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. Note t: CITY OF ARDEN HILLS, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31 SUMt'\1ARY OF SIGNlFlCANT ACCOUNTING POLICIES - CONTINUED DRAFT D. Assets, Liabilities and Net Assets or Equity Deposits and Investments ~1t.;;: ~nr1 <:nn - The City's cash and cash equivalents are considered to b icJlsh..o with original maturities of three months or less from the date of acquisition. .estments Cash balances from all funds are pooled and invested, to the extent available, in certificates of deposit and other authorized investments. Earnings from such investments are allocated on the basis of applicable participation by each of the funds. The City may also invest idle funds as authorized by Minnesota statutes, as follows: 1. 2. 3. 4. 5. . 6. 7. Direct ohligations or obligations guaranteed by the United States or its agencies. Shares of investment companies registered under the Federal Investment Company Act of 1940 and whose only investments are in securities in (a) above. General obligations of the State of Minnesota or any of its municipalities. Banker's acceptances of Unites States banks eligible for purchase by the Federa] Reserve System. Commercial paper issued by United States banks corporations or their Canadian subsidiaries, of highest quality, and maturing in 270 days or less. Repurchase or reverse repurchase agreements Mtb banks that are members of the Federal Reserve System with capitalization exceeding $10,000,000, a primary reporting dealer in U.S. government securities to the Federal Reserve Bank of New York, or certain Minnesota securities broker-dealers. Guaranteed investment contracts (GIe's) issued or guaranteed by United States commercial banks or domestic branches offoreign banks or United States insurance companies if similar debt obligations of the issuer or the collateral pledged by the issuer is in the top tw"o rating categories, or in the top three rating categories for long-term GTe's issued by Minnesota banks. Investments for the City are reported at fair value. The Minnesota Municipal Money Market fund operates in accordance with appropriate State of Minnesota (the State) laws and regulations. The reported value of the pool is the same as the fair value of the pool shares. Financial statements of the Minnesota Municipal Money Market fund can be obtained by contacting Voyageur Asset Management at 1 00 South Fifth Street Suite 2300, Minneapolis, MN 55402-]240. Property Taxes The Council aunuaUy adopts a tax levy and certifies it to the County in December for collection the following year. The County is responsible for collecting all property taxes for the City. These taxes attach an enforceable lien on taxable property within the City on January I and are payable by the property owners in two installments. The taxes are collected by the County Treasurer and tax settlements are made to the City during January, July and December each year. Taxes payable on homestead property, as defined by Minnesota statutes, are partially reduced by a market value credit aid. The credit is paid to the City by the State in lieu of taxes levied against the homestead property. The State remits this credit in TIVO equal instalhnents in October and December each year. . Delinquent taxes receivable include the past six yearsl uncollected taxes. Delinquent taxes have been offset by a deferred revenue liability for delinquent taxes not received 'Within 60 days after year end in the fund financial statements. -26-