STATEMENT OF ANNUAL FINANCIAL INFORMATION AND OPERATING DATA OF THE COUNTY OF FRESNO, CALIFORNIA

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1 STATEMENT OF ANNUAL FINANCIAL INFORMATION AND OPERATING DATA OF THE, CALIFORNIA Introduction This Statement of Annual Financial Information and Operating Data dated February 28, 2013 (the Statement ) of the County of Fresno (the County ) is submitted in accordance with the requirements of the County s continuing disclosure obligations (as described below) (the Continuing Disclosure Agreements ). Set forth below are certain audited financial statements and operating data relating to the County for the fiscal year ended June 30, This Statement is of limited scope; it contains only an update of certain financial information and operating data described below. The information set forth herein does not contain all material information concerning the Bonds (as defined below) or the County necessary to make an informed investment decision. This Statement does not constitute an offer to sell or the solicitation of an offer to buy the Bonds. The purpose of the County s undertaking is to comply with the Continuing Disclosure Agreements which were entered into in accordance with the requirements of Rule 15c2-12 promulgated by the U.S. Securities and Exchange Commission (the SEC ) under the Securities Exchange Act of 1934 (17 CFR Part 240, c2-12), as amended (the Rule ) and not to create new contractual or other rights for the trustee or the underwriters of the Bonds, any registered owner or beneficial owner of Bonds, any municipal securities broker or dealer, any potential purchaser of Bonds, the SEC or any other person. The Continuing Disclosure Agreements mean each of the Continuing Disclosure Agreements and Continuing Disclosure Certificates executed in connection with the following financings (the Bonds ): $117,055,000 Taxable Pension Obligation Bonds, Refunding Series 2002 $402,897, Taxable Pension Obligation Bonds, Series 2004 $55,350,000 Lease Revenue Bonds, Series 2007 (Shared Use Juvenile Court Projects) $22,425,000 Lease Revenue Refunding Bonds, Series 2012A Terms used and not defined in this Statement shall have the meanings set forth in the Continuing Disclosure Agreements and Official Statements relating to each of the Bonds. Budget Information The County is required by State law to adopt, on or before October 2 of such calendar year, a fiscal line item budget setting forth final expenditures, revenues, and fund balances available so that appropriations during that fiscal year will not exceed available financing. The County s fiscal year budget (the Adopted Budget ) was initially approved by the Board of Supervisors on June 19, 2012.

2 The following table sets forth the County s adopted budgets for the General Fund for fiscal years through GENERAL FUND ANNUAL BUDGETS Fiscal Years Ended June 30, 2011 through 2013 Adopted Budget Adopted Budget Adopted Budget REQUIREMENTS: General Government $ 68,872,747 $ 72,387,782 $ 65,616,861 Public Protection 329,221, ,382, ,739,807 Public Ways and Facilities 2,880,254 2,611,173 2,888,400 Health and Sanitation 256,769, ,880, ,527,225 Public Assistance 583,568, ,672, ,263,306 Education 749, , ,843 Recreation and Cultural 2,636,444 2,389,927 2,553,915 Capital Projects ,507 Contingencies & Reserves 1,087 1,250,000 2,020,468 TOTAL REQUIREMENTS $1,244,700,780 $1,253,329,763 $1,241,729,332 AVAILABLE FUNDS: Fund Balance Available $ 1,398,531 $ 8,205,417 $ 14,056,774 Taxes (1) 197,581, ,037, ,162,357 Licenses, Permits & Franchise 7,863,550 7,703,020 8,179,334 Fines, Forfeits, & Penalties 9,283,532 9,113,535 6,914,023 Use of Money & Property 6,178,803 4,049,829 3,973,543 Aid From Other Govt. Agencies 741,235, ,123, ,518,182 Charges for Current Services 115,684, ,888,234 66,813,797 Other Revenues (Other Financing Sources) 113,511, ,974, ,023,940 Miscellaneous Revenues 21,811,956 23,368,387 16,445,006 Intrafund Revenue 30,150,933 28,865,508 28,642,376 TOTAL AVAILABLE FUNDS $1,244,700,780 $1,253,329,763 $1,241,729,332 Source: County of Fresno. (1) Includes Sales and Use Taxes, Ad Valorem Taxes and other taxes. The County Board received an update to its Adopted Budget in January 2013 (the Mid-Year Budget Update ) which stated that projected County-wide revenues for Fiscal Year were $8 million greater than the budgeted amount of $244.2 million. The Mid-Year Budget Update noted that the projected increase was due to, among other things, the differential treatment of the accounting methods for vehicle licensing fee revenue for the County s health, mental health, and social service departments. In addition, the Mid-Year Budget Update stated that assessed value of property within the County actually increased by approximately 0.08%. However, the Adopted Budget assumed a 2% increase in assessed value of property within the County. The Mid- Year Budget Update stated that the Fiscal Year fund balance available for budgeting purposes for Fiscal Year is projected to be approximately $6 million. 2

3 The following table sets forth the County s Statement of General Fund Revenues, Expenditures and Changes in Fund Balances for fiscal years through STATEMENT OF GENERAL FUND REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES Fiscal Years Ended June 30, 2009 through 2012 June 30, 2009 June 30, 2010 June 30, 2011 June 30, 2012 REVENUES Taxes $ 223,634 $ 196,796 $ 199,432 $215,353 Licenses and Permits 8,983 7,148 7,659 8,146 Fines, Forfeits, and Penalties 11,382 10,410 8,986 8,439 Use of Money and Property 7,960 6,853 3,876 4,603 Aid from Other Governmental Agencies 668,813 1,095, , ,772 Charges for Current Services 117,688 81,751 82,066 71,550 Other Revenues 15,722 20,481 30,397 15,288 Total Revenues $1,054,182 $1,419,167 $1,110,723 $978,151 EXPENDITURES: General Government $ 33,400 $ 36,903 $ 40,359 35,648 Public Ways and Facilities 1,741 1,816 4,816 1,757 Public Protection 312, , , ,991 Public Assistance, Health and Sanitation 721,597 1,082, , ,065 Education Culture and Recreational 3,403 2,494 2,191 2,342 Capital Outlay Debt Service 2, Total Expenditures $1,076,207 $1,420,210 $1,109,267 $1,079,447 Excess (Deficit) of Revenues Over/ (Under) Expenditures $ (22,025) $ (1,043) $ 1,456 $ (101,296) OTHER FINANCING SOURCES (USES): Proceeds from sale of capital assets Transfers In $ 143,686 $ 117,597 $ 120,833 $ 226,813 Transfers Out (108,998) (87,958) (94,512) (85,790) Total Other Financing Sources (Uses) $ 34,688 $ 29,639 $ 27,269 $ 141,023 Net Change in Fund Balances $ 12,663 $ 28,596 $ 28,725 $ 39,727 Fund Balance Beginning $ 188,864 $ 201,527 $ 230,123 $ 258,848 Fund Balance Ending $ 201,527 $ 230,123 $ 258,848 $ 298,575 Source: County of Fresno Audited Financial Statements. 3

4 The following table sets forth the County s General Fund Balance Sheets for fiscal years through GENERAL FUND BALANCE SHEETS Fiscal Years Ended June 30, 2008 through 2012 June 30, 2008 June 30, 2009 June 30, 2010 June 30, 2011 June 30, 2012 ASSETS Cash and Investments $179,433 $176,538 $178,376 $224,163 $258,399 Restricted cash and investments Receivables: Taxes 65,739 54,329 48,194 53,104 39,596 Accounts (Net of Allowance 52,122 49,279 94,306 94,952 68,176 for Uncollectible) Interest 1,703 1, Loans 34,605 36,989 40,729 42,672 43,989 Due from other Funds 17,671 17,580 15,690 15,490 29,160 Due from other Governmental Units 3,885 1,036 2,919 2,848 6,590 Inventory of Supplies 3,440 3,288 3,663 2,979 3,389 Prepaid Expenditures Advances to other Funds ,141 1,135 Total Assets $359,311 $340,424 $385,522 $437,894 $451,016 LIABILITIES AND FUND BALANCES Liabilities: Accrued Liabilities $ 33,194 $ 27,054 $29,757 $27,247 $ 28,892 Warrants Payable Accounts Payable Salaries and Benefits Payable 23,085 24,462 25,574 28,264 29,056 Loans Payable Due to other Governmental Units 17,197 14,456 5,836 7,151 11,882 Advances from other funds Due to other Funds 9,780 9,105 5,753 7,063 7,118 Deposits and other Liabilities Deferred Revenue 87,054 63,732 88, ,232 74,484 Total Liabilities $170,447 $138,897 $155,399 $179,046 $152,441 Fund Balances: Reserved $ 51,972 $ 50,284 $ 51,033 $ -- $ -- Unreserved 136, , , Nonspendable ,200 3,585 Restricted , ,072 Assigned ,138 33,896 Unassigned ,154 66,022 Total Fund Balances $188,864 $201,527 $230,123 $258,848 $298,575 Total Liabilities and Fund Balances $359,311 $340,424 $385,522 $437,894 $451,016 Source: County of Fresno Audited Financial Statements. 4

5 Major Revenues The County derives its revenues from a variety of sources including ad valorem property taxes, sales and use taxes, licenses, permits and franchises issued by the County, use of County property and money, aid from other governmental agencies, charges for services provided by the County and other miscellaneous revenues. For fiscal year ended June 30, 2012, the approximate percentages of the County s total General Fund revenues were allocated as follows: Taxes 22.02% Licenses, Permits and Franchises 0.83 Fines, Forfeitures and Penalties 0.86 Use of Property and Money 0.47 Aid from Other Governmental Agencies Charges for Current Services 7.31 Other Revenues 1.56 Total (1) % Source: County of Fresno, Auditor-Controller/Treasurer-Tax Collector. (1) Ad Valorem Property Taxes Total does not equal sum of component parts due to independent rounding. Set forth below is certain information regarding County property tax levies and collections, including taxes levied and collected on behalf of all taxing agencies in the County. Fiscal Year Secured Tax Charge SUMMARY OF TAX LEVIES AND COLLECTIONS Fiscal Years through (Unaudited) Unsecured Tax Charge Total Tax Levy Total Tax Collection through June 30 Outstanding Delinquent Taxes Ratio of Delinquency to Tax Levy $731,525 $40,052 $771,576 $733,564 $38, % ,290 39, , ,719 30, ,619 39, , ,503 26, ,195 39, , ,393 24, ,008 41, , ,631 16, ,057 41, , ,350 18, Source: County of Fresno, Auditor-Controller/Treasurer-Tax Collector. During fiscal year ended June 30, 2012, these tax collections are estimated to have been allocated approximately 14% to the County, 13% to cities, 9% to special districts and 64% to school districts within the County. 5

6 The following table sets forth the County s Assessed Valuation for fiscal years through ASSESSED VALUATION Fiscal Years through Fiscal Year Secured Unsecured Total Assessed Value $60,909,391 $2,555,829 $63,465, ,391,376 3,209,653 61,601, ,958,443 3,171,629 61,130, ,378,659 3,040,714 61,419, ,343,171 3,124,704 61,467,876 Source: County of Fresno, Auditor-Controller/Treasurer-Tax Collector. Largest Taxpayers Set forth below is a list of the ten largest property taxpayers in the County by total taxes assessed for fiscal year ending June 30, Pacific Gas & Electric Co. is the largest property taxpayer in the County by total taxes assessed for fiscal year TEN LARGEST PROPERTY TAXPAYERS BY TOTAL TAXES ASSESSED Fiscal Year Taxpayer Type of Business Amount of Tax Pacific Gas & Electric Co. Utility $22,926,054 Chevron U.S.A. Inc. Petroleum 8,205,209 Southern California Edison Co. Utility 5,550,952 Panoche Energy Center, LLC Utility 3,406,253 AERA Energy LLC Petroleum 2,911,018 Pacific Bell Telephone Co. Telecommunications 2,322,740 Del Rey Juice Company LLC Food Processing 2,105,370 Macerich Fresno Limited Partnership Real Estate 1,637,741 E&J Gallo Winery Winery 1,522,654 Gap Inc. Specialty Retailer 1,431,926 Source: County of Fresno, Auditor-Controller/Treasurer-Tax Collector. 6

7 Employees and Labor Relations The following table sets forth a summary of County employment for Fiscal Years through EMPLOYMENT Fiscal Years through Fiscal Year Permanent (1) , , , , ,686 Source: County of Fresno. (1) Figures represent number of authorized positions as of the adoption of the County s budget for each fiscal year. Approximately 85% of the County s employees are represented by employee organizations covering 24 bargaining units. The represented County employees consist of 22% office and clerical workers, 9% technical service workers, 3% maintenance workers and 66% paraprofessionals, professionals, protective service employees and skilled craft workers. Presently, 17 bargaining units have contracts that expire between March 31, 2013 and December 7, The MOUs with the six bargaining units that comprise Service Employees International Union, Local 521 ( SEIU Local 521 ), and the Fresno County Prosecutors Association (the Prosecutors Association ) have expired. The County has historically enjoyed positive relations with its bargaining units. However, in January 2012, County employee members of Service Employees International Union, Local 521 engaged in a three day work stoppage concerning the negotiation of a new memorandum of understanding by and between the County and Service Employees International Union, Local 521. Due to the County s determination that negotiations with the California Nurses Association (the Nurses Association ), SEIU Local 521 and the Prosecutors Association were at impasse, the County unilaterally imposed wages, terms and conditions as set forth in its last, best and final offers to these groups on October 31, 2011, December 6, 2011, and December 13, 2011, respectively. The Nurses Association, SEIU Local 521 and the Prosecutors Association have filed administrative actions with the Public Employment Relations Board (the PERB ) in connection with the County s unilateral implementation of wages, terms and conditions. Further, the Nurses Association, SEIU Local 521 and the Prosecutors Association have invoked their right to negotiate new MOUs to supplant the imposed wages, terms and conditions. On August 28, 2012, the County Board ratified a new MOU with the Nurses Association; this MOU covers the period of September 3, 2012 to December 7, Despite the ratification of the successor MOU with the Nurses Association, the Nurses Associations claims which have been submitted to the PERB remain pending. Defined Benefit Retirement Program The following information concerning the Fresno County Employees Retirement Association (the Association ) has been excerpted from publicly available sources, which the County believes to be accurate, or otherwise obtained from the Association. The Association s assets will not secure or be available to pay principal of or interest on any long-term indebtedness or lease obligations of the County or any other member agency. Further, the assets of the County s pension plan are not available for such payments. The Association issues publicly available reports, including its financial statements, required supplementary 7

8 information and actuarial valuations for the herein described defined benefit retirement program, which includes retirement, disability, death and survivor benefits. The reports are available on the Association s website: Information on such site is not incorporated herein by reference. The Association was established on January 1, 1945 under provisions of the 1937 County Employees Retirement Law (the Retirement Law ). The Association is a cost sharing multiple-employer plan that includes substantially all full-time employees of the County. The County is one of four member agencies of the Association. In addition to the County, the participating member agencies are the Fresno-Madera Area Agency on Aging, the Clovis Veterans Memorial District, the Fresno Mosquito and Vector Control, and the Superior Court of California-County of Fresno (collectively and together with the County, the Member Agencies ). The projected total compensation for employees covered by the Association for the year ended June 30, 2012, the date of the most recent actuarial valuation on behalf of the Association, was approximately $365,595,810. The Association s total membership as of June 30, 2012, inclusive of each of the Member Agencies, was 14,287, consisting of 6,235 retired members and beneficiaries, 1,375 terminated employees who are entitled to benefits but not yet receiving them and 6,677 active members. For the fiscal year ended June 30, 2012, the aggregate required employer contributions for the Member Agencies totaled $175,627,000, as determined by the Association s actuarial report dated as of June 30, 2012 (the 2012 Actuarial Valuation ). Approximately $70,323,000 of this balance was normal costs and approximately $105,304,000 was unfunded actuarial accrued liability. As of June 30, 2012, the actuarial value of the plan assets was approximately $3,333,855,518, the valuation value of the plan assets (i.e., the actuarial value excluding any non-valuation reserves) was approximately $3,305,045,273, and the net market value of plan assets was approximately $3,148,513,000. The rate of return based on the actuarial value of plan assets was 5.94%, the rate of return based on the valuation value of the plan assets was 6.01%, and the rate of return based on the market value of plan assets was negative 0.4% for Fiscal Year As of June 30, 2012, the actuarial accrued liability was approximately $4,345,402,000 and the unfunded actuarial accrued liability (calculated using the valuation value of plan assets) was approximately $1,040,357,000. Based on the 2012 Actuarial Valuation, the employers funded ratio (i.e., the ratio of valuation value of assets of the Association over the actuarial accrued liability) is 76.1% as of June 30, Insurance Annual contributions are made by the County to the workers compensation and general liability programs based upon actuarially recommended funding levels. The reserve for each program includes the estimated liability for claims filed against the County as well as the estimated amount of claims incurred but not reported, as computed by an independent actuary. Contributions to the property damage, unemployment, vehicle damage and medical malpractice programs are based on actual historical claim loss experience and an exposure component. Settled claims for all programs have not exceeded the commercial coverage in any of the past three fiscal years. The claims liability of approximately $71,584,000 reported in the Risk Management Fund at June 30, 2012 is based on the requirement that claims be reported if information prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. The following table sets forth information relating to the in the Risk Management Fund s claims liability for the last five fiscal years: 8

9 Fiscal Year RISK MANAGEMENT FUND CLAIMS LIABILITY Fiscal Years through Beginning of Fiscal-Year Liability Current-Year Claims and Changes in Provision Claim Payments Balance at Fiscal Year-End $57,826 $30,555 $(26,495) $61, ,886 26,636 (21,441) 67, ,081 35,330 (32,528) 69, ,883 26,260 (23,362) 72, ,781 25,430 (26,627) 71,584 Source: County of Fresno Comprehensive Annual Financial Report for Fiscal Years through ; County Auditor- Controller/Treasurer-Tax Collector for Fiscal Year Indebtedness Short-Term Financing. There is currently outstanding $82,000,000 aggregate principal amount of tax and revenue anticipation notes which mature on June 28, The County has made the deposits required to be made to date for these notes. Outstanding Long Term Debt and Lease Obligations. The table below is a summary of long-term debt obligations payable from the County s General Fund. SUMMARY OF LONG-TERM DEBT OBLIGATIONS PAYABLE FROM THE GENERAL FUND As of February 1, 2013 Interest Rates Final Maturity Dates Original Principal Amounts Principal Amounts Outstanding Fresno County Financing Authority Lease $ 55,350 $ 50,070 Revenue Bonds, Series 2007 (Shared Use Juvenile Court Project) Fresno County Taxable Pension Obligation ,055 79,025 Bonds Refunding Series 2002 Fresno County Taxable Pension Obligation , ,853 Bonds Series 2004A Fresno County Taxable Pension Obligation ,000 75,000 Bonds Series 2004B Fresno County Financing Authority Lease ,425 22,425 Revenue Refunding Bonds, Series 2012A (2) Total $597,728 $512,373 (1) Yields to maturity on the County of Fresno Taxable Pension Obligation Bonds Series 2004A Capital Appreciation Bonds range from 5.365% to 5.67%. (2) The proceeds of the Fresno County Financing Authority Lease Revenue Refunding Bonds, Series 2012A refunded in whole the Fresno County Financing Authority s Lease Revenue Bonds, Series 2004 (Juvenile Justice Campus) and Lease Revenue Bonds, Series 2004B (Energy Savings Project). Source: County of Fresno, Auditor-Controller/Treasurer-Tax Collector. 9

10 As of June 30, 2012, the County was the lessee under certain capital leases in effect with respect to equipment and buildings used by the County. The following is a schedule of minimum lease payments in fiscal years through required by the County under capital leases as of June 30, 2012: Government Activities (Fiscal Year ended June 30) MINIMUM CAPITAL LEASE PAYMENTS As of June 30, 2012 Total Payments Imputed Interest Present Value of Net Minimum Lease Payments 2013 $1,901 $195 $1, , , Totals $4,988 $387 $4,601 Source: County of Fresno Comprehensive Annual Financial Report as of June 30, The County has never failed to pay any long term indebtedness or lease obligations as and when due. For additional information concerning lease obligations and other long term debt of the County, see Notes 8 and 9 to the County s audited financial statements attached to this Statement. Direct and Overlapping Debt Set forth in the table on the following page is a direct and overlapping bonded indebtedness report as of February 1, 2013 (the Debt Report ) which was compiled by California Municipal Statistics, Inc. The Debt Report is included for general information purposes only. The County has not reviewed the Debt Report for completeness or accuracy and makes no representations in connection therewith. The Debt Report generally includes long-term obligations sold in the public credit markets by public agencies whose boundaries overlap the boundaries of the County. Such long-term obligations generally are not payable from revenues of the County (except as indicated) nor are they necessarily obligations secured by land within the County. In many cases, long-term obligations issued by a public agency are payable only from the general fund or other designated revenues of such public agency. 10

11 Estimated Direct and Overlapping Bonded Debt As of February 1, Assessed Valuation: $61,467,875,611 (includes unitary utility valuation) OVERLAPPING TAX AND ASSESSMENT DEBT: % Applicable Debt 2/1/13 Merced Community College District School Facilities Improvement District No % $ 61,234 State Center Community College District ,316,077 West Hills Community College District and School Facilities Improvement Districts ,691,265 Central Unified School District ,270,049 Clovis Unified School District ,322,979 Fresno Unified School District ,143,008 Kings Canyon Joint Unified School District ,859,341 Sanger Unified School District ,424,481 Other Unified School Districts Various 98,777,928 High School and School Districts Various 22,252,743 City of Mendota ,000 Hospital Districts ,568,815 Other Special Districts ,000 City Community Facilities Districts ,310, Act Bonds (Estimated) ,087,218 TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT $1,096,482,138 DIRECT AND OVERLAPPING GENERAL FUND DEBT: Fresno County General Fund Obligations % $ 72,495,000 Fresno County Pension Obligations ,877,749 Community College District General Fund Obligations Various 44,269,559 Central Unified School District Certificates of Participation ,795,000 Clovis Unified School District General Fund Obligations ,040,000 Fresno Unified School District General Fund Obligations ,900,000 Sanger Unified School District Certificates of Participation ,361,657 Other School District General Fund Obligations Various 29,463,742 City of Clovis General Fund Obligations ,735,000 City of Fresno General Fund and Judgment Obligations ,712,071 City of Fresno Pension Obligations ,450,000 Other City General Fund Obligations ,860,504 Coalinga Regional Medical Center General Fund Obligations ,125,000 TOTAL GROSS DIRECT AND OVERLAPPING GENERAL FUND DEBT $1,159,085,282 Less: City of Kingsburg supported obligations 2,845,000 TOTAL NET DIRECT AND OVERLAPPING GENERAL FUND DEBT $1,156,240,282 OVERLAPPING TAX INCREMENT DEBT: $86,018,957 GROSS COMBINED TOTAL DEBT $2,341,586,377 (1) NET COMBINED TOTAL DEBT $2,338,741,377 (1) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations. Qualified Zone Academy Bonds are included based on the principal amount due at maturity. Ratios to Assessed Valuation: Total Overlapping Tax and Assessment Debt % Combined Direct Debt ($512,372,749) % Gross Combined Total Debt % Net Combined Total Debt % Ratios to Redevelopment Incremental Valuation ($4,096,390,378): Total Overlapping Tax Increment Debt % STATE SCHOOL BUILDING AID REPAYABLE AS OF 6/30/12: $89,039 11

12 County Investment Pool The Auditor-Controller/Treasurer-Tax Collector is responsible for the investment of all monies deposited into the County treasury. Amounts held in the treasury are invested in the Pooled Investment Fund of the County (the County Investment Pool ), which invests in securities according to the Investment Policy of the County Auditor-Controller/Treasurer-Tax Collector (the County Investment Policy ) as authorized by Section et. al of the Government Code of California. State law requires that all monies of the County, school districts, and certain special districts be held by the Auditor- Controller/Treasurer-Tax Collector. For fiscal year ended June 30, 2012, approximately 27% of the amounts in the County Investment Pool at any time, exclusive of the amounts resulting from County short-term borrowing, are attributable to the County. Approximately 73% of the amounts in the County Investment Pool are attributable to depositors such as school districts, which are required by law to make deposits in the County Investment Pool. Monies deposited in the County Investment Pool by the participants represent an undivided interest in all assets and investments in the County Investment Pool based upon the amount deposited. All interest, income, gains and losses are distributed to the participants based upon their average daily balance. From time to time bills are proposed in the State Legislature that would modify the currently authorized investments and place restrictions on the ability of local agencies to invest in various securities. Therefore, there can be no assurances that the current investments in the County Investment Pool will not vary from the investments described herein or as may be authorized in the future by the California Government Code. The County Investment Policy was most recently revised December 4, The following table reflects various information with respect to the County Investment Pool as of the close of business on December 31, Net Market Value Percentage of Total Net Market Value INVESTMENTS Corporate Notes (MTN) $ 158, % Federal Agency Securities 1,856, U.S. Treasury Securities 13, Local Agency Investment Fund 50, Asset Backed Securities/Mortgage Backed Securities 5, Mutual Fund and Money Market Funds TOTAL INVESTMENTS (1) $2,083, % CASH $ 375, % TOTAL CASH AND INVESTMENTS (1) $2,459, % Source: County of Fresno, Auditor-Controller/Treasurer-Tax Collector. (1) Amounts may not add to total due to rounding. The County determines the market value of its County Investment Pool quarterly. 12