AgdaPkt 2002-01-14 - Laserfiche WebLink

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REDEVELOPMENT AGENCY OF ~ CITY OF REDWOOD CITY Notes to Component Unit Financial Statements NOTE 2 - CASH AND INVESTMENTS ] The Agency's dependence on property tax increments, wkich are received serra-annually, requires it to maintain significant cash reserves to finance operations during the remainder of the year. The City pools cash from all sources and all funds, including those from the Agency, except Cash with Fiscal Agents. so that it can be safely invested at maximum yields, while individual funds can make expenditures at any time. All investments are carded at fair value. Investment income is allocated among funds on the basis of average month-end cash and investment balances in these fimds. .4. Categorization of Credit Risk of Securities Instruments The Agency and its fiscal agents invest in individual investments and in investment pools. Individual investments are evidenced by specific identifiable pieces of paper called securities instruments, or by an electronic entry registering the owner in the records of the institution issuing the security, called the book entry system. Individual investments are generally made by the Agency's fiscal agents as required under its debt issues. The Agency normally invests only in pooled investments. Pooled investments are not categorized because of their pooled, rather than individual, nature. Cash and investments were as follows at June 30: 2001 2000 Investments: County of San Mateo Investment Pool $3,230,706 $5,388,917 California Arbitrage Management Progxam 146,092 138,281 Guaranteed Investment Contract 1,543,000 1,543,000 Mutual Funds- U.S. Treasury Securities 679 48,920 Total Investments 4,920,477 7,119,118 Cash in Banks 3,342 796 1,548.587 Total Cash and Investments $8.263,273 $8.667~705 10