NOTES TO FINANCIAL STATEMENTS NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Significant Accounting Policies (Continued) Deferred Outflows/Inflows of Resources (Continued) In addition to liabilities, the Statements of Net Position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, "deferred inflows of resources", represents an acquisition of net position that applies to future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The Authority reported items related to their pension, other post-employment benefit plan, and supplemental retirement plan as deferred inflows of resources during the year ended June 30, 2019 and 2018. These items are acquisitions of net position which apply to future periods, resulting in recognition as deferred inflows of resources and are further discussed in Notes 7 and 8. NOTE 2. DEPOSITS AND INVESTMENTS Total deposits and investments as of June 30, 2019 and 2018, are summarized as follows: 2019 As reported in the Statements of Net Position : Cash and cash equivalents Long-term investments Cash deposited with financial institutions Cash deposited with Georgia Fund 1 Cash deposited in a revocable Rabbi Trust Investments in insurance contracts $ $ $ 400,706 17,243 417,949 63,243 321,903 15,560 17,243 $ 417,949 $ $ $ $ 2018 365,038 15,515 380,553 50,232 299,568 15,238 15,515 380,553 Credit risk. State statutes authorize the Authority to invest in obligations of the State of Georgia or other states; obligations issued by the U.S. government; obligations fully insured or guaranteed by the U.S. government or by a government agency of the United States; obligations of any corporation of the U.S. government; prime bankers’ acceptances; the local government investment pool established by state law; repurchase agreements; and obligations of other political subdivisions of the State of Georgia. As of June 30, 2019, the Authority’s investment in the Rabbi trust was rated AAAm by Standard & Poor’s. As of June 30, 2019 and 2018, the Authority’s investment in Georgia Fund 1 was rated AAAf by Standard & Poor’s. As of June 30, 2018, the Authority’s investment in the Georgia Extended Asset Pool (GEAP) was rated AA+f by Standard & Poor’s. 22
