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2006 CAFR
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2006 CAFR
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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2006 <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) <br />D. Assets, liabilities, and net assets or equity <br />1. Deposits and investments <br />The enterprise and internal service funds participate in the pooling of City -wide cash and <br />investments. Amounts from the pool are available to these funds on demand. As a result, the cash <br />and investments of the enterprise and internal service funds are considered to be cash and cash <br />equivalents for statement of cash flow purposes. <br />State statutes authorize investments in the following: direct obligations or obligations guaranteed by <br />the United States or its agencies; shares of investment companies registered under the Federal <br />Investment Company Act of 1940 which receive the highest credit rating are rated in one of the two <br />highest rating categories by a statistical rating agency, and all of the investments have a final maturity <br />of thirteen months or less; municipal general obligations rated "A" or better; municipal revenue <br />obligations rated "AA" or better, general obligations of the Minnesota Housing Finance Agency rated <br />"A" or better; bankers; acceptances of United States' banks eligible for purchase of by the Federal <br />Reserve System; commercial paper issued by United States corporations or their Canadian <br />subsidiaries, of the highest quality category by at least two nationally recognized rating agencies, and <br />maturing in 270 days or less; Guaranteed Investment Contracts guaranteed by a United States <br />commercial bank, domestic branch of a foreign bank, or a United States insurance company, and with <br />a credit quality in one of the top two highest categories, repurchase or reverse repurchase agreements <br />and securities lending agreements with financial institutions qualifies as a "depository" by the City <br />entity, with banks that are members of the Federal Reserve System with capitalization exceeding <br />$10,000,000, a primary reporting dealer in U.S. government securities to Federal Reserve Bank of <br />New York, or certain Minnesota securities broker - dealers. <br />Investments for the City and the component unit are reported at fair value. <br />2. Receivables and payables <br />Activity between funds that are representative of lending /borrowing arrangements outstanding at the <br />end of the fiscal year are referred to as either "due to /from other funds" (i.e. the current portion of <br />interfund loan) . <br />Any residual balances outstanding between the governmental activities and business -type activities <br />are reported in the government -wide financial statements as "internal balances ". <br />
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