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Note 3: Cash and Investments (Continued)<br />
Concentration of Credit Risk<br />
City of <strong>Moreno</strong> <strong>Valley</strong><br />
Notes to <strong>Financial</strong> Statements<br />
Year Ended June 30, 2011 (Continued)<br />
The City’s investment policy imposes restrictions on the maximum percentage and<br />
amount that can be invested in certain types of investments. These restrictions are as<br />
follows:<br />
Investment Types Maturity Limit<br />
Maximum<br />
Portfolio<br />
Percentage<br />
Maximum<br />
Investment in<br />
One Issuer<br />
U.S. Treasury bills, notes and bonds 5 years None None<br />
GSE's or U.S. Agencies 5 years None None<br />
California State Local Agency Investment Fund n/a None None<br />
Bonds, notes or other indebtedness of the State of Califo 5 years None None<br />
Bonds, notes or other indebtedness of local agencies in 5 years None 5%<br />
Bankers Acceptances 180 days 40% 5%<br />
Commercial Paper 270 days 25% 5%<br />
Negotiable Certificates of Deposits 5 years 30% 5%<br />
CD Placement Service 5 years 30% 5%<br />
Repurchase Agreements 1 year None 5%<br />
Reverse Repurchase Agreements 92 days 20% 5%<br />
Medium-term Notes (MTN's) 5 years 30% 5%<br />
Mutual Funds and Money Market Accounts n/a 20% 5%<br />
Collateralized Bank Deposits 5 years None 5%<br />
Mortgage Pass-Through Securities 5 years 20% 5%<br />
Bank/Time Deposits 5 years None 5%<br />
Other Governmental Sponsored Investment Pools n/a None None<br />
As of June 30, 2011, the City is in compliance with the investment policy restriction.<br />
The City has invested more than 5% of the total investment value with the following<br />
issuers:<br />
Medium Term Notes 18.5%<br />
U.S. Treasury Notes 21.1%<br />
Federal Farm Credit Banks 9.9%<br />
Federal Farm Loan Bank 5.6%<br />
Federal Home Loan Mortgage Corp 9.4%<br />
Federal National Mortgage Assn 7.1%<br />
As of June 30, 2011, the City had the following investments and original maturities:<br />
Held by Bond Trustee:<br />
Money Market Funds 16,828,076<br />
Totals<br />
Investment Type<br />
Local Agency Investment Fund<br />
Money Market Fund<br />
Medium Term Notes<br />
US Treasury Notes<br />
Federal Farm Credit Banks<br />
Federal Farm Loan Banks<br />
Federal Home Loan Mortgage Corp<br />
Federal National Mortgage Assn.<br />
Tennessee <strong>Valley</strong> Authority<br />
6 months or less 6 months to 1 year 1 to 3 years 3 to 5 years Fair Value<br />
$ 42,568,573 $ - $ - $ - $ 42,568,573<br />
209,027<br />
-<br />
-<br />
-<br />
209,027<br />
-<br />
261,250 22,758,209 20,977,728 43,997,187<br />
3,087,997 15,707,226 14,567,681 16,582,267 49,945,171<br />
-<br />
1,049,683 16,111,197 6,284,376 23,445,256<br />
3,024,334<br />
1,011,940 9,147,721<br />
- 13,183,995<br />
3,940,704<br />
- 10,472,858 7,797,136 22,210,698<br />
4,537,427<br />
2,033,554 2,306,488 7,898,482 16,775,951<br />
-<br />
- 8,126,842<br />
- 8,126,842<br />
-<br />
-<br />
-<br />
16,828,076<br />
$ 74,196,138 $ 20,063,653 $ 83,490,996 $ 59,539,989 $ 237,290,776<br />
49
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