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LOS ANGELES COUNTY CHILDREN AND FAMILIES FIRST – PROPOSITION 10 COMMISSION (a Component Unit ... - page 24 / 47

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LOS ANGELES COUNTY CHILDREN AND FAMILIES FIRST – PROPOSITION 10 COMMISSION NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED JUNE 30, 2009

NOTE 2 – CASH AND INVESTMENTS (Continued)

Cash in Bank

The California Government Code requires California banks and savings and loan associations to secure the

Commission's

deposits

by

pledging

government

securities

as

collateral.

The

market

value

of

pledged

securities secure an

must equal 110 percent of an agency's deposits. California law agency's deposits by pledging first trust deed mortgage notes

also allows financial institutions to having a value of 150 percent of an

agency's total deposits and collateral is considered to be held 2009, cash held by the financial institutions of $6,473,314 was above. The book balance at June 30, 2009 was $2,982,261.

in the name of the Commission. entirely insured and collateralized

At June 30, as described

Pooled Cash and Investments

Investments with the Los Angeles County Treasurer at June 30, 2009 are stated at fair value. The fair value of pooled investments is determined annually and is based on current market prices. The fair value of each participant’s position in the pool is the same as the value of the pool shares. The method used to determine the value of participants’ equity withdrawn is based on the book value of the participants’ percentage participation at the date of such withdrawals. The fair value adjustment at June 30, 2009 increased the Commission’s investment income by $3,764,947. The Los Angeles County Treasury is sponsored and administered by the County of Los Angeles and oversight is conducted by the County Treasury Oversight Committee. At June 30, 2009, the weighted average maturity for the County pool approximated 495 days and is not rated.

Specific Investments with Treasurer

The Commission has deposited funds to purchase securities invested on behalf of the Commission in accordance with the Commission’s investment policy statement (IPS).

The table below identifies the investment types and percentage limits that are authorized by the Commission’s IPS:

Limit Per Issuer

Total Limit

5%

30%

5%

40%

5%

30%

10%

60%

100%

100%

Type

Weighted Average Maturity (days)

758

Certificate of depo Commercial paper Corporate notes Federal agencies U.S. Treasuries

sits

The Commission had the following investments at June 30, 2009:

Federal agencies

Fair Value

$

49,932,500

21

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