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NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br /> <br />Sunwood Drive/Rhinestone Street Capital Projects Fund - This fund is used to account for all <br />costs associated with the construction of public improvement pertaining to the Ramsey Town Center <br />project. <br /> <br />The City reports the following Major Proprietary Funds: <br /> <br />Water Utility Fund - This fund is used to account for the operation of the city-owned water system. <br /> <br />Sewer Utility Fund - This fund is used to account for the operation of the city-owned sewer system. <br /> <br />Street Light Fund - This fund is used to account for the operation of city-owned streetlights within <br />subdivisions and the priority streetlights throughout the City. <br /> <br />Recycling Utility Fund - This fund is used to account for the operation of the City's curbside <br />recycling program and annual recycling days. <br /> <br />Storm Water Utility Fund - This fund is used to account for the operation of the city-owned storm <br />water system repair and upkeep. <br /> <br />The City also reports the following fund types: <br /> <br />Internal Service Fund - This fund is used to account for the City's insurance refunds, dividends, and <br />other miscellaneous insurance related revenues, and to provide for self-insuring the deductible <br />portions of the City's insurance policies. <br /> <br />Agency Fund - This fund is used to account for assets held by the City in the capacity of agent. The <br />City maintains one Agency Fund to account for deposits held for developers as security for various <br />services. <br /> <br />E. Cash and Investments <br /> <br />Cash balances from all funds are combined and invested to the extent available in short-term investments. <br />Earnings from the pooled investments are allocated to the Individual Funds based on the average monthly <br />cash and investment balances of the respective funds. <br /> <br />Cash and investments held by trustee include balances held in segregated accounts that are established for <br />specific purposes, such as refunding bond escrow accounts held by trustee established for certain bonds to <br />be refunded in future years. Interest earned on these investments is allocated directly to the escrow <br />account. <br /> <br />The City reports investments at fair value. Securities traded on national exchanges are valued at the last <br />reported sales price. <br /> <br />F. Receivables <br /> <br />Miscellaneous accounts receivable are presented net of an allowance for doubtful accounts of $46,850 in <br />the General Fund. Since the City is generally able to certify delinquent amounts to the county for <br />collection as special assessments, no allowance for uncollectible accounts has been provided on these <br />receivables. All miscellaneous accounts receivable are shown at net of an allowance for doubtful <br />accounts. The only receivables not expected to be collected within one year are property taxes and <br />special assessments receivable. <br /> <br />-31- <br /> <br /> <br />