Report of Independent Auditors
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Unaudited Financial Statements With Other Financial Information West Virginia Board of Treasury Investments Consolidated Fund For the Month and Fiscal Year to Date Ended June 30, 2016 Fiscal Year is July 1, 2015 through June 30, 2016 (This page intentionally left blank.) West Virginia Board of Treasury Investments Consolidated Fund Unaudited Financial Statements with Other Financial Information For the Month and Fiscal Year to Date Ended June 30, 2016 Contents Unaudited Financial Statements: Unaudited Combining Statement of Fiduciary Net Position ................................................................. 2 Unaudited Combining Statement of Changes in Fiduciary Net Position ............................................... 4 Notes to Unaudited Financial Statements ............................................................................................... 9 Schedule of Investments in Securities ........................................................................................................ 15 Other Financial Information: Schedule of Net Asset Values .................................................................................................................. 28 Portfolio Statistics .................................................................................................................................... 29 Participant Net Asset Values .................................................................................................................. 30 Glossary of Financial and Investment Terms .......................................................................................... 31 1 West Virginia Board of Treasury Investments Consolidated Fund Combining Statement of Fiduciary Net Position -- Unaudited June 30, 2016 (In Thousands) WV Government WV Short WV Money Money Market Term Bond Market Pool Pool Pool WV Bank Pool Assets Investments: At amortized cost $ 1,555,529 $ 190,078 $ - $ 129,145 At fair value - - 790,750 - Receivables: Accrued interest 1,224 119 1,906 158 Dividends 25 - 3 - Receivable for investments sold - - 4,002 - Other - - - - Total receivables 1,249 119 5,911 158 Total assets 1,556,778 190,197 796,661 129,303 Liabilities Accrued expenses 275 37 239 9 Dividends payable - - 869 - Payable for investments purchased - - 4,404 - Total liabilities 275 37 5,512 9 Net Position Held in trust for investment pool participants 1,556,503 190,160 791,149 129,294 Held in trust for individual investment account holders - - - - Total net position $ 1,556,503 $ 190,160 $ 791,149 $ 129,294 See accompanying notes to unaudited financial statements. 2 Economic Development Municipal Authority - Bond American Commission School Fund Woodmark Loan Pool Reserve Pool Account Account Account Total $ 124,427 $ 18,762 $ 25,228 $ - $ - $ 2,043,169 - - - 1,584 1,937 794,271 20 - 47 - 34 3,508 - 5 - - - 33 - - - - - 4,002 - - - - - - 20 5 47 - 34 7,543 124,447 18,767 25,275 1,584 1,971 2,844,983 9 - - - 1 570 - - - - - 869 - - - - - 4,404 9 - - - 1 5,843 124,438 18,767 - - - 2,810,311 - - 25,275 1,584 1,970 28,829 $ 124,438 $ 18,767 $ 25,275 $ 1,584 $ 1,970 $ 2,839,140 3 West Virginia Board of Treasury Investments Consolidated Fund Combining Statement of Changes in Fiduciary Net Position -- Unaudited For the Periods Ended June 30, 2016 WV Money Market Pool WV Government Money Month of Fiscal Year Month of Fiscal Year June (12 Months) June (12 Months) Additions Investment income: Interest $ 466 $ 4,523 $ 42 $ 273 Dividends 25 296 - 9 Net (amortization) accretion 316 2,319 17 275 Provision for uncollectible loans - - - - Total investment income 807 7,138 59 557 Investment expenses: Investment advisor fees 44 561 6 85 Custodian bank fees 6 82 1 14 Administrative fees 59 773 7 98 Total investment expenses 109 1,416 14 197 Net investment income 698 5,722 45 360 Net realized gain (loss) from investments - 24 - 12 Net increase (decrease) in fair value of investments - - - - Net increase (decrease) in net position from operations 698 5,746 45 372 Participant transaction additions: Purchase of pool units by participants 847,044 9,426,448 23,848 365,055 Reinvestment of pool distributions 697 5,744 45 372 Contibutions to individual investment accounts - - - - Total participant transaction additions 847,741 9,432,192 23,893 365,427 Total additions 848,439 9,437,938 23,938 365,799 Deductions Distributions to pool participants: Net investment income 698 5,722 45 360 Net realized gain (loss) from investments - 24 - 12 Total distributions to pool participants 698 5,746 45 372 Participant transaction deductions: Redemption of pool units by participants 1,036,142 9,753,701 21,134 423,770 Withdrawals from individual investment accounts - - - - Total participant transaction deductions 1,036,142 9,753,701 21,134 423,770 Total deductions 1,036,840 9,759,447 21,179 424,142 Net increase (decrease) in net position (188,401) (321,509) 2,759 (58,343) Inter-pool transfers in 6,000 26,050 - - Inter-pool transfers out (5,000) (38,910) - - Net inter-pool transfers in (out) 1,000 (12,860) - - Change in net position (187,401) (334,369) 2,759 (58,343) Net position at beginning of period 1,743,904 1,890,872 187,401 248,503 Net position at end of period $ 1,556,503 $ 1,556,503 $ 190,160 $ 190,160 See accompanying notes to unaudited financial statements. 4 WV Short Term Bond Pool WV Bank Pool Loan Pool Reserve Pool Month of Fiscal Year Month of Fiscal Year Month of Fiscal Year Month of Fiscal Year June (12 Months) June (12 Months) June (12 Months) June (12 Months) $ 965 $ 11,156 $ 52 $ 371 $ 20 $ 240 $ - $ - 2 44 - 1 - - 5 51 (49) (1,124) - - - - - - - - - - (216) (507) - - 918 10,076 52 372 (196) (267) 5 51 59 720 - - - - - - 3 30 - - - - - - 26 320 4 48 4 49 - - 88 1,070 4 48 4 49 - - 830 9,006 48 324 (200) (316) 5 51 39 (75) - - - - - - 2,185 2,733 - - - - - - 3,054 11,664 48 324 (200) (316) 5 51 - 60,344 44 3,263 2,418 9,637 5 50 827 8,907 48 324 (200) (316) 5 51 - - - - - - - - 827 69,251 92 3,587 2,218 9,321 10 101 3,881 80,915 140 3,911 2,018 9,005 15 152 830 9,006 48 324 (200) (316) 5 51 39 (75) - - - - - - 869 8,931 48 324 (200) (316) 5 51 2,179 42,285 44 3,264 16 10,093 5 50 - - - - - - - - 2,179 42,285 44 3,264 16 10,093 5 50 3,048 51,216 92 3,588 (184) 9,777 10 101 833 29,699 48 323 2,202 (772) 5 51 - - 5,000 38,910 - - - - - - (6,000) (26,050) - - - - - - (1,000) 12,860 - - - - 833 29,699 (952) 13,183 2,202 (772) 5 51 790,316 761,450 130,246 116,111 122,236 125,210 18,762 18,716 $ 791,149 $ 791,149 $ 129,294 $ 129,294 $ 124,438 $ 124,438 $ 18,767 $ 18,767 5 West Virginia Board of Treasury Investments Consolidated Fund Combining Statement of Changes in Fiduciary Net Position -- Unaudited For the Periods Ended June 30, 2016 Municipal Bond School Fund Account Month of Fiscal Year Month of Fiscal Year June (12 Months) June (12 Months) Additions Investment income: Interest $ 22 $ 492 $ - $ - Dividends - - - 1 Net (amortization) accretion (17) (388) - - Provision for uncollectible loans - - - - Total investment income 5 104 - 1 Investment expenses: Investment advisor fees - - - - Custodian bank fees - - - - Administrative fees - 1 - - Total investment expenses - 1 - - Net investment income 5 103 - 1 Net realized gain (loss) from investments - - - - Net increase (decrease) in fair value of investments - - - - Net increase (decrease) in net position from operations 5 103 - 1 Participant transaction additions: Purchase of pool units by participants - - - - Reinvestment of pool distributions - - - - Contibutions to individual investment accounts 13,100 63,671 15 581 Total participant transaction additions 13,100 63,671 15 581 Total additions 13,105 63,774 15 582 Deductions Distributions to pool participants: Net investment income - - - - Net realized gain (loss) from investments - - - - Total distributions to pool participants - - - - Participant transaction deductions: Redemption of pool units by participants - - - - Withdrawals from individual investment accounts 814 43,064 - 1,172 Total participant transaction deductions 814 43,064 - 1,172 Total deductions 814 43,064 - 1,172 Net increase (decrease) in net position 12,291 20,710 15 (590) Inter-pool transfers in - - - - Inter-pool transfers out - - - - Net inter-pool transfers in (out) - - - - Change in net position 12,291 20,710 15 (590) Net position at beginning of period 12,984 4,565 1,569 2,174 Net position at end of period $ 25,275 $ 25,275 $ 1,584 $ 1,584 See accompanying notes to unaudited financial statements. 6 Economic Development Total Month of Fiscal Year Month of Fiscal Year June (12 Months) June (12 Months) $ 7 $ 90 $ 1,574 $ 17,145 - - 32 402 (1) (13) 266 1,069 - - (216) (507) 6 77 1,656 18,109 - - 109 1,366 - - 10 126 - 1 100 1,290 - 1 219 2,782 6 76 1,437 15,327 - - 39 (39) 39 64 2,224 2,797 45 140 3,700 18,085 - - 873,359 9,864,797 - - 1,422 15,082 - - 13,115 64,252 - - 887,896 9,944,131 45 140 891,596 9,962,216 - - 1,426 15,147 - - 39 (39) - - 1,465 15,108 - - 1,059,520 10,233,163 - 90 814 44,326 - 90 1,060,334 10,277,489 - 90 1,061,799 10,292,597 45 50 (170,203) (330,381) - - 11,000 64,960 - - (11,000) (64,960) - - - - 45 50 (170,203) (330,381) 1,925 1,920 3,009,343 3,169,521 $ 1,970 $ 1,970 $ 2,839,140 $ 2,839,140 7 (This page intentionally left blank.) 8 West Virginia Board of Treasury Investments Consolidated Fund Notes to Unaudited Financial Statements June 30, 2016 1. Organization and Operations The West Virginia Board of Treasury Investments (the “BTI”) is charged with managing the individual investment pools and accounts of the Consolidated Fund under authority of West Virginia State Code Chapter 12, Article 6C, West Virginia Treasury Investments Act. The West Virginia Legislature established the BTI as a public corporation of the State of West Virginia, to make short-term operating funds of the state more accessible to state government and to allow the West Virginia Investment Management Board (the “IMB”), which had managed the Consolidated Fund, to focus on the state’s long- term trust investments.