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Gas Utility - accounts for the City's share of the Circle Pines gas utility that extends into the <br />community. In 1997, the City investigated into the prospect of collection of gas franchise fees <br />from all providers within the City. <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. The balance in this fund is the <br />result of assessments being collected, that will not be certified to Anoka County until the fall of <br />1998. <br />Investment Fund - accounts for the pooling of all the City's money that is invested throughout <br />the year. Interest on investments is recorded in this fund before allocating to all funds. Interest <br />earned in 1997 was $766,675 compared to $584,838 in 1996. <br />Deferred Compensation - accounts for employee contributions to the City authorized deferred <br />compensation plan. Section 457 of the Internal Revenue Code allows public employees to <br />establish such programs. Beginning in 1997, the City no longer is required to report these <br />amounts. <br />GENERAL FIXED ASSETS ACCOUNT GROUP <br />General fixed assets are those assets used for general governmental functions only. This does <br />not included enterprise funds. 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 the <br />amounts to be provided through future tax levies, assessments and tax increments. <br />CASH MANAGEMENT <br />Cash temporarily idle during the year was invested in certificates of deposit, commercial paper, <br />and obligations of the U.S. Treasury. The City's investment policy's primary objective is <br />safety of principal. Therefore, deposits were insured by Federal depository insurance or were <br />collateralized. The City Council adopted an amended investment policy in 1997. <br />DEBT ADMINISTRATION <br />At year end, the City had a number of debt issues outstanding. These issues included <br />$1,415,000 of general obligation bonds, $7,455,000 of general improvement bonds with special <br />assessments pledged and $4,215,000 of revenue bonds. During 1997, the City issued $225,000 <br />of equipment certificates internally, the proceeds of which were used to purchase equipment. <br />14 <br />