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E. Cash and Temporary Cash Investments <br />Cash balances from all funds 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 permanent decline in market value has <br />occurred or when such investments will not be carried to <br />maturity. <br />Temporary cash shortages in specific funds are reclassified <br />as cash deficits. <br />F. Inventory <br />Purchases of inventory items are considered expenditures <br />when received. <br />EXHIBIT 4 <br />G. Accumulated Unpaid Vacation and Sick Pay <br />The City compensates employees upon termination for unused <br />vacation pay up to a maximum based on length of service. <br />Vacation pay expenditures are recorded in accordance with <br />NCGA Statement No. 4 (see Note 2). <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 <br />expenditures are recognized when payment is made. <br />H. Total Columns on Combined Statements <br />Total columns on the combined statements are captioned <br />Memorandum Only to indicate that they are presented only to <br />facilitate financial analysis. Data in these columns do <br />not present financial position or results of operations in <br />conformity with generally accepted accounting principles. <br />Interfund eliminations have not been made in the aggregation <br />of this data. <br />