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2001 CAFR
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2001 CAFR
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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2001 <br />I�[�y��'�f�►�/��yul��M�y.�i��l <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 aze in accordance with <br />Minnesota State Statutes, which provides for public funds treatment, and thus aze restricted within the <br />statutes. The Trust's cash is pooled with the City's funds and is classified in Category I. <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 yeaz 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, 2001, the fair value (carrying value) of the commission investment trust is <br />$1,583,540. No separate report is issued. <br />NOTE 7 - SUBSEQUENT EVENT <br />On March 1, 2002, the City called the remaining principal of $1,560,000 on the General Obligation <br />Improvement Bonds, Series 22. The called bonds had maturity dates from Mazch 1, 2003 through <br />March 1, 201 l. The City saved $397,740 in future interest payments related to these bonds. <br />C� <br />
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