5.4. SR 06-07-2010 - Laserfiche WebLink

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CITY OF ELK RNER, MINNESOTA ' NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2009 ' Note 3: DETAILED NOTES ON ALL FUNDS -CONTINUED , Cash and investments are presented in the fmancial statements as follows: Primary Component , Government Unit - HRA Statement of Net Assets Cash and investments $ 46,214,769 $ 704,311 Restricted cash and investments 724,500 - ' Cash with fiscal agent 2,660,556 - Statement of Fiduciary Net Assets Cash and investments 43,515 - , Total $ 49,643,340 $ 704,311 ' B. Notes Receivable ' The City has made several business subsidy loans to local businesses, some of which were funded with grant proceeds received from the state and federal governments. The terms of repayment vary with each loan and will be repaid over a period of five years. Under the terms of the grant agreement, a portion of the state grant will be returned to the State of Minnesota and the City retains the remainder of the grant repayments. Notes receivable of $557,065 in the Revolving ' Loan fund, $460,146 in the DTED Grant/Loan fund, and $20,275 in the EDA DTED Loan fund are outstanding at December 31, 2009. ' In 2006, the HRA issued a loan to a developer to assist in the fmancing of a housing development for the benefit of low and moderate income residents which was funded with state grant proceeds. Repayment of the loan is deferred for 30 years, payable in one lump sum at an interest rate of one percent. ' C. Deferred Revenue ' Governmental funds report deferred revenue in connection with receivables for revenues that are not considered to be available to liquidate liabilities of the current period. Governmental funds also defer revenue recognition in connection with resources that have been received, but not yet earned. At the end of the current fiscal year, the various components of deferred revenue and unearned revenue reported in the governmental funds were as follows: ' L ~~ u 46 '