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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2001 <br />Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />R. MEMORANDUM ONLY - TOTAL COLUMNS <br />Total columns on the General Purpose Financial Statements are captioned "Memorandum Only" to <br />indicate that they are presented only to facilitate financial analysis. Data in these columns do not <br />present financial position, results of operations or changes in cash flows in conformity with U.S. <br />generally accepted accounting principles. Neither are such data comparable to a consolidation. <br />Interfund eliminations have not been made in the aggregation of this data. <br />Note 2 DEPOSITS AND INVESTMENTS <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 collateral. <br />The market value of collateral pledged must equal 110% of the deposits not covered by insurance or <br />bonds. <br />Authorized collateral includes the legal investments described below and certain other state or local <br />government obligations. Minnesota Statutes require that securities pledged as collateral be held in <br />safekeeping by the City Treasurer or in a financial institution other than that furnishing the collateral. <br />At year -end, the carrying amount of the City's deposits was $148,320 and the bank balance was <br />$470,468. The entire bank balance was covered by Federal depository insurance or by collateral held <br />by the City's agent in the City's name. <br />27 <br />