6.1. SR 06-03-2013 - Laserfiche WebLink

Home Browse Search

i CITE'OF ELK RIVER,MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31,2012 Note 3: DETAILED NOTES ON ALL FUNDS-CONTINUED Fair Value Credit Segmented and j Quality/ Time Carrying Types of Investments Ratings(1) Distribution(2) Amount Negotiable CD's N/A Less than 6 months 2,991,285 I 6 to 12 months 889,341 1 to 5 years 4,536,363 More than 5 years 480,593 Total negotiable CD's 8,897,582 Total non-pooled investments 31,031,316 i Total investments 44,761,181 Deposits 13,134,761 Cash on hand 4,725 Total cash and investments $ 57,900,667 (1) Ratings are provided by various credit rating agencies where applicable to indicate associated credit risk. (2) Interest rate risk is disclosed using the segmented time distribution method. N/A Indicates not applicable. Cash and investments are presented in the financial statements as follows: Primary Component Government Unit-HRA Statement of Net Position Cash and investments $ 55,571,227 $ 862,972 Restricted cash and investments 724,500 - Cash with fiscal agent 1,553,188 Statement of Fiduciary Net Assets Cash and investments 51,752 - Total $ 57,900,667 $ 862,972 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 govermuents. 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,the City retains the grant repayments. Notes receivable of $253,374 in the Revolving Loan fiend and$81,595 in the TIF Districts fund are outstanding at December 31,2012, In 2006,the HRA issued a loan to a developer to assist in the financing 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. 46