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05-31-05
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05-31-05
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<br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER31,2004 <br /> <br />Note 2: STEW ARDSIDP, COMPLIANCE AND ACCOUNTABiliTY - CONTINUED <br /> <br />B. Deficit Fund Equity <br /> <br />The following fimds bad fund equity deficits at December 31, 2004: Economic Development Authority fimd of <br />$454,660, and Community Service fimd of$14,870. The deficits will be eliminated through transfers from other <br />funds and future revenue sources. <br /> <br />Note 3: DETAILED NOTES ON ALL FUNDS <br /> <br />A, Deposits aod Investments <br /> <br />Deposits <br /> <br />In accordance with Minnesota statutes and as authorized by the Council, the City maintains deposits at those <br />depository banks, all of which are members of the Federal Reserve System. <br /> <br />n <br /> <br />. <br />[] <br /> <br />o <br /> <br />[] <br /> <br />o <br /> <br />o <br /> <br />Minnesota statutes require that all City deposits be protected by insurance, surety bond or collateral. The market <br />value of collateral pledged must equal 110 percent of the deposits not covered by insurance or bonds (140 percent in <br />the case of mortgage notes pledged). n <br /> <br />Authorized collateral inc1ndes the legal investments descnbed below, as well as certain first mortgage notes, and <br />certain other State or local government obligations, Minnesota statutes require that securities pledged as collateral [1 <br />be held in safekeeping by the City or in a financial institution other than that furnishing the collateral, At year end, <br />the City bas deposits with a bank and a book value of$4,149,678. Of the bank balance, $2,139,000 was covered by . <br />federal depository insurance. The remaining balance of$2,010,679 was uninsured at year end, -1 <br /> <br />Investments ~I <br /> <br />$ 7,752,886 <br /> Ii <br /> II <br /> 174,879 <br /> 2,181,452 , <br /> , <br />$ 10.109,217 -; <br /> f <br /> l, <br /> <br />Investments are categorized into these three categories of credit risk: <br /> <br />(I) Insured orregistered, or securities held by the City or its agent in the City's name. <br /> <br />(2) Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the City's <br />name. <br /> <br />(3) Uninsured and unregistered, with securities held by the counterparty, or by its trust department or agent but not <br />in the City's name. <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 />$ <br /> <br />$ <br /> <br />$ 7,752,886 <br /> <br />Investments not subject to categorization <br />Broker market accounts <br />Minoesota Money Markey Mutual Fund <br /> <br />Total investments <br /> <br />-24- <br /> <br />f] <br /> <br />u <br /> <br />[J <br /> <br />u <br /> <br />! \ <br />.) <br />
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