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2002-09-25 CC Packet
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2002-09-25 CC Packet
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<br />CITY OF CENTERVIlLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2001 <br /> <br />Note 3: DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS - CONTINUED <br /> <br />Minnesota Statutes require that all City deposits be protected by insurance, surety bond, or collateral. The <br />market value of collateral pledged must equal I 10 percent of the deposits not covered by insurance or bonds <br />(140 percent in the case of mortgage notes pledged). <br /> <br />Authorized collateral includes the legal investments described below. as well as certain first mortgage notes, and <br />certain other State or local government obligations. Minnesota Statutes require that securities pledged as <br />collateral be held in safekeeping by the City or in a financial institution other than that furnishing the collateral. <br /> <br />At year end. the City's carrying amount of deposits was $4,333.270 and the bank balance was $4,480,218. The <br />bank balance was covered by federal depository insurance totaling $400,000. The remaining balance of <br />$4,080.218 was covered by collateral. The City did not have sufficient collateral covering the statutory required <br />ten percent above deposits. <br /> <br />Investments <br /> <br />Investments are categorized into these three categories of credit risk: <br /> <br />I. Insured or registered, or securities held by the City or its agent in the City's natue. <br /> <br />2. Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the City's <br />name. <br /> <br />3. Uninsured and unregistered, with securities held by the counterparty, or by its trust department or agent <br />but not in the City's name. <br /> <br />At year end, the City's investment balances were as follows; <br /> <br />Catee:orv <br />2 <br /> <br />3 <br /> <br />Carrying <br />and Fair <br />Value <br /> <br />U.S. Government Securities <br /> <br />Investments not subjected <br />to risk categorization: <br />Broker money market funds <br />Minnesota Municipal Money Market fund <br /> <br />Total Investments <br /> <br />$ 356676 $ <br /> <br />$ <br /> <br />- $ 356,676 <br /> <br />6.507 <br />1.036.737 <br />$ 1 399 920 <br /> <br />Cash on Hand <br /> <br />Cash in the possession of the City consisting of petty cash totals $170. <br /> <br />Cash and Investments Summary <br /> <br />A reconciliation of cash and investments as shown on the Combined Balance Sheet for the City follows; <br /> <br />Cash on hand $ 170 <br />Carrying amount of deposits 4,333.270 <br />Carrying amount of investments 1,399,920 <br /> <br />Total Cash and Temporary Investments $ 5.733.360 <br /> <br />B. Due From Other Governments <br /> <br />A summary of amounts due from other governments as of December 31, 200 I is as follows: <br /> <br /> County <br />General $ 62.911 <br />Special revenue <br />Recycling 6.498 <br />Total $ 69 409 <br />
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