2012 Comprehensive Annual Financial Report - the City of Tukwila

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CITY OF TUKWILA: 2012 CAFRNOTES TO THE FINANCIAL STATEMENTSthat is included in the following pronouncements issued on or before November 30, 1989, which doesnot conflict with or contradict GASB pronouncements: Financial Accounting Standards Board (FASB) Statements and Interpretations Accounting Principles Board Opinions Accounting Research Bulletins of the American Institute of Certified Public Accountants’(AICPA) Committee on Accounting Procedure.GASB Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows ofResources, and Net Position. The requirements of this Statement will improve financial reporting bystandardizing the presentation of deferred outflows of resources and deferred inflows of resources andtheir effects on a government’s net position. It alleviates uncertainty about reporting those financialstatement elements by providing guidance where none previously existed.NOTE 2 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITYThere have been no material violations of finance-related legal or contractual provisions, and therehave been no expenditures exceeding legal appropriations in any of the funds of the City of Tukwila.NOTE 3 –DEPOSITS AND INVESTMENTSThe City maintains a cash and investment pool available for use by all funds. Interest earned on pooledinvestments is recorded in the participating funds. Investments are also held separately by several ofthe funds, with interest earned directly for the benefit of each fund. As required by State law, allinvestments of the City’s funds are obligations of the U.S. Government, or deposits with WashingtonState banks that participate in the Washington Public Deposit Protection Commission (WPDPC).Cash and Cash EquivalentsAt year-end, the carrying amount of the City’s bank balance was $3,598,223. Of the bank balance,$250,000 was covered by Federal depository insurance and the WPDPC insured the remainder. TheCity also maintains imprest funds totaling $19,250. The City participates in the State Treasurer’sInvestment Pool, which is a 2a7-like unrated pool, overseen by the State Treasurer’s Office. The fairvalue of the City’s position in the pool is the same as the value of the pool shares. Because of its highlyliquid nature, the Pool funds are considered cash equivalents.Deposits and InvestmentsThe City’s investment portfolio includes certificate of deposits insured by the Washington State PublicDepository Commission and municipal bonds issued by state and local agencies. These investmentsare reported at fair value based on quoted market prices. Fair value is the amount at which a financialinstrument could be exchanged in a current transaction between willing parties, other than in a forced orliquidation sale. Also, the Firemen’s Pension Fund is authorized to invest in stocks, bonds, and mutualfunds.64
CITY OF TUKWILA: 2012 CAFRNOTES TO THE FINANCIAL STATEMENTSAt December 31, 2012, the City had the following deposits and investments:SCHEDULE OF INVESTMENTS BY MATURITYMaturityDateCreditRatingMarket ValueCertificates of Deposit:US Bank 2/15/2013 * $ 3,450,000Sound Community Bank 3/4/2014 * 3,074,090Regal Bank 12/20/2014 * 250,000Total Certificate of Deposits 6,774,090Municipal Bonds:Lodging Tax 7/1/2016 Aa3 / A+ 538,465Revenue - Facilities 7/1/2017 Aa1 / AA+ 563,050Limited General Obligation 12/1/2017 Aa3 / A1 607,134Revenue - Facilities 7/1/2019 Aa1 / AA+ 585,195Limited General Obligation 9/1/2020 A1 377,213Unlimited General Obligation 12/1/2020 Aa1 / Aa3 1,334,487Total Municipal Bonds 4,005,544TOTAL INVESTMENTS $ 10,779,634* No credit rating w ith certificate of deposit accounts; accounts are insured by thePublic Depository Protection Commission.65
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