A recent accounting change in the Riverside County Treasurer-Tax Collector’s Office is expected to result in increased quarterly apportionment distributions.
The Department recently transitioned from accounting for investments on a cost-basis method to a book-value basis. As a result of this change, the fourth-quarter cash apportionment distributed on Thursday, July 23, totaled $75 million, compared to $10 million distributed in the previous quarter. This represents a faster distribution of interest earnings to participating agencies and provides greater predictability for future quarterly distributions.
Furthermore, this accounting change will bring recognition to over $65 million in assets that were previously not reflected due to the recognition of the Net Accumulated Amortization Accretion (NAAA). These assets will now be apparent in monthly financial reports, including the Statement of Net Asset report.
For more information on quarterly apportionment of investment earnings, visit countytreasurer.org.
