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J <br /> <br /> I <br />'1 <br /> I <br /> <br /> I <br /> <br /> l <br />4 <br /> l <br />I1 <br /> <br />IJ <br /> I <br /> '! <br /> <br />Cash and Temporary Cash Investments <br /> <br />Cash balances from all fdnds are combined and invested to <br />the extent available in certificates of deposit and U.S. <br />government securities. Earnings from such investments are <br />allocated to the respective funds on the basis of applicable <br />cash balance participation by each fund. Temporary cash <br />investments are stated at cost. plus accrued interest, which <br />approximates market. Investments are adjusted to market <br />value only when a per~anent decline in market value has <br />occurred or when such investments ~ill not be carried to <br />maturity. <br /> <br />Temporary cash shortages in specific funds are reclassified <br />as cash deficits. <br /> <br />Inventory <br /> <br />Purchases of inventory items are <br />when received. <br /> <br />considered expenditures <br /> <br />G. Accumulated Unpaid Vacation and Sick Pay <br /> <br />The City compensates employees upon termination for unused <br />vacation pay up to a maximum based on length of service. <br />Vacation pay expense is reco~ized when payment is made. <br />The estimated liability for unused vacation pay benefits at <br />December 31, 1980 and 1979 was ~13,279 and ~10,970, <br />respectively (See Note 3). <br /> <br />City employees are entitled to sick leave at the rate of one <br />day for each calendar month of full-time service, to a <br />cumulative total of 90 days. Employees are not compensated <br />for unused sick leave upon termination. Sick pay is <br />expensed as paid. <br /> <br />H. Total Colums on Combined Statements <br /> <br />Total columns on the combined statements are captioned <br />Memorandum 0nly to indicate that they are presented only to <br />facilitate financial analysis. Data in these colums do not <br />present financial position or results of operations in <br />conformity ~-ith generally accepted accounting principles. <br />Interfund eliminations have not been made in the aggregation <br />of this data. <br /> <br />- 8 - <br /> <br /> <br />