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111 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ICONT <br />Use of Estimates <br />The preparation of financial statements in conformity with generally accepted <br />accounting principles requires management to make estimates and assumptions that <br />affect the reported amounts of assets and liabilities and disclosure of contingent <br />assets and liabilities at the date of the financial statements and the reported <br />amounts of revenues and expenses during the reporting period. Actual results could <br />differ from those estimates. <br />Risk Man~4ement <br />The commission is exposed to various risks of loss related to torts; theft of, damage <br />to and destruction of assets; errors and omissions; and natural disasters for which <br />the government carries commercial insurance. <br />(21 CERTIFICATES OF DEPOSIT AND CASH <br />Time certificates of deposit held at two different banks at June 30, 1998 consisted <br />of the following: <br />Amount Maturity Date <br />5.40% certificate 5 97,000 June 30, 1998 <br />6.25% certificate 93,000 September 15, 1998 <br />The Commissioners have authorized the Commission to deposit funds in demand <br />accounts at the First Security Bank of Utah and purchase time certificates of deposit <br />at any United States bank only to the extent the deposits are covered by Federal <br />Depository Insurance. <br />Cash in bank consisted of the following at 6-30-98: <br />Checking 5 942 <br />Money Market 2 4 1 <br />2 4 <br />At year end, the carrying amount of the Commission's cash deposits and certificates <br />was 5216,933 and the balance per the bank statements was 5226,956. All <br />deposits as well as certificates are fully insured. <br />82 <br />