2012 Comprehensive Annual Financial Report - the City of Tukwila

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CITY OF TUKWILA: 2012 CAFRNOTES TO THE FINANCIAL STATEMENTSRECONCILIATION OF ALL CASH, DEPOSITS AND INVESTMENTSAS REPORTED ON STATEMENT OF NET POSITION:Cash and Cash Equivalents: $ 24,469,780Investments 10,779,634Current Assets Restricted:Cash and cash equivalents 1,052,844Total Cash, Cash Equivalents and Investments $ 36,302,258SUMMARY BY TYPE:Cash and Cash Equivalents:Cash on hand $ 19,250Cash in bank-book balance 25,503,374Total cash and cash equivalents 25,522,624Investments:Certificates of deposit 6,774,090Municipal bonds 4,005,545Total investments 10,779,634Total Cash, Cash Equivalents, and Investments $ 36,302,258Restricted Assets - GovernmentalBond Proceeds-General Govt Improvement $ 164,312Impact Fees 394,755Restricted Assets-Governmental $ 559,067Restricted Assets - Business-TypeCustomer Deposits-Water Utility $ 6,035Customer Deposits-Golf Course 42,298Lease Deposits-Golf Course 15,000Revenue Bond Reserve Account-Water/Sewer/Surface Water 430,444Restricted Assets-Business-Type $ 493,777Total Restricted Assets $ 1,052,84466
CITY OF TUKWILA: 2012 CAFRNOTES TO THE FINANCIAL STATEMENTSInterest Rate RiskInterest rate risk is the risk that changes in interest rates of debt investments will adversely affect the fairvalue of an investment. As a means of limiting its exposure to fair value losses arising from rising interestrates, the City’s investment policy limits at least half of the City’s cash and investment portfolio tomaturities of less than one year. Investment maturities are limited as follows:1) At the time of investment, a minimum of thirty percent (30%) of the cash andinvestment portfolio will be comprised of investments maturing or available within oneyear.2) At the time of investment, eighty percent (80%) of the portfolio will be comprised ofinvestments maturing or available within five (5) years and no instruments shall havea maturity exceeding ten (10) years, except when compatible with a specific fund’sinvestment needs.3) The average maturity of the portfolio shall not exceed three and one half (3 ½) yearsor forty-two (42) months.Credit RiskCredit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations.State statutes and the City’s investment policy limit the types of securities authorized for investment bythe City. The principal governing statutes are RCW 39.59 and RCW 39.60. The Finance Director mayfurther restrict eligible investments by this policy at his/her discretion. Authorized investments include(but are not limited to):1) U.S. Treasury Securities.2) U.S. Agency Securities (i.e., obligations of any government-sponsored corporationeligible for collateral purposes at the Federal Reserve).3) Certificates of Deposit, Money Market Deposit Accounts and savings deposits withqualified depositories within statutory limits as promulgated by the PDPC at the timeof investment.4) Bankers Acceptances (BA’s) purchased on the secondary market with a rating of A-1,P-1, its equivalent or better.5) General Obligation Bonds of a state or local government which have at the time ofthe investment one of the three highest credit ratings of a nationally-recognized ratingagency.6) The Washington State Local Government Investment Pool (LGIP).As of December 31, 2012, the City’s investments in municipal bonds were rated Aa1 to A1 by Moody’sInvestor Service. The City currently maintains a rating of AA- with Fitch’s Investor Service for its generalobligation debt and A1 with Moody’s Investor Service.67
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2012 Comprehensive Annual Financial Report - the City of Tukwila

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