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NOTE 1— SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
<br />The details of the restatement are as follows:
<br />Government -Wide
<br />Financial Statements
<br />Proprietary Fund Financial Statements
<br />Governmental Business -type Water Sewer Street Light Recycling Storm Water
<br />Activities Activities Utility Utility Utility Utility Utility
<br />Net Position - December 31, 2014
<br />(as reported) $ 65,052,136 $ 81,343,199 $ 41,291,148 $ 27,138,024 $ 1,717,792 $ 380,483 $ 10,815,752
<br />Deferred outtlowslintlows related to pensions 240,084 16,6101 8,569 3,748 4,284
<br />Net pension liability (4,267,365) (378,618) (195,416) (85,494) (97,708)
<br />Net Position - December 31, 2014
<br />(as restated) $ 61,1024,855 $ 80,981,182 $ 41,104,301 $ 27,056,278 $ 1,717,792 $ 380,483 $ 10,722,328
<br />NOTE 2 — DEPOSITS AND INVESTMENTS
<br />A. Components of Cash and Investments
<br />Cash and investments at year-end consist of the following:
<br />Deposits $ 5,118,394
<br />Investments 58,1 1 1,102
<br />Cash on hand 500
<br />Total $ 63,229,996
<br />Cash and investments are presented in the financial statements as follows:
<br />Cash and temporary investments - Statement of Net Position
<br />Cash and temporary investments - Statement of Fiduciary Net Position
<br />Total
<br />B. Deposits
<br />$ 61,514,438
<br />1,715,558
<br />$ 63,229,996
<br />In accordance with applicable Minnesota Statutes, the City maintains deposits at depository banks
<br />authorized by the City Council, including checking accounts and certificates of deposits.
<br />The following is considered the most significant risk associated with deposits:
<br />Custodial credit risk — In the case of deposits, this is the risk that in the event of a bank failure, the
<br />City's deposits may be lost.
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