FY2016 CCDOA Financial Report as of 6302016.pdf - page 63

CLARK COUNTY DEPARTMENT OF AVIATION
CLARK COUNTY, NEVADA
Notes to Financial Statements
For the Fiscal Years Ended June 30, 2016 and 2015
50
2.) CASH AND INVESTMENTS
According to State statutes, County monies must be deposited with federally insured banks, credit
unions, or savings and loan associations within the County. The County is authorized to use demand
accounts, time accounts, and certificates of deposit. State statutes do not specifically require
collateral for demand deposits, but do specify that collateral for time deposits may be of the same
type as those described for permissible investments. Permissible investments are similar to the allowable
County investments described below, except that the statutes permit a longer term and include
securities issued by municipalities within Nevada. The County's deposits are fully covered by federal
depository insurance or collateral held by the County's agent in the County's name. The County has
written custodial agreements in force with the various financial institutions' trust banks for demand
deposits and certificates of deposits. These custodial agreements pledge securities totaling 102
percent of the deposits with each financial institution. The County has a written agreement with the
State Treasurer for monitoring the collateral maintained by the County's depository institutions.
The majority of all cash and investments of the Department are included in the investment pool of the
Clark County Treasurer ("Treasurer") and the Department’s Trustee, the Bank of New York Mellon. As of
June 30, 2016 and 2015, these amounts were distributed as follows:
Cash and Investments:
FY2016
FY 2015
(000)
(000)
Clark County Investment Pool
651,031
$
558,466
$
Cash and Investments with Trustee
480,430
449,388
Cash On Hand or In Transit
2,573
11,635
Total
1,134,034
$
1,019,489
$
(a) Clark County Investment Pool
The Treasurer invests monies held both in individual funds and through a pooling of monies. The pooled
monies, referred to as the Clark County Investment Pool, are invested as a whole and not as a
combination of monies from each fund belonging to the pool. In this manner, the Treasurer is able to
invest the monies at a higher interest rate for a longer period of time. Interest is apportioned to each
participating department or agency on a monthly basis and is based on the average daily cash
balance of the fund for the month in which the investments mature.
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