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CITY OF RAMSEY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS (Continued) <br />December 31, 1989 <br />Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) <br />Real property taxes may be paid by taxpayers in two equal installments on <br />May 15 and October 15. Personal property taxes may be paid on February 28 <br />and June 30. The County provides tax settlements to cities and other taxing <br />districts four times a year, in February, April, July and December. <br />Taxes which remain unpaid at December 31 are classified as delinquent taxes <br />receivable and are fully. offset by deferred revenue because they are not known <br />to be available to finance current expenditures. <br />Cities in Minnesota operate under a levy limitation law which allows for an <br />increase in the tax levy each year equal to the Implicit Price Deflator <br />increase, further indexed by the .percentage increase in households or <br />population, whichever is greater. Levies for bonded indebtedness are not <br />limited by this law. <br />J. Total Columns on Combined Statements <br />Total columns on the combined statements are captioned "Memorandum Only" <br />to indicate that they are presented only to facilitate financial analysis. Data in <br />these columns does not present financial position or results of operations in <br />conformity with generally accepted accounting principles. Interfund <br />eliminations have not been made in the aggregation of this data. <br />Note 2. CASH AND INVESTMENTS <br />The City maintains a cash and investment pool that is available for use by all <br />' funds, except the Escrow Expendable Trust Fund. Each fund type's portion of <br />this pool is displayed on the combined balance sheet as "cash and temporary <br />cash investments" or as "advance from City's general account." An indication <br />of the level of risk assumed by the City at year-end is categorized as follows <br />for the City's cash and temporary cash investments: <br />A De sits <br />In accordance with applicable Minnesota Statutes, the City maintains deposits <br />at depository banks authorized by the City Council. <br />Minnesota Statutes require that all deposits be protected by insurance, surety <br />bond, or collateral. The market value of collateral pledged must equal 110% <br />' of the deposits not covered by insurance or bonds (140% in the case of <br />mortgage-backed collateral). <br />' -i9- <br />