2011 - Division of Administration - Louisiana

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State of LouisianaNOTE 2: DEPOSITS AND INVESTMENTSA. DEPOSITSBank account and short-term investments, such asnonnegotiable certificates of deposit and money marketdeposit accounts, are included as deposits. In accordancewith LRS 49:321, state depositing authorities shall requireas security for deposit of state funds authorized bonds orother interest-bearing notes; authorized promissory notes,warrants, or certificates of indebtedness unmatured orpayable on demand; or notes representing loans tostudents guaranteed by the Louisiana Student FinancialAssistance Commission. Fair value, excluding interest, ofsuch securities held by the depositing authority shall beequal to 100% of the amount on deposit to the credit of thedepositing authority except that portion appropriatelyinsured. Designated depositories may be granted a periodnot to exceed five days from the date of any deposit topost the necessary security.The following chart presents bank deposit balances for theprimary government and its component units as of June30, 2011. Deposits are listed in terms of whether they areexposed to custodial credit risk, which is the risk that thestate’s deposits may not be returned in the event of a bankfailure. Deposits are exposed to custodial credit risk if theyare either: a) uninsured and uncollateralized, b) uninsuredand collateralized with securities held by the pledgingfinancial institution, or c) uninsured and collateralized withsecurities held by the pledging financial institution’s trustdepartment or agent but not in the name of the State.Bank Deposit Balances (Expressed in Thousands)Deposits Exposed to Custodial Credit RiskUninsured andCollateralizedUninsured and with SecuritiesCollateralized Held by Pledging Total Bank Totalwith Securities Institution’s Trust Balances – CarryingUninsured and Held by Pledging Dept. or Agent but All Value – AllUncollateralized Institution not in State’s Name Deposits DepositsCategoriesPrimary Gov’t & Fiduciary:Cash $ 171 $ 42,529 $ 27,009 $ 1,385,787 $ 1,147,554Certificates of Deposit 143,877 586 327,816 175,641Other 188,705 535,188 346,186Total Primary Gov’t &Fiduciary: $ 332,753 $ 42,529 $ 27,595 $ 2,248,791 $ 1,669,381Component Units:Cash 10,539 77,548 25,051 1,446,353 1,335,660Certificates of Deposit 451 9,226 160,701 160,570Other 13,618 132,001 445,781 433,239Total Component Units $ 10,539 $ 91,617 $ 166,278 $ 2,052,835 $ 1,929,469Total Bank Balances $ 343,292 $ 134,146 $ 193,873 $ 4,301,626 $ 3,598,850B. INVESTMENTSLRS 49:327 authorizes the State Treasurer to investavailable monies in direct Treasury obligations,government agency obligations, corporate bonds,perfected repurchase agreements, and reverse repurchaseagreements, time certificates of deposit in specified banks,savings accounts or shares of certain savings and loanassociations and savings banks, or in share accounts andshare certificate accounts of certain credit unions. Suchsecurities shall not have maturity dates in excess of fiveyears from the purchase date, except monies investedfrom special funds (those not considered general funds)which shall not exceed 10 years from the date of purchase.Repurchase Agreements must be collateralized by thepledge of securities at 102%. Funds not on deposit in theState Treasury are authorized to be invested in timecertificates of deposit of specified banks, in savingsaccounts or shares of specified savings and loanassociations and savings banks, or in share accounts andshare certificate accounts of specified credit unions.Funds determined to be available for investment for lessthan 30 days are authorized to be invested in direct UnitedStates Treasury obligations that mature in not more than29 days after the date of purchase. These funds are alsorequired to be fully insured or collateralized.Because of limited maturity dates, availability of securities,and yield, perfected repurchase agreements are enteredinto for short-term management purposes. LRS 49:341 -343 grants defined public entities the authority to investbond proceeds and monies held in any fund established in- 56 -
State of Louisianaconnection with bonds in any direct obligation of, orobligation guaranteed by, the United States and in taxexemptbonds until proceeds are required to be expendedfor the purpose of the issue.LRS 11:263 directs Louisiana's pension systems to investin accordance with the prudent man rule. As used in thisstatute, the rule means that the systems ". . . act with thecare, skill, prudence, and diligence under thecircumstances prevailing that a prudent institutionalinvestor acting in a like capacity and familiar with suchmatters would use in the conduct of an enterprise of a likecharacter and with like aims." Notwithstanding the prudentman rule, no governing authority of any system shall investmore than 55% of the total portfolio in equities. Act 1004of the 2010 regular session amended LRS 11:263 torequire that pension systems give weight to certain factorsincluding, but not limited to the experience of theprofessionals who will manage each investment, thejurisdiction of the laws that govern each investment, andthe risk of fluctuations in currency that may accompanyeach investment when making investment decisions. Itfurther requires pension systems to submit quarterlyreports, as specified in the statute, to the House andSenate committees beginning with the quarter endingJune 30, 2010. The amendment is effective beginningJuly 1, 2010.Generally, investment of funds by colleges and universitiesare subject to the same provisions of LRS 49:327 thatgovern the State Treasurer and State agencies. However,investment of funds of state colleges and universitiesderived from private sources such as gifts, grants, andendowments are governed by the "Uniform PrudentManagement of Institutional Funds Act," LRS 9:2337.1 -2337.8. If a donor has not provided specific instructions,state law permits the colleges and universities to authorizeexpenditure of the net appreciation (realized andunrealized) of the investments of endowment funds. Anynet appreciation that is spent is required to be spent for thepurposes for which the endowment was established. Forthe fiscal year ended June 30, 2011, $22,547,737 netappreciation of investments of endowment funds wasavailable to be spent; all was restricted for specificpurposes. These amounts are reported in the financialstatements of the colleges and universities as restrictedexpendable net assets, except for that which isunrestricted.Authorized investments include "mortgages, stocks, bonds,debentures, and other securities of profit or nonprofitcorporations, shares in or obligations of associations,partnerships, or individuals, and obligations of anygovernment or subdivision or instrumentality thereof." Ininvesting funds, the governing board of the college oruniversity must exercise ordinary business care andprudence under the facts and circumstances prevailing atthe time of the investment action or decision.Management of the cash and investments held by theState Treasurer is independent of the automatedaccounting system of the state. The vast majority of thecash reported on the financial statements within all fundtypes is reported by the State Treasurer as investments forthis note disclosure. In order to accurately compare thecash and investments shown on the accompanyingfinancial statements with the carrying values of depositsand investments in the schedules presented as part of thisnote disclosure, the following reconciliation is provided(amounts expressed in thousands):Carrying Value of Deposits per Note $ 3,598,8502 Carrying Value of Investmentsper Note 41,481,697$ 45,080,547Cash per Financial Statements $ 8,708,042Investments per FinancialStatements 34,865,662Restricted Cash per FinancialStatements 662,989Restricted Investments perFinancial Statements 1,404,517Reconciling Items between NoteNote and Financial and Statements (560,663)$ 45,080,547C. INVESTMENTS - CUSTODIAL CREDIT RISKThe following chart presents the investment position of theState at June 30, 2011, unless otherwise noted. Thevarious types of investments are listed and presented bywhether they are exposed to custodial credit risk by theState. Custodial credit risk for investments is the risk thatin the event of the failure of the counterparty to atransaction, the State will not be able to recover the valueof investment or collateral securities that are in thepossession of an outside party. Investments are exposedto custodial credit risk if the securities are uninsured andunregistered and are either held by the counterparty, or bythe counterparty’s trust department or agent but not in thename of the State.- 57 -
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LouisianaCOMPREHENSIVE ANNUAL FINAN
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On the CoverExploring Louisiana’s
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State of LouisianaCONTENTSI. INTROD
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State of LouisianaComponent UnitsCo
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I. INTRODUCTORYSECTION2010-2011 Com
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The Honorable Bobby Jindal, et al.D
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The Honorable Bobby Jindal, et al.D
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CERTIFICATE OFACHIEVEMENT- 6 -
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State of LouisianaPRINCIPAL STATE O
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LOUISIANA LEGISLATIVE AUDITORDARYL
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December 28, 2011Page ThreeAs discl
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M A N A G E M E N T ’ S D I S C U
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State of Louisianabusinesses by tak
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Page 32 and 33: State of LouisianaGovernmental Acti
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Page 36 and 37: State of LouisianaGENERAL FUND BUDG
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Page 40 and 41: G O V E R N M E N T - W I D EF I N
Page 42 and 43: State of LouisianaSTATEMENT OF NET
Page 44 and 45: State of LouisianaSTATEMENT OF ACTI
Page 46 and 47: GOVERNMENTAL FUND FINANCIAL STATEME
Page 48 and 49: State of LouisianaReconciliation of
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Page 52 and 53: PROPRIETARY FUND FINANCIAL STATEMEN
Page 54 and 55: State of LouisianaSTATEMENT OF REVE
Page 56 and 57: State of LouisianaSTATEMENT OF CASH
Page 58 and 59: FIDUCIARY FUND FINANCIAL STATEMENTS
Page 60 and 61: State of LouisianaSTATEMENT OF CHAN
Page 62 and 63: COMPONENT UNIT FINANCIAL STATEMENTS
Page 64 and 65: State of LouisianaCOMBINING BALANCE
Page 66 and 67: State of LouisianaCOMBINING STATEME
Page 68 and 69: Note 1Note 2Note 3Note 4Note 5Note
Page 70 and 71: State of LouisianaLouisiana State E
Page 72 and 73: State of LouisianaGreater Baton Rou
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Page 82 and 83: State of LouisianaSchedule of Inves
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Page 86 and 87: State of LouisianaG. SECURITIES LEN
Page 88 and 89: State of LouisianaType Notional Obj
Page 90 and 91: State of Louisianathese bonds witho
Page 92 and 93: State of LouisianaNOTE 3: ACCOUNTS
Page 94 and 95: State of LouisianaNOTE 4: INTERFUND
Page 96 and 97: State of LouisianaNOTE 5: CAPITAL A
Page 98 and 99: State of LouisianaC. IMPAIRMENT OF
Page 100 and 101: State of Louisianaofficial forecast
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Page 104 and 105: State of LouisianaLASERSTRSLALSERSS
Page 106 and 107: State of Louisianathe 2010 Regular
Page 108 and 109: State of Louisiana* Effective July
Page 110 and 111: State of LouisianaB. LOUISIANA LOTT
Page 112 and 113: State of LouisianaTotal premium rat
Page 114 and 115: State of LouisianaRetirees and bene
Page 116 and 117: State of LouisianaNOTE 6B: EMPLOYEE
Page 118 and 119: State of LouisianaTotal capital lea
Page 120 and 121: State of Louisianais $8,296 and $22
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Page 124 and 125: State of LouisianaH. CONDUIT DEBTRe
Page 126 and 127: State of Louisiana27:392(B)(4). The
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State of Louisianatechnologies as w
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State of LouisianaBeginning net ass
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State of Louisianafor the daily adm
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State of LouisianaBUDGETARY COMPARI
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State of LouisianaOTHER POSTEMPLOYM
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BUDGETARY COMPARISONSCHEDULEMAJOR D
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State of LouisianaSPECIAL REVENUE F
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State of LouisianaPERMANENT FUNDSTO
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COMBINING SCHEDULE OF REVENUES, EXP
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State of LouisianaLOUISIANAGULF LOU
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State of LouisianaLOUISIANATOTALOFF
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State of LouisianaTOTALOFFICE OFFIC
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State of LouisianaLOUISIANATOTALOFF
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COMBINING STATEMENT OF CHANGES IN F
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COMBINING STATEMENT OF CHANGES IN A
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COMBINING STATEMENT OF CHANGES IN A
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State of LouisianaKENNER LOUISIANA
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State of LouisianaCOMBINING STATEME
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III. STATISTICALSECTION2010-2011 Co
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State of LouisianaNET ASSETS BY COM
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State of LouisianaCHANGES IN NET AS
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State of LouisianaCHANGES IN NET AS
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State of LouisianaFUND BALANCES, GO
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State of LouisianaCHANGES IN FUND B
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State of LouisianaINDIVIDUAL INCOME
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State of LouisianaTAX RATE BY MAJOR
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State of LouisianaPERSONAL INCOME -
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State of LouisianaLEGAL DEBT MARGIN
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State of LouisianaREVENUE BOND COVE
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State of LouisianaDEMOGRAPHIC AND E
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State of LouisianaLOUISIANA STATE E
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State of LouisianaOPERATING INDICAT
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State of LouisianaCAPITAL ASSETS ST
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www.doa.la.gov/osrap/cafr-2.htm
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2011 - Division of Administration - Louisiana

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