comprehensive annual financial report - City of St. Petersburg

CITY OF ST. PETERSBURG, FL
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2010
NOTE 6 - DEPOSITS AND INVESTMENTS - (Continued)
Concentration of Credit Risk (Percent of Portfolio)
The investment policy of the General Employees Retirement Fund, Firefighters and Police Officers
Pension Funds limits investment in any single issuer to 5 percent of the total portfolio. Investments in
shares of companies that have been publicly traded for less have one year are limited to no more than
15% of an investment managers total equity portfolio for both the Firefighters and Police Officers Funds.
No funds had investments in a single issuer that exceeded 5 percent of the total portfolio.
Foreign Currency Risk
The Employee Retirement System, Firefighters and Police Officers Pension Fund’s investment policy
permits investments of up to 12 percent of the total portfolio in foreign currency-denominated
investments. The funds’ current position is 8.02 percent in equity co-mingled funds.
NOTE 7 - RECEIVABLES
Receivables as of year end for the City’s individual major funds and nonmajor funds, and internal service funds in
the aggregate, including the applicable allowances for uncollectible accounts, are as follows (in thousands of
dollars):
General
Downtown
Redevelopment
District
LOSSI
(*) Grants
Nonmajor
Governmental
Internal
Service
Total
Accounts $ 1,795 $ - $ 21 $ 227 $ 3,460 $ 1,190 $ 6,693
Taxes 6,691 - - - - - 6,691
Accrued Interest 184 13 236 - 128 349 910
Notes 2,846 - - 6,012 6,215 - 15,073
Assessments 560 - - - - - 560
Total Governmental 12,076 13 257 6,239 9,803 1,539 29,927
Less: Allowance for
uncollectible (1,020) - - (157) (2,314) - (3,491)
Net
Receivable $ 11,056 $ 13 $ 257 $ 6,082 $ 7,489 $ 1,539 $ 26,436
* Local Option Sales Surtax Improvement
D-38