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 D. Risk Disclosures Interest Rate Risk – The City’s investment policy manages exposure to interest rate risk by purchasing a combination of shorter term and longer term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations. The policy limits investment maturities as a means of managing its exposure to fair value losses arising from fluctuating interest rates. Information about the sensitivity of the fair values of the City’s investments (including investments held by bond trustees) to market interest rate fluctuations is provided by the following table that shows the distribution of the City’s investments at maturity: Remaining Maturity (in Months) 12 Months 13 - 24 25 - 60 Investment Type or Less Months Months Total Local Agency Investment Fund (LAIF) $ 83,016,653 $ - $ - $ 83,016,653 Federal Home Loan Bank (FHLB) - - 19,194,687 19,194,687 Federal National Mortgage Association (FNMA) - - 8,322,094 8,322,094 Federal Home Loan Mortgage Corporation (FHLMC) - - 17,093,496 17,093,496 Federal Farm Credit Bank (FFCB) - 2,001,250 18,481,656 20,482,906 Government Nat'l Mortgage Association (GNMA) - - 1,263 1,263 Long Term Corporate Note (LTN) - - 41,667 41,667 Certificates of Deposit 200,000 100,000 - 300,000 Medium Term Corporate Notes (MTN) - - 2,959,828 2,959,828 Investment Contracts - - 3,206,533 3,206,533 Money Market Mutual Funds 5,445,559 - - 5,445,559 Total $ 88,662,212 $ 2,101,250 $ 69,301,224 $ 160,064,686 42
City of Cerritos Notes to Basic Financial Statements, Continued For the year ended June 30, 2010 2. CASH AND INVESTMENTS, Continued D. Risk Disclosures, Continued Credit Risk – Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Presented below is the minimum rating required by (where applicable) the California Government Code, the City’s investment policy, or debt agreements, and the actual rating at time of purchase for each investment type: Total Minimum Not as of Legal Required Investment Type June 30, 2010 Rating AAA Other Unrated to be Rated LAIF $ 83,016,653 N/A $ - $ - $ - $ 83,016,653 FHLB 19,194,687 N/A 19,194,687 - - - FNMA 8,322,094 N/A 8,322,094 - - - FHLMC 17,093,496 N/A 17,093,496 - - - FFCB 20,482,906 N/A 20,482,906 - - - GNMA 1,263 N/A 1,263 - - - LTN 41,667 N/A - - 41,667 - Certificates of deposit 300,000 A-1/P-1 - - 300,000 - MTN 2,959,828 A - 2,959,828 - - Investment Contracts 3,206,533 N/A 3,206,533 - - - Money Market Mutual Funds 5,445,559 N - - 5,445,559 - Total $ 160,064,686 $ 68,300,979 $ 2,959,828 $ 5,787,226 $ 83,016,653 N/A - Not Applicable The actual ratings at time of purchase for the Medium Term Corporate Notes (MTN) are as follows: Other: A+ 2,149,828 A 810,000 Total other $ 2,959,828 Custodial Credit Risk – For deposits, custodial credit risk is the risk that, in the event of the failure of a deposit financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the City will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The City’s investment policy does not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investments, other than the provision for deposits stated in Note 2A. At June 30, 2010, $1,948,685 of the City’s deposits with financial institutions in excess of federal depository insurance limits was held in uncollateralized accounts. 43
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:
City of Cerritos Schedule of Revenu
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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?