Comprehensive Annual Financial Report - City of Cerritos

More documents

Recommendations

Info

City of Cerritos Notes to Basic Financial Statements, Continued For the year ended June 30, 2010 2. CASH AND INVESTMENTS, Continued The City’s Cash and Investments at June 30 in more detail: Cash and cash equivalents: Petty cash $ 11,785 Demand deposits 1,303,571 Total cash and cash equivalents 1,315,356 Investments: Local Agency Investment Fund 83,016,653 Federal Agency Issues 65,094,446 Corporate Obligations 3,001,495 Certificates of Deposits 300,000 Investment Contracts 3,206,533 Money Market Mutual Funds 5,445,559 Total investments 160,064,686 Total cash and investments $ 161,380,042 A. Deposits The carrying amounts of the City’s demand deposits were $1,303,571 at June 30, 2010. Bank balances before reconciling items were $2,198,685 at that date, the total amount of which was collateralized or insured with securities held by the pledging financial institutions in the City’s name as discussed below. The California Government Code requires California banks and savings and loan associations to secure the City’s cash deposits by pledging securities as collateral. This Code states that collateral pledged in this manner shall have the effect of perfecting a security interest in such collateral superior to those of a general creditor. Thus, collateral for cash deposits is considered to be held in the City's name. The market value of pledged securities must equal at least 110% of the City's cash deposits. California law also allows institutions to secure city deposits by pledging first trust deed mortgage notes having a value of 150% of the City’s total cash deposits. The City may waive collateral requirements for cash deposits, which are fully insured up to $250,000 by the Federal Deposit Insurance Corporation. The City, however, has not waived the collateralization requirements. 40
City of Cerritos Notes to Basic Financial Statements, Continued For the year ended June 30, 2010 2. CASH AND INVESTMENTS, Continued B. Investments The table below identifies the investment types that are authorized for the City by the California Government Code (or the City’s investment policy, where more restrictive). The table also identifies certain provisions of the California Government Code (or the City’s investment policy, where more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustee that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s investment policy. Maximum Maximum Maximum Percentage Investment Authorized Investment Type Maturity of Portfolio * in One Issuer United States Treasury Obligations 5 years No Limit No Limit U.S. Government Sponsored Enterprise Securities 5 years No Limit No Limit Banker's Acceptances 180 days 40% 10% Commercial Paper 270 days 40% 10% Negotiable Certificates of Deposit 5 years 30% 10% Repurchase Agreements 1 year No Limit No Limit Medium-Term Corporate Notes 5 years 30% 10% Money Market Mutual Funds N/A 20% No Limit Local Agency Investment Fund (LAIF) N/A No Limit $ 50,000,000 N/A - Not Applicable * Excluding amounts held by bond trustees that are not subject to California Government Code restrictions. C. Investments Authorized by Debt Agreements Investment of debt proceeds held by a bond trustee are governed by provisions of the debt agreements, rather than the general provisions of the California Government Code or the City’s investment policy. Investments authorized for funds held by the bond trustee include U.S. Treasury Obligations, U.S. Government Sponsored Enterprise Securities, Money Market Mutual Funds and Investment Contracts. There were no limitations on the maximum amount that can be invested in one issuer, maximum percentage allowed or the maximum maturity of an investment. 41
Page 1:
City of Cerritos, California Compre
Page 5 and 6: City of Cerritos Comprehensive Annu
Page 7: City of Cerritos Comprehensive Annu
Page 14 and 15: City of Cerritos ORGANIZATIONAL CHA
Page 16 and 17: This page intentionally left blank.
Page 18 and 19: Honorable Mayor and Members of the
Page 20 and 21: OVERVIEW OF THE FINANCIAL STATEMENT
Page 22 and 23: GOVERNMENT-WIDE FINANCIAL ANALYSIS
Page 24 and 25: GOVERNMENT-WIDE FINANCIAL ANALYSIS
Page 26 and 27: FINANCIAL ANALYSIS OF THE CITY’S
Page 28 and 29: ECONOMIC FACTORS AND NEXT YEAR’S
Page 34 and 35: City of Cerritos Statement of Activ
Page 38 and 39: City of Cerritos Balance Sheet Gove
Page 40 and 41: City of Cerritos Statement of Reven
Page 44 and 45: City of Cerritos Statement of Net A
Page 46 and 47: City of Cerritos Statement of Cash
Page 48 and 49: City of Cerritos Index to Notes to
Page 50 and 51: City of Cerritos Notes to Basic Fin
Page 92 and 93: CITY OF CERRITOS Required Supplemen
Page 94 and 95: CITY OF CERRITOS Required Supplemen
Page 98 and 99: City of Cerritos Combining Balance
Page 100 and 101: Capital Special Revenue Fund Projec
Page 102 and 103: City of Cerritos Combining Statemen
Page 104 and 105: Capital Special Revenue Fund Projec
Page 106 and 107:
City of Cerritos Schedule of Revenu
Page 108 and 109:
Page 110 and 111:
Page 112 and 113:
Page 114 and 115:
Page 116 and 117:
Page 118 and 119:
Page 120 and 121:
Page 122 and 123:
City of Cerritos Statement of Net A
Page 124 and 125:
City of Cerritos Statement of Cash
Page 126 and 127:
City of Cerritos Net Assets By Comp
Page 128 and 129:
City of Cerritos Changes In Net Ass
Page 130 and 131:
City of Cerritos Change in Net Asse
Page 132 and 133:
City of Cerritos Fund Balances of G
Page 134 and 135:
City of Cerritos Changes in Fund Ba
Page 136 and 137:
City of Cerritos Governmental Activ
Page 138 and 139:
City of Cerritos Assessed Value of
Page 140 and 141:
City of Cerritos Direct and Overlap
Page 142 and 143:
City of Cerritos Property Tax Levie
Page 144 and 145:
City of Cerritos Ratios of Outstand
Page 146 and 147:
City of Cerritos Schedule of Direct
Page 148 and 149:
City of Cerritos Legal Debt Margin
Page 150 and 151:
City of Cerritos Demographic and Ec
Page 152 and 153:
City of Cerritos Full-Time and Part
Page 154:
City of Cerritos Operating Indicato
show all

Comprehensive Annual Financial Report - City of Cerritos

Create successful ePaper yourself

Delete template?

Save as template?