Santa Cruz CountyREPORT County Implements NewHIGHLIGHTS Financial Reporting StandardFINANCIAL STATEMENT AUDITSubject During fiscal year 2005, the County to this risk by type and fair value, andimplemented Governmental Accounting describe how they are held. At June 30,Santa Cruz CountyStandards Board Statement No. 40, 2005, the County’s deposits andissues a ComprehensiveDeposit and Investment Risk Disclosures.Annual Financial Report. investments totaled $30.2 million, withThe County is This reporting standard requires the $436 thousand in a Money Market Mutualresponsible for preparing County to disclose its investment policies Fund exposed to custodial credit risk.financial statements, and any investment and deposit risksmaintaining strong related to credit risk, custodial credit risk, Concentration risk: This is the risk ofinternal controls, andconcentration of credit risk, interest rate loss attributed to the magnitude of ademonstratingrisk, and foreign currency risk. At June 30,accountability for its use government’s investment in a single issuer.of public monies. As the 2005, the County’s deposits and Governments must generally disclose, byauditors, our job is to investments were exposed to the following amount and issuer, investments in any onedetermine whether the risks: issuer that represents 5 percent or more ofCounty has met itstotal investments. At June 30, 2005, theresponsibilities.Credit risk: This is the risk that an issuer County had 19 ...
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