2006 CAFR Part 2 - Laserfiche WebLink

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COUNTY OF HAWAII Notes to the Basic Financial Statements June 30,2006 Restricted Cash and Cash Equivalents and Investments Cash and cash equivalents and investments classified as restricted assets amounted to $957,032 at June 30,2006 and consist of the following: Primary government $ 320,032 Fiduciary funds 637,000 The County entered into a capital lease to purchase a new financial accounting computer system. Upon execution of the lease documents,the leasing company deposited into an escrow account in the County's name the full lease proceeds. As progress billings are received for the new system,the County will authorize withdrawals from this escrow account to pay the bills. The balance in this account at June 30,2006 was$92,077. Tenant security deposits received by the County for the Kulaimano Elderly Housing Project and the Ouli Ekahi Affordable Housing Project are recorded as restricted assets. Such funds amounted to$10,373 and$20,098,respectively,at June 30,2006. Restricted amounts set aside by the Kulaimano Elderly Housing Project under its loan agreement with the Farmers Home Administration totaled$182,797 at June 30,2006.This amount is restricted for debt service,or for other purposes with prior approval from the Farmers Home Administration. An operating reserve fund was established by the Ouli Ekahi Affordable Housing Project pursuant to an agreement with the developer of the project. This restricted reserve amounted to$14,687 at June 30,2006. The Improvement District No.17 Fund has restricted$637,000 as a bond reserve at June 30,2006 to comply with the requirements of its Kaloko Subdivision bond issuance. -58-