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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS - (CONT7NUE0) <br />DECEMBER 31,1989 <br />Nate 3- Expenditures in Excess of 8udqet <br />The Economic Devetpment Fund - 1989 expendiiures exceeded budget by 84,826. The overbudget was due to <br />additio�aL expenses retated to the Twin Lakes Development Ptan. <br />Note 4- Cash and Temoorarv Investments <br />Cash surpLuses are pooted and invested in certificates of deposit and short-term government securities. <br />Investment earnings are atlocated to funds on the 6asis of average wsh batances. Investments are stated <br />at cost, which approzimates market, and are not identified with specific funds. <br />Cash and temporary investments at year end cansists of che fotlowing: <br />CarrYinq Value Market Value <br />Repurchase agreements S 6,600,000 S 6,600,000 <br />U.S. Government seturities 25.642,198 26.216,326 <br />TotaL Investments <br />eank deposits including certificates of <br />deposit with maturities wifhin one year <br />Petty cash and change funds <br />Total Cash and Deposits <br />Total Cash and Investments <br />832,242.198 832,8�8,326 <br />S 875,030 <br />6,022 <br />881.052 <br />533,123,250 <br />In a<cordance with appLicable Minnesota statutes, the City maintains deposits at depository 6a�ks <br />authorized by the City Councit. <br />Minnesota Statutes require that all deposits 6e protected by insurance, surety 6ond or coLlateraL. If <br />coLlateraL is pledged as protection for the deposiTs, the market value of the collateral must at a <br />minimum 6e 110� of the deposits not covered 6y insurance or honds (740X in case of�mortgage notes <br />ptedged), All funds on deposit at the depositories were fully insured and/or tottateralized by <br />collateral held in safekeeping 6y the City's age�[ in ihe City's name. <br />The City invests onty in debt obligations which are authorized under State Statutes. Nrrent investments <br />incWde U.S. Treasuries, repurchase agreements, and mortgages. ALL which are uithin the authorization of <br />State Statutes. <br />The carrying value, market vatue and credit risk of the U.S. Government securiiies at year end is as <br />follows: -� . <br />Credit risk category 1 <br />Credit risk category 2 <br />Credit risk category 3 <br />Investments for Deferred Compensation Ptan - Pooted <br />35 <br />CarrYinq Va We Market Vatue <br />S 25,642,198 S 26,218,326 <br />.' 6,600,000 6,600,000 <br />532,242,198 532.818 326 <br />S 664,081 8 664,081 <br />