The budgetary comparison and related disclosures are reported as Required Supplementary Information.
As of July 1, 2022, the County adopted GASB Statement No. 96, Subscription Based Information Technology Arrangements (SBITA). The objective of this Statement is to better meet the information needs of financial statement users by improving accounting and financial reporting for SBITAs by governments. There is no impact to the County after review of the county's arrangements. Therefore, there was no need to record a capital asset or deferred inflows of resources related to SBITAs.
The County's deposits in banks at June 30, 2023, were entirely covered by federal depository insurance or by the State Sinking Fund in accordance with Chapter 12C of the Code of Iowa. This chapter provides for additional assessments against the depositories to insure there will be no loss of public funds.
The County is authorized by statute to invest public funds in obligations of the United States government, its agencies and instrumentalities; certificates of deposit or other evidences of deposit at federally insured depository institutions approved by the Board of Supervisors; prime eligible bankers acceptances; certain high rated commercial paper; perfected repurchase agreements; certain registered open-end management investment companies; certain joint investment trusts; and warrants or improvement certificates of a drainage district.
At June 30, 2023, the County had the following investments:
| Investment Maturities (in Years) | ||||
| Investment Type | Less Than 1 | 1 to 5 | 6 to 10 | Amount |
| U.S. Treasury Securities | $ 4,024,700 | $ 289,137 | $- - | $ 4,313,837 |
| Federal Agency Obligations | 3,015,403 | 6,153,317 | - - | 9,168,720 |
| Total Investments | $ 7,040,103 | $ 6,442,454 | $- - | $ 13,482,557 |
Investment Maturities (In Years)
The County uses the fair value hierarchy established by generally accepted accounting principles based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets. Level 2 inputs are significant other observable inputs. Level 3 inputs are significant unobservable inputs.
The U. S. Treasury securities and federal agency obligations are valued by the custodians of the securities using pricing models based on credit quality, time to maturity, stated interest rates and market assumptions (Level 2 inputs).
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