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2002 Comprehensive Annual Finanical Report (CAFR)
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2002 Comprehensive Annual Finanical Report (CAFR)
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6/19/2012 3:42:53 PM
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CITY OF ROSEVILLE <br />NOTES To FINANCIAL STATEMENTS <br />DECEMBER 31, 2002 <br />NOTE 6 - INVESTMENT TRUST <br />The North Suburban Cable Commission, a separate joint-powers agency, which includes Roseville and <br />nine other cities, voluntarily maintains its excess funds with the City to invest and earn interest. The <br />City provides for an investment trust and accounts for the funds accordingly. There is no direct <br />regulatory oversight of the fund by any other agency, except the investments are in accordance with <br />Minnesota State Statutes, which provides for public funds treatment, and thus are restricted within the <br />statutes. The Trust's cash is pooled with the City's funds and is classified in Category 1. <br />The fair value is determined on a monthly basis but is only booked to the investment trust at the end of <br />the calendar fiscal year of the City. The method of determining the values and shares of the <br />Commission in the investment trust is the same pro -rata monthly average cash method employed with <br />all other city funds. The City provides no other guarantees other than the underlying securities, which <br />are restricted as per state statutes. <br />As of December 31, 200215 the fair value (carrying value) of the commission investment trust is <br />$1,681,700. No separate report is issued. <br />NOTE 7 - SUBSEQUENT EVENT <br />On March 12, 2003, the City settled on $9.7 million in General Obligation Facility Bonds. The proceeds <br />of the bonds will be used to finance the construction of a public safety addition to city hall, and to <br />expand the existing public works building. <br />70 <br />
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