Annual_Report_1995_001 - Laserfiche WebLink

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• • .: • : : �^�� m. � �•,��u: : c •�� hlote_2 _ Exnendituces. �n Ezrecc of Rn�et and DeficiLs_jiLpundBalances - continuell The Economic Increments Fund - 1995 operations resulted in a fund deficit as of December 31, 1995, of $231,200. The City Hall Bond Fund - The ending balance of this fund as of December 31, 1995, was a deficit balance totaling $6,181. The Solid Waste Recycling Fund - Ended the yeu with a fund deficit of $1,877, as of December 31, 1995 With the exception of the Recreation Fund, no remedial action is required for these ezcess expenditures for fund deficits. The Recreation operations were reorganized in 1994 and included the combining of the ice azena and John Rose Minnesota Oval into the Recreation Fund. The Ciry has prepared and implemented a 5-yeaz business plan to address the Fiscal and operational matters rela[ed to general recreational demands. Note3_-_CaslLanrLTemporary InYestments Cash sutpluses are pooled and invested in certificates of deposit and short-term government securities. Investment earnings aze allocated to funds on the basis of average cash balances or speciFically in the case of restricted yield funds. Investments aze stated a[ cost, which approzimates mazicet, and aze not identified with specific funds with ezception of certain debt service funds which aze subject to restricred yield. In those instances, specific investments aze secured at below azbitrage rates. Cash and temporary investments at yeaz end consists of the following: Repurchase agreements U.S. Government securities Total Investments Bank Deposits Petty Cash and change funds Total Cash and Deposits Total Cash and Investments Gacrying Vaiue $ 11,000,000 1QOb2.442 $31,062,494 $ 685,035 �Q24 $ 692.129 $ 31_I..55.,128 Mazket_Y_alue � 11,000,000 27_494�884 $_3_8,494.&82 In acwrdance with applicable Minnesota starutes, the Ciry maintains deposits at depository banks authorized by the Ciry Council. Minnesota Stamtes require that alt deposits be protected by insurance, surery bond or collateral. If collateral is pledged as protection for the deposiu, the market value of the collateral must at a muumum be 110% of the deposits not covered by insurance or bonds (140% in case of mongage notes pledged). All funds on deposit at the depositories were fully insured and/or collateralized by collateral held in safekeeping by the City's agent in the City's name. The City invests only in debt obligations which aze authorized under State Statutes. State Starutes permit municipal investments in direct U. S. government obligations, federai agency issues, shazes of muwa! funds investing exclusively in U.S. govemment and agency issues, obiigations of State of Minnesota or Minnesota municipaiities, bankers acceptances, highest quality commercial paper, and in[erest bearing deposits. 34