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Complete Report - Fayette County Government

Complete Report - Fayette County Government

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The County utilizes an external investment manager to actively manage a portion of its investment portfolio. Performance is measured in total return against the 1 - 3 Year U.S. Treasury/Agency benchmark. The County utilizes two investment portfolios with the external manager, an enhanced cash portfolio with a duration of less than a year, and a core portfolio with a duration strategy between 1.5 and 2.0 years. This dual portfolio strategy is structured to manage interest rate volatility. All assets managed by the external manager are held in custody with the Bank of New York in the County's name . As of June 30, 2012, all assets within the externally managed portfolios are rated AAA. As indicated in the earlier tabular informat ion, investment cash equivalents comprised $43,436,905 or about 41.67% of the total investment balance of $104,234,120 at year end. These cash equivalents, which are shown in the table below, represented monies deposited into the State Investment Pool which is essentially a money market account with one day's liqu idity. With the ability to quickly access these funds should the need arise, the County feels that it has sufficient flex ibility to address interest rate risk should the rates suddenly rise since there would be no real exigency to sell any of the longer term investments prior to the ir actual maturities. Cash Equivalents : Georgia Fund 1 Investment Pool FAIR VALUE $43.436.905 MATURITIES 48 Day Weighted Average At June 30, 2012, the County had $60,797,215 in investments that are not considered cash equivalents by the County because of their longer maturity dates and the fact that these monies are invested over the long-term for the County by an external money manager. As a necessary component of this portfolio due to the frequency and timing of investment activities, there is a need to maintain a portion of the balance in a short-term, highly liquid form. In keeping with those liquidity needs, there was $1,942,691 deposited in the Fidelity Institutional Treasury Portfolio Money Market Fund at June 30, 2012. The chart below presents the fair value for each security type and maturity distribution for the investments, other than the aforementioned money market position, totaling $58,854,524 as of June 30,2012. Investment Type U. S. Treasuries Federal Agencies Government Guaranteed Securities Government Sponsored Corporations Municipal Securities Non -Ll.S, Government Securities Total Fair Value Portfolio Weighted Average Maturity Fair Value $31,558,414 1,875,416 3,152,362 21,421,795 416,072 430.465 $58.854.524 - 49- Percent Of Total 53.62% 3.19% 5.35% 36.40% 0.71% 0.73% Weighted Average Maturity (In Years) 1.69 1.79 0.45 2.50 1.24 3.17 1.93

B. Capital Assets Capital assets for the System for the fiscal year ended June 30, 2012, are shown in the following tabulation. The table contains a breakdown of the capital assets utilized in the operations of the Water System by general asset classification and the associated accumulated depreciation. The tabular information also shows the activity that occurred with each asset class during the 2012 fiscal year. Beginning Ending Balances Increases Decreases Balances Capital Assels, Not Being Depreciated: Land $ 15,202,661 $ $ $ 15,202,661 Construction in Process 15,816,581 6,306,001 (91,260) 22,031,302 Total Capital Assets, Not Being Depreciated $ 31,019,242 $ 6,306,001 $ (91,280) $ 37,233,963 Capital Assets Being Depreciated: Buildings and Structures $ 43,783,031 $ $ (555 ,657) $ 43,227,374 Infrastructure 82,130,174 92,688 82,222 ,862 Improvements Other Than buildings 11,130,176 (168,678) 10,961 ,498 Machinery and Equipment 9,305,227 99,023 (144 ,903) 9,259,347 Total Capitai Assets Being Depreciated $ 146,348,608 $ 191,711 $ (869 ,238) $ 145,671,081 Less Accumulated Depreciation For: Buildings and Structures $ (21,255 ,356) $ (1,564,428) $ 372,930 $ (22,446 ,854) Infrastructure (32,511 ,515) (2,134,829) (34,646 ,344) Improvements Other Than Buildings (8,086,246) (287,986) 168,678 (8,205,554) Machinery and Equipment (7,224,671) (329,050) 137,405 (7,416,316) Total Accumulated Depreciation $ (69,077,788) $ (4,316 ,293) $ 679,013 $ (72,715,068) Total Capital Assets Being Depreciated, Net $ 77,270,820 $ (4,124 ,582) $ (190,225) $ 72,956,013 Total Water System Capital Assets , Net $ 108,290 ,062 $ 2,181,419 $ (281,505) $ 110,189,976 Construction Commitments The County has active construction projects as of June 30, 2012. The more significant of these projects include the construction of Lake Mcintosh as an additional raw water reservoir for the Water System, At year end, the System's commitments with contractors are summarized as follows: Description of Project Lake Mcintosh Water Reservoir Contract Amounts $9,528,355 Amount Spent To Date $7,656,686 Remaining Commitment $1,871,669 The commitment for the construction of the reservoir is being financed by revenue bonds secured by water revenues, - 50-

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