1992-1998-FISCAL AUDITS - Laserfiche WebLink

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12. Collateralization of Cash Balance i State and local statutes place certain limitations on the nature of deposits and investments available to the Town. Deposits in any one financial institu- tion may not exceed certain levels within the financial institution. Invest- ! j ments can be made in securities issued by or unconditionally guaranteed by the U.S. Government or agencies that have a maturity of less than one year from the date of purchase and repurchase agreements guaranteed by such securities with maturity dates of no more than 90 days from the date of purchase. The carrying amount of the Town's deposits with financial institutions was $7,249,595. The bank balance of $ 7,356,398 was and is categorized as fol- lows: Amount insured by the FDIC and DIFM, or collateralized with securities held by the Town in its name $ 6,040,178 Uncol lateral ized 1,316,220 Total Bank Balance $ 7,356,398 13. Contingent Liabilities Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time, although the Town expects such amounts, if any, to be immaterial. The Town is a defendant in various lawsuits which arise in the normal course of business. The probable outcome of these cases and extent of insurance coverage, if any, is not determinable at the present time. . I 14. Self Insurance The Town self insures against claims for workers compensation and is administered by the Workman's Compensation Agent. Annual estimated requirements for claims are provided in the Town's annual operating budget. i The Town also maintains a self insurance program for health insurance. This program is administered by the Cape Cod Municipal Health Group. The i 17