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lanw <br />Vmego <br />IMEr <br />U. <br />VENN <br />CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2012 <br />Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />O. FUND EQUITY (CONITNUED) <br />The fund equity balances in the proprietary funds have been classified into two broad categories: <br />• Net position — Net Investment in Capital Assets <br />• Unrestricted Net position <br />Net position represents the differences between assets and liabilities in the government -wide financial <br />statements. Net position — net investment in capital assets consists of capital assets, net of accumulated <br />depreciation, reduced by the ouststanding balance of any long -term debt used to build or acquire capital <br />assets. Net position is reported as restricted in government -wide financial statements when there are <br />limitations on their use thorugh external restrictions imposed by creditors, grantors, or laws or regulations <br />of other governments. <br />P. INTERFUND TRANSACTIONS <br />Interfund services provided and used are accounted for as revenues, expenditures or expenses. <br />Transactions that constitute reimbursements to a fund for expenditures /expenses initially made from it that <br />are properly applicable to another fund, are recorded as expenditures /expenses in the reimbursing fund and <br />as reductions of expenditures or expenses in the fund that is reimbursed. All other interfund transactions <br />are reported as transfers. <br />All Interfund transactions are eliminated except for activity between governmental activities and business - <br />type activities for presentation in the entity-wide statements of Net position and statements of activities. <br />Note 2 DEPOSITS AND INVESTMENTS <br />Components of Cash and Investments <br />Cash and investments at year -end consists of the following: <br />Deposits $ 3,815,337 <br />Investments 29,579,638 <br />Cash on Hand 820 <br />Total $ 33,395,795 <br />Cash and investments are presented in the financial statements as follows: <br />Cash and Investments - Statement of Net Position $ 32,775,078 <br />Permanent restricted Cash and Investments - Statement of Net Position 110,536 <br />Cash and Investments - Statement of Net Position - Fiduciary Funds 510,181 <br />Total $ 33,395,795 <br />A. Deposits <br />The City maintains a cash and investment pool that is available for use by all funds. Each fund type's <br />portion of this pool is displayed on the statement of net position and the balance sheet as "Cash and <br />Investments." In accordance with Minnesota Statutes, the City maintains deposits at financial institutions <br />which are authorized by the City Council. <br />