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Colorado State Statutes, specifically the Public Deposit Protection Act of 1989, require all public monies to be deposited in financial institutions that have been designated as eligible public depositories. Eligible public depositories must pledge eligible collateral, as promulgated by the State banking board, having a market value in excess of 102% of the aggregate uninsured public deposits. Eligible collateral must be held in the custody of any federal reserve bank or any branch thereof, or of any depository trust company which is a member of the federal reserve system and which is supervised by the State banking board. The Statutes further restrict such deposits to eligible public depositories having their principal offices within the State of Colorado.

The bank balances of the County's deposits are categorized by level of risk as follows: Category 1 (the least level of risk) includes deposits with financial institutions that are insured by the Federal Deposit Insurance Corporation (FDIC); Category 2 includes uninsured deposits collateralized with securities held by the pledging financial institution's trust department or agent in the County's name, including those collateralized in accordance with the Public Deposit Protection Act of 1989; and Category 3 (the highest level of risk) includes uninsured or uncollateralized funds held by the pledging financial institution, or by its trust department or agent but not in the County's name, that could be lost if the financial institution fails. The County does not have any deposits in Category 3.

All deposits made by the County Treasurer in 2000 were done so in eligible public depositories, as defined by the Public Deposit Protection Act of 1989.

If a fund overdraws its share of a pooled cash account, the overdraft is reported as an interfund receivable in General Agency (an agency fund) and an offsetting interfund payable in the overdrawn fund. Cash deficits that were outstanding at year end are as follows:

Colorado State Statutes authorize the County to invest in obligations of the U.S. Treasury, agencies and instrumentalities, commercial paper, repurchase agreements, money market funds, and local government investment pools with a maturity date no more than five years from the date of purchase. Investments are reported at fair value, except for non-participating contracts which are reported at amortized cost.

Local government investment pools include: Colorado Liquid Asset Trust (COLOTRUST), the Colorado Surplus Asset Fund Trust (CSAFE), the Colorado Diversified Trust (CDT), and the Government Asset Pool (GAP), which are 2a7-like investment pools. Investments are valued at amortized cost with each share valued at $1.00. The investment pools are routinely monitored by the Colorado Division of Securities with regard to operations and investments. Investments consist of U.S. Treasury bills, notes and note strips, and repurchase agreements collateralized by U.S. Treasury Notes. The designated custodial bank provides safekeeping and depository services in connection with the direct investment and withdrawal functions of each pooled investment. All securities owned by each pooled investment are held by the Federal Reserve Bank in the account maintained for the custodial bank. The custodian's internal records identify the investments owned by each pool investor.

The County's investments are categorized by level of risk as follows:

Category 1 - Investments are insured or registered or for which the securities are held by the County or its agent in the County's name.

Category 2 - Uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the County's name.

Category 3 - Uninsured or unregistered investments for which the securities are held by the counterparty or its trust department or agent, but not in the County's name.

At December 31, 2000, the County had investments in Categories 1 and 2. The County invested in COLOTRUST, CSAFE, CDT, and GAP throughout 2000. The County's pooled investments cannot be categorized by level of risk because they are not evidenced by specific securities due to the nature of an investment pool.

The County's repurchase agreements are nonparticipating investment contracts collaterized by U.S. obligations, its agencies, and instrumentalities. Under the terms of the repurchase agreement the margin percentage for the securities is 104% to 105%. The collateral is held by The Chase Manhattan Bank and Wells Fargo Bank.

Back to 2000 Financial Report