|
CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2002
<br />Note 2 DEPOSITS AND INVESTMENTS (CONTINUED)
<br />INVESTMENTS
<br />Minnesota Statutes authorize the City to invest in the following:
<br />a) Direct obligations or obligations guaranteed by the United States or its agencies, its instrumentalities,
<br />or organizations created by an act of congress, excluding mortgage- backed securities defined as high
<br />risk.
<br />b) Shares of investment companies registered under the Federal Investment Company Act of 1940 and
<br />whose only investments are in securities described in (a) above, general obligation tax - exempt
<br />securities, or repurchase or reverse repurchase agreements.
<br />c) General obligations of the State of Minnesota or any of its municipalities.
<br />d) Bankers acceptance of United States banks eligible for purchase by the Federal Reserve System.
<br />e) Commercial paper issued by United States corporations or their Canadian subsidiaries, of the
<br />highest quality, and maturing in 270 days or less.
<br />f) Repurchase or reverse repurchase agreements with banks that are members of the Federal Reserve
<br />System with capitalization exceeding $10,000,000; a primary reporting dealer in U.S. government
<br />securities to the Federal Reserve Bank of New York; certain Minnesota securities broker - dealers;
<br />or, a bank qualified as a depositor.
<br />Cash and Investment balances as of December 31, 2002 are as follows:
<br />Custodial Credit Risk Category
<br />Security Type 1 2 3 Fair Value
<br />U.S. Government & Agency Securities $ 3,716,743 $ $ $ 3,716,743
<br />Commercial Paper 2,187,480 2,187,480
<br />Municipal Bonds 469,450 469,450
<br />Negotiable Certificates of Deposit 4,670,128 4,670,128
<br />Totals $ 11,043,801 $ $ $ 11,043,801
<br />Investment not subject to categorization:
<br />Mutual Funds 1,701,227
<br />Money Market Funds 1,064,755
<br />Total Investments 13,809,783
<br />Deposits 1,879,259
<br />Cash on Hand 820
<br />Total Deposits, Investments and cash on hand $ 15,689,862
<br />A reconciliation of cash and investment as shown on the combined balance sheet is as follows:
<br />Cash and investments
<br />Cash and investments with escrow agent
<br />28
<br />1 5,197,401
<br />492,461
<br />15,689,862
<br />
|