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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 2 - CASH AND INVESTMENTS (CONTINUED) <br />Cash and investments as of June 30, 2018 consist of the following: <br />Deposits: <br />Cash on hand $ 15,638 <br />Deposits with financial institution 896,949 <br />Total deposits 912,587 <br />Investments: <br />San Mateo Investment Pool <br />Local Agency Investment funds <br />Federal Agency Securities <br />U.S. Treasury Notes <br />Corporate Notes <br />Certificate of deposit - Negotiable <br />Collatealized Passthroughs <br />Supranational Obligations <br />Municipal Bonds <br />Bank Acceptance <br />Money Market <br />Total investments <br />Total City Treasury <br />46,496,503 <br />83,079,550 <br />33,987,625 <br />54,040,569 <br />27,205,573 <br />9,850,719 <br />4,989,270 <br />3,758,645 <br />976,030 <br />4,248,276 <br />106,959 <br />268,739,719 <br />269,652,306 <br />Cash with fiscal agent 18,271,553 <br />Total cash and investments $ 287,923,859 <br />A. Cash and Deposits <br />The carrying amount of the City's cash and deposits, including restricted cash, was $896,949 at June 30, <br />2018. Bank balances before reconciling items were $1,932,376 at June 30, 2018. Of the total bank <br />balances, $500,000 was insured or held by the City or its agent in the City's name. <br />All cash deposits in banks are fully insured or collateralized. California state law requires that public <br />fund deposits be collateralized by either government securities with a value equal to 110% of the <br />deposits or first trust deed mortgage notes having a value equal to 150%. Per state law each institution <br />must use a third party (which may be the institution's trust department) to hold the pledged collateral in <br />a pool to secure all the institution's public fund deposits. The code states that collateral pledged in this <br />manner shall have the effect of perfecting a security interest in such collateral superior to those of a <br />general creditor. Thus, collateral for cash is considered to be held in the City's name. Banks and savings <br />and loans in California are subject to state -mandated reporting requirements to ensure that the <br />required levels of control are maintained. The City may waive collateral requirements for deposits, <br />which are fully insured with each financial institution up to $250,000 by the Federal Deposit Insurance <br />Corporation (FDIC). <br />47 253 <br />