Annual_Report_1994_001 - Laserfiche WebLink

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CITY OP ROS6VILLS NOT85 TO PZNANCIAL STATHM&NTS pHCHMHHR 31. 1994 N 2- 6sp d't 6 £ B d t d D ficite in Pund Balancee (Continued) The Lieenee Centes Pund --1994 e�[penditures exceeded budget by $184,581. The axceee expevdituxee veie higher than a�ticipated due to higher a�inietrative ehazgee to the general fund. The Charitable Gambling Pund - expendituzee Eor 1994 exeeeded budget by $6,545. 1994 revenuee were $15,890 leee than anticipated. With the exception of the Recreation Pund, no remedial action ie required £oz these excese expendituree £or fund deficite. The Recroation oparatione were reoxganized in 1994 and included the combining of the ice arena and .Tok�n Roee Mixu�eaota oval into the Reereation Pund. The City hae prepared and implemented a 5-year bueineee plan to addreee the fiecal and opezational mattere related to general recreational demande. Note 3- Caeh and Temposarv Inveetmente Caeh eurplusee aze pooled and invee[ed in certi£icatee of depoeit and ehort-term government eecuritiee. Inveetment earninga aze allocated to £unda on the baeie of avezage eaeh halancee ox epeci£ically in the caee of reetricted yield funds. Inveetmente are etated at coat, which approximatee market, and are not identified with epecific Eunds wich exception o£ certain debt aervice funde which are eubject to zeetricted yield. In thoee instancee, epecific inveetmenta aze eecured at below azbitzage ratee. Caeh and temporary inveetmente at yeaz end eoneie[s of the folloving: Repurehase agreemente ❑.5. Government eecuzitiee Total Snveetmente Bank Depoeite Petty Caeh and change funde Total Caeh and Depoaite Total Caeh and Inveetmente Carzvina Valve $ 6,000,000 22.856,540 5 28,856.54� $ 524,]51 6 �03 $ 531.454 529,381,994 Macket Value $ 6,000,000 26.503.SP9 532.503.52] In accordance with applicable Mixu�esota etatutee, the City maintaine depooita at depoeitoxy bazilce authorized by the City Council. Minnesota Statutes require that all depoaite be protected by ineurance, eurety bond or collateral. Zf collatexal ie pledged as protection foz the deposite, the market value of the collateral must at a minimum be 110% of the depoei[s not c vezed by ine�rance or bonde (1404 in eaee of mortgage notea pledged). All funde on depoeit at Che depoeitoziee were fully ineured and/or collateralized by collateral held in safekeeping by the City's agent in the City's name. The City investa only in debt obligatione which are authorized under Sia4e Statutee. State Statutee pexmit municipal inveetmente in direct U. S. government obligatione, federal agenry ieeuee, eharea of mutual £unde inveeting exclssaively in o.5. govexnment and agency iseues, obligatione oF State of Mix�neeota or Minneeota munitipalitiee, bankere acceptanees, highest quality commercial papez, and intexeet bearing depoeiea. The caxzying value, market value and credit riak o£ the U. 5. Government eecuritiea at year end ie as Eollowe: Credit riak category 1 Credit ziek eategory 2 Credit riek category 3 Inveetmente foz DeEerred Compensation Plan - Pooled Carxvina Value $22,956,540 6,000,00a 528.856.540 5 1.429.'/l4 Maike[ Value 526,503,52] 6,000,0�0 532.SU3,52� 5 1,429,]14 The City's inveetmenta aze categorized above to give an indication of the level of riek aeaumed at year-end. Category 1 includee inveetmente that are ineured or regietered or Eoz vhich the eecuritiee are held by the City or ite agent in the City'e name. Category 2 includee uninassred and unregiaterad inveetmente £os whieh the eecuritiee are held by the � banks' trust department or agent in the City'e name. Thie categozy includee repuzchaee agreements. Categosy 3 includea '� uninsured and unregiatered inveetments for which the aeeuritiee are held by the banke', oz by ies trus[ department or agent but not in the City'e name. 34