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CITY OF SANTA ANA, CALIFORNIA <br />AIR QUALITY IMPROVEMENT SPECIAL REVENUE FUND <br />NOTES TO FINANCIAL STATEMENTS (CONTINUED) <br />June 30, 2016 <br />3. CASH AND INVESTMENTS: <br />AQMD's cash and investments balances are pooled with various other City funds for deposit and <br />investment purposes. Each fiend's share of the pooled cash account is separately accounted for, and <br />investment income is apportioned to the participating funds based on the relationship of their <br />average daily balances to the total of the pooled cash and investments. Information regarding the <br />credit risk and authorized types of deposits and investments in the City's pooled cash and <br />investments is included in the City's Comprehensive Annual Financial Report. This report can be <br />obtained from the City of Santa Ana. <br />4. AB 2766 BIENNIAL AUDIT AND QUESTIONED COSTS: <br />Health and Safety Code Section 44244.1 stipulate that each recipient of AB 2766 funds be subject <br />to an audit at least once every two years by an independent auditor selected by the SCAQMD. The <br />most recent AB 2766 audit resulted in no questioned costs. <br />5. SUBSEQUENT EVENTS: <br />The City has evaluated events subsequent to June 30, 2016 to assess the need for potential <br />recognition or disclosure in the financial statements. Such events were evaluated through <br />December 7, 2016, the date the financial statements were available to be issued. Based upon this <br />evaluation, it was determined that no subsequent events occurred that require recognition or <br />additional disclosure in the notes to financial statements. <br />-9- <br />19C -17 <br />