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CITY OF ROSEVTLLE, MINNESOTA <br />NOTES TO FINANCIpL STATEMENTS - (CONTINUED) <br />DECEMBER 31 1988 <br />Note 3 - Fund Deficits <br />SpeciaL Assessment Construction - A fund baLance deficit of 565,523 did exist as ot Decem6er 31, 1988. 7he <br />deficit arose from a deLay of issuing the annual improvement bonds. A 83.5 miLLion improvement 6ond issue <br />uas completed in March, 1989. <br />Note 4- Expenditures in Excess of 8udqet <br />Recreation Fund - 1988 expenditures exceeded budget hy 54,493. The over6udget was due to additionat ex- <br />penses related to planning for a future recreation and community cenTer. <br />federaL Revenue Sharing F�nd - 1988 expenditures were for hudgeted items in prior years which were unspent <br />but reserved. With the termination of Federat Revenue Sharing, future expenditures witl exceed budget untiL <br />aLl prior 6udget funds have been expended. <br />Note 5- Cash and Temporarv Investments <br />Cash surpLuses are pooted and invested in tertificates of deposit and shori-term governme�t securities. <br />Investment earnings are attocated to funds on the 6asis of average cash balances. Investments are stated <br />at cost, which approximates market, and are not identified with specific funds. <br />Cash and temporary investments at year end consists of the foLtowing: <br />Repurchase agreements <br />U.S. Government secu�ities <br />TotaL Investments <br />Bank deposits in<Luding certificates of <br />deposit with maturities within one year <br />Petty cash and change funds <br />Total CaSh and Depo5it5 <br />Total Cash and Investments <br />Carrvinq VaLue Market Vatue <br />E 800,000 E 500,000 <br />27,05�,877 25,733,034 <br />827,850,877 526,533,034 <br />S 1,538,620 <br />3,500 <br />'1,542,120 <br />829.392,998 <br />In accordance with applicahte Minnesota statutes, the City maintains deposits at depository banks <br />authorized by the City CounciL. <br />Minnesota Statutes require that aLL deposits he protected by insurance, surety bond or cotlaterat. If <br />mtlaterat is pLedged as protection tor the deposiis, the market vatue of the cotLateral must at a <br />minimum 6e 110L of the deposits not covered by insurance or bonds (140% in case of mortgage notes <br />pLedged). All funds on deposit at the depositories Were fuLLy insured and/or coLLateraLized by <br />mLLateraL held in safekeeping by the City's agent in the City's name. <br />The City invests only in de6t ohLigations which are authorized under State Statutes. Current investments <br />include U.S. Treasuries, repurchase agreements, and mortgages. All uhich are within the authorization of <br />State Statutes. <br />34 <br />