HomeMy WebLinkAbout1998 ACFR... NOTE 3 -DEPOSITS AND INVESTMENTS DEPOSITS The City's deposits and certificates of deposit are covered by federal depository insurance (FDIC) or by collateral held in a multiple financial institution collateral pool administered by the Washington Public Deposit Protection Program (PDPC). INVESTMENTS As required by state law, all investments of the City's funds (except as noted below) are obligations of the U. S. Government, U. S. agency issues, obligations of the State of Washington, general obligations of Washington State municipalities, the State Treasurer's Investment Pool, or certificates of deposits with Washington State banks and savings and loan institutions. Investments of (pension/nonexpendable) trust funds are not subject to the preceding limitations. All temporary investments are stated at purchase price. The City's investments are categorized to give an indication of the risk assumed at year-end. The following summary shows the City's investments at year end categorized by risk. Category 1 includes investments that are either insured or registered and held by the City or its agent in the City's name. Category 2 includes uninsured and unregistered investments which are held by the counterparty's trust department or agent in the City's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty, or its trust department or ✓ agent, but not in the City's name. The City's investments at December 31, 1998 are as follows: (fA CATEGORY 2 _3_ TOTAL ------U. S. Government Securities Federal Agency Securities Certificates of Dep. Mutual Funds Total Investments not subject to Categorization: Investment in State Treasurer's Investment Pool Savings Accounts Total Investments NOTE 4 -PROPERTY TAXES $ 117,365 875,137 0 0 $ 992;%5.. ~o'l, $ 0 0 0 0 $ 0 0 0 723,839 $723,839 $ 117,365 875,137 0 723,839 $ 1,716,341 15,023,835 358,991 $17,099,167 The County Treasurer acts as an agent to collect property taxes levied in the County for all taxing authorities. Collections are distributed after the end of each month. January 1 February 14 April 30 May 31 Property Tax Calendar Taxes levied and become an enforceable lien against properties. Tax bills are mailed. First of two equal installment payments is due. Assessed value of property established for next year's levy at 100 percent of market value . 1