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<br />CITY OF LA PORTE, TEXAS
<br />Notes to the Financial Statements - Continued
<br />September 30, 2004
<br />1. Summary of significant accounting policies - Continued
<br />' F. Cash and Investments
<br />Cash includes amounts in demand deposits, short-term investments, which mature within ninety days of the
<br />fiscal year end, and various petty cash funds. The short-term investments are stated at cost or amortized
<br />cost, which approximate fair value. The short-term investments consist of U.S. Treasury Bills, and deposits
<br />in the Texas Local Government Investment Pool (TexPool) and the Local Government Investment
<br />' Cooperative (LOGIC), both of which have the general characteristics of a demand deposit account. For
<br />purpose of the statement of cash flows, Proprietary Fund types consider temporary investments with a
<br />maturity of three months or less when purchased to be cash equivalents.
<br />' In accordance with Statement No. 31, the City reports all investments at fair value, except for "money
<br />market investments" and "20-like pools". Money market investments, which are short-term highly liquid
<br />' debt instruments that may include U.S. Treasury and agency obligations, are reported at amortized costs.
<br />Investment positions in external investment pools that are operated in a manner consistent with the SEC's
<br />Rule 2a7 of the Investment Company Act of 1940, such as TexPool and LOGIC, are reported using the
<br />pools' share price.
<br />G. Prepaid Items
<br />Prepaid balances are for payments made by the City in the current year to provide services occurring in the
<br />'
<br />subsequent fiscal year, and the reserve for prepaid items has been recognized to signify that a portion of
<br />fund balance is not available for other subsequent expenditures.
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<br />H. Receivables
<br />Receivables as of year-end of the government's individual major and non -major funds, and internal service
<br />funds, including the applicable allowances for uncollectible accounts, are as follows:
<br />Fund Taxes Interest Other Accounts
<br />General $1,240,011 $13,135 $ 3,591,930
<br />Total
<br />$ 4,845,076
<br />_
<br />Debt Service 326,837 2,309
<br />329,146
<br />Capital Improvements - 4,842 4,716 -
<br />9,558
<br />'
<br />2002 G.O. Bonds - 26 - -
<br />26
<br />Utility 7,422 717,606
<br />725,028
<br />Water Authority - 2,065 - 282,709
<br />284,774
<br />Golf Course 148 - -
<br />148
<br />-
<br />Non -major and Other 16,198 154,972 2,023
<br />173,193
<br />Gross Receivables 1,566,848 46,145 159,688 4,594,268
<br />6,366,949
<br />Less: allowance for
<br />- (787,553)
<br />uncollectibles (859,282) -
<br />(1,646,835)
<br />Net total receivables $ 707,566 $ 46,145_ $ 159,688 $ 3,806,715
<br />$ 4,720,114
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