COM 0770.000 2020-2022 - Laserfiche WebLink

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COUNTY OF HAWAII Notes to the Basic Financial Statements June 30,2021 Concentration of Credit Risk: State law limits deposits to no more than 60%of the total in any one depository. The County seeks to further diversify its portfolio by purchasing from different issuers,by purchasing different types of investments and by purchasing investments at different maturities. The County also purchases its investments from a number of banks and broker-dealers both located locally and on the mainland. As of June 30,2021, investments were distributed as follows: FTN Financial, 0.3%;Multi Bank Securities, 6.9%; First Hawaiian Bank,6.2%; Raymond James, 1.8%; Stifel Nicolaus& Company,2.4%; Bank of Hawaii, 32.9%; Territorial Savings 20.7%; Hawaii National Bank,22.7% and Central Pacific Bank, 6.1%. Restricted Cash and Cash Equivalents and Investments Cash and cash equivalents and investments classified as restricted assets for the primary government at June 30,2021 amounted to $230,067,580. Construction related contributions restricted to various capital improvement projects and fuel tax funds received are recorded as restricted assets in the Capital Projects Fund. Such funds totaled$95,587,103 at June 30,2021. Cash and investments in the Bond Redemption Fund and the Interest Fund are restricted to debt service related payments and amounted to $44,891,029. Cash in the Highway Fund,Bikeway Fund, General Excise Tax and Beautification Fund are restricted to costs incurred relating to highways and streets and the beautification of such items and amounted to $45,501,906. Cash in the Hawaii County Housing Agency and Short-term Vacation Rental Enforcement Fund classified as restricted to provide public housing assistance and housing rules enforcement amounted to $15,460,149. Cash and investments in the Geothermal Asset Fund classified as restricted to compensating persons impacted by geothermal energy development activities amounted to $2,267,372. The restricted cash in the General Fund was comprised of cash restricted to costs incurred to administer the liquor commission; cash restricted to the acquisition and maintenance of lands or property entitlements for public outdoor recreation and education and cash and investments restricted for disasters and emergencies. Such amounts totaled $1,020,479; $24,572,053 and $650,078,respectively. Tenant security deposits received by the County for the Kula`imano Elderly Housing Project and the Ouli Ekahi Affordable Housing Project are recorded as restricted assets. Such funds amounted to $14,259 and$30,458,respectively, at June 30,2021. - 67 -