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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 4 - DETAILED NOTES ON ALL FUNDS (Continued) <br />A. Deposits and investments (Continued) <br />2. Deposits <br />In accordance with applicable Minnesota Statutes, the City maintains deposits at depository banks <br />authorized by the City Council, including checking accounts and certificates of deposits. <br />The following is considered the most significant risk associated with deposits: <br />Custodial credit risk — In the case of deposits, this is the risk that in the event of a bank failure, the <br />City's deposits may be lost. <br />Minnesota Statutes require that all deposits be protected by federal deposit insurance, corporate <br />surety bond, or collateral. The market value of collateral pledged must equal 110% of the deposits <br />not covered by federal deposit insurance or corporate surety bonds. Authorized collateral includes <br />treasury bills, notes, and bonds; issues of U.S. government agencies; general obligations rated "A" or <br />better; revenue obligations rated "AA" or better; irrevocable standard letters of credit issued by the <br />Federal Home Loan Bank; and certificates of deposit. Minnesota Statutes require that securities <br />pledged as collateral be held in safekeeping in a restricted account at the Federal Reserve Bank or in <br />an account at a trust department of a commercial bank or other financial institution that is not owned <br />or controlled by the financial institution furnishing the collateral. The City has no additional deposit <br />policies addressing custodial credit risk. <br />At year -end, the carrying amount of the City's deposits was $9,326,889 while the balance on the bank <br />records was $9,333,710. At December 31, 2006, all deposits were fully covered by federal <br />depository insurance, surety bonds, or by collateral held by the City's agent in the City's name. <br />56 <br />
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