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COO RECREATION AND PARK DISTRICT <br />Notes to the Financial Statements <br />June 30, 2020 <br />NOTE I— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) <br />K. Future accounting pronouncements <br />GASB Statements listed below will be implemented in future fiscal years as listed below: <br />Statement 84: Fiduciary Activities is effective for periods beginning after December 15, 2019. <br />Statement 87: Leases is effective for periods beginning after December 15, 2020. <br />Statement 89: Accounting for Interest Cost Incurred before the End of a Construction Period <br />is effective for periods beginning after December 15, 2020. <br />Statement 90: Majority Equity Interest — an amendment of GASB Statements No. 14 and No. <br />61 is effective for periods beginning after December 15, 2019. <br />Statement 91: Conduit Debt Obligations is effective for periods beginning after December 15, <br />2021. <br />Statement 92: Omnibus is effective for the earliest period beginning after June 15, 2021. <br />Statement 93: Replacement of Interbank Offered Rates is effective for periods beginning after <br />June 15, 2021. <br />Statement 94: Public -Private and Public -Public Partnerships and Availability Payment <br />Arrangements is effective for periods beginning after June 15, 2022. <br />Statement 96: Subscription Based IT Arrangements is effective for periods beginning after <br />June 15, 2022. <br />Statement 97: Certain Component Unit Criteria, and Accounting and Reporting for IRS Code <br />457 Deferred Compensation Plans is effective for periods beginning after June 15, 2021. <br />NOTE 2 — CASH AND INVESTMENTS <br />The District maintains a cash and investment pool, which includes cash balances and <br />authorized investments of all funds. This pooled cash is invested by the District to enhance <br />earnings. The pooled interest earned is allocated to the funds based on the average month- <br />end cash balances of the various funds. <br />Investments authorized by the California Government Code and the District's investment <br />policy <br />The District's investment policy authorizes investment in any investments authorized by <br />Government Code Section 53600. The policy does not contain any specific provisions <br />intended to limit the District's exposure to interest rate risk, credit risk, and concentration of <br />credit risk. <br />33 <br />