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6.G. - PaRedwoocT$i7 <br />City <br />Notes to the Basic Financial Statements <br />For the fiscal year ended June 30, 2018 <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />P. Implementation of New GASB Pronouncements, Continued <br />GASB Statement No. 85, Omnibus 2017 – The objective of this statement is to address practice issues <br />that have been identified during implementation and application of certain GASB Statements. This <br />Statement addresses a variety of topics including issues related to blending component units, goodwill, <br />fair value measurement and application, and other postemployment benefits (OPEB). There was no <br />effect on net position as a result of implementation of this statement. <br />GASB Statement No. 86, Certain Debt Extinguishment Issues – The objective of this statement is to <br />improve consistency in accounting and financial reporting for in -substance defeasance of debt by <br />providing guidance for transactions in which cash and other monetary assets acquired with only existing <br />resources—resources other than the proceeds of refunding debt—are placed in an irrevocable trust for <br />the sole purpose of extinguishing debt. This Statement also improves accounting and financial reporting <br />for prepaid insurance on debt that is extinguished and notes to financial statements for debt that is <br />defeased in substance. The requirements of this statement did not apply to the City for the current <br />fiscal year. <br />NOTE 2 - CASH AND INVESTMENTS <br />The following is a summary of pooled cash and investments, including cash and investments with fiscal <br />agent at June 30, 2018: <br />Government -Wide Statement <br />of Net Position <br />Governmental <br />Business -Type <br />Fiduciary <br />Activities <br />Activities <br />Funds <br />Total <br />Cash and investments 164,128,236 <br />90,039,249 <br />- <br />254,167,485 <br />Restricted cash and investments 4,229,155 <br />9,799,249 <br />19,727,970 <br />33,756,374 <br />Total cash and investments 168,357,391 99,838,498 19,727,970 287,923,859 <br />46 252 <br />