Laserfiche WebLink
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1990 <br />Page 5 of 23 <br />NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued) <br />CASH AND INVESTMENTS (continued) <br />At December 31, 1990 the following funds reported cash overdrafts: <br />Economic Development Authority $9,336 <br />1989A Certificates of Indebtedness 7,085 <br />Community Development Block Grant 11,084 <br />Surface Water Management 91,701 <br />Centennial Fire Station 74,968 <br />Interim Construction 68,311 <br />Tax Increment Financing 1 -2 2,617 <br />Tax Increment Financing 1 -3 14,397 <br />Tax Increment Financing 1-4 22,014 <br />Water and Sewer 32,410 <br />Investment Fund 122,321 <br />Management has elected not to record an interfund loan for these overdrafts as they are considered <br />temporary. <br />DEPOSITS <br />In accordance with Minnesota Statutes, the City maintains deposits at those depository banks <br />authorized by the City Council all of which are members of the Federal Reserve System. <br />Minnesota Statutes require that all City deposits be protected by insurance, surety bond, or <br />collateral. The market value of collateral pledged must equal 110% of the deposits not covered by <br />insurance or bonds (140% in the case of mortgage notes pledged). <br />Authorized collateral includes the legal investments described below, as well as certain first <br />mortgage notes and certain other State or local government obligations. Minnesota Statutes <br />require that securities pledged as collateral be held in safekeeping by the City treasurer or in a <br />financial institution other than that furnishing the collateral. <br />At year -end, the carrying amount of the City's deposits was $5,749,142 and the bank balance was <br />$6, 066, 123. The entire bank balance was covered by Federal depository insurance collateral held <br />by the City's agent in the City's name. <br />