Laserfiche WebLink
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2014 <br />Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />O. FUND EQUITY (CONTINUED) <br />The fund equity balances in the proprietary funds have been classified into two broad categories: <br />• Net position — net investment in capital assets <br />• Unrestricted net position <br />Net position represents the differences between assets and deferred outflows of resources and liabilities and <br />deferred inflows of resources in the government -wide financial statements. Net position — net investment in <br />capital assets consists of capital assets, net of accumulated depreciation, reduced by the ouststanding <br />balance of any long-term debt used to build or acquire capital assets. Net position is reported as restricted <br />in government -wide financial statements when there are limitations on their use thorugh external <br />restrictions imposed by creditors, grantors, or laws or regulations of other governments. <br />P. INTERFUND TRANSACTIONS <br />Interfund services provided and used are accounted for as revenues, expenditures or expenses. <br />Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that <br />are properly applicable to another fund, are recorded as expenditures/expenses in the reimbursing fund and <br />as reductions of expenditures or expenses in the fund that is reimbursed. All other interfund transactions <br />are reported as transfers. <br />All interfund transactions are eliminated except for activity between governmental activities and business - <br />type activities for presentation in the entity -wide statements of net position and statements of activities. <br />Note 2 DEPOSITS AND INVESTMENTS <br />Components of Cash and Investments <br />Cash and investments at year-end consist of the following: <br />Deposits <br />Investments <br />Cash on Hand <br />Total <br />Cash and investments are presented in the financial statements as follows: <br />Cash and Investments - Statement of Net Position <br />Permanent restricted Cash and Investments - Statement of Net Position <br />Cash and Investments - Statement of Net Position - Fiduciary Funds <br />Total <br />A. DEPOSITS <br />$ 5,215,913 <br />31,522,893 <br />820 <br />$ 36,739.626 <br />$ 35,856,188 <br />100,000 <br />783,438 <br />$ 36,739,626 <br />The City maintains a cash and investment pool that is available for use by all funds. Each fund type's <br />portion of this pool is displayed on the statement of net position and the balance sheet as "Cash and <br />Investments." In accordance with Minnesota Statutes, the City maintains deposits at financial institutions <br />which are authorized by the City Council. <br />43 <br />