $ $ 2,309,549 <br />Buildings and structures 876,687 2,848,611 3,725,298 <br />Furniture, fixtures and office equipment 289,999 173,283 463,282 <br />Machinery and equipment 991,072 170,192 47,915 1,209,179 <br />Other improvements 14.906.937 76.932 14.983.869 <br />Total $ 19374 244 $ 3.269.018 $ 47.915 $ 22 691 177 <br /> <br />-17- <br />