TITLE
Recommendation to receive and file a quarterly audit report regarding cash and investment balances as of December 31, 2004.
DISCUSSION
We have performed specific audit procedures to cash and investment balances of
the City of Long Beach as of December 31, 2004, as required by Section 803 of
the City Charter. The objectives of our examination were to agree cash and
investments as recorded on the City's books with outside depositories, both as to
amount and description, and to evaluate the City's compliance with provisions of
the California Government Code and the City's Investment Policy.
Based on the procedures performed, we have confirmed that the cash and
investment balances are accurately recorded. City cash and investment balances
as of December 31,2004 are summarized as follows:
Pooled Cash and Investments $ 1,233,653,099
Non-Pooled Cash and Investments 156,671,969
Total $ 1,390,325,068
Also, we found the City to be in general compliance with the California
Government Code and the City's Investment Policy.
Attached is the Schedule of Pooled and Non-Pooled Cash and Investment
Balances by Fund, and the Schedule of Cash and Investments by Security Type.
Also included is Appendix I which lists our procedures and the results of those
procedures.
TIMING CONSIDERATIONS
[Timing Considerations]
FISCAL IMPACT
[Fiscal Impact]
SUGGESTED ACTION
Approve recommendation.
BODY
[Enter Body Here]
Respectfully Submitted,
[Respectfully Submitted,]