Comprehensive Annual Financial Report (CAFR) - Johnson City

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CITY OF JOHNSON CITY, TENNESSEENOTES TO THE FINANCIAL STATEMENTSFor the Fiscal Year Ended June 30, 20116. NOTES OF THE DISCRETELY PRESENTED COMPONENT UNIT (CONTINUED):A. Johnson City Public Library (continued)1. Summary of Significant Accounting Policies (continued):e. Accumulated Unpaid Vacation and Sick PqyGeneral policy of the Library does not allow employees to accumulate vacation days in excess of anormal year's accumulation. The amount of liability for accrued vacation pay was determined bycomputing the total number of hours earned as of June 30, 2011 at the current rate of pay. Sickleave is accumulated at the rate of3.693 hours per pay period or 96 hours per year.fFund EquityBeginning with fiscal year 2011, the Library implemented GASB Statement No. 54, FundBalance ·Reporting and Governmental Fund Type Definitions. This statement provides moreclearly defined fund balance categories to make the nature and extent of the constraints placed ona government's fund balance more transparent. The following classifications describe the relativestrength of the spending constraints:g. BudgetsNonspendable fund balance- amounts that are not in spendable form or are required tobe maintained intact.Restricted fund balance - amounts constrained to specific purposes by their providers,through constitutional provisions, or by enabling legislation.Unassigned fund balance- amounts that are available for any purpose.Budgets are adopted on a basis consistent with accounting principles generally accepted in theUnited States of America. Annual appropriated budgets are adopted for the Library. All annualappropriations lapse at fiscal year end. Any budget amendments require board approval. The ·budget was amended during the 2011 fiscal year for the General Fund.h. Use of EstimatesThe preparation of the accompanying financial statements in conformity with accountingprinciples generally accepted in the United States of America requires management to makecertain estimates and assumptions that directly affect the results of reported assets, liabilities,revenue and expenditures. Actual results may differ from these estimates.127
CITY OF JOHNSON CITY, TENNESSEENOTES TO THE FINANCIAL STATEMENTSFor the Fiscal Year Ended June 30, 20116. NOTES OF THE DISCRETELY PRESENTED COMPONENT UNIT (CONTINUED):A. Johnson City Public Library (continued)2. Deposits and Investments:The Library has various deposits at banks and a certificate of deposit at June 3 0, 2011. Alldeposits are insured by FDIC insurance up to $250,000. Amounts in excess of $250,000 aresecured by the financial institution through the State Collateral Pool. Various restrictions ondeposits and investments, including repurchase agreements, are imposed by state statutes.These restrictions are summarized as follows:DEPOSITS - All deposits with financial institutions must be collateralized in an amountequal to 105% of the market value of uninsured deposits.INVESTMENTS - State statutes authorize the Library to invest in treasury bonds, notes orbills of the United States; nonconvertible debt securities of the Federal Home Loan Bank,The Federal National Mortgage Association, The Federal Farm Credit Bank and the StateLoan Marketing Association; other obligations not listed above which are guaranteed as toprincipal and interest by the United States or any of its agencies; Certificates of Deposit andother evidences of deposit at State and Federal chartered banks and Savings and LoanAssociations; obligations of the United States or its agencies under a repurchase agreementand money market funds whose portfolios consist of any of the foregoing investments ifapproved by the State Director of Local Finance and made in accordance with proceduresestablished by the State Funding Board; The State of Tennessee Local GovernmentInvestment Pool; obligations of the Public Housing Authority and bonds of the TennesseeValley Authority.The Library does not have a policy for interest rate risk or for other credit risk other thanpledging securities for amounts in excess of the FDIC coverage.DepositsThe Library had $500 cash on hand and the following balances in the bank at June 30, 2011:Cash in BankCertificate of DepositTotalPer Bank$ 313,085159,,331$ 472,416Per Books276,835159,344436,179The certificate of deposit was closed out subsequent to year end and the balance was depositedinto an existing bank account held by the Library.128
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Comprehensive Annual Financial Report (CAFR) - Johnson City

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