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..______..._._..."......._H_... .,. '_H_.H' .. .. ... ... .... . . . .. '.! . . .- . . . .. .. . ..: }::'NOTE1:~ SUMMARY ()F SIGN.j.FlcAN1' AccotrNT~NG POLIClES.(CONTINUED) .. GASH: Statement No. 50, Pension Disclosures - An ~4l1lendmem ofGASBScatemenis No. 25 and 2 i .:.- this statement. more closely aligns the financial- reporting requirements for pensions. with those for other .:postemp}oyment benefits (OPEB).,. and in doing so. enhances information disclosed in notes to finan~iar statements or presented as required supplementary information (RSJ). by pension:.plans and by employers that provide : pension benefits: : . 'No'n: 2 - CASH AND INVESTMENTS. ..4. . Ca~h and Depllsiis .! The carrying. amount of the City's ~ash and'deposits, incllJding restricted cash, was $2,292,089 at June . 30, 2008. Bank balancc.s before reconciling items were. $3'~789,967 atJul1e 30, 2008. Ofthe. total bank . . balances, $635~975 :was insured or ~eld by th~ City or its agent in the City's name and $3~153,992 was" ; collateralized. . .... .. . '. .' , All cash deposits in banks are fully.insured.or collateralized. .Cahfo~;~. :state: 1.3w requires that publi~ fund deposits be. coHatenilized by .either 'goyemment securities with a value equal to 110%, of the deposits or first.trust: deed mortgage notes having a value.equal to .150%. Per state law each ,institution must use a third party (which. may be the institution's trust department) to hold .the pledged :C.ollatera!,in :a. pool to. secure all the institution's public furid deposits. 111ecode states. that collateral. pledged .in this manner shall bave the effect :of perfecting a security interest. in such.; collateral superior to those..of a general creditor. . Thus, collateral for cash is considered .to be held in the eitis.name:. Banks and.:savings arid . : , 10ans:in California are subject to state-mandated reporting requirements to ensure that the required le.vels of control are maintained. The City may wai,ve :col1ateral.requirement~ for deposits, which are fully insured with,.cach financial institution up.to $100.000 by the Federal Deposit Insurance Corporation (FDIC). .. . . ; . . . . . ..... ... " .., . ' .: . . . . . :, Cash balances 'from: all' fun.ds ~e ~ombi~1ed and in vested: to the extent...possible. pur~uant. to ~he City. Council approvedinvestme~t policy and: guidelines .and. state g{>vemmen.t code. The earnings from th~se investments are. allocated monthly. to .each. fUnd: based. on an average of monthly: opening and closing ba,]artces'of"cash. ;lnd.jn'vestments.: Investments' are stated. at. fair' value. A~l enterprise fund .investments . ~e c~nsidered:lo be liquid investments for cash flow purposes. .. . . . ' . . . . .Th~ . following is. a: s.um~ary ~f p~o1.ed. c~sh and in~estmerits,' i~ch.idi~g cash ~nd investments with fis~al . aget;1t at June 30, 2008.... ' . .... . . .. : . Fiduciary Fund ., Financial . Statements . Fiduciary Funds. Statenlentof .. .:Net A"sets $ . Govefnment~\~'ide. Statement ofNer Assets: .; Governmental.. Activities ' .. Cash arid Investmentl; . . Restricted Cash and. Investments . .s ..1'13.038,648 Business~ Type. : Activities Total S $ 32,095,925:,." 1'45,134,573. Total $ ... 145,134,573 16.395,093 21,690,345 . . 38,085,438. 9,761.076 47.846,514 192,981,087 , ! :.! :1 I Total Cash and Inve..stmems : : . 36 ..; . "~ : ~:.~:..:,.;~