FY 2017 - 2018 Audit

CITY OF SPENCER NOTES TO FINANCIAL STATEMENTS - Continued JUNE 30, 2018

2. CASH AND POOLED INVESTMENTS - Continued

The City is authorized by statute to invest public funds in obligations of the United States government, its agencies and instrumentalities; certificates of deposit or other evidences of deposit at federally insured depository institutions approved by the City Council; prime eligible bankers acceptances; certain high rated commercial paper; perfected repurchase agreements; certain registered open-end management investment companies; certain joint investment trusts; and warrants or improvement certificates of a drainage district.

The City's cash and investments consisted of the following at June 30, 2018:

Cash on hand ...................................................................................................... $ Demand deposits ................................................................................................. Money market account ........................................................................................ Total cash and investments Less Agency Funds .............................................................................................

5,300

19,572,475 13,005,643 32,583,418

(235,945)

$32347.473

City's Cash and Investments

Interest rate risk - The City's investment policy limits the investment of operating funds (funds expected to be expended in the current budget year or within 15 months of receipt) in instruments that mature within 397 days. Funds not identified as operating funds may be invested in investments with maturities longer than 397 days but the maturities shall be consistent with the needs and use of the City.

3. BONDS AND NOTES PAYABLE

Annual debt service requirements to maturity for the City's bonds and notes payable are as follows:

Governmental Activities

General Obligation

Total

Governmental Activities

Year Ending

Bonds/Notes

Other Long-Term Debt

Interest

Principal

Interest

Principal

Interest

Principal

June 30,

2019 2020 2021 2022 2023

$ 456,000

$ 97,793 69,768 63,558 55,887 48,570 161,790

61,000 61,000 61,000 61,000 36,000 72,000

$ 517,000

$ 97,793 69,768 63,558 55,887 48,570 161,790 59,220 16,260

$

$

414,000 417,000 389,388 232,000

353,000 356,000 328,388 196,000

1,141,000

1,069,000

2024-2028 2029-2033 2034-2038

418,000 337,999

418,000 337,999

59,220 16,260

$572 846

$572 846

$ 352,QQQ

$

Total

$3,5H,387

$3866,387

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