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D. Deficit Fund Equity <br /> ' The following funds had deficits as of June 30, 1999: <br /> Great Oak Road $ 49,619 <br /> Landfill capping 5,550 <br /> Ready Resource 109 <br /> 1 The deficits in these funds will be eliminated through future state grants. <br /> ' 4. Cash and Cash Equivalents <br /> ' The carrying amount of the Town 's deposits with financial institutions at <br /> June 30, 1999 was $ 7,708,645. The bank balances, which do not include <br /> ' reconciling items such as deposits in transit and outstanding checks, are <br /> categorized as follows: <br /> ' Amount insured by the FDIC and DIFM, <br /> or collateralized with securities held by <br /> the Town in its name $ 7,063,933 <br /> Uncollateralized 1,117,305 <br /> ' State Investment Pool 34 <br /> Total Bank Balance $ 8,181 ,272 <br /> 5. Investments <br /> The Town's investments as of June 30, 1999 consisted of U.S. Government <br /> securities in the amount of$ 2,014,026 and mutual funds in the amount of <br /> $ 25,587. <br /> ' 6. Taxes Receivable <br /> Real and personal property taxes are based on assessed values as of the <br /> previous January 1 and are normally due on a quarterly basis. By law, all <br /> taxable property must be assessed at 100% of fair cash value. Taxes due <br /> ' and unpaid after the due dates are subject to interest and penalties. The <br /> Town has an ultimate right to foreclose on property for unpaid taxes. <br /> 13 <br />