2007 CAFR Part 3 - Laserfiche WebLink

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COUNTY OF HAWAII Notes to the Basic Financial Statements June 30,2007 Budget to GAAP Reconciliation The following is a summary of the adjustments necessary to convert fund balances of the County's general fund from a GAAP basis to a budgetary basis at June 30,2007: General Fund Ending fund balance—GAAP basis $44,610,351 Encumbrance adjustments: Beginning encumbrances and unexpended allotments 7,850,955 Ending encumbrances and unexpended allotments (12,518,470) Other adjustments (4,323,5411 Ending fund balance—Non-GAAP budgetary basis 35.619.295 3. CASH AND INVESTMENTS The Director of Finance is responsible for the safekeeping of all monies paid to the County. The Director of Finance invests any monies of the County which in the Director's judgment are in excess of the amounts necessary for meeting the day-to-day operating needs of the County. Legally authorized investments include obligations of or guaranteed by the U.S. government,obligations of the State,federally insured savings and checking accounts,time certificates of deposit,and repurchase agreements with federally insured financial institutions. Cash The County maintains approximately 18 bank accounts for various purposes at locations throughout the state. Bank deposits are under the custody of the Director of Finance. For financial statement reporting purposes,cash and short-term investments consist of cash,time certificate of deposit,and money market accounts. Cash and short-term investments also include repurchase agreements and U.S. government securities with original maturities of three months or less. The carrying amount of the County's unrestricted and restricted deposits(cash,time certificates of deposit,and money market accounts)as of June 30,2007 was$136,887,257 and$311,788,respectively,for the primary government and$6,177,651 and$637,000, respectively,for the fiduciary funds. Information relating to bank balance,insurance and collateral of cash deposits is determined on a county-wide basis. Total bank balances of deposits for the primary government and fiduciary funds amounted to$249,548,841 at June 30,2007. Of that amount,$249,374,585 represents bank balances covered by federal deposit insurance or by collateral held by the County's fiscal agents in the name of the County. The remaining bank balances of$174,256 represent deposits held by a management agent and were uncollateralized. Accordingly,these -54-