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CITY OF CENTERVII T F, MINNESOTA <br /> • <br /> NOTES TO FINANCIAL STA <br /> DECEMBER 31, 1999 M ESS <br /> Note 3: DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS - CONTINUED <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 110% of the deposits not covered by insurance or bonds (140% in <br /> the case of mortgage notes pledged). <br /> Authorized collateral includes the legal investments described below, as well as terrain 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 /> At year end, the City's carrying amount of deposits was $3,765,138 and the bank balance was $3,797,486. The <br /> basic balance was entirely covered by federal depository insurance and by collateral held by the City's agent in <br /> the City's name. <br /> Investments <br /> Investments are categorized into these three categories of credit risk: <br /> 1. Insured or registered, or securities held by the City or its agent in the City's name. <br /> 2. Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the City's <br /> name. <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 /> At year end, the City's investment balances were as follows: <br /> I <br /> Category Carrying and <br /> 3 Fair Value <br /> U.S. Government Securities 7 $ 282,975 <br /> Investments not subjected <br /> to risk categorization: <br /> 4M Money Market Fund 942,00 <br /> Total Investments S� 1.724 972 <br /> Cash on Rand <br /> Cash in the possession of the City, consisting of petty cash totals $92. <br /> Cash and Investments Summary <br /> A reconciliation of cash and investments as shown on the Combined Balance Sheet for the City follows: <br /> Cash on hand <br /> Carrying amount of deposits $ 1 <br /> Carrying amount of investments 3,224.977 <br /> 1.224.977 <br /> Total Cash and Temporary Investments d <br /> B. Due From Other Governments <br /> A summary of amounts due from other governments as of December 31, I999 is as follows: <br /> County <br /> General Fund $ 47,283 <br /> Special Revenue Fund <br /> Recycling Fund 3.041 <br /> Total <br /> $ 50.324 <br />