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NOTE 1— SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) V. Loans payable to Met Council The City entered into a loan agreement with the Metropolitan (Met) Council to acquire property within the proposed right-of-way of highways designated as a part of the metropolitan highway system plan. State Highway 10, within Ramsey, is part of that highway system plan. The loans bear no interest, and are to be repaid upon the acquisition of the property by the State of Minnesota. W. Use of Estimates The preparation of financial statements, in accordance with accounting principles generally accepted in the United States of America, requires management to make estimates that affect amounts reported in the financial statements during the reporting period. Actual results could differ from such estimates. X. Comparative data/reclassifications Comparative data for the prior year has been presented only for management discussion and analysis. Also, certain amounts presented in the prior year data have been reclassified in order to be consistent with the current year's presentation. Y. Change in Accounting Principle For the fiscal year ended December 31, 2013, the City implemented Governmental Accounting Standards Board (GASB) Statement No. 65, Items Previously Reported cis Assets and Liabilities. GASB Statement No. 65 identified specific items previously reported as assets that will now be classified as either deferred outflows of resources or outflows (expenditures/expenses), and items previously reported as liabilities that will now be reported as either deferred inflows of resources or inflows (revenues). NOTE 2 — DEPOSITS AND INVESTMENTS A. Components of Cash and Investments Cash and investments at year-end consist of the following: Deposits $ 3.061,278 Investments 48,985,666 Cash on hand 625 Total $ 52,047,569 Cash and investments are presented in the financial statements as follows: Cash and temporary investments - Statement of Net P osition Restricted cash and investments for debt service - Statement of Net P osition Cash and temporary investments - Statement of Fiduciary Net Position Total $ 48,081,407 3,608,205 357,957 $ 52,047,569 71