HomeMy WebLinkAboutNC Comprehensive Report (Finance) (46)CITY OF NATIONAL CITY
Notes to the Basic Financial Statements
(Continued)
(2) Cash and Investments, (Continued)
investments based on amortized cost are distributed to Investment Pool participants.
Section 27013 of the California Government Code authorizes the Treasurer's Office to
deduct administrative fees related to investments. The net realized earnings on
investments are apportioned to the Investment Pool participants quarterly, based on the
participants' average daily balances. The County's annual financial report for the Pool
can be obtained from the Treasurer -Tax Collector at 1600 Pacific Highway, Room 162,
San Diego, California, 92101 and can also be accessed at http:// www.sdtreastax.com.
Restricted Cash and Investments of Community Development Commission Enterprise
Fund
The activities of Morgan Towers and Kimball Towers activities are recorded in
and presented as Community Development Commission Enterprise Fund. In
accordance with HUD requirement, the CDC maintains the following:
Morgan Towers:
Replacement reserve $ 375,593
Residual receipts reserve 227,973
MIP and insurance impounds reserve 14,770
Total Morgan Towers 618,336
Kimball Towers:
Residual receipts reserve 307,440
Other 910,397
Total Kimball Towers 1,217,837
Total restricted cash and investments $1,836,173
Morgan Towers
• Reserve for replacements of $375,593 represents a monthly deposit of
$3,127, less current use for replacement, plus income earned thereon.
The balance of this reserve will be used for the future replacement of
property with HUD's approval.
• Residual receipts reserve of $227,973 is an accumulation of surplus cash
as calculated by HUD's Computation of Surplus Cash, Distributions and
Residual Receipts, which can be expended only with HUD's approval.
• Reserve for MIP and insurance impounds of $8,757 and $6,013,
respectively, totaling $14,770, which represents amounts held for the
future payment of property and mortgage insurance.
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