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09 - PEDC 2016-17 Annual Audit Report
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09 - PEDC 2016-17 Annual Audit Report
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PARIS ECONOMIC DEVELOPMENT CORPORATION <br />(A Component Unit of the City of Paris, Texas) <br />Notes to the Financial Statements (Continued) <br />September 30, 2017 <br />11. Detailed Notes, on All Activities wd Fund's (Continued) <br />B. Investments (Continued) <br />As of September 30, 2017, PEDC had the following investments: <br />Weighted Average: <br />InvestmentType Fair Value Maturi!X (DMs) <br />Texas Class Investment Pool $ 576,986 54 <br />Lone Star Investment Pool 376,357 21 <br />Total Fair Value $ _._953,343 <br />Investments in the Lone Star investment pool and Texas Class investment pool are: not insured or guaranteed <br />by the FDIC or any other governmental agency. The Pools are measured at amortized cost, and are not <br />required to be replotted by levels. <br />Interest rate risk is the risk that changes in the market interest rates will adversely affect the fair value of an <br />investment. Investments with interest rates that are fixed for longer periods of time are more likely to be <br />subject to increased variability, in their fair values due to changes in the market interest rates. P,EDC manages <br />its exposure to market price: changes by avoiding over -concentration of assets in a specific maturity sector, <br />limitation of average maturity of operating funds investments to less than eighteen months, and avoidance of <br />over -concentration of assets in specific instruments other than U.S. Treasury Securities and authorized <br />investment pools. <br />PEDC's investment policy, in conjunction with state law, specifies the type of credit rating of all authorized <br />investments. <br />Credit risk is the risk that an issuer of an investment will not fulfill its obligations to the holder of the <br />investment. This type of risk is typically expressed in terms of the credit ratings issued by a nationally <br />recognized statistical rating organization. PEDC reduces the risk of issuer default by limiting investments to <br />those instruments allowed by the Public Funds Investment Act, Chapter 2256, Texas Government Code. <br />PEDC's investments in pools carried a credit rating of AAAm by Standard & Poor's as of September 30, <br />2017. <br />Concentration of credit risk is the risk of loss attributed to the magnitude of a government's, investment in a <br />single issuer.PEDC's investment balance consists of only pooled accounts as described above. <br />The custodial credit risk for investments is the risk that, in the event of failure of the counterparty to a <br />transaction, a government will not be able to recover the value of investment or collateral securities that are <br />in the possession of an outside party. PEDC's investment policy minimizes, custodial credit risk by requiring <br />pledged securities to the in the name of PEDC. <br />C. Receivables <br />PEDC reports Taxes Receivable for sales tax collected by the State Comptroller, <br />D. Pension Plan <br />PEDC contributes to a simplified employee pension plan for the Director'administered by Edward Jones. <br />� September 30, 2017. <br />The contribution rate is 10% and amounted to $11,496during the year ende <br />
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