2003 Comprehensive Annual Financial Report

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CITY OF SOUTH BEND NOTES TO FINANCIAL STATEMENTS (Continued) Fund equity deficits arose primarily from expenditures or expenses exceeding revenues due to the underestimate of current requirements. It is anticipated that these deficits will be repaid from future revenues. 111. Detailed Notes on All Funds A. Deposits and Investments Deposits, made in accordance with IC 5 -13, with financial institutions in the State of Indiana at year end were entirely insured by the Federal Depository Insurance Corporation or by the Indiana Public Deposit Insurance Fund. This includes any deposit accounts issued or offered by a qualifying finan- cial institution. The primary government's investments are categorized below to give an indication of the level of risk assumed by the primary government at year end. Category 1 includes investments that are insured or registered or for which the securities are held by the primary government or its agent in the primary government's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the primary government's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty, or by its trust department or agent but not in the primary government's name. Category Reported Fair 1 2 3 Amount Value U.S. Government securities $ - $ - $ 1,756,734 $ 1,756,734 $ 1,756,734 B. Receivables The following receivable accounts have timing and credit characteristics different from typical ac- counts receivable. As of December 31, 2003, City funds recognized the following loan receivable balances. The sched- ule shows the total receivable and the portion that is not due within one year. These loans were for economic development projects. 061 Deficit Governmental funds: COPS Block Grant II $ (54,860) Football Hall of Fame operating (1,748,899) Enterprise funds (net assets): Blackthorn Golf Course (716,297) Internal service funds (net assets): Self- funded employee benefits (782,398) Fund equity deficits arose primarily from expenditures or expenses exceeding revenues due to the underestimate of current requirements. It is anticipated that these deficits will be repaid from future revenues. 111. Detailed Notes on All Funds A. Deposits and Investments Deposits, made in accordance with IC 5 -13, with financial institutions in the State of Indiana at year end were entirely insured by the Federal Depository Insurance Corporation or by the Indiana Public Deposit Insurance Fund. This includes any deposit accounts issued or offered by a qualifying finan- cial institution. The primary government's investments are categorized below to give an indication of the level of risk assumed by the primary government at year end. Category 1 includes investments that are insured or registered or for which the securities are held by the primary government or its agent in the primary government's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the primary government's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty, or by its trust department or agent but not in the primary government's name. Category Reported Fair 1 2 3 Amount Value U.S. Government securities $ - $ - $ 1,756,734 $ 1,756,734 $ 1,756,734 B. Receivables The following receivable accounts have timing and credit characteristics different from typical ac- counts receivable. As of December 31, 2003, City funds recognized the following loan receivable balances. The sched- ule shows the total receivable and the portion that is not due within one year. These loans were for economic development projects. 061