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TOWN OF MASHGEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30, 1950 <br /> H. Total Columns on Combined Statements. Total columns on the com- <br /> bined statements are captioned "Memorandum Only" to indicate that they <br /> are presented only for informational purposes. Adjustments to <br /> eliminate interfund transactions have not been made and data in these <br /> columns dc= not present financial pc=sitior, or represent consolidated <br /> information. <br /> NOTE 2. - CASH AND INVESTMENTS <br /> I <br /> The Town maintains a cash and investment pool that is available for <br /> use by all funds. Each fund type' s portion of this pool is reflected <br /> an the general purpose financial statements under the caption "cash <br /> and temporary investments". The interest earnings attributable to <br /> each fund type is included under "investment income". In addition, <br /> separate investments are maintained for certain funds and are <br /> reflected in the general purpose financial statements in the same man- <br /> ner. <br /> x <br /> State and local statutes place certain limitations on the nature of <br /> deposits and investments available to towns. Deposits (including <br /> dernand deposits, terra deposits and certificates of deposit) in any one <br /> financial institution may riot exceed certain levels within, cal- <br /> lateralization by the financial institutions involved. Investments <br /> car, also be made in securities issued by or, unconditionally guaranteed <br /> by the U.S. Government or Agencies that have a maturity of less than <br /> ane year from the date of purchase, repurchase agreements guaranteed <br /> by such securities with maturity dates of no more than 90 days from <br /> the date of purchase and units in the Massachusetts Municipal <br /> Depository Trust. <br /> gtpas-it s <br /> The Town maintains deposits in several financial institutions. At <br /> Year end, the carrying amount of the Towri' s deposits was -$7, 432,562, <br /> and the bank balance was $7, 7711610. Of the bank balance, $1,010,027 <br /> was covered by federal depository insurance and $6, 761,593 was unin- <br /> sured and uncal lateral ized. <br /> The composition of the Town' s bank recorded deposits and investments f�'V <br /> fluctuates depending primarily on the tinning of real estate tax r <br /> receipts, proceeds from borrowings, collection of state and federal <br /> aid and capital outlays throughout the year. 4 <br /> n+ <br /> 17 <br />