2. EL PARLAMENTO EUROPEO: UNA ASAMBLEA CUESTIONADA
3.1. El paulatino proceso de empowerment del Parlamento europeo
3.1.1. Los poderes del Parlamento europeo en la vida de la Comisión El nombramiento de
The capital improvements capital projects fund receives intergovernmental revenues of $178,919 and its expenditures ex- ceeded appropriations for general government by $69,974. The excess expenditure was due from the collection of the five cent special ad valorem tax levy per NRS 354.59815 and required to be remitted to Clark County through a interlocal agreement. Per NRS 354.626(k) the receipt by a local government of increased revenue that (1) was not anticipated in the preparation of the final budget of the local government, and (2) is required by statute to be remitted to another governmental entity does not constitute a violation of expenditure in excess of appropriations.
The green building capital projects fund received unbudgeted Federal Energy Conservation Block Grant revenues of $4,648,504 and had excess expenditures of $532,718. Per NRS 354.626(i) the receipt and proper expenditures of money re- ceived pursuant to a grant awarded by an agency of the Federal Government does not constitute a violation of expenditures in excess of appropriations.
CITY OF LAS VEGAS, NEVADA
NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2011
4. Deposits and investments (continued)
Interest Rate Risk: In accordance with its investment policy, the City manages its exposure to declines in fair value by limiting the weighted-average maturity of its investment portfolio to less than thirty months.
Some of the U.S. agency investments have call options, if exercised, could shorten the maturity of these investments. The asset- backed securities are backed by mortgages that are subject to prepayment risk which could shorten the maturity of these investments.
Credit Risk: Statutes authorize the City to invest in obligations of the U.S. Treasury and U.S. agencies (i.e., FNMA, FHLB, etc.), corporate bonds rated “A” or better by a nationally recognized rating service, commercial paper rated “A-1,” “P-1” by a nationally recognized rating service, repurchase agreements, certificates of deposit, money market mutual funds rated “AAA” by a nationally recognized rating service or other securities in which banking institutions may legally invest, State of Nevada Local Government Pooled Funds or collaterized investment contracts. The City has adopted the state statutes for its investing policies to help minimize its credit risk.
As of June 30, 2011, more than 5% of the City’s investments are in Federal Home Loan Bank, Federal Home Loan Mortgage Corpo- ration, Federal National Mortgage Association, General Electric Corporation, Blackrock Money Market Funds, First American Gov- ernment Money Market Fund and U.S. Treasuries. These investments are 10%, 9%, 15%, 6%, 7%, 7% and 19%, respectively, of the total investments.
As of June 30, 2011, the City was holding $250,000 par value security of Lehman Brothers Holdings in the Darling Foundation spe- cial revenue fund. Although rated as “A”, Lehman Brothers filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code on September 18, 2008. At fiscal year end, the value of the investment was written down to $65,313, which was the market value as determined by the City’s investment custodian.
Mini- Ratin g as of Year End
mum Exempt
Legal From BBB- Not
Type of Investments Amount Rating Disclosure AAA AA A A-1 C Rated
U.S. T reasury $ 144,527,478 N/A $ 144,527,478 $ $ $ $ $ $
U.S. Agencies 259,802,960 N/A 200,309,025 59,493,935
Corporate Bonds 72,943,863 A 5,267,400 46,609,250 21,001,900 65,313
Corporate Bonds-
Cemetary 2,012,827 N/A 1,394,429 618,398
Commerical Paper 75,986,511 A-1 75,986,511
Money Market Funds 163,030,346 AAA 163,030,346 NVEST Program:
U.S. T reasury 11,632,382 N/A 11,632,382
U.S. Agencies 50,652,430 N/A 1,849,556 48,802,874
Collaterized Mortgage
Obligations 5,433,463 AAA 5,433,463
Money Market Fund 5,353,459 AAA 5,353,459
T otal Investments $ 791,375,719 $ 156,159,860 $ 381,243,249 $ 46,609,250 $ 21,001,900 $ 75,986,511 $ 1,394,429 $ 108,980,520
Investment Maturities
1 to 30 31 to 60 61 to 365 366 Days 5 Years
Type of Investments Amount Days Days Days To 5 Years To 47 Years
U.S. Treasury $ 144,527,478 20,282,576 124,244,902
U.S. Agencies 259,802,960 26,359,463 17,006,682 98,237,443 118,199,372
Corporate Bonds 74,956,690 683,711 72,993,563 1,279,416
Commercial Paper 75,986,511 26,998,320 34,994,071 13,994,120
Money Market Funds 163,030,346 163,030,346 NVEST Program:
U.S. Treasury 11,632,382 11,632,382
U.S. Agencies 50,652,430 305,927 6,090,247 32,698,886 11,557,370
Collaterized Mortgage
Obligations 5,433,463 236,419 761,408 4,293,338 142,298
Money Market Fund 5,353,459 5,353,459
CITY OF LAS VEGAS, NEVADA
NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2011
65
Concentration of Credit Risk: The City’s investment policy allows for investments as follows: (1) U.S. Treasury, money market funds and agencies, State of Nevada local government pooled funds, no limit; (2) repurchase agreements, 20% of portfolio; (3) com- mercial paper, 20% of portfolio with a 10% per issue limit; (4) corporate notes, 20% of portfolio with a 25% per issue limit; and (5) certificates of deposit, $100,000 per institution. Collaterized investment contracts may be utilized on bond proceeds for which the original amount of the principal of the original issuance was $10,000,000 or more. To reduce the overall portfolio risks, the City will diversify its investments by security type and institution. With the exception of U.S. Treasuries and government agency securities, no more than 50% of the City’s total investment portfolio will be invested in a single security type or with a single financial institu- tion.
Related Party Investment: The Sanitation Enterprise fund holds an investment in the Redevelopment Agency a blended Compo- nent Unit of the City. The 3.0% Redevelopment Agency Tax Increment Revenue Subordinate Lien Bond Series 2011 is due February 17, 2021. The investment is for $15,472,192. This investment is eliminated and reflected in the internal balances in the Statement of Net Assets.
4. Deposits and investments (continued)
2011 2010
General 0.6765 0.6765
Special 0.0950 0.0950
Total Tax 0.7715 0.7715
Amounts per $100 of assessed value
6. Related party transaction
The City provides building maintenance services to the Las Vegas Metropolitan Police Department (Metro), an entity created as a
joint venture involving the City and Clark County. During the year ended June 30, 2011, the City charged Metro $23,057 for print media services. At June 30, 2011, $5,740 was a receivable from Metro for the services provided (Note 7).
5. Property taxes
By December 31 of each year, all property in Clark County is assessed by parcel for property tax purposes by the Clark County Assessor. The assessment valuation roll is published in a local newspaper for the information of all taxpayers. If desired, property owners have until January 15 to appeal the valuation to the Clark County Board of Equalization. Any taxpayer not agreeing with the decision of the County Board of Equalization may file an appeal with the State Board of Equalization no later than the first Monday of March.
The Nevada Department of Taxation provides the maximum allowable tax rates for operating purposes to local governments for inclusion in their budgets. Each local government that receives property taxes must file a budget on or before June 1 which pro- vides for the allowed tax rate for the next fiscal year. The Nevada Tax Commission must certify all tax rates on June 25, the levy date, and property is liened on July 1. Property taxes are then payable to the County Treasurer in four equal installments, the first Monday of August, October, January and March. Apportionment of taxes by Clark County to the City of Las Vegas is made in the calendar quarters of September, December, March and June.
CITY OF LAS VEGAS, NEVADA
NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2011
7. Intergovernmental receivables
The following schedule details the intergovernmental receivables as of June 30, 2011:
Business-type Activities
Major Governmental Other
Parks and Non-major Internal
General Leisure Road and City Governmental Service Enterprise
Fund Activities Flood Facilities Funds Fund T otal Fund T otal
California-Nevada Super Speed Ground Transportation
Commission $ 588 $ $ $ $ $ $ 588 $ $ 588
City of Boulder 591 591 591
City of North Las Vegas 25,000 25,000 4,693,773 4,718,773
City of Henderson 5,815 5,815
Clark County, Nevada 809,795 2,283,156 163,165 3,256,116 3,256,116
Clark County Regional
Flood Control District 13,668,224 13,668,224 13,668,224
Clark County Regional T ransportation
Commission 125,000 4,200,013 235,577 4,560,590 4,560,590
Colorado River
Commission 59,843 59,843
Las Vegas Convention
and Visitors Authority 1,535,846 1,535,846 1,535,846
Southern Nevada Regional
Housing Authority 96,803 20,080 116,883 116,883
Las Vegas Metropolitan Police Department
(Note 6) 5,740 5,740 5,740
Southern Nevada Water
Authority 1,480,658 1,480,658
State of Nevada 1,464 747,262 31,787 2,185,307 2,965,820 2,965,820
U.S. Department of
T ransportation 47,380 47,380 47,380
Department of Energy 520,359 520,359 520,359
U.S. Department of Home-
land Security (FEMA) 575,842 575,842 575,842
U.S. Department of Housing
and Urban Development 33,348 3,016,378 3,049,726 3,049,726
U.S. Department of Interior 532,043 532,043 532,043
U.S. Department of Interior
(Bureau of Land Management) 8,427,807 8,427,807 8,427,807
U.S. Department of Justice 22,568 68,284 90,852 90,852
$ 1,113,693 $ 8,961,314 $ 18,615,499 $ 31,787 $ 10,468,129 $ 188,985 $ 39,379,407 $ 6,240,089 $ 45,619,496 Governmental Act ivities
CITY OF LAS VEGAS, NEVADA
NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2011
2011 2010
Assets $ 134,098,307 $ 111,922,465
Liabilities (55,548,053) (35,504,986)
Fund Balance restricted $ 78,550,254 $ 76,417,479
Revenues $ 305,900,762 $ 348,127,109
Expenditures (498,391,316) (521,356,881)
(192,490,554) (173,229,772)
Net other financing uses (10,000,000)
Net other financing sources 204,623,329 197,588,416
Net increase in fund balance $ 2,132,775 $ 24,358,644
Political subdivision funding percentage:
Clark County 61.1% 61.2%
City of Las Vegas 38.9% 38.8%
67 8. Joint venture