ANNUAL AUDIT REPORT - Laserfiche WebLink

Browse Search

• !1 11 '1 6.1-:12111AD Notes to the Financial Statements June 30, 2020 [roy�11111! AIA W �� 11 1111 1 0 q 111111liq r 11111 1dAl A VOW.y"I M Vki, I 1; 0rl F. Risk disclosures (continued) The District's investments are rated by the nationally recognized statistical rating organizations as follows: -investment Type Mood 's Local Agency Investment Fund Not Rated Moderate Highmark PLUS Not Available Ventura County Investment Fund Not Available Concentration of credit risk Standard & Poors Not Rated Not Available AAAf The investment policy of the District contains no limitations on the amount that can be invested in any one issuer beyond that stipulated by the California Government Code. As of June 30, 2020, there were no investments in any one issuer (other than US Treasury securities, external investment pools and money market funds) that represents 5% or more of total District investments. Custodial credit risk For deposits, custodial credit risk is the risk that, in the event of the failure of a deposit financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the District will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The District's investment policy does not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investments, other than the provision for deposits stated in Note 2B and 2C. Fair value measurements The District categorizes its fair value measurements within the fair value hierarchy establish by generally accepted accounting principles. These principles recognize a three tiered fair value hierarchy as follows: Level I — Investments reflect prices quoted in active markets; Level 2 - Investments reflect prices that are based on similar observable asset either directly or indirectly, which may include inputs in markets that are not considered active; and Level 3 - Investments reflect prices based upon unobservable sources. The District did not have any investments applicable to recurring fair value measurements as of June 30, 2020. 37