|
NOTE 5- CASH AND INVESTMENTS (CONTINUED):
<br />Deposits with financial institutions
<br />At year-end, the carrying amount of the County's deposits was 54,897,469 and the baalc balanoe was ~4,897,469. Of the
<br />bank balance, 5687,239 was insured by federal depository insurancx and 52,260,328 was covered by collaieral held in the
<br />County's name by one or more of the state's suthoriud collateral pool managers who act as an agent of the County, aad
<br />the balance was uninsured and uncollaterali~ed. 'lbe County has, 6owever, mct the requirements of Oregon law as to
<br />collateralization of bank balances. Tbe State requires collateral be deposited with a value of 25% of the balanas over
<br />fcderal depository insw~nce, but in some instanxs, the State Banking Commissian c~n require banks and other financial
<br />institutions to put up over 25% of the balancas of a municipal corporation's deposits as collaieral. TLe County c~nnot,
<br />however, determine which, if aay, institutions have been required w mat a collateral requirement larger than 25%. The
<br />County independentiy monitors its depository institutions for indic~tions of any situations that could potentially cause loss
<br />of County funds. The County fully collateralizad in accordance with State requiremeats throughout the year.
<br />investments
<br />Oregon Revised Statutes, Chapta 294, authoriu the County to invest in obligations of the U.S. 'h^easury, U.S. Government
<br />agencies and iaswma~talities, bankexs' acceptances guarantecd by an Oregon financial 'mstitutioq repurchase agrxments,
<br />State of Oregon Local Governtnent Investment Pool and various inttrest bea~ing bonds of Oregon municipalities. The
<br />County is suthorized to enter into reverse repurchase agreements. In addition, the County's investments are governed by
<br />a written Investiment Policy. The Policy, which is reviewed by the State Treasurer's Office aad adopted annually by the
<br />Board of County Commissioners, spxifies the County's inves~n~t objaxives~ required diversification, certain limitations
<br />and reporting requirements.
<br />'Ibe County's investments are categorized below to give an indication of the lev~l of risk assumed by the County at June
<br />30, 1993. Category 1 includes investments that are insured or registered or for wltich the sccurities are held by the County
<br />or its agent in the County's name. Category 2 includes uninsured and unngi~d investments for which the securities
<br />are held by the banker's trust depariment or agent in the County's name. Category 3 includes iminsured and unregistered
<br />investinents for which the securities are held by financial institutions, or by their trust departinent or agent, but not in the
<br />County's name. •
<br />Summarv of Cash and Investments
<br /> Cate¢orv Carrying Maricet
<br /> 1 2 3 amoant value
<br />U.S. Govemment
<br />insWmentality securities ~ 25,013,186 ~ S S 25,013,186 S 25,069,710
<br />Commercial paper 4.852,478 4.852.478 ~4,852,478
<br />Total investments 25,013,186 4,~852,478 - 29,865,664 29,922,188
<br />State of Oregon Local
<br />Government Investment Pool 14,268,177 14,268,177 14,268,177
<br />Deposits with financial
<br />institutions 2,947.567 1.949.902 4.897.469 4,897,469
<br />Total categorized ~
<br />cash and investments ~ 42,~ S 4,852.478 S 1,~4i 49,031,310 49,087,834
<br />Aema Life Insurance and
<br />Annuity - Deferred
<br />Compensation Funds 4,337,221 4,337,221
<br />Petty cash • 6,030 6.030
<br />Total cash and investments S 53~ ~ 53,~ 4~ 5
<br />-18-
<br />
|