OFFICE OF THE CITY AUDITOR
Long Beach, California
November 1 , 2022
HONORABLE MAYOR AND CITY COUNCIL
City of Long Beach
California
RECOMMENDATION:
C-6
LAURA L. DOUD, CPA
City Auditor
Receive and file the Quarterly Report of Cash and Investments for the quarter ending March 31, 2022.
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 March 31, 2022.
TIMING CONSIDERATIONS:
This item is not time sensitive.
FISCAL IMPACT:
There is no fiscal impact.
SUGGESTED ACTION:
Approve recommendation.
Respectfully submitted,
xtUt<&-x~
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 (ASH AND INVESTMENTS
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 WINDES
AUDIT TAX ADVISORY
EXECUTIVE SUMMARY
Long Beach i Irvine I Los Angeles
www.windes.com
844.4WINDES
We have conducted a performance audit of the cash and investment balances of the City of Long Beach (the City) as of March 31, 2022. The City's management is responsible for the cash and investments balances. As of March 31, 2022, the City's cash and investments portfolio totaled approximately $2.2 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 March 31, 2022 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 is 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, 2023. 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 March 31, 2022.
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 March 31, 2022 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 March 31, 2022 to the City's general ledger. • Obtained bank and investment reconciliations at March 31, 2022 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 March 31, 2022 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 March 31, 2022 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 March 31, 2022, listed below and 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 March 31, 2022 were not booked in the City's accounting records (MUNIS). The following summarizes our finding:
$(35,766,637) Adjustment to recognize the change in fair value of investments held at March 31, 2022 was not recorded, leading to an overstatement of investments held. It is the City's policy to recognize the fair value change at fiscal year-end and not during interim periods.
The City's cash and investment balances as of March 31, 2022, after the adjustment noted above, are summarized as follows:
Pooled Cash and Investments
Non-Pooled Cash and Investments
Total Cash and Investments
$ 2,015,193,274
142,464,807
$ 2,157,658,081
Based on the results of audit procedures performed and adjustment made, cash and investment balances as recorded on the City's books at March 31, 2022, 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 $(35,766,637) 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
September 26, 2022
4 Fund
Number
1000
1009
1010
1011
1020
1021
1030
1040
1041
1042
1043
1090
1100
2000
2001
2010
2015
2020
2025
2026
2030
2035
2040
2041
2100
2150
2200
2210
2300
2301
2400
2500
2501
2550
2600
2650
ATTACHMENT I
POOLED AND NON-POOLED CASH AND INVESTMENT BALANCES
BY FUND AT MARCH 31, 2022
WITH COMPARATIVE TOTALS FOR MARCH 31, 2021
Pooled Non-Pooled Total at
March 31, March 31, March 31,
Name of Fund 2022 2022 2022
GF - Operating $ 64,305,933 $ 1,369,999 $ 65,675,932 $
GF - District Priority 1,062,527 1,062,527
GF - Cap/Oper Grants 2,462,513 2,462,513
GF - Long Beach Recovery Act 71,791,584 71,791,584
GF - Clb Measure A 45,632,620 45,632,620
GF - Clb Measure US (2,465) (2,465)
GF - Clb Measure Ma (10,973) (10,973)
GF - Asset Seizure Federal 813,433 813,433
GF - Asset Seizure Us Treasury 975,098 975,098
GF - Asset Seizure State 1,011,762 1,011,762
GF - Asf Priority Intvntn Prgm 84,866 84,866
GF - CLB Measure M Escrow 9,000,000 9,000,000
GF - Uplands Oil Operating 18,987,568 18,987,568
SR - General Grants (2,977,043) (2,977,043)
SR - American Rescue Plan Act (38,658,427) (38,658,427) SR - City Manager Grants 1,716,397 1,716,397
SR - Parks Grants 681,217 681,217
SR - Police Grants 6,023,976 6,023,976
SR - City Prosecutor Grants 335,901 335,901
SR - CP Grants Annual Fund (22,907) (22,907)
SR - Fire Grants 1,155,489 1,155,489
SR - Development srvc Grants 523,416 523,416
SR - Library Grants 2,795,149 2,795,149
SR - Library Grants Annual (106,319) (106,319)
SR - Ps Oil Prod Tax - Fire 221,386 221,386
SR - Ps Oil Prod Tax - Police 878,480 878,480
SR - Health Operating 10,215,692 800 10,216,492
SR - Health Grants (24,265,263) (24,265,263)
SR - Cupa Operating 1,541,009 1,541,009
SR - Cupa Annual (434,908) (434,908)
SR - Spec Adver/Prom Operating 10,157,956 10,157,956
SR - Housing Operations 5,399,976 5,399,976
SR - Housing Annual 13,443,060 12,825 13,455,885
SR - Lb Community Invest Co 7,668,216 7,668,216
SR - Belmont Shre Pkg Mtr 158,491 158,491
SR - Business Assistance 552,527 552,527
5 Total at
March 31,
2021
18,079,311
1,069,449
2,442,013
33,374,989
(7,365,948)
779,983
1,284,115
932,122
71,346
3,000,000
15,462,654
74,831
15,513,347
(2,149,934)
4,403,262
354,072
31,742
492,887
1,932,630
374,649
925,399
10,909,572
(33,854,640)
1,359,608
5,661,775
4,706,093
14,677,594
10,415,084
89,987
268,359
ATTACHMENT I
POOLED AND NON-POOLED CASH AND INVESTMENT BALANCES
BY FUND AT MARCH 31, 2022
WITH COMPARATIVE TOTALS FOR MARCH 31, 2021
( Continued)
Pooled Non-Pooled Total at Total at
Fund March 31, March 31, March 31, March 31,
Number Name of Fund 2022 2022 2022 2021
2710 SR - Workforce Development Grants (8,147,937) 302,864 (7,845,073) (6,801,544) 2711 SR - Comm Dev Grants - Hud 5,307,836 5,307,836 2,793,045 2713 SR - Comm Dev - Other Grants 23,811,890 23,811,890 13,998,678 2760 SR - Housing Auth Grants (326,399) (326,399) (748,095) 2761 SR - Housing Auth Annual 27,105,104 2,235,940 29,341,044 24,489,643 2810 SR - Dif-Traffic Mitigation Fees 8,005,988 8,005,988 6,947,713 2811 SR - Dif-Parks Impact Fees 7,064,032 7,064,032 4,533,352 2812 SR - Dif-Police Impact Fees 3,295,079 3,295,079 2,750,540 2813 SR - Dif-Fire Impact Fees 1,351,323 1,351,323 1,458,647 4005 DS - General Debt Service 15,457,072 2,410,350 17,867,422 22,334,155 4505 DS - Successor Agency 26,725,892 26,725,892 26,113,504 5010 CP - Capital Grants 6,048,296 6,048,296 25,895,563 5015 CP - Bond Proceeds (285,701) (285,701) (42,617)
5020 CP - Capital Projects 46,449,710 46,449,710 34,563,207 5120 CP - Special Assessmt Projects 1,775,589 34,091 1,809,680 1,837,296 5200 CP - Legislative 4,912,736 4,912,736 4,912,736
5310 CP - Transport Capital Project (281,168) (281,168) (366,741) 5320 CP - State Gas Tax cp Projects 12,535,248 12,535,248 12,347,106 5411 CP - County Prop C Metro 27,109,571 27,109,571 24,444,821 5412 CP - County Measure R Metro 10,027,582 10,027,582 4,339,610 5413 CP - State Ab2766 Air Quality 1,284,153 1,284,153 809,952 5414 CP - County Measure M Metro 11,307,720 11,307,720 4,580,443 5416 CP - County Prop A Metro 17,605,584 17,605,584 16,696,919 5417 CP - State Rmra Local Return 17,899,337 17,899,337 17,230,526 5418 CP - County Measure W 9,680,529 9,680,529 3,924,540 5420 CP - State Pt Tran Dev Act Sb821 (3,484) (3,484) (3,464) 5500 CP - Successor Agency Operating 174 174 3,392,033
5501 CP - Successor Agency Annual 10,804,649 32,678 10,837,327 8,483,649 6000 IS - Civic Center Operating 7,767,024 7,767,024 3,972,699 6005 IS - Civic Center Debt 100,000 100,000 100,000
6020 IS - Civic Center Capital (5,250,010) (5,250,010) (7,464,715) 6100 IS - Genral Services Operating 6,634,746 52,280 6,687,026 9,757,199 6110 IS - General Services Grants (2,615,139) (2,615,139) (1,678,267) 6120 IS - General Services Capital 14,998,873 3,205 15,002,078 14,654,479 6200 IS - Fleet Operating 1,571,183 1,571,183 2,178,757 6205 IS - Fleet Debt 125,009 125,009 134,247
6 ATTACHMENT I
POOLED AND NON-POOLED CASH AND INVESTMENT BALANCES
BY FUND AT MARCH 31, 2022
WITH COMPARATIVE TOTALS FOR MARCH 31, 2021
( Continued)
Pooled Non-Pooled Total at Total at
Fund March 31, March 31, March 31, March 31,
Number Name of Fund 2022 2022 2022 2021
6210 IS - Fleet Grants 1,546,933 1,546,933 1,583,759
6220 IS - Fleet Capital 3,869,690 3,869,690 3,968,612
6230 IS - Fleet Replacement 43,358,984 12,703,150 56,062,134 44,993,323 6300 IS - Workers' Compensation 37,914,870 37,914,870 30,298,856 6350 IS - General Liability (6,839,983) (6,839,983) (4,704,066) 6390 IS - Disaster Recovery 630,841 630,841 630,841
6400 IS - Ebf - Operating 96,875,677 96,875,677 9,978,374 6401 IS - Ebf - Healthcare 20,872,533 20,872,533 14,190,623 6402 IS - Ebf - Payroll Taxes (17,002,849) (17,002,849) (15,468,905) 6403 IS - Ebf - Paid Time Off 26,087,678 26,087,678 86,734,685 6405 IS - Ebf - Pension & Retirement (60,328,772) (60,328,772) 6,096,659 7000 EF - Gas Operating 58,882,209 750 58,882,959 47,485,381 7005 EF- Gas Debt 60,374 21,014,765 21,075,139 20,380,984 7020 EF - Gas Cap/Oper Proj 12,944,560 12,944,560 15,992,123 7035 EF - Gas Prepay (Lbbfa) 561 561 2,105,886
7100 EF - Water Operating 43,900,798 20,000 43,920,798 39,676,733 7101 EF - Water Reclaimed Operating 3,226,646 3,226,646 3,813,936 7105 EF - Water Debt 1,324,258 2,873,983 4,198,241 4,079,458 7106 EF - Water Debt Others (83,417) (83,417) (83,417)
7120 EF - Water Capital Projects (9,782,014) (9,782,014) (9,030,481) 7121 EF - Water Reclaimed Capital (151,570) (151,570) (78,133) 7200 EF - Sewer Operating 19,362,343 19,362,343 19,817,041 7205 EF - Sewer Debt 132,774 132,774 125,048
7220 EF - Sewer Capital Projects (2,930,649) (2,930,649) (4,342,742) 7300 EF - Sol Waste Operating 10,121,726 3,000 10,124,726 10,580,976 7310 EF - Sol Waste Cap/Oper Grants 666,844 666,844 734,369 7320 EF - Sol Waste Cap/Oper Proj (424,955) (424,955) (424,955) 7350 EF - Serrf Operations 17,482,268 17,482,268 13,962,042 7355 EF - Serrf Jpa Debt 151 151 140
7400 EF - Airport Operating 43,548,130 950 43,549,080 37,429,980 7410 EF - Airport Grants (3,884,865) (3,884,865) (8,129,137) 7411 EF - Airport Passenger Fae Chrg 4,702,409 4,702,409 6,968,961 7412 EF - Airport Customer Fae Chrg 13,153,767 13,153,767 12,369,292 7420 EF - Airport Cap/Oper Proj (10,049,519) (10,049,519) 12,203,397 7425 EF - Airport Debt (5,428,619) 16,114,386 10,685,767 11,897,885 7500 EF - Development Svcs Operating 45,040,512 45,040,512 41,010,277 7 ATTACHMENT I
POOLED AND NON-POOLED CASH AND INVESTMENT BALANCES
BY FUND AT MARCH 31, 2022
WITH COMPARATIVE TOTALS FOR MARCH 31, 2021
(Continued)
Pooled Non-Pooled Total at Total at
Fund March 31, March 31, March 31, March 31,
Number Name of Fund 2022 2022 2022 2021
7510 BF - Development Svcs Grants (2,502,016) (2,502,016) (558,980) 7520 BF - Development Svc Casp Sbl 186 484,602 484,602 385,810 7550 BF - Towing Operating 2,609,192 1,700 2,610,892 550,957 7600 BF - Tidelands Operating 96,142,359 2,000 96,144,359 107,916,343 7605 BF - Tidelands Debt 26,528 21 26,549 26,503
7610 BF - Tidelands Capital Grants 79,776 79,776 79,776 7620 BF - Tidelands Capital Projects (3,083,305) (3,083,305) (6,373,693) 7630 BF - Tidelands Parking (205,179) (205,179) 543,964 7631 BF - Tidelands Parking Annual 5,255,819 5,255,819 765,273 7635 BF - Tf Convntn Center Parking Surchg 3,519,436 3,519,436 3,411,882 7700 BF - Tf Marina Operating 39,763,328 8,760,339 48,523,667 42,425,454 7710 BF - Tf Marina Capital Grant 1,606,552 1,606,552 1,606,987 7720 BF - TF Marina Capital Projects (2,066) (2,066)
7750 BF - Tf Queen Mary Project Oper (237,572) 145,982 (91,590) 362,068 7751 BF - TF QM Entertainment Dist Ops 165,784 165,784
7770 BF - Tf Queen Mary Capitl Projects 42,491 42,491 1,615,841 7800 BF - Tidelands Oil 68,970,036 68,970,036 47,912,584 7850 BF - Tf Subsidence 190,860,662 190,860,662 189,266,780 7885 BF - Tf Aqua Of The Pac Debt 6,301,650 40,477,057 46,778,707 15,136,908 7900 BF - Harbor Operating 2,455,443,289 900 2,455,444,189 3,402,914,053 7910 BF - Harbor Cap/Oper Grants 107,130,164 107,130,164 114,701,937 7920 BF - Harbor Cap/Oper Projects (1,864,995,165) (1,864,995,165) (3,195,512,884) 7933 BF - Ha Debt 2014B Bonds 219,375 219,375 219,375
7934 BF - Ha Debt 2015A Bonds 12,993,063 12,993,063 4,723,095 7935 BF - Ha Debt 2015B Bonds 377,438 377,438 377,438
7936 BF - Ha Debt 2015C Bonds 1,239,094 1,239,094 1,239,094 7937 BF - Ha Debt 2015D Bonds 1,253,719 1,253,719 1,253,719 7938 BF - Ha Debt 2017 A Bonds 1,905,188 1,905,188 1,905,188 7939 BF - Ha Debt 2017B Bonds 487,219 487,219 487,219
7940 BF - Ha Debt 2017C Bonds 799,875 799,875 799,875
7941 BF - Ha Debt 2018A Bonds
7942 BF - Ha Debt 2019A Bonds 3,024,563 3,024,563 3,024,564 7943 BF - Ha Debt 2020A Bonds 980,906 980,906 980,907
7944 BF - Ha Debt 2020B Bonds 19,455,194 19,455,194 18,359,213 7946 BF - Ha Debt 2020C Notes Const 49,955,238
7947 BF - Ha Debt 2020C Notes Cap I 2,945,336
8 ATTACHMENT I
POOLED AND NON-POOLED CASH AND INVESTMENT BALANCES
BY FUND AT MARCH 31, 2022
WITH COMPARATIVE TOTALS FOR MARCH 31, 2021
( Continued)
Pooled Non-Pooled Total at Total at
Fund March 31, March 31, March 31, March 31,
Number Name of Fund 2022 2022 2022 2021
7948 BF - Ha Debt 2021 TIFIA 3,286,187 3,286,187
8000 CS - Fiduciary Operating 4,101,029 4,101,029 3,982,180 8010 CS - Prisoner Welfare 305,257 1,500 306,757 290,926 8100 CS - Asmt Cfd5 Lb Towne Center 235,609 1,172,378 1,407,987 1,409,494 8105 CS - Asmt Cfd6 Pike Pub Imprv 49,582 4,030,638 4,080,220 4,129,159 8110 CS - Asmt Cfd7-1 Douglas Pk Cm 302,215 1,179,922 1,482,137 1,423,357 8115 CS - Asmt Cfd7-2 Belmont Shore 108,620 464,448 573,068 560,365 8120 CS - Asmt Cfd8-1 Toledo Ugd Ut 92,951 164,138 257,089 242,079 8125 CS - Asmt Cfdl 1-1 Douglas Pk N (33,136) (33,136) 32,711 8190 CS - Other Special Assessment 148,869 148,869 147,935 8200 CS - Ictf Jpa Operating 7,921,462 7,921,462 10,299,856 8300 CS - Earthquake Asmt Dist 90-3 267,640 267,640 265,974 8310 CS - Earthquake Asmt Dist 93-1 557,484 557,484 554,284 8400 CS - Los Cerritos Wetlands Aut 151,876 151,876 106,593 8500 CS - Pkg & Bus Area Improve 1,127,785 1,127,785 821,231 8550 CS - Promenade District 503,841 503,841 436,927
8600 PP - Expendable Trust (58,681) (58,681) (58,351)
8610 PP - Library Miller Trust 670,064 670,064 702,272
8620 PP - Homeless Expendable Trust 5,073 5,073 5,044
9900 Accrued Interest Receivable (3,788,399) (3,788,399) (4,192,995) Unrealized (losses) gains on investments ** (35,766,637) (35,766,637) 14,163,749 TOTAL CASH AND INVESTMENTS $ 2,015,193,274 $ 142,464,807 $ 2,157,658,081 $ 1,693,504,386 * 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. **Unrealized (losses) gains on investments are due to market changes and represent the difference between the City's cost basis and the fair market value at March 31, 2022. 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 MARCH 31, 2022
WITH COMPARATIVE TOTALS FOR MARCH 31, 2021
Pooled Non-Pooled Total at
March 31, March 31, March 31,
2022 2022 2022
CASH
Cash in Banks $ 220,192,520 $ 2,816,707 $ 223,009,227 $ Cash with Fiscal Agents 118,653,625 118,653,625
Total Cash $ 220,192,520 $ 121,470,332 $ 341,662,852 $
INVESTMENTS
U.S. Treasury Notes $ 1,275,099,193 $ - $ 1,275,099,193 $ Federal Farm Credit Bank 6,929,370 6,929,370
Federal Home Loan Bank 76,035,378 76,035,378
Federal National Mortgage Association (FNMA) 101,017,188 101,017,188 Federal Home Loan Mortgage Corporation (FHLMC) 55,598,100 55,598,100 Local Agency Investment Fund 219,112,137 219,112,137
Guaranteed Investment Contracts 20,994,475 20,994,475
Corporate Notes 61,209,388 61,209,388
Money Market
Total Investments $ 1,795,000,754 $ 20,994,475 $ 1,815,995,229 $ TOTAL CASH AND INVESTMENTS $ 2,015,193,274 $ 142,464,807 $ 2,157,658,081 $ Total at
March 31,
2021
225,550,086
84,872,707
310,422,793
792,140,037
7,322,070
120,770,794
159,029,807
68,646,978
213,607,612
20,239,286
1,325,009
1,383,081,593
1,693,504,386