2022 Annual Comprehensive Financial Report

General Statute 159-30.1 allows the City to establish an Other Postemployment Benefit (OPEB) Trust managed by the staff of the Department of the State Treasurer and operated in accordance with state laws and regulations. It is not registered with the SEC and G.S. 159-30(g) allows the City to make contributions to the Trust. The State Treasurer in his discretion may invest the proceeds in equities of certain publicly held companies and long or short-term fixed income investments as detailed in G.S. 147-69.2 (1-6), (6c) and (8). Funds submitted are managed in three different sub-funds, the STIF consisting of short to intermediate treasuries, agencies and corporate issues authorized by G.S. 147-69.1, the Bond Index Fund (BIF) consisting of high quality debt securities eligible under G.S. 147-69.2(b)(1)-(6), and BlackRock’s MSCI ACWI EQ Index Non-Lendable Class B Fund (EIF) authorized under G.S. 147-69.2(b)(8). Under the authority of G.S. 147-69.3, no unrealized gains or losses of the STIF are distributed to participants of the fund. The BIF is also valued at $1 per share. The MSCI ACWI EQ Index Non-Lendable Class B Fund is priced at $27.23031 per share at June 30, 2022. General Statute 159-30.2 allows the City to establish a Law Enforcement Special Separation Allowance Trust and G.S. 147 69.2 (65) allows the State Treasurer to invest deposits by the City into this Trust in the same manner as the OPEB Trust in the same three sub-funds outlined above. Interest income earned in the Capital Projects funds, amounting to $147,599 was assigned to the Debt Service Fund.

Valuation Measurement

Weighted Average Maturity (Year)

Investment Type

Method

Reported/Fair Value

U.S. Government Agencies

Fair Value - Level 2 Fair Value - Level 2 Amortized Cost Fair Value - Level 2 Fair Value - Level 1 Amortized Cost Fair Value - Level 2 Fair Value - Level 1 Fair Value - Level 1 Amortized Cost

$

315,700,115 47,817,480 11,746,293 18,477,184 2,657,446 5,421,873 92,405,513 8,795 7,559

1.25001 0.12505 0.00001 0.02203 0.03466 0.00002 0.00498 0.01070 0.00048 0.00060

Commercial Paper

OPEB - STIF OPEB - BIF OPEB - EIF

LEOSSA - STIF LEOSSA - BIF LEOSSA - EIF

NCCMT Government Portfolio

M&F Bank

319,160

US Bank Trust Account: US Government Agencies

Fair Value - Level 2

31,074,706 525,636,124

0.05829

Total Fair Value

$

Portfolio Weighted Average Maturity

1.50683

All investments are measured using the market approach: using prices and other relevant information generated by market transactions involving identical or comparable assets or a group of assets. Level of fair value hierarchy: Level 1: Financial instruments are valued using directly observable, quoted prices (unadjusted) in active markets for identical assets. Level 2: Financial instruments are valued using a matrix pricing technique. Matrix pricing is used to value securities based on the securities’ benchmark quoted prices. Interest Rate Risk In accordance with the formal approved City of Greensboro’s Charter, Article III, Section 4.71, the Investment Manager (Assistant Treasurer) prepares a memo describing investment transactions in detail as they are purchased. This memo is sent to the Mayor, the City Manager and the Finance Director (Treasurer) for signature approval and then returned to the Investment Manager. Although the investment policy has not been formally approved by the City Council, the City has an investment policy guideline, an internally approved Finance Department document that follows North Carolina General Statute 159-30. As a means of limiting the City’s exposure to declines in fair market values from rising interest rates, the City limits the weighted

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