OFFICE OF THE CITY AUDITOR
Long Beach, California
January 18, 2022
HONORABLE MAYOR AND CITY COUNCIL
City of Long Beach
California
RECOMMENDATION:
C-2
LAURA L. DOUD, CPA
City Auditor
Receive and file the Quarterly Report of Cash and Investments for the quarter ending June 30, 2021.
DISCUSSION:
Pursuant to Section 803 of the City Charter, the Office of the City Auditor is charged with verifying cash in the City Treasury on a quarterly basis and providing a written report to the City Council. Attached is the Quarterly Report of Cash and Investments for the quarter ending June 30, 2021.
TIMING CONSIDERATIONS:
This item is not time sensitive.
FISCAL IMPACT:
There is no fiscal impact.
SUGGESTED ACTION:
Approve recommendation.
Respectfully submitted,
Laura L. Doud, CPA
CITY AUDITOR
attachment
411 West Ocean Boulevard, 8th Floor, Long Beach, California 90802 (562) 570-6751 [email protected] CityAuditorlauraDoud.com
THE CITY OF LONG BEACH
OFFICE OF THE CITY AUDITOR
QUARTERLY AUDIT OF CASH AND INVESTMENTS
June 30, 2021
WINDES
TABLE OF CONTENTS
Executive Summary ......................................................................................... 1 Background ................................................................................................. 1-2 Audit Objectives, Scope, and Methodology .......................................................... 2-3 Results and Conclusions ................................................................................... 4 Attachment I: Pooled and Non-Pooled Cash and Investment Balances By Fund .............. 5-9 Attachment II: Pooled and Non-Pooled Cash and Investment Balances By Security Type .......................................................................................... 10
EXECUTIVE SUMMARY
We have conducted a performance audit of the cash and investment balances of the City of Long Beach (the City) as of June 30, 2021. The City of Long Beach's management is responsible for the cash and investments balances. As of June 30, 2021, the City's cash and investments portfolio totaled approximately $2.3 billion.
We conducted this performance audit in accordance with Generally Accepted Government Auditing Standards. Those standards require that we plan and perform the audit to obtain sufficient and appropriate evidence to provide a reasonable basis for our findings and conclusions based on our audit objectives. We believe that the evidence obtained provides a reasonable basis for our findings and conclusions based on our audit objectives.
BACKGROUND
City Charter Mandate
Pursuant to Section 803 of the Charter of the City of Long Beach, California, the Office of the City Auditor is charged with verifying cash and investment balances in the City Treasury on a quarterly basis and providing a written report to the City Council. The Office of the City Auditor has contracted Windes, Inc. to perform the June 30, 2021 audit.
The audit of cash and investment balances of the City of Long Beach includes verifying cash and investments with outside depositories, and evaluating the City Treasurer's compliance with the relevant provisions of the California Government Code and the City's Investment Policy, which is adopted annually by the City Council.
Pooled Cash and Investments
The City's pooled cash 1s a grouping of the City's available cash for investments. The larger amount of money involved in a pool allows the City to earn a higher rate of return than each fund could receive by itself. Pooled funds that are not needed for operations are invested by the Treasury Bureau. The interest income earned in pooled cash and investments is apportioned to funds based on the ratio of daily cash balances to the total of pooled cash and investments.
Non-pooled Cash and Investments
Generally, non-pooled cash and investments are used for specific project operations or pledged for reserves or interest payments of outstanding debt.
1 BACKGROUND (CONTINUED)
Chandler Asset Management
The City has an agreement with Chandler Asset Management ("Chandler") to provide investment advisory and management services related to the City's pooled investment portfolio.
The term of the agreement beginning January 1, 2015 was extended through December 31, 2021. Chandler manages the City's pooled investment portfolio on a non-discretionary basis and provides ongoing oversight of investment activity, including "best practice" recommendations, updates on both financial and regulatory developments, investment strategy review, and performance and credit analysis related to investments in the City's investment pool.
AUDIT OBJECTIVES, SCOPE, AND METHODOLOGY
The objectives of our performance audit were to reconcile cash and investments as to the amount and description recorded on the City's books with outside depositories and to evaluate the City's compliance with the relevant provisions of the California Government Code Section 53601 and the City's Investment Policy.
The scope of this audit was limited to the quarter ended June 30, 2021.
We performed the following procedures:
• Obtained an understanding of the internal controls surrounding the City's cash and investment process.
• Obtained confirmations of cash held by banks and investments held by the City Treasurer's safekeeping agent and other custodians as of June 30, 2021 and reconciled them to the City's general ledger.
• Reconciled the balance of total investments on the City Treasurer's Investment Activity Portfolio Statistics Report (Sympro) at June 30, 2021 to the City's general ledger. • Obtained bank and investment reconciliations at June 30, 2021 and traced balances to the City's general ledger. This also included testing, on a sample basis, the adjustments made on the reconciliation to ensure they are valid adjustments. 2 AUDIT OBJECTIVES, SCOPE, AND METHODOLOGY (CONTINUED)
• Compared investments listed on the City Treasurer's Investment Activity Portfolio Statistics Report (Sympro) at June 30, 2021 to the types of investments authorized for the City in accordance with the City's Investment Policy and the relevant provisions of the California Government Code.
• Compared the portfolio mix of investment types listed in the City Treasurer's Investment Activity Portfolio Statistics Report (Sympro) at June 30, 2021 to the portfolio mix limitations imposed by the City's Investment Policy and the relevant provisions of the California Government Code.
• Reviewed supporting documentation on a sample basis, the purchase, sale and maturity of individual investments to determine compliance with the following provisions of the California Government Code and the City's Investment Policy:
o Purchases of investments meet minimum rating requirements and maximum allowable maturity periods.
o All sections of the investment transaction record are properly completed and authorized by the City Treasurer.
o Transactions are supported by documentation from third-party sources (individual broker confirmations, safekeeping statements, custodian statements, etc.)
The City finalizes its calculations of accrued interest at the end of the fiscal year; thus, testing of accrued interest is conducted as part of the fiscal year-end cash and investment audit. As such, we did not test accrued interest, which is excluded from the balance of Total Cash and Investments at June 30, 2021, listed in Attachments I and II. In addition, the allocation of pooled cash and investments between funds was outside the scope of this audit. As such, the Schedule of Pooled and Non-Pooled Cash and Investment Balances by Fund is attached for informational purposes only.
3 RESULTS AND CONCLUSIONS
During our audit, we noted the following reconciling items related to cash and investment activity during the quarter ended June 30, 2021 were not booked in Munis. The following summarizes our findings:
$10,870,465 Adjustment to recognize the change in fair value of investments held at June 30, 2021 was not recorded, leading to an understatement of investments held. It is the City's policy to recognize the fair value change at fiscal year-end and not during the interim periods.
The City's cash and investment balances as of June 30, 2021 are summarized as follows:
Pooled Cash and Investments
Non-Pooled Cash and Investments
Total Cash and Investments
$ 2,199,329,126
108,812,002
$ 2,308,141,128
Based on the results of audit procedures performed and adjustment made, cash and investment balances as recorded on the City's books at June 30, 2021, materially agree as to the amount and description with outside depositories. Also, we found the City to be in compliance with all other relevant provisions of the California Government Code and the City's Investment Policy.
MANAGEMENT COMMENTS
Management concurs that investment activity for the subject period was in full compliance with the applicable sections of the California government Code and City's Investment Policy.
The $10,870,465 adjustment for fair -value of investments reflects the unrealized change in value of the legacy securities attributable to the movement of market interest rates. The purpose of an adjustment is to fairly report the market value of the pooled investments at a point in time for annual financial reporting purposes on September 30 of each year, rather than every quarter. The City has no management or reporting need for mark to market except on September 30. Therefore, the City elects not to expend staff resources and do the research to adjust to market except for fiscal year end. The City's official financial reports always reflect market value as required and in compliance with GASB 31 standards.
Long Beach, California
December 2, 2021
4 Fund
Number
1000
1009
1010
1020
1030
1040
1041
1042
1043
1090
1100
2000
2001
2010
2015
2020
2025
2030
2035
2040
2100
2150
2200
2210
2300
2400
2500
2501
2550
2600
2650
2710
2711
2713
2760
ATTACHMENT I
POOLED AND NON-POOLED CASH AND INVESTMENT BALANCES
BY FUND AT JUNE 30, 2021
WITH COMPARATIVE TOTALS FOR JUNE 30, 2020
Pooled Non-Pooled Total at
June 30, June 30, June 30,
Name of Fund 2021 2021 2021
GF - Operating $ 22,194,932 $ 1,375,876 $ 23,570,808
GF- District Priority 1,224,697 1,224,697
GF - Cap/Oper Grants 2,450,737 2,450,737
GF - CLB Measure A 46,055,916 46,055,916
GF - CLB Measure MA (4,721) (4,721)
GF - Asset Seizure Federal 808,162 808,162
GF - Asset Seizure US Treasury 971,223 971,223
GF - Asset Seizure State 933,746 933,746
GF - ASF Priority Intvntn Prgm 71,470 71,470
GF - CLB Measure M Escrow 3,000,000 3,000,000
GF - Uplands Oil Operating 17,585,466 17,585,466
SR - General Grants 126,414 126,414
SR - American Rescue Plan Act 67,924,770 67,924,770
SR - City Manager Grants 17,860,202 17,860,202
SR - Parks Grants (2,248,112) (2,248,112)
SR - Police Grants 6,115,871 6,115,871
SR - City Prosecutor Grants 349,417 349,417
SR - Fire Grants 293,611 293,611
SR - Development Srvc Grants 542,945 542,945
SR - Library Grants 2,283,728 2,283,728
SR - PS Oil Prod Tax - Fire 350,277 350,277
SR - PS Oil Prod Tax - Police 1,281,408 1,281,408
SR - Health Operating 7,602,074 800 7,602,874
SR - Health Grants (27,019,121) (27,019,121)
SR - CUP A Operating 767,192 767,192
SR - Spec Adver/Prom Operating 5,251,867 5,251,867
SR - Housing Operations 5,190,155 5,190,155
SR - Housing Annual 14,319,768 31,683 14,351,451
SR - LB Community Invest Co 10,660,121 10,660,121
SR - Belmont Shre Pkg Mtr 100,705 100,705
SR - Business Assistance 555,717 555,717
SR - Workforce Development Grants (6,841,635) 172,870 (6,668,765) SR - Comm Dev Grants - HUD 5,952,812 (54) 5,952,758
SR - Comm Dev - Other Grants 20,708,720 20,708,720
SR - Housing Auth Grnts (152,449) (152,449)
5 Total at
June 30,
2020
$ 45,742,322
1,124,249
2,342,461
44,482,372
(7,069,942)
969,690
1,248,282
859,444
67,038
3,000,000
18,369,422
164,762
2,138,332
(2,044,457)
3,143,964
469,084
11,467
561,427
1,937,920
274,694
502,062
9,412,858
549,271
1,325,843
8,828,683
4,362,389
15,314,337
9,136,318
398,454
173,177
(3,737,887)
4,242,863
166,940
15,969,693
Fund
Number
2761
2800
2810
2811
2812
2813
4005
4505
5010
5015
5020
5120
5200
5310
5320
5411
5412
5413
5414
5416
5417
5418
5420
5500
5501
6000
6005
6020
6100
6110
6120
6200
6205
6210
6220
ATTACHMENT I
POOLED AND NON-POOLED CASH AND INVESTMENT BALANCES
BY FUND AT JUNE 30, 2021
WITH COMPARATIVE TOTALS FOR JUNE 30, 2020
(Continued)
Pooled Non-Pooled Total at
June 30, June 30, June 30,
Name of Fund 2021 2021 2021
SR - Housing Auth Annual 20,448,590 3,464,969 23,913,559 SR - Gas Tax
SR - DIP-Traffic Mitigation Fees 7,428,253 7,428,253
SR - DIP-Parks Impact Fees 5,322,321 5,322,321
SR - DIP-Police Impact Fees 2,920,184 2,920,184
SR - DIP-Fire Impact Fees 1,551,031 1,551,031
DS - General Debt Service 17,825,028 2,285,076 20,110,104 DS - Successor Agency (3,112,087) 28,778,385 25,666,298 CP - Capital Grants 12,175,270 12,175,270
CP - Bond Proceeds (42,617) (42,617)
CP - Capital Projects 42,254,597 42,254,597
CP - Special Assessment Projects 1,747,714 61,964 1,809,678 CP - Legislative 4,912,736 4,912,736
CP - Transport Capital Project (281,168) (281,168)
CP - State Gas Tax CP Projects 11,860,393 11,860,393
CP - County Prop C Metro 23,546,811 23,546,811
CP - County Measure R Metro 5,125,246 5,125,246
CP - State AB2766 Air Quality 855,808 855,808
CP - County Measure M Metro 7,219,767 7,219,767
CP - County Prop A Metro 12,524,311 12,524,311
CP - State RMRA Local Return 19,241,885 19,241,885
CP - County Measure W 6,712,165 6,712,165
CP- State PT Tran Dev Act SB821 (3,470) (3,470)
CP - Successor Agency Operating 3,441,238 3,441,238
CP - Successor Agency Annual 8,206,166 32,677 8,238,843 IS - Civic Center Operating (172,060) (172,060)
IS - Civic Center Debt 100,000 100,000
IS - Civic Center Capital (5,230,591) (5,230,591)
IS - Genral Services Operating 9,403,530 9,688 9,413,218 IS - General Service Grants (1,137,267) (1,137,267)
IS - General Services Capital 13,164,937 1,303,193 14,468,130 IS - Fleet Operating 1,495,559 1,495,559
IS - Fleet Debt 134,247 134,247
IS - Fleet Grants 1,583,759 1,583,759
IS - Fleet Capital 4,124,901 4,124,901
6 Total at
June 30,
2020
744,249
6,406,504
6,692,418
2,396,313
1,323,229
27,426,591
35,992,276
16,943,579
(42,617)
39,489,860
1,837,293
4,912,736
(1,759,917)
10,165,727
19,684,731
2,672,363
1,793,619
226,233
11,937,000
13,833,010
(236,484)
(3,634)
3,220,716
7,600,515
(4,283,009)
514,275
(5,293,548)
35,111,556
(456,463)
(7,989,351)
2,937,735
143,068
27,627
3,475,721
Fund
Number
6230
6300
6350
6390
6400
6401
6402
6403
6405
7000
7005
7020
7035
7100
7101
7105
7106
7120
7121
7200
7205
7220
7300
7310
7320
7350
7355
7400
7410
7411
7412
7420
7425
7500
7510
ATTACHMENT I
POOLED AND NON-POOLED CASH AND INVESTMENT BALANCES
BY FUND AT JUNE 30, 2021
WITH COMPARATIVE TOTALS FOR JUNE 30, 2020
(Continued)
Pooled Non-Pooled Total at
June 30, June 30, June 30,
Name of Fund 2021 2021 2021
IS - Fleet Replacement 42,877,620 42,877,620
IS - Workers' Compensation 38,335,385 38,335,385
IS - General Liability 12,447,662 12,447,662
IS - Disaster Recovery 630,841 630,841
IS - EBF - Operating 21,208,493 21,208,493
IS - EBF - Healthcare 14,190,623 14,190,623
IS - EBF - Payroll Taxes (15,456,136) (15,456,136)
IS - EBF - Paid Time Off 79,405,917 79,405,917
IS - EBF - Pension & Retirement 9,971,281 9,971,281
EF - Gas Operating 53,668,140 750 53,668,890
EF- Gas Debt 74,734 18,394,094 18,468,828
EF - Gas Cap/Oper Proj 16,268,157 16,268,157
EF - Gas Prepay (LBBFA) 2,109,555 2,109,555
EF - Water Operating 35,077,858 2,133,733 37,211,591
EF - Water Reclaimed Operating 5,153,216 5,153,216
EF - Water Debt (2,276,205) 2,821,282 545,077
EF - Water Debt Others (125,125) (125,125)
EF - Water Capital Projects (13,326,390) (13,326,390)
EF - Water Reclaimed Capital (166,196) (166,196)
EF - Sewer Operating 19,456,378 19,456,378
EF - Sewer Debt (428,200) (428,200)
EF - Sewer Capital Projects (5,777,957) (5,777,957)
EF - Sol Waste Operating 10,483,252 3,000 10,486,252
EF - Sol Waste Cap/Oper Grants 747,577 747,577
EF - Sol Waste Cap/Oper Proj (424,955) (424,955)
EF - SERRF Operations 18,569,804 18,569,804
EF - SERRF JP A Debt 148 148
EF - Airport Operating 37,130,252 100 37,130,352
EF - Airport Grants (8,469,775) (8,469,775)
EF - Airport Passenger Fae Chrg 5,518,855 5,518,855
EF - Airport Customer Fae Chrg 12,568,831 12,568,831
EF - Airport Cap/Oper Proj 3,814,223 3,814,223
EF - Airport Debt (1,167,794) 12,023,810 10,856,016
EF - Developmnt Svcs Operating 38,459,186 38,459,186
EF - Developmnt Svcs Grants (167,353) (167,353)
7 Total at
June 30,
2020
39,814,428
32,048,418
7,807,870
630,841
74,343,126
13,267,797
(8,197,398)
82,422,329
(45,204,482)
37,686,320
17,210,241
12,572,922
6,377,330
46,924,369
3,371,404
1,460,775
(26,783,682)
146,114
19,608,213
(436,076)
(3,686,696)
8,380,213
882,636
(424,955)
19,877,358
138
48,390,047
(1,269,055)
30,134,058
12,750,068
(10,306,735)
9,433,206
47,858,418
(365,020)
Fund
Number
7520
7550
7600
7605
7610
7620
7630
7631
7635
7700
7710
7720
7750
7770
7800
7850
7885
7900
7910
7920
7933
7934
7935
7936
7937
7938
7939
7940
7941
7942
7943
7944
7945
7946
7947
ATTACHMENT I
POOLED AND NON-POOLED CASH AND INVESTMENT BALANCES
BY FUND AT JUNE 30, 2021
WITH COMPARATIVE TOTALS FOR JUNE 30, 2020
(Continued)
Pooled Non-Pooled Total at
June 30, June 30, June 30,
Name of Fund 2021 2021 2021
EF - Develpmnt Svc Casp SB1186 407,073 407,073
EF - Towing Operating 1,073,295 1,700 1,074,995
EF - Tidelands Operating 97,857,866 2,000 97,859,866
EF - Tidelands Debt (52,182) 26,524 (25,658)
EF - Tidelands Capital Grants 79,776 79,776
EF - Tideland Capital Projects (4,287,848) (4,287,848)
EF - Tidelands Parking 1,628,209 1,628,209
EF - Tidelands Parking Annual 2,559,676 2,559,676
EF - TF Convntn Ctr Pkg Surchg 3,417,827 3,417,827
EF - TF Marina Operating 32,277,158 8,649,447 40,926,605 EF - TF Marina Capital Grant 1,606,987 1,606,987
EF - TF Marina Capital Projects (2,350) (2,350)
EF - TF Queen Mary Project Oper 163,372 17 163,389
EF - TF Queen Mary Capital Project 1,754,198 1,754,198
EF - Tidelands Oil 59,926,458 59,926,458
EF - TF Subsidence 189,601,851 189,601,851
EF - TF Aqua Of The Pac Debt 3,224,918 21,006,522 24,231,440 EF - Harbor Operating 3,956,582,729 900 3,956,583,629
EF - Harbor Cap/Oper Grants 119,336,424 119,336,424
EF - Harbor Cap/Oper Proj (3,237,753,044) (3,237,753,044) EF - Ha Debt 2014B Bonds 73,125 73,125
EF - Ha Debt 2015A Bonds 1,932,688 1,932,688
EF - Ha Debt 2015B Bonds 125,813 125,813
EF - Ha Debt 2015C Bonds 413,031 413,031
EF - Ha Debt 2015D Bonds 417,906 417,906
EF - Ha Debt 2017A Bonds 635,063 635,063
EF - Ha Debt 2017B Bonds 162,406 162,406
EF - Ha Debt 2017C Bonds 266,625 266,625
EF - Ha Debt 2018 Notes
EF - Ha Debt 2019A Bonds 1,008,188 1,008,188
EF - Ha Debt 2020A Bonds 326,969 326,969
EF - Ha Debt 2020B Bonds 2,961,731 2,961,731
EF - Ha Debt 2020C Notes
EF - Ha Debt 2020C Notes Const 38,862,111 38,862,111
EF - Ha Debt 2020C Notes Cap I 2,950,467 1 2,950,468
8 Total at
June 30,
2020
314,621
491,801
108,728,410
(90,553)
79,776
(3,647,500)
2,633,135
3,499,627
36,648,570
1,606,987
122,468
4,060,707
40,684,331
187,341,717
29,838,878
3,483,305,976
113,836,242
(3,037,062,738)
73,125
768,532
125,813
413,031
417,906
635,063
162,406
266,625
681,354
1,008,200
341,678
2,862,073
785,556
82,487,831
6,708,422
Fund
Number
7948
8000
8010
8100
8105
8110
8115
8120
8125
8190
8200
8300
8310
8400
8500
8550
8600
8610
8620
9900
ATTACHMENT I
POOLED AND NON-POOLED CASH AND INVESTMENT BALANCES
BY FUND AT JUNE 30, 2021
WITH COMPARATIVE TOTALS FOR JUNE 30, 2020
(Continued)
Pooled Non-Pooled Total at
June 30, June 30, June 30,
Name of Fund 2021 2021 2021
EF - Ha Debt 2021 TIFIA 814,570 814,570
CS - Fiduciary Operating 4,135,717 4,135,717
CS - Prisoner Welfare 294,429 1,500 295,929
CS - Asmt CFD5 Lb Towne Center 210,438 1,050,276 1,260,714 CS - Asmt CFD6 Pike Pub Imprv 164,172 3,245,240 3,409,412 CS - Asmt CFD7-1 Douglas Pk Cm 575,248 1,180,714 1,755,962 CS - Asmt CFD7-2 Belmont Shore 123,120 378,788 501,908
CS - Asmt CFD8-1 Toledo Ugd Ut 103,074 164,132 267,206
CS - Asmt CFDll-1 Douglas Pk N (3,668) (3,668)
CS - Other Special Assessment 148,264 148,264
CS - ICTF JP A Operating 11,484,092 11,484,092
CS - Earthquake Asmt Dist 90-3 266,474 266,474
CS - Earthquake Asmt Dist 93-1 555,266 555,266
CS - Los Cerritos Wetlands Auth 210,345 210,345
CS - Pkg & Bus Area Improve 481,179 481,179
CS - Promenade District 467,316 467,316
PP - Expendable Trust (58,449) (58,449)
PP - Library Miller Trust 703,525 · 703,525
PP - Homeless Expendable Trust 5,053 5,053
Accrued Interest Receivable (4,546,849) (4,546,849)
Unrealized gains on investments 10,870,465 10,870,465
TOTAL CASH AND INVESTMENTS $ 2,199,329,126 $ 108,812,002 $ 2,308,141,128 * The City's pooled cash and investments was audited in aggregate and the allocation among funds was outside the scope of the performance audit. The allocation is presented for informational purposes only.
Total at
June 30,
2020
3,533,815
274,653
1,231,341
3,438,808
1,585,113
484,710
260,531
7,615
146,820
10,900,392
263,969
550,105
49,426
538,175
427,510
(34)
696,977
5,006
(6,233,297)
28,823,339
$ 2,015,721,037
**Unrealized gains on investments are due to market changes and represent the difference between the City's cost basis and the fair market value at June 30, 2021. The City's policy is to recognize the unrealized gains and losses at the end of the fiscal year for financial statement purposes, in compliance with Governmental Accounting Standards. All unrealized gains or losses are reported to the City Council through the Quarterly Investment Report by the City Treasurer.
9 ATTACHMENT II
POOLED AND NON-POOLED CASH AND INVESTMENT BALANCES
BY SECURITY TYPE AT JUNE 30, 2021
WITH COMPARATIVE TOTALS FOR JUNE 30, 2020
Pooled Non-Pooled Total at
June 30, June 30, June 30,
2021 2021 2021
CASH
Cash in Banks $ 211,764,396 $ 3,940,478 $ 215,704,874
Cash with Fiscal Agents 86,555,983 86,555,983
Total Cash $ 211,764,396 $ 90,496,461 $ 302,260,857
INVESTMENTS
U.S. Treasury Notes $1,223,037,030 $ - $1,223,037,030
Federal Farm Credit Bank 7,290,780 7,290,780
Federal Home Loan Bank 104,745,338 104,745,338
Federal National Mortgage Association (FNMA) 130,179,387 130,179,387 Federal Home Loan Mortgage Corporation (FHLMC) 68,583,216 68,583,216 Local Agency Investment Fund 221,323,389 221,323,389
Guaranteed Investment Contracts 18,315,541 18,315,541
Money Market 220,251,409 220,251,409
Corporate Notes 12,154,181 12,154,181
Total Investments $1,987,564,730 $ 18,315,541 $2,005,880,271 TOTAL CASH AND INVESTMENTS $2,199,329,126 $ 108,812,002 $2,308,141,128 Total at
June 30,
2020
$ 249,198,048
107,052,942
$ 356,250,990
$ 1,047,673,517
12,434,010
154,070,621
165,782,754
69,254,460
191,293,361
17,087,425
1,873,899
$1,659,470,047
$2,015,721,037