7998-R1_ML&P_Hollis_2020-2021_AnnualReport_Web

TOWN OF HOLLIS, MAINE NOTES TO FINANCIAL STATEMENTS JUNE 30, 2021

NOTE 2 - DEPOSITS AND INVESTMENTS (CONTINUED) At June 30, 2021, the Town had $0 in investments.

Credit risk – Statutes for the State of Maine authorize the Town to invest in obligations of the U.S. Treasury, agencies and instrumentalities, other states and Canada, provided such securities are rated within the three highest grades by an approved rating service of the State of Maine, corporate stocks and bonds within statutory limits, financial institutions, mutual funds and repurchase agreements. The Town does not have an investment policy on credit risk. NOTE 3 - INTERFUND RECEIVABLES AND PAYABLES Interfund balances at June 30, 2021 consisted of the following individual fund receivables and payables:

Receivables (Due from)

Payables (Due to)

General fund

$

114,341 2,615,964

2,772,200 $

Poland Spring TIF fund Road paving projects

-

-

100,635 13,706

Nonmajor special revenue funds

156,236

Totals

2,886,541 $

2,886,541 $

The result of amounts owed between funds are considered to be in the course of normal operations by the Town. Reconciliation of the amounts owed between funds may or may not be expected to be repaid within one year in their entirety due to the recurring nature of these transactions during operations. NOTE 4 - INTERFUND TRANSFERS Interfund transfers at June 30, 2021 consisted of the following:

Transfers

Transfers

In

Out

General fund

$

-

1,486,620 $

Poland Spring TIF fund

1,485,220

- -

Nonmajor special revenue funds

1,400

Totals

1,486,620 $

1,486,620 $

Interfund transfers are the results of legally authorized activity and are considered to be in the course of normal operations.

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