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schedules included in the financial section of this report, the County continues to meet its responsibility for sound financial management. Cash Management Cash temporarily idle during the year was invested in savings accounts, money market mutual funds, certificates of deposit, repurchase agreements, and agency notes. The average yield on deposits and investments was .26%. The County's policy is to minimize credit and market risks while maintaining a competitive yield on its portfolio. Accordingly, with the exception of $295,104 held by a rental management agent, deposits were either insured by federal depository insurance, collateralized, or secured by irrevocable letters of credit. All collateral on deposit was held for safe keeping with a County -designated agent in the County's name. Financial Highlights As a result of both a slightly higher value of net taxable real property and building tax rates, the County experienced an increase of $20.5 million in property tax revenues from the prior year. This was however offset by substantial increases in employment costs due to negotiated bargaining unit pay raises, the end of furloughs and increases in associated fringe benefits. After temporarily forgoing its employer contributions relating to the pre -funding of its postemployment benefits other than pension for the past two years, the County made a contribution of $3.17 million. Other Information Independent Audit The County Charter requires an annual audit by independent certified public accountants. N&K CPAs Inc. was selected in accordance with the County Charter and the procurement provisions of the Hawaii Revised Statutes (HRS) and Hawaii Administrative Rules (HAR) to perform the audit. Employee Union Contracts County employees are members of seven different bargaining units. Three bargaining units have contracts that will expire on June 30, 2015. Four bargaining units have contracts that will expire on June 30, 2017. Certificate of Achievement The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the County of Hawaii for its Comprehensive Annual Financial Report for the fiscal year ended June 30, 2013. This was the twenty-sixth consecutive year that the government has received this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive 9--