HomeMy WebLinkAboutNC Comprehensive Report (Finance) (41)CITY OF NATIONAL CITY
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies, (Continued)
Q.
Use of Estimates
The preparation of the basic financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions. These estimates and assumptions affect the reported amounts of
assets and liabilities and the disclosure of contingent assets and liabilities. In
addition, estimates affect the reported amount of expenses. Actual results could
differ from these estimates and assumptions.
R. Prior Year Data
Selected information regarding the prior year has been included in the
accompanying financial statements. This information has been included for
comparison purposes only and does not represent a complete presentation in
accordance with generally accepted accounting principles. Accordingly, such
information should be read in conjunction with the government's prior year
financial statements, from which this selected financial data was derived.
(2) Cash and Investments
Cash and investments as of June 30, 2012 are classified in the accompanying financial
statements as follows:
Statement of Net Assets:
Cash and investments
Restricted cash and investments with fiscal agents
Statement of Fiduciary Net Assets:
Cash and investments
Restricted cash and investments with fiscal agents
Total cash and investments
$ 66,492,995
2,689,801
47,022,995
6,957,040
$ 123,162,831
Cash and investments as of June 30, 2012 consist of the following:
Cash on hand
Deposits with financial institutions
Investments
Total cash and investments
$ 3,295
51,397,111
71,762,425
$ 123,162,831
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