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f <br />'>• <br />.,-f .1. <br />mW*f <br />• ^ -\ <br />tiJ- <br />MF . . <br />lai; <br />,..v^ <br />CITY OF ORONO. MINNESOTA <br />Notes to Financial Statements (continued) <br />December 31, 1991 <br />NOTE 2 - BUDOtTS AND BUDGETARY ACCOUNTING (CONTINUED) <br />The expenditure budget amendments in the Special Revenue Funds were for the following purposes: <br />• Perk Fund - The budget for capital outlay was eliminated to provide for a genet al park <br />planning project. <br />* Improvement and Equipment Outlay Fund - The budget was decreased to reflect the <br />elimination of certain items from the current budget <br />For I99i no departmental expenditures exceeded appropriations <br />NOTE 3 • CASH AND IN\ ESTMENTS <br />Cash balances of all City fund: are Ciimbmed (p<K)ied) and invested to the extent available in Federal <br />Government Securities and various other investments authorized by Minnesota State Statutes Each fund’s <br />portion of this pool is shown on the financial statements as “cash and investments ' Earnings from such <br />Investments are allocated to the individual funds on the basis of the applicable cash balances available by <br />each of the hinds during the year, and in accordance with State Statutes <br />For purposes of identifying the risk of investing public funds, du* balances are categorized as follows <br />A. Deposits <br />Dffosits consist of checking accounts, savings accounts and certifkates of deposit held in a hank or <br />savings institution. <br />At year*end, the carrying amount of the City’s dep isits was $1,053,021. while the oalance on the bank <br />records was $l,07l,814. As of December 31. 1991. ail deposits of the City were insured or <br />collateralized by securities held by the City or by its agent in the City's name <br />B. Invmtmcfits <br />MirniADCa State Statutes authorize the City to invest in i>bligations of the U S Treasury, agencies, and <br />wstruikiefilalities, shares of investment companies whose only mvestmems are in the aforementioned <br />aecurilies, obligations of the State of Minnesota or its mumcipaiiues. bankers' acceptances, future <br />cooiracsa, repurchase and reverse repurch tse agreements, and ^mmercial paper of the highest tpiality <br />with s maturity of no longer than 270 days Any miu^ial (Hirchase discounts or premiums are amortized <br />over the term of the inv^ment Interest earnings are accrued at die balance sheet dale and recognized <br />0 rcvmiue when eviwd <br />35 <br />MMim <br />1