2008-06-25 CC Packet - Laserfiche WebLink

Home Browse Search

CITY OF CENTERVILLE, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2007 Note 3: DETAILED NOTES ON ALL FUNDS At year end, the City's carrying amount of deposits was $7,002,707 and the bank balance was $7,072,441. Of the bank balance, $1,551,703 was covered by federal depository insurance and $5,520,738 was covered by collateral held by the City's agent in the City's name. As of December 31, 2007, the City had the following investments that are insured or registered, or securities held by the City or its agent in the City's name. Fair Value Credit Segmented Concentration and Quality/ Time of Carrying Investment Type Ratings (1) Distribution (2) Credit Risk Amount Pooled investments Broker money market N/A N/A N/A $ 51,480 Nonpooled investments U.S. Government Agencies AAA 6 months to 1 year 11% 199,063 U.S. Government Agencies AAA 1 year - 3 years 55% 1,003,705 U.S. Government Agencies AAA greater than 3 years 31% 564,391 Total investments $ 1,818,639 1. Ratings are provided by various credit rating agencies where applicable to indicate associated credit risk. 2. Interest rate risk is disclosed using the segmented time distribution method. N/ A Indicates not applicable or available. At year end, the Cities total cash and temporary investments as shown on the Statement of Net Assets were as follows: Carrying amount of deposits $ 7,002,707 Investments 1,818,639 Petty cash 349 Total $ 8,821,695 B. Receivables A summary of all intergovernmental receivables as of December 31,2007 is as follows: Fund Governmental activities General County $ 2,653 C. Deferred Charges Deferred charges resulted from issuance of bonds in the governmental funds and consist of issuance costs and bond discounts. -30-