California Comprehensive Annual Financial Report - City of Temecula

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City of Temecula Notes to Financial Statements (Continued) Note 3: Cash and Investments (Continued) Accordingly, all collateral held by California Agents of Depository are considered to be held for, and in the name of, the local governmental agency. 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 (U.S.) Treasury Obligations 5 years None None U.S. Government Sponsored Enterprise Securities 5 years None None Banker's Acceptances 180 days 40% 10% Commercial Paper 270 days 15% 10% Negotiable Certificates of Deposit 5 years 30% None Repurchase Agreements 30 days 50% None Local Agency Investment Fund (LAIF) N/A None 40,000,000 per entity * - Excluding amounts held by bond trustee that are not subject to California Government Code restrictions. N/A - Not Applicable Investments Authorized by Debt Agreements Investments of debt proceeds held by 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. The table below identifies the investment types that are authorized for investments held by bond trustee. The table also identifies certain provisions of these debt agreements that address interest rate risk, credit risk, and concentration of credit risk. 41
City of Temecula Notes to Financial Statements (Continued) Note 3: Cash and Investments (Continued) Maximum Maximum Maximum Percentage Investment Authorized Investment Type Maturity Allowed in One Issuer United States (U.S.) Treasury Obligations None None None U.S. Government Sponsored Enterprise Securities None None None Banker's Acceptances 1 year None None Commercial Paper 180 days None None Investment Agreements (2) (2) (2) Local Agency Investment Fund (LAIF) (1) None $ 40,000,000 Money Market Mutual Funds (1) None None (1) Not Applicable (2) Acceptable to the Municipal Bond Insurer Investments in State Investment Pool The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. LAIF is overseen by the Local Agency Investment Advisory Board, which consists of five members, in accordance with State statute. The State Treasurer’s Office audits the fund annually. The fair value of the position in the investment pool is the same as the value of the pool shares. GASB Statement No. 31 The City adopted GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools, as of July 1, 1997. GASB Statement No. 31 establishes fair value standards for investments in participating interest earning investment contracts, external investment pools, equity securities, option contracts, stock warrants and stock rights that have readily determinable fair values. Accordingly, the City reports its investments at fair value in the balance sheet. All investment income, including changes in the fair value of investments, is recognized as revenue in the operating statement. Disclosures Relating to Interest Rate Risk Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is 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. Information about the sensitivity of the fair values of the City's investments (including investments held by bond trustee) to market interest rate fluctuations is provided by the following table that shows the distribution of the City's investments by maturity: 42
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City of Te m e c u California Compr
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CITY OF TEMECULA COMPREHENSIVE ANNU
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STATISTICAL SECTION CITY OF TEMECUL
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City of Temecula Letter of Transmit
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City of Temecula Letter of Transmit
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CITY OF TEMECULA BUDGETARY COMPARIS
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CITY OF TEMECULA BUDGETARY COMPARIS
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CITY OF TEMECULA COMBINING STATEMEN
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CITY OF TEMECULA COMBINING BALANCE
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CITY OF TEMECULA NET ASSETS BY COMP
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CITY OF TEMECULA FUND BALANCES OF G
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CITY OF TEMECULA GOVERNMENT-WIDE RE
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CITY OF TEMECULA GENERAL GOVERNMENT
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CITY OF TEMECULA PRINCIPAL SECURED
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CITY OF TEMECULA PROPERTY TAX LEVIE
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CITY OF TEMECULA RATIO OF OUTSTANDI
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CITY OF TEMECULA LEGAL DEBT MARGIN
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CITY OF TEMECULA PLEDGED REVENUE CO
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CITY OF TEMECULA LARGEST EMPLOYERS
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CITY OF TEMECULA FULL-TIME CITY EMP
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CITY OF TEMECULA COMPARATIVE CITY I
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California Comprehensive Annual Financial Report - City of Temecula

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