Agenda

The City reports interfund transfers between many of its funds. The City’s routine transfers
include transfers made to move (1) unrestricted revenues or balances that have been
collected or accumulated in the general fund to other funds based on budgetary
authorization, and (2) revenues from a fund that by statute or budgetary authority must
collect them to funds that are required by statute or budgetary authority to expend them.
The sum of all transfers presented in the table agrees with the sum of interfund transfers

Funds:

General Fund
Debt Service Fund

Property tax receivables at June 30, 2021 consist of the following:

Allowance
Gross for Doubtful Net
Amount Accounts Amount

Levy of 2020 $ 17,045,310 $ - $ 17,045,310
Tax Liens 7,076,507 (2,735,935) 4,340,572
Subtotal property taxes 24,121,817 (2,735,935) 21,385,882
Tax deeded property 331,942 - 331,942
Total $ 24,453,759 $ (2,735,935) $ 21,717,824

User Fee Receivables

Receivables for user charges at June 30, 2021 consist of the following:

The City has the following fair value measurements as of June 30, 2021:

Fair Value Measurements Using:

Information regarding the quality and maturity dates of fixed income securities is as
follows:

Average Average
Total Duration Rating
U.S. Treasury Obligations $ 14,949,928 4.83 Aaa
U.S. Government Agencies $ 10,914,022 3.08 Aaa
Corporate Bonds $ 5,249,591 7.29 Al

Foreign Currency Risk
Foreign currency risk is the risk that changes in foreign exchange rates will adversely affect
the fair value of an investment. The City does not have formal investment policies related

to foreign currency risk.

Fair Value

Investments at June 30, 2021 included the following:

U.S. Treasury Obligations $ 14,949,928
U.S. Government Agencies 10,914,022
Corporate Bonds 5,249,591
Equity Securities 64,409,001
Mutua! Funds 17,342,639
Long-term Certificates of Deposit 6,556,929

Total $ 119,422,110

Credit Risk

Deficit Fund Batance
Certain individual funds reflected deficit balances as of June 30, 2021.

Nonmajer Governmental Funds:

Fire Projects $ (1,293,023)
Public Works Projects (4,848,536)
City Building Projects (718,590)
Property Revaluation Projects (621,844)
School Department Projects (8,575,489)

Total $ (16,057,482)

It is anticipated that the deficits in these funds will be eliminated through future bond
proceeds.

Deposits and Investments

Custodial Credit Risk — Deposits

Budgetary Basis

The general fund final appropriation appearing on the “Budget and Actual” page of the
fund financial statements represents the final amended budget after all reserve fund
transfers and supplemental appropriations.

Budget/GAAP Reconciliation

portions of fund balance that are legally segregated for a specific future use or which do
not represent available, spendable resources and therefore, are not available for
appropriation or expenditure. Unassigned fund balance indicates that portion of fund
balance that is available for appropriation in future periods. The General Fund is the only
fund that reports a positive unassigned fund balance.

Capital assets are depreciated using the straight-line method over the following estimated
useful lives:

Assets Years
Buildings 40
Building improvements 20 - 40
Infrastructure 7 - 60
Vehicles 3-8
Machinery and equipment 5 - 20
Computer equipment 3-5

Equity Interest in Pennichuck