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<br />
<br />CITY OF ARDEN HILLS, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31,2002
<br />
<br />DETAILED NOTES ON ALL FUNDS AND ACCOUNTS - CONTINUED
<br />
<br />At year end, the City's investment balances were as follO\vs:
<br />
<br />Category
<br />2
<br />
<br />Carrying
<br />Amount!
<br />__,'L-- Fair Value
<br />
<br />U.S. Govemment Securities
<br />
<br />$
<br />
<br />$ 6,663,482
<br />
<br />$ 6 663 482 $
<br />
<br />Investments not subjected to categorization:
<br />Broker money market funds
<br />Minnesota Municipal Money Market Fund
<br />
<br />158,030
<br />6,767.383
<br />
<br />$ 15 239 895
<br />
<br />Total investments
<br />
<br />A reconciliation of cash and temporary investments as shov.'Il on the Combined Balance Sheet for the City
<br />follows:
<br />
<br />Deposits
<br />Investments
<br />
<br />$ 1,651,000
<br />13,588,895
<br />
<br />$ 15239895
<br />
<br />Total cash and temporary investments
<br />B. Loans Receivable
<br />
<br />In 1998, the City entered into an agreement with Cardiac Pacemakers, Inc. (CPI) and the Mitmesota Department
<br />of Trade and Economic Development (MNDTED). This agreement provides a $300,000 loan to CPI that has a
<br />$200,000 forgivable component and a $100,000 loan component at 3 percent payable over 60 months. The
<br />forgivable component remains forgivable if cpr meet certain employment criteria over a five-year period
<br />beginning September 1998 through August 2003. The outstanding balance at year end for the loan component is
<br />$14,215. The forgivable component has been satisfied and no balance is due at year end.
<br />
<br />C. Due From Other Governments
<br />
<br />The amount due from other governments at December 31, 2002 is as follows:
<br />
<br /> Special
<br /> General Revenue Total
<br /> County $ 62,122 $ $ 62,122
<br /> Local 1,400 36.341 37,741
<br /> Total $ 63.522 $ 36 341 $ 99 863
<br />D, Fixed Assets
<br />
<br />A summary of changes in general fixed assets for the year ended December 31, 2002 is as follows:
<br />
<br /> Balance Balance
<br /> J anuarv I Additions Disoosals December 31
<br />Land $ 2,309,549 $ $ $ 2,309,549
<br />Buildings and structures 3,725,298 1,762 3,727,060
<br />Furniture, fixtures and office equipment 463,282 62,420 525,702
<br />Machinery and equipment 1,209,179 218,587 73,000 1,354,766
<br />Other improvements 14,983,869 16,084 14,999,953
<br />Total $22691177 $ 298.853 $ 73 000 $ 22 917 030
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