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Park Center Water District Notes to the Financial Statements (2) In December the budget is approved and adopted fixing the rate of levy of taxation upon taxable property within the District and levies are certified to the county. A certified copy of the adopted budget is sent to the Division of Local Government within 30 days of adoption. (3) Prior to December 3l ,the District enacts an appropriation resolution for the ensuing fiscal year. 2 Cash and Temporary Cash Investments A All Cash and Cash Investments Colorado statutes govern the District's deposit of cash. The statutes specify eligible depositories for public cash deposits that must be Colorado institutions and must maintain federal insurance (FDIC or FSLIC) on deposits held. Each eligible depository with deposits in excess of the insured levels must pledge a collateral pool of defined eligible assets maintained by another institution or held in trust for all of its local government depositors as a group with the market value at least equal to the uninsured deposits. The State Regulatory Commission for banks and savings and loan associations is required by statute to monitor the naming of eligible depositories and reporting of the uninsured deposits and assets maintained in the collateral pool. Deposits are placed into three categories depending on the custody credit risk. The categories are as follows: 1. Insured or collateralized with securities held by the entity or by its agent in the entity's name. 2. Collateralized with securities held by the pledging fmancial institution's trust department or agent in the entity's name. 3. Uncollateralized, including any bank balance that is collateralized with securities held by the pledging fmancial institution, or by its trust department or agent but not in the entity's name. At December 31, 2005, the District had balances classified by custody credit risk as follows: Custody Credit Risk Category Total Bank Carrying Description Category 1 Category 2 Category 3 Balance Balance Fremont Bank $ 100,000 $ - $ 54,157 $ l 54,157 $ 148,166 Colotrust - - 379,292.00 379,292.00 379,292 Total cash $ 100,000 $ - $ 433,449 $ 533,449 $ 527,458 _~~ Cash on the financial statements: Cash and temporary investments Restricted cash Total B Restricted Cash $ 452,026 75,432 $ 527,458 ~~ Rural Development has required the District to restrict cash to pay the a~ual installments on the water revenue bonds.