5.5. SR 06-02-2008 - Laserfiche WebLink

Home Browse Search

CITY OF ELK RIVER, MINNESOTA ' NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 Note 3: DETAILED NOTES ON ALL FUNDS -CONTINUED ' Cash and investments are presented in the financial statements as follows: Primary Component ' Government Uni[-HRA Statement of Net Assets Cash and investments $ 50,949,063 $ 340,789 Restricted cash and investments 733,40D - ' Cash with fiscal agent 334,092 - Statement of Fiduciary Nct Assets Cash and investments 180,311 - Total $ 52 L96 866 $ ' , , 340,789 B. Notes Receivable The City has made several business subsidy loans to local businesses, some of which were funded with grant proceeds received frotn the State of Minnesota. The terms of repayment vary with each loan and will be repaid over a period of five yeazs. Under the terms of the grant agreement, a portion of the grant will be returned to the State of Minnesota and the City retains the remainder of the grant repayments. At December 31, 2007, notes receivable of $412,050 and $77,085 are outstanding in the Revolving Loan and FDA DTED Loan funds, respectively. 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. C Deferred Revenue i . 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 yeY 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: Unavailable Unearned Delinquent property taxes receivable: General fund $ 227,7?Z $ - Library Fund 3,796 - Improvement bonds fund 3,137 Street Lnprovements fund 749 - [mprovement projects fund 3,298 Nonmajor funds 42,532 - Delinquent special assessments'. ' Improvement bonds fund 3,930 - Strect improvements fund 6,387 - Improvement projects fund 6,208 Special assessments no[ yet due' ' Improvement bands fund 7,386,579 Stmct improvements fund ],324,673 - Improvemevt projects fuvd 3,221,783 - Nonmajor funds q,g6q ' Notes receivable not vet due: Nonmajor funds 257,224 - Unearned park dedication credits: ' Nonmajor funds - 418,333 Unearned miscellaneous fees' Nonmajor FUnds ggl Total $ 6.493,852 $ 419.214 ' 48 '