http://sharepoint/sites/Finance/shared documents/AA/Treasurer's Reports/Staff Report for TR.docx 14-B
TO: Honorable Mayor and Members of the City Council
ATTENTION: Jeffrey L. Stewart, City Manager
FROM: Tae Rhee, Finance Director/City Treasurer
SUBJECT: Consideration and possible action to receive and file the Treasurer’s Report for the Month of June 2022.
DATE: August 8, 2022
EXECUTIVE SUMMARY
The Investment Policy requires the City Treasurer to provide to the City Council a monthly investment report which contains certain required information pursuant to Government Code Section 53646. The Treasurer’s Report also contains certain other information required pursuant to BMC Subsection 2.12.030.B.5, which requires submission of monthly financial statements of receipts and disbursements of the City to the City Council and City Manager. Furthermore, the Treasurer’s Report contains revenue and expenditure details on the development impact fees (Park Facilities Fee and Public Facilities Fee) and Public Arts Fee for fiscal years 2020-21 and 2021-22, from July 1, 2021 to June 30, 2022.
RECOMMENDATION TO CITY COUNCIL
1)Receive and file the Treasurer’s Report; or
2)Alternatively, discuss and take other action related to this item.
FISCAL IMPACT
None
ATTACHMENT
Treasurer’s Report for the Month of June 2022 ............................................................. 2
NOTE: Figures with parentheses indicate negative amounts.
Beginning Revenues Expenditures Ending
Balance/and Other and Other Balance/
(Deficit)Deposits Disbursements (Deficit)
CITY OF BELLFLOWER:
UNRESTRICTED:
010 General Fund 36,792,010$ 2,140,771$ (3,239,057)$ 35,693,724 011 General Fund Capital Projects 1,248,619 500,000 (96,009) 1,652,610 012 Public Projects (1,842,331) - - (1,842,331) 999 Cash Clearing Unallocated Interest 13,981 16,388 (34,050) (3,681) RESTRICTED:
Development Impact/Other Fees (revenue/expenditure details attached) 024 Park Facilities 1,503,547 - (169,446) 1,334,101 022 Public Facilities 162,021 - -162,021
020 Public Arts 148,139 169,446 (6,868) 310,717
Other Funds
013 DOT Highway Relinquishment 4,490,361 - - 4,490,361 015 Transportation Development Act (TDA) Article 3 (56,000) - - (56,000) 030 Grant Projects (326,318) 728,383 (617,177) (215,112) 037 Drug Rehabilitation Program 248,990 7,500 - 256,490 040 Public Educational Government (PEG) 831,943 - (425) 831,518 050 California COPS 261,409 607 (2,533) 259,483
090 Agency Fund/Refundable Deposits-Private Projects 1,399,115 71,929 (10,035) 1,461,009 100 Proposition A - Transportation 2,109,647 138,381 (29,649) 2,218,379 115 Measure M - Streets 2,137,337 244,359 (20,571) 2,361,125 125 Measure R - Streets 2,189,112 104,741 (20,071) 2,273,782 135 Proposition C - Streets 2,315,293 140,224 (115,456) 2,340,061 140 State Gas Tax - Streets 4,029,657 156,044 (100,503) 4,085,198 145 Road Maintenance and Rehabilitation Account (RMRA)2,996,004 138,154 (19,814) 3,114,344 150 Air Quality Management District Fees 309,546 25,435 (23,153) 311,828 230 Sewer Reconstruction 316,278 - - 316,278 31X Municipal Water System 1,983,909 550,000 (6,138) 2,527,771 320 Measure W 3,608,900 - (9,548) 3,599,352
510 Economic Development 1,067,372 240,000 (66,764) 1,240,608 530 Equipment Replacement 648,550 - (9,111) 639,439
540 GIS Update 211,460 3,875 (1,500) 213,835
542 General Planning and Zoning Update 607,212 11,625 -618,712 600 Building and Safety 234,902 97,985 (9,082) 323,805 602 CASp Certification and Training 84,518 2,421 - 86,939 700 Debt Service - Public Facilities Corporation - - - - 710 Debt Service - Financing Authority (6,340) 11,099 - 4,759 720 Debt Service - 2021/2018 Transportation COPS - - - - 730 Debt Service - 2021 Pension Obligation Bonds 13,605 - - 13,605 900 Community Development Block Grant (CDBG)(184,413) 150 (66,662) (250,925) 910 HOME Investment Partnership 71,942 - (16,481) 55,461 920 ARPA SLFRP Fund 6,350,200 10,728,749 - 17,078,949 944 Parking District No. 1 (974) 263 (2,317) (3,028) Successor Housing Agency:
974 Low and Moderate Income Housing Asset Fund 495,128 5,468 (20,993) 479,603 TOTAL CITY OF BELLFLOWER 76,464,331$ 16,233,997$ (4,713,538)$ 87,984,790$ SUCCESSOR AGENCY:
RESTRICTED:
956 Successor Agency BUSD Trust 20$ -$ -$ 20$ 970 Redevelopment Obligation Retirement Fund 10,514 1,689,643 - 1,700,157 972 Successor Agency Administration Fund 5,839 - (5,839) - TOTAL SUCCESSOR AGENCY 16,373$ 1,689,643$ (5,839)$ 1,700,177$ COMBINED TOTAL - CITY & SUCCESSOR AGENCY 76,480,704$ 17,923,640$ (4,719,377)$ 89,684,967$ Date of Electronic Distribution to City Council and City Manager: July 29, 2022
CITY OF BELLFLOWER AND BELLFLOWER SUCCESSOR AGENCY
TREASURER'S REPORT FOR THE MONTH OF JUNE 2022
CASH AND INVESTMENT BALANCES BY FUND
(As of July 29, 2022)
TAE G. RHEE, FINANCE DIRECTOR/TREASURER S:\AA\Treasurer's Reports\ TR 22-06 -2-
PARK FACILITIES FEES
Revenues:
11,521.44$ July 12, 2021 Park Fac Fee/14628 Charlemagne 17,739.36 July 20, 2021 Park Fac Fee/8557 Ramona 14,093.95 August 9, 2021 Park Fac Fee/14737 Blaine 9,026.77 September 9, 2021 Park Fac Fee/17028 Woodruff 343,026.00 September 30, 2021 Park Fac Fee/9735 Oak 21,839.00 October 11, 2021 Park Fac Fee/9437 Rose 18,288.00 February 3, 2022 Park Fac Fee/8708 Flower 18,288.00 February 9, 2022 Park Fac Fee/9621 Mayne 18,105.12 February 23, 2022 Park Fac Fee/9419 Ives 9,378.46 March 16, 2022 Park Fac Fee/16240 Grand 10,058.40 April 8, 2022 Park Fac Fee/16830 Grand 4,269.30 April 12, 2022 Park Fac Fee/16240 Grand 495,633.80$
Project Expenditures:
75.00$ November 9, 2021 TP Playground Replacement
75.00$
PUBLIC FACILITIES FEES
Revenues:
746.55$ July 12, 2021 Public Fac Fee/14628 Charlemagne 1,149.45 July 20, 2021 Public Fac Fee/8557 Ramona 913.24 August 9, 2021 Public Fac Fee/14737 Blaine 584.90 September 9, 2021 Public Fac Fee/17028 Woodruff 107,940.66 September 30, 2021 Public Fac Fee/9735 Oak 2,370.00 October 11, 2020 Public Fac Fee/9437 Rose 1,203.38 October 20, 2021 Public Fac Fee/13110-13124 Lakewood3,035.44 November 10, 2021 Public Fac Fee/16710 Bellflower 1,185.00 February 3, 2022 Public Fac Fee/8708 Flower 1,185.00 February 9, 2022 Public Fac Fee/9621 Mayne 1,173.15 February 23, 2022 Public Fac Fee/9419 Ives 1,185.00 March 8, 2022 Public Fac Fee/15352 Leahy 607.69 March 16, 2022 Public Fac Fee/16240 Grand 9,101.64 March 23, 2022 Public Fac Fee/8827-8829 Artesia 1,185.00 April 8, 2022 Public Fac Fee/16830 Grand 277.33 April 12, 2022 Public Face Fee/16240 Grand 133,843.43$
Project Expenditures:
-$
-$
PUBLIC ARTS FEES
Revenues:
9,000.00$ October 20, 2021 Public Arts Fee/13110-13124 Lakewood 18,000.00 November 11, 2021 Public Arts Fee/16710 Bellflower 169,445.50 March 23, 2022 Public Arts Fee/8827-8829 Artesia 196,445.50$
Project Expenditures:
168.03$ May 31, 2022
Veterans Memorial Enhancements Project - Bronze
Plaque
6,700.00 June 14, 2022 Gateway Sign Water Service Installation 6,868.03$
DEVELOPMENT IMPACT/OTHER FEES
Revenue and Expenditure Detail Report
(July 1, 2021 - June 30, 2022)
S:\AA\Treasurer's Reports\
TR 22-06-3-
PARK FACILITIES FEES
Revenues:
9,540.22$ August 25, 2020 Park Fac Fee/9605 Ives
21,839.00 September 22, 2020 Park Fac Fee/9911 Park 21,839.00 September 24, 2020 Park Fac Fee/9258 Ives 54,864.00 October 27, 2020 Park Fac Fee/9258 Walnut 10,367.99 November 18, 2020 Park Fac Fee/8640 Cedar 16,276.32 November 19, 2020 Park Fac Fee/9435 Jefferson 13,720.83 November 30, 2020 Park Fac Fee/10336 Park 17,922.24 December 2, 2020 Park Fac Fee/13612 MCNAB 14,377.73 December 3, 2020 Park Fac Fee/9461 Park 17,973.46 December 14, 2020 Park Fac Fee/14721 Ryon 4,206.24 December 15, 2020 Park Fac Fee/16831 Grand 7,132.32 December 15, 2020 Park Fac Fee/16407 Grand 15,179.07 December 16, 2020 Park Fac Fee/10210 Trabuco 9,604.40 January 11, 2021 Park Fac Fee/9118 Belmont 17,726.21 January 28, 2021 Park Fac Fee/16222 Woodruff 25,622.98 March 16, 2021 Park Fac Fee/9616 Rose
14,447.52 March 17, 2021 Park Fac Fee/14038 Charlemagne 18,151.86 March 30, 2021 Park Fac Fee/8729 Flower 18,288.00 March 30, 2021 Park Fac Fee/9722 Pacific 21,839.00 May 19, 2021 Park Fac Fee/9320 Ives
350,918.39$
Project Expenditures:
22,604.00$ Installation of Fence at Caruthers Park
109,650.00 Installation of Fence at Constitution Park 89,566.00 Veterans Memorial Enhancements Project
221,820.00$
PUBLIC FACILITIES FEES
Revenues:
669.59$ July 31, 2020 Public Fac Fee/ 9712 Somerset 1,416.00 August 25, 2020 Public Fac Fee/9605 Ives 1,416.00 September 22, 2020 Public Fac Fee/9911 Park 1,416.00 September 24, 2020 Public Fac Fee/9258 Ives 210.56 September 30, 2020 Public Fac Fee/10434 Alondra 3,555.00 October 1, 2020 Public Fac Fee/9258 Walnut 671.81 November 18, 2020 Public Fac Fee/8640 Cedar 1,054.65 November 19, 2020 Public Fac Fee/9435 Jefferson 889.63 Novemeber 30, 2020 Public Fac Fee/10336 Park 1,161.30 December 2, 2020 Public Fac Fee/13612 MCNAB 931.62 December 3, 2020 Public Fac Fee/9461 Park 1,164.61 December 14, 2020 Public Fac Fee/14721 Ryon 272.55 December 15, 2020 Public Fac Fee/16831 Grand 462.15 December 15, 2020 Public Fac Fee/16407 Grand 983.55 December 16, 2020 Public Fac Fee/10210 Trabuco 622.33 January 11, 2021 Public Fac Fee/9118 Belmont 1,148.59 January 28, 2021 Public Fac Fee/16222 Woodruff 2,097.45 March 16,2021 Public Fac Fee/9616 Rose 936.15 March 17, 2021 Public Fac Fee/14038 Charlemagne 1,176.17 March 30, 2021 Public Fac Fee/8729 Flower 1,185.00 March 30, 2021 Public Fac Fee/9722 Pacific 1,750.84 April 1, 2021 Public Fac Fee/17648 Bellflower 1,416.00 May 19, 2021 Public Fac Fee/9320 Ives
26,607.55$
DEVELOPMENT IMPACT/OTHER FEES
Revenue and Expenditure Detail Report
(July 1, 2020 - June 30, 2021)
S:\AA\Treasurer's Reports\
TR 22-06
-4-
DEVELOPMENT IMPACT/OTHER FEES
Revenue and Expenditure Detail Report
(July 1, 2020 - June 30, 2021)
PUBLIC FACILITIES FEES (Continued)
Project Expenditures:
-$
-$
PUBLIC ARTS FEES
Revenues:
3,500.00$ July 31, 2020 Public Arts Fee/9712 Somerset 22,584.30 September 30, 2020 Public Arts Fee/10434 Alondra 26,084.30$
Project Expenditures:
179,099.00$ Veterans Memorial Enhancements Project
179,099.00$
S:\AA\Treasurer's Reports\
TR 22-06
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Beginning Disbursements/Ending Yield Type of Issuer of
Balance/Bond Prem.Balance/Par Market Interest (If Diff.)/Investment/Investment/Date of (Deficit)Deposits Amort./Discount (Deficit)Value Value Rate Steps Deposit Deposit Maturity CITY OF BELLFLOWER :
State of California
Local Agency Investment Fund (1)42,353,044$ 8,000,000$ -$ 50,353,044$ N/A 49,704,769$ 0.861%See attached Pooled Money Investment Account Portfolio.
Detail report available at:
https://www.treasurer.ca.gov/pmia-laif/pmia/index.asp
Los Angeles County Pooled Investment Fund (5)24,765,780 14,503 (34,051) 24,746,231 N/A 23,796,225 1.150%See attached Los Angeles County Pooled Surplus Investments.
Detail report available at:
https://ttc.lacounty.gov/monthly-reports/
CalTrust / Local Agency Investment Pool (4)
-Liquidity Fund 48,414 1,885 - 50,299 N/A 50,299 1.130%Local Agency Investment Pool
Investment Trust of
California, dba CalTRUST
Cash / Investments Held By Bond Trustee -
Bank of New York Mellon Trust Company
-Dreyfus Treasury Securities Cash Management -
Institutional / (2008/2018) 2021 COPs
- - - - N/A - 1.020%Money Market Fund Dreyfus N/A
-Dreyfus Treasury Securities Cash Management -
Institutional / 2021 Pension Obligation Bonds
13,605 - - 13,605 N/A 13,605 1.020%Money Market Fund Dreyfus N/A Cash / Investments Held By Custodian -
Bank of New York Mellon Trust Company
-Federal Home Loan Bank Notes - 3,000,000 - 3,000,000 3,000,000 3,002,460 3.500% U.S. Agency
Bonds/Notes Federal Home Loan Bank 12/29/2023
-Federal Home Loan Mortgage Corporation - 3,000,000 - 3,000,000 3,000,000 2,997,960 3.250% U.S. Agency
Bonds/Notes
Federal Home Loan
Mortgage Corporation 5/17/2024
-Federal Home Loan Bank Notes - 3,000,000 - 3,000,000 3,000,000 2,993,700 3.000% U.S. Agency
Bonds/Notes Federal Home Loan Bank 6/28/2024
-Dreyfus Treasury Securities Cash Management -
Institutional - 10 - 10 N/A 10 1.020%Money Market Fund Dreyfus N/A MUFG Union Bank, N.A.
-Federal Home Loan Mortgage Corporation 3,000,000 - (3,000,000) - N/A - 3.250% U.S. Agency
Bonds/Notes
Federal Home Loan
Mortgage Corporation 5/17/2024
Charles Schwab Trust Bank
-Section 115 Pension Stabilization Trust
Trust Cash - 500,000 - 500,000 N/A 500,000 0.000%Trust Cash Account Charles Schwab Trust Bank N/A TOTAL INVESTMENTS 70,180,843 17,516,398 (3,034,051) 84,663,189 83,059,028 BANK DEPOSITS (2):
-General Operating Account (3)6,257,973 15,477,928 (18,440,630) 3,295,271 N/A 3,295,271 N/A Checking Account Bank of the West N/A -Payroll Account (3)(9,117) 1,205,004 (1,200,895) (5,008) N/A (5,008) N/A Checking Account Bank of the West N/A -Revolving Account (3)- 170,217 (170,205) 12 N/A 12 N/A Checking Account Bank of the West N/A -Farmers Market (3)27,331 - (27,331) - N/A - N/A Checking Account Bank of the West N/A -Sec. 125 Flex Spending Account (3)9,080 20,001 (1,816) 27,265 N/A 27,265 N/A Checking Account Bank of the West N/A -Pooled Cash Allocated to SA (5,839) 5,839 - - N/A -
TOTAL BANK DEPOSITS 6,279,428 16,878,989 (19,840,877) 3,317,540 3,317,540 PETTY CASH 4,060 - - 4,060 N/A 4,060
CITY - TOTAL DEPOSITS AND
INVESTMENTS 76,464,331$ 34,395,387$ (22,874,928)$ 87,984,790$ 86,380,628$ Dollar Amount Invested
CITY OF BELLFLOWER AND BELLFLOWER SUCCESSOR AGENCY
TREASURER'S REPORT FOR THE MONTH OF JUNE 2022
CASH AND INVESTMENTS BY TYPE
(As of July 29, 2022)
TAE G. RHEE, FINANCE DIRECTOR/TREASURER S:\AA\Treasurer's Reports\TR 22-06 -6-
Beginning Disbursements/Ending Yield Type of Issuer of
Balance/Bond Prem.Balance/Par Market Interest (If Diff.)/Investment/Investment/Date of (Deficit)Deposits Amort./Discount (Deficit)Value Value Rate Steps Deposit Deposit Maturity Dollar Amount Invested
CITY OF BELLFLOWER AND BELLFLOWER SUCCESSOR AGENCY
TREASURER'S REPORT FOR THE MONTH OF JUNE 2022
CASH AND INVESTMENTS BY TYPE
(As of July 29, 2022)
SUCCESSOR AGENCY:
Los Angeles County Pooled Investment Fund (5)20$ -$ -$ 20$ NA 19 1.150%See attached Los Angeles County Pooled Surplus Investments. -BUSD Trust Fund Detail report available at:
https://ttc.lacounty.gov/monthly-reports/
BOW Business Checking Account (2) (3)10,493 1,689,643 - 1,700,136 N/A 1,700,136 N/A Checking Account Bank of the West N/A Cash / Investments Held By Bond Trustee -
Bank of New York Mellon Trust Company
-Taxable Tax Allocation Refunding Bonds, Series 2016
Dreyfus Treasury Securities Cash Management -
Institutional
21 - - 21 N/A 21 1.020%Money Market Fund Dreyfus N/A
TOTAL INVESTMENTS 10,534 1,689,643 - 1,700,177 1,700,176 Pooled Cash Account 5,839 - (5,839) - -
SUCCESSOR AGENCY -
TOTAL DEPOSITS AND INVESTMENTS 16,373$ 1,689,643$ (5,839)$ 1,700,177$ 1,700,176$
CITY & SUCCESSOR AGENCY -
TOTAL DEPOSITS AND INVESTMENTS 76,480,704$ 36,085,030$ (22,880,767)$ 89,684,967$ 88,080,804$ (1)Local Agency Investment Fund (LAIF) is a special fund of the California State Treasury through which local governments may pool investments. The market value factor is provided by LAIF on a quarterly basis as of March 31, June 30, September 30, and December 31. The intervening months' market values are estimates. (2)All bank deposits are insured up to $250,000 by the FDIC. Under the California Government Code, banks and savings are also required to secure the City's deposits by either (1) pledging government securities with market value of at least 110% of the deposits as collateral, or (2) pledging first trust deed mortgage notes having a value of at least 150% of the deposits. (3)Analysis account.
(4)CalTRUST is a joint powers authority formed by a number of public agencies in California to provide a method of pooling for investment purposes. (5)Los Angeles County Pooled Investment Fund is an investment pool managed by the L.A. County Treasurer. The current market value is an estimate based on the preceding month's market value.
A.The City's investment portfolio complies with the Statement of Investment Policy.
B.Based on the City's current cash and investment position and estimated cash flows, the City will meet its expenditure requirements for the next six months.
C.For bank deposits including certificates of deposit and money market accounts, market value is the same as the carrying value.
D.Market values are provided on the monthly trustee, custody, and investment statements.
NOTES FOR THE CITY AND SUCCESSOR AGENCY:
TAE G. RHEE, FINANCE DIRECTOR/TREASURER S:\AA\Treasurer's Reports\TR 22-06 -7-
ACTUAL BUDGET
Fiscal Year Reporting FY 2021-22
2020-21 Month To Date FY 2021-22
Beginning Cash Balance 187,835$ 261,409$ 220,332$ 220,332$ Receipts:
SLESF Funding 185,977 607 191,381 175,000
Interest 875 - 468 1,000
Total Receipts 186,852 607 191,849 176,000
Allocations:
L.A. County Sheriff's Department/
City Public Safety
General Law Cars (110,109) - (109,000) (109,000)
Equipment Leases / Purchases (48,571) (5,066) (38,292) (49,000) Total Allocations (158,680) (5,066) (147,292) (158,000) Receivables and Payables:
Add: Beginning receivables 609 - 156 -
Deduct: Ending receivables (156) - - -
Deduct: Beginning accounts payable (4,223) - (8,095) - Add: Ending accounts payable 8,095 2,533 2,533 -
Net Adjustment 4,325 2,533 (5,406) -
Ending Cash Balance 220,332$ 259,483$ 259,483$ 238,332$ ACTUAL
TREASURER'S REPORT FOR THE MONTH OF JUNE 2022
SUPPLEMENTAL LAW ENFORCEMENT SERVICES FUND - FUND NO. 050
STATEMENT OF RECEIPTS, ALLOCATIONS AND EXPENDITURES
(As of July 29, 2022)
TAE G. RHEE, FINANCE DIRECTOR/TREASURER S:\AA\Treasurer's Reports\TR 22-06 -8-
The City of Bellflower and Successor Agency invest funds in the State of California Local Agency Investment Fund and the Los Angeles County Pooled Investment Fund. The latest summary repor are attached, and the detail reports are available at:
State of California Local Agency Investment Fund:
Local Agency Investment Fund (LAIF)
http://www.treasurer.ca.gov/pmia-laif/laif/index.asp
Pooled Money Investment Account (PMIA)
http://www.treasurer.ca.gov/pmia-laif/pmia/index.asp
Los Angeles County Pooled Investment Fund:
Los Angeles County Pooled Surplus Investments
https://ttc.lacounty.gov/monthly-reports/
CITY OF BELLFLOWER & BELLFLOWER SUCCESSOR AGENCY
TREASURER'S REPORT
TAE G. RHEE, FINANCE DIRECTOR/TREASURER S:\AA\Treasurer's Reports\TR 22-06 -9-
TYPE OF SECURITY AMOUNT ($)
*PERCENT OF
PORTFOLIO
*DIFFERENCE IN
PERCENT OF
PORTFOLIO FROM
PRIOR MONTH
Government
Bills 54,848,666 23.39 +1.46
Bonds 0 0.00 0
Notes 104,643,096 44.63 -0.53
Strips 0 0.00 0
Total Government 159,491,762 68.02 +0.93
Agency Debentures 14,231,362 6.08 +0.34
Certificates of Deposit 13,285,000 5.67 -0.46
Bank Notes 100,000 0.04 +0.04
Repurchases 0 0.00 0
Agency Discount Notes 30,059,676 12.82 -0.45
Time Deposits 4,453,000 1.90 +0.03
GNMAs 0 0.00 0
Commercial Paper 11,523,629 4.91 -0.42
Remics 4,693 0.00 0
Corporate Bonds 492,675 0.21 +0.01
PMIA Loans 828,153 0.35 -0.02
GF Loans 0 0.00 0
Other 0 0.00 0
Reversed Repurchases 0 0.00 0
Total (All Types) 234,469,950 100.00
*Percentages may be off due to rounding.
INVESTMENT ACTIVITY June 2022 May 2022
NUMBER AMOUNT ($)NUMBER AMOUNT ($)
Pooled Money 1,027 51,026,933 825 41,073,012
Other 47 1,417,103 14 148,415
Time Deposits 85 3,015,000 56 1,693,000
Total 1,159 55,459,036 895 42,914,427
PMIA Monthly Average Effective Yield (%)0.861 0.684
Year to Date Yield Last Day of Month (%)0.371 0.318
POOLED MONEY INVESTMENT ACCOUNT
Selected Investment Data
Analysis of the Pooled Money Investment Account Portfolio (Dollars In Thousands)
June 30, 2022
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THE LOS ANGELES COUNTY POOLED SURPLUS INVESTMENTS
The Treasurer and Tax Collector (the Treasurer) of Los Angeles County has the delegated authority to invest funds on deposit in the County Treasury (Treasury Pool).
As of May 31, 2022, investments in the Treasury Pool were held for local agencies including school districts, community college districts, special districts and discretionary depositors such as cities and independent districts in the following amounts:
Invested Funds
Local Agency (in billions)
County of Los Angeles and Special Districts $20.928
Schools and Community Colleges 21.251
Discretionary Participants 3.930
Total $46.109
The Treasury Pool participation composition is as follows:
Non-discretionary Participants 91.47%
Discretionary Participants:
Independent Public Agencies 8.01%
County Bond Proceeds and Repayment Funds 0.52%
Total 100.00%
Decisions on the investment of funds in the Treasury Pool are made by the County Investment Officer in accordance with established policy, with certain transactions requiring the Treasurer's prior approval. In Los Angeles County, investment decisions are governed by Chapter 4 (commencing with Section 53600) of Part 1 of Division 2 of Title 5 of the California Government Code, which governs legal investments by local agencies in the State of California, and by a more restrictive Investment Policy developed by the Treasurer and adopted by the Los Angeles County Board of Supervisors on an annual basis. The Investment Policy adopted on March 1, 2022, reaffirmed the following criteria and order of priority for selecting investments:
1.Safety of Principal
2.Liquidity
3.Return on Investment
The Treasurer prepares a monthly Report of Investments (the Investment Report) summarizing the status of the Treasury Pool, including the current market value of all investments. This report is submitted monthly to the Board of Supervisors. According to -11-
the Investment Report dated June 30, 2022, the May 31, 2022 book value of the Treasury Pool was approximately $46.109 billion, and the corresponding market value was approximately $44.339 billion.
An internal controls system for monitoring cash accounting and investment practices is in place. The Treasurer's Compliance Auditor, who operates independently from the Investment Officer, reconciles cash and investments to fund balances daily. The Compliance Auditor’s staff also reviews each investment trade for accuracy and compliance with the Board adopted Investment Policy. On a quarterly basis, the County’s outside independent auditor (External Auditor) reviews the cash and investment reconciliations for completeness and accuracy. Additionally, the External Auditor reviews investment transactions on a quarterly basis for conformance with the approved Investment Policy and annually accounts for all investments.
The following table identifies the types of securities held by the Treasury Pool as of May 31, 2022:
Type of Investment % of Pool
Certificates of Deposit 4.01
U.S. Government and Agency Obligations 73.87
Bank Acceptances 0.00
Commercial Paper 22.04
Municipal Obligations 0.06
Corporate Notes & Deposit Notes 0.02
Repurchase Agreements 0.00
Asset Backed Instruments 0.00
Other 0.00
100.00
The Treasury Pool is highly liquid. As of May 31, 2022, approximately 40.43% of the investments mature within 60 days, with an average of 944 days to maturity for the entire portfolio.
TreasPool Update
05/31/2022
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