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CITY OF ROSEVILLE. MZNNESOTA <br />NOTES TO FINANCIAL STATEMENTS (CONTINUED) <br />DECEMBER 31 1986 <br />Note 2 - AccountSnQ Chanae (Continued) <br />General Fixed Assets Account Groun <br />ProoertY and evuipment <br />January 1 January 1, <br />1986 1985 <br />Balances as <br />previously <br />reported 533,874,787 531,196,841 <br />Deduct <br />transfer of <br />storm water <br />property and <br />equipment to <br />the Storm <br />Drainage <br />Enterprise <br />Fund <br />(10.801.625) (10.302.819) <br />Balances as <br />restated 523,073 162 520,894 022 <br />Note 3 - Fund DeEicits <br />Investment in <br />General Fixed Assets <br />January 1, January 1, <br />1966 1985 <br />533,8�4,787 531,196,891 <br />(10.801 625) (10.302,819) <br />523.073 162 520,894.022 <br />Speclal assessment -- R fund balance deflcit of 5 2,959,130 exlsted in this fUnd on <br />December 31, 1986. This deflcit arises because of ihe appllcation of generaily <br />accepted accounting principies to the financlal reporting for this fund. Speclal <br />assessments are recognized as revenue only Lo the extent that lndividual installments <br />are collected. As of December 31, 1986, this fund had deferred assessments of <br />53,231,461. The additional funds needed are levied on an annual basis and only in <br />the amount necessary to provide for reticement of current debt. <br />Note 4- Exnenditures in Excess of 8udaet <br />Expenditures exceeded the budget for the Economic Development Special Revenue Fund by <br />58,712. The excess of expenditures over budget was due to higher than anticipaied <br />activity. The excess had no major impact on the financial cesults of the City. <br />Note 5- Cash and Temoocarv Investments <br />Cash surpluses are pooled and Snvested in certificates of deposit, collaterallzed <br />repurchase agreements and governme�t securities. Investment earnings are allocated <br />to funds on the basls of average cash balances. Investments are stated at cost, <br />which approxlmates market and are not Sdentified with specific funds. <br />Cash and temporary investments at year end consists of the following: <br />Bank deposits including certificates nf <br />deposits with maturitSes within one year <br />U, S. Government SecuriGies <br />Short-[erm collaterallized repurchase <br />agreemen[s <br />Petty cash and change funds <br />S 1,950,390 <br />31.351.835 <br />500,000 <br />2.A29 <br />533,604.199 <br />In accordance with applicable MSnnesota Statutes, the City maintains deposits at <br />depository banks auLhorized by the CSty Councll. <br />Minnesota Statutes require that all deposlts be protected by insurance, surety <br />bond or collateral. If collateral is pledged as protectlon foc the deposits, <br />the market value of the collateral must be at a minimum of ilOX of the deposits <br />not covered by insurance or bonds (190x in case of mortgage notes pledged). A11 <br />funds on deposit at the depositories were fully insured and/oc collaterallzed by <br />collaterai held Sn safekeeping by the City's agent Sn the City's name. <br />-33- <br />