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Comprehensive Annual Financial Report 12/31/1995
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Comprehensive Annual Financial Report 12/31/1995
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Audit Report 12/31/1995
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WNW <br />MOW <br />Immo <br />AGENCY FUNDS <br />Contractor's Deposits - accounts for the pass - through costs of developer financed projects <br />within the City. <br />Pending Assessments - accounts for the receipt of assessment prepayments prior to <br />certification. This fund is closed annually at certification time. <br />Investment Fund - accounts for the pooling of all the City's money that is invested <br />throughout the year. Interest on investments is recorded in this fund before allocating to <br />all funds. Interest earned in 1995 was $575,116 compared to $431,078 in 1994. <br />Deferred Compensation - accounts for employee contributions to the City authorized <br />deferred compensation plan. Section 457 of the Internal Revenue Code allows public <br />employees to establish such programs. The section states that any funds deferred under <br />this program remain the property of the City. The value of the deposits at December 31, <br />1995 is $362,109. <br />GENERAL FIXED ASSETS ACCOUNT GROUP <br />General fixed assets are those assets used for general governmental functions only. This <br />does not included enterprise funds. In 1995, the City did a comprehensive inventory on all <br />City owned land, buildings and equipment. This was the City's first recorded inventory. <br />Depreciation is not recorded on the general fixed assets. <br />GENERAL LONG -TERM DEBT ACCOUNT GROUP <br />This group reports the current assets available in the Debt Service Funds and recognizes <br />the amounts to be provided through future tax levies, assessments and tax increments. <br />DEBT ADMINISTRATION <br />At year end, the City had a number of debt issues outstanding. These issues included <br />$1,341,000 of general obligation bonds, $5,285,000 of general improvement bonds with <br />special assessments pledged, $995,000 of revenue bonds and contract for deed in the <br />amount of $172,300. During 1995, the City upgraded its bond rating from Baa to Baal <br />from Moody's Investor Services. During 1995 the City issued $176,000 of equipment <br />certificates, the proceeds of which were used to purchase equipment. <br />13 <br />
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