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Management Report and Recommendations 12/31/1983
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Management Report and Recommendations 12/31/1983
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Management Report and Recommendations
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12/31/1983
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1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />City of Lino Lakes <br />Management Report, Page 6 <br />Combined Financial Statements <br />The Combined Financial Statements of the City are presented in Statements 1 through <br />5 of the 1983 Annual Financial Report. The following comments relate to those state- <br />ments. <br />Cash and Investments <br />Cash and Investments held by the City at December 31, 1983 totaled $581,790 as com- <br />pared to 1982 balance of $409,561. These balances were deposited in various accounts <br />and investments are summarized below: <br />December 31, Increase <br />Description 1983 1982 (Decrease) <br />Treasurer's balance - checking $ 3,219 $ 1,092 $ 2,127 <br />Petty cash 150 150 <br />Investments: <br />Certificate of deposits 400,000 200,000 200,000 <br />Small Business Administration <br />(SBA) 100,630 100,630 <br />Savings account 15 116,154 (116,139) <br />NOW account 77,776 92,165 (14,389) <br />Totals <br />$581,790 $409,561 $172,229 <br />The City in 1983 had interest earnings on investments of $33,226 as compared to 1982 <br />earnings of $61,921. The decrease in interest earnings was directly effected by <br />decreasing interest rates available. In 1983, rates ranged from 9.25% to 8% and in 1982 <br />ranged from 15.25% to 8 %. Additionally, the average cash available to invest throughout <br />1983 was less than the prior year. <br />During 1983 and 1982, the City maintained an average negative balance of approxima- <br />tely $27,000 and $1,400 respectively in the City's checking account. These negative <br />balances are "book" balances only. These balances indicate that the City is depositing <br />cash not needed for current expenses into interest bearing accounts. We recommend that <br />the City continue this practice of minimal balances in the City's checking account. <br />
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