http://sharepoint/sites/Finance/Shared Documents/AA/Treasurer's Reports/Staff Report for TR.docx 10-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 July 2022.
DATE: August 24, 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 2021-22 and 2022-23, from July 1, 2022 to July 31, 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 July 2022 ............................................................... 2 - 1 -
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 35,693,736$ (A)3,532,724$ (7,328,697)$ 31,897,763 011 General Fund Capital Projects 1,652,610 11,093,366 (519,960) 12,226,016 012 Public Projects (1,842,331) - - (1,842,331) 999 Cash Clearing Unallocated Interest (3,681) 17,846 (14,105) 60 RESTRICTED:
Development Impact/Other Fees (revenue/expenditure details attached) 024 Park Facilities 1,334,101 53,860 (2,796) 1,385,165 022 Public Facilities 162,021 2,615 (340) 164,296 020 Public Arts 310,717 649 (16) 311,350 Other Funds
013 DOT Highway Relinquishment 4,490,361 5,444 (131) 4,495,674 015 Transportation Development Act (TDA) Article 3 (56,000) 56,000 - - 030 Grant Projects (215,112) 1,984 (18,379) (231,507) 037 Drug Rehabilitation Program 256,490 2,575 (2,986) 256,079 040 Public Educational Government (PEG) 831,518 121 - 831,639 050 California COPS 259,470 (A)531 (2,533) 257,468 090 Agency Fund/Refundable Deposits-Private Projects 1,461,009 49,105 (55,857) 1,454,257 100 Proposition A - Transportation 2,218,379 205,806 (98,282) 2,325,903 115 Measure M - Streets 2,361,125 146,458 (7,407) 2,500,176 125 Measure R - Streets 2,273,782 129,805 (45,043) 2,358,544 135 Proposition C - Streets 2,340,061 172,544 (190,594) 2,322,011 140 State Gas Tax - Streets 4,085,198 201,731 (154,480) 4,132,449 145 Road Maintenance and Rehabilitation Account (RMRA)3,114,344 148,699 (53,035) 3,210,008 150 Air Quality Management District Fees 311,828 640 (1,462) 311,006 230 Sewer Reconstruction 316,278 - - 316,278 31X Municipal Water System 2,527,771 - (239,785) 2,287,986 320 Measure W 3,599,352 7,403 (3,520) 3,603,235 510 Economic Development 1,240,608 773,000 (247,419) 1,766,189 530 Equipment Replacement 639,439 1,336 (7,851) 632,924 540 GIS Update 213,835 2,113 (3,000) 212,948 542 General Planning and Zoning Update 618,712 6,310 - 625,022 600 Building and Safety 323,805 59,937 (127,518) 256,224 602 CASp Certification and Training 86,939 1,668 (723) 87,884 700 Debt Service - Public Facilities Corporation - 57,625 (57,625) - 710 Debt Service - Financing Authority 4,759 5,780 (35,256) (24,717) 720 Debt Service - 2021/2018 Transportation COPS - - - - 730 Debt Service - 2021 Pension Obligation Bonds 13,605 3 - 13,608 900 Community Development Block Grant (CDBG)(250,925) 168,123 (552,828) (635,630) 910 HOME Investment Partnership 55,461 180 (24,132) 31,509 920 ARPA SLFRP Fund 17,078,949 - (7,235,187) 9,843,762 944 Parking District No. 1 (3,028) 4,018 (3,480) (2,490) Successor Housing Agency:
974 Low and Moderate Income Housing Asset Fund 479,603 210,047 (26,530) 663,120 TOTAL CITY OF BELLFLOWER 87,984,789$ 17,120,046$ (17,060,957)$ 88,043,878$ SUCCESSOR AGENCY:
RESTRICTED:
956 Successor Agency BUSD Trust 20$ 132,062$ (132,082)$ -$ 970 Redevelopment Obligation Retirement Fund 1,700,157 - (1,186,708) 513,449 972 Successor Agency Administration Fund - 15,000 (2,023) 12,977 TOTAL SUCCESSOR AGENCY 1,700,177$ 147,062$ (1,320,813)$ 526,426$ COMBINED TOTAL - CITY & SUCCESSOR AGENCY 89,684,966$ 17,267,108$ (18,381,770)$ 88,570,304$ (A) Previously reported balances have been adjusted due to certain fiscal year-end closing entries.
CASH AND INVESTMENT BALANCES BY FUND
CITY OF BELLFLOWER AND BELLFLOWER SUCCESSOR AGENCY
(As of August 18, 2022)
TREASURER'S REPORT FOR THE MONTH OF JULY 2022
TAE G. RHEE, FINANCE DIRECTOR/TREASURER
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PARK FACILITIES FEES
Revenues:
18,288.00$ July 18, 2022 Park Fac Fee/15352 Leahy Ave 30,110.54 July 29, 2022 Park Fac Fee/9709 Ramona 48,398.54$
Project Expenditures:
-$
-$
PUBLIC FACILITIES FEES
Revenues:
1,951.06$ July 29, 2022 Public Fac Fee/9709 Ramona 1,951.06$
Project Expenditures:
-$
-$
PUBLIC ARTS FEES
Revenues:
-$
-$
Project Expenditures:
-$
-$
DEVELOPMENT IMPACT/OTHER FEES
Revenue and Expenditure Detail Report
(July 1, 2022 - July 31, 2022)
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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:
6,993.97$ Constitution Park Improvements
3,840.98 Thompson Park Improvements
10,834.95$
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 Lakewood 3,035.44 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)
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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)50,353,043$ 79,603$ (8,000,000)$ 42,432,646$ N/A 41,886,343$ 1.090%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)24,746,231 14,124 (7,000,000) 17,760,355 N/A 17,025,213 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 50,299 60 - 50,359 N/A 50,359 1.540%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 - 1.480%Money Market Fund Dreyfus N/A -Dreyfus Treasury Securities Cash Management -
Institutional / 2021 Pension Obligation Bonds
13,605 759,014 - 772,619 N/A 772,619 1.480%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 3,000,960 3.500% U.S. Agency
Bonds/Notes Federal Home Loan Bank 10/26/2023
-Federal Home Loan Bank Notes 3,000,000 - - 3,000,000 3,000,000 2,994,720 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 2,995,800 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 2,992,290 3.000% U.S. Agency
Bonds/Notes Federal Home Loan Bank 6/28/2024
-Federal Home Loan Bank Notes - 3,000,000 - 3,000,000 3,000,000 3,000,000 3.200%Step-Up U.S. Agency
Bonds/Notes Federal Home Loan Bank 7/26/2024
-Federal Home Loan Mortgage Corporation - 3,000,000 - 3,000,000 3,000,000 3,006,690 4.000% U.S. Agency
Bonds/Notes
Federal Home Loan
Mortgage Corporation 10/18/2024
-Federal Home Loan Bank Notes - 3,000,000 - 3,000,000 3,000,000 3,003,390 3.500%Step-Up U.S. Agency
Bonds/Notes Federal Home Loan Bank 1/28/2026
-Dreyfus Treasury Securities Cash Management -
Institutional 10 2,500 - 2,510 N/A 2,510 1.480%Money Market Fund Dreyfus N/A
Charles Schwab Trust Bank
-Section 115 Pension Stabilization Trust
Investments / Mutual Funds - 169,014 - 169,014 N/A 176,508 N/A Various Investments /
Mutual Funds
Various; Held by Charles
Schwab Trust N/A
Trust Cash 500,000 85 (169,014) 331,071 N/A 331,071 0.250%Trust Cash Account Charles Schwab Trust
Bank N/A
TOTAL INVESTMENTS 84,663,188 13,024,400 (15,169,014) 82,518,574 81,238,473 BANK DEPOSITS (2):
-General Operating Account (3)3,295,271 20,591,796 (18,371,494) 5,515,573 N/A 5,515,573 N/A Checking Account Bank of the West N/A -Payroll Account (3)(5,007) 1,539,002 (1,540,498) (6,503) N/A (6,503) N/A Checking Account Bank of the West N/A -Revolving Account (3)12 222,620 (222,468) 164 N/A 164 N/A Checking Account Bank of the West N/A -Sec. 125 Flex Spending Account (3)27,265 - (2,278) 24,987 N/A 24,987 N/A Checking Account Bank of the West N/A - Pooled Cash Allocated to SA - - (12,977) (12,977) N/A (12,977) N/A TOTAL BANK DEPOSITS 3,317,541 22,353,418 (20,149,715) 5,521,244 5,521,244 PETTY CASH 4,060 - - 4,060 N/A 4,060
CITY - TOTAL DEPOSITS AND
INVESTMENTS 87,984,789$ 35,377,818$ (35,318,729)$ 88,043,878$ 86,763,777$
CITY OF BELLFLOWER AND BELLFLOWER SUCCESSOR AGENCY
CASH AND INVESTMENTS BY TYPE
TREASURER'S REPORT FOR THE MONTH OF JULY 2022
Dollar Amount Invested
(As of August 18, 2022)
TAE G. RHEE, FINANCE DIRECTOR/TREASURER \\sharepoint\DavWWWRoot\sites\Finance\Shared Documents\AA\Treasurer's Reports\TR 22-07- 5 -
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 AND BELLFLOWER SUCCESSOR AGENCY
CASH AND INVESTMENTS BY TYPE
TREASURER'S REPORT FOR THE MONTH OF JULY 2022
Dollar Amount Invested
(As of August 18, 2022)
SUCCESSOR AGENCY:
Los Angeles County Pooled Investment Fund (5)20$ (20)$ -$ -$ NA - 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)1,700,136 - (1,672,567) 27,569 N/A 27,569 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
21 485,859 - 485,880 N/A 485,880 1.480%Money Market Fund Dreyfus N/A TOTAL INVESTMENTS 1,700,177 485,839 (1,672,567) 513,449 513,449 Pooled Cash Account - 12,977 - 12,977 12,977 N/A
SUCCESSOR AGENCY -
TOTAL DEPOSITS AND INVESTMENTS 1,700,177$ 498,816$ (1,672,567)$ 526,426$ 526,426$
CITY & SUCCESSOR AGENCY -
TOTAL DEPOSITS AND INVESTMENTS 89,684,966$ 35,876,634$ (36,991,296)$ 88,570,304$ 87,290,203$ (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 $250,000 by the FDIC. Under the California Government Code, banks and savings are also required to secure the City's deposits by either (1) pledging government securities with market value of at least 110% of the deposits as collateral, or (2) pledging first trust deed mortgage notes having a value of at least 150% of the deposits. (3)Analysis account.
(4)CalTRUST is a joint powers authority formed by a number of public agencies in California to provide a method of pooling for investment purposes. (5)Los Angeles County Pooled Investment Fund is an investment pool managed by the L.A. County Treasurer. The current market value is an estimate based on the preceding month's market value.
A.The City's investment portfolio complies with the Statement of Investment Policy.
B.Based on the City's current cash and investment position and estimated cash flows, the City will meet its expenditure requirements for the next six months.
C.For bank deposits including certificates of deposit and money market accounts, market value is the same as the carrying value.
D.Market values are provided on the monthly trustee, custody, and investment statements.
NOTES FOR THE CITY AND SUCCESSOR AGENCY:
TAE G. RHEE, FINANCE DIRECTOR/TREASURER \\sharepoint\DavWWWRoot\sites\Finance\Shared Documents\AA\Treasurer's Reports\TR 22-07- 6 -
ACTUAL BUDGET
Fiscal Year Reporting FY 2022-23 Fiscal Year
2021-22 Month To Date 2022-23
Beginning Cash Balance 220,332$ 259,470$ 259,470$ 259,470$ Receipts:
SLESF Funding 191,381 - - 175,000 Interest 987 - - 1,000 Total Receipts 192,368 - - 176,000 (A)
Expenditures/Allocations:
L.A. County Sheriff's Department/
City Public Safety
General Law Cars (109,000) - - (110,000) Equipment Leases / Purchases (40,826) - - (49,000) Total Expenditures/Allocations (149,826) - - (159,000) (A)
Receivables and Payables:
Add: Beginning receivables 156 531 531 - Deduct: Ending receivables (531) - - - Deduct: Beginning accounts payable (8,095) (5,066) (5,066) - Add: Ending accounts payable 5,066 2,533 2,533 - Net Adjustment (3,404) (2,002) (2,002) - (A)
Ending Cash Balance 259,470$ 257,468$ 257,468$ 276,470$ (A) Previously reported balances as of June 30, 2022 have been adjusted due to certain fiscal year-end closing entries.
ACTUAL
(As of August 18, 2022)
TREASURER'S REPORT FOR THE MONTH OF JULY 2022
SUPPLEMENTAL LAW ENFORCEMENT SERVICES FUND - FUND NO. 050
STATEMENT OF RECEIPTS, ALLOCATIONS AND EXPENDITURES
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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 reports 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 \\sharepoint\DavWWWRoot\sites\Finance\Shared Documents\AA\Treasurer's Reports\TR 22-07- 8 -
Carrying Cost Plus
Description Accrued Interest Purch. Fair Value Accrued Interest United States Treasury:
Bills 52,098,128,291.11$ 52,057,747,000.00$ NA Notes 104,818,985,610.97$ 102,520,395,000.00$ 273,587,614.00$ Federal Agency:
SBA 300,318,315.91$ 300,555,022.11$ 189,527.40$
MBS-REMICs 4,432,359.73$ 4,497,025.55$ 20,034.96$
Debentures 8,895,418,676.26$ 8,738,846,550.00$ 14,157,686.50$ Debentures FR -$ -$ -$
Debentures CL 2,450,000,000.00$ 2,439,724,500.00$ 9,836,029.50$ Discount Notes 29,458,450,347.10$ 29,441,160,000.00$ NA Supranational Debentures 2,231,820,920.27$ 2,165,702,700.00$ 6,556,084.60$ Supranational Debentures FR -$ -$ -$
CDs and YCDs FR -$ -$ -$
Bank Notes 100,000,000.00$ 99,792,447.60$ 266,666.67$
CDs and YCDs 12,760,000,000.00$ 12,735,555,691.17$ 41,454,066.65$ Commercial Paper 10,111,738,076.32$ 10,123,658,513.84$ NA Corporate:
Bonds FR -$ -$ -$
Bonds 492,556,729.32$ 473,132,560.00$ 2,271,300.58$
Repurchase Agreements -$ -$ -$
Reverse Repurchase -$ -$ -$
Time Deposits 4,614,000,000.00$ 4,614,000,000.00$ NA
PMIA & GF Loans 829,187,000.00$ 829,187,000.00$ NA
TOTAL 229,165,036,326.99$ 226,543,954,010.27$ 348,339,010.86$ Fair Value Including Accrued Interest 226,892,293,021.13$ Repurchase Agreements, Time Deposits, PMIA & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost).
State of California
Pooled Money Investment Account
Market Valuation
7/31/2022
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TYPE OF SECURITY AMOUNT ($)
*PERCENT OF
PORTFOLIO
*DIFFERENCE IN
PERCENT OF
PORTFOLIO FROM
PRIOR MONTH
Government
Bills 52,098,128 22.66 -0.73
Bonds 0 0.00 0
Notes 105,528,541 45.91 +1.28
Strips 0 0.00 0
Total Government 157,626,669 68.57 +0.55
Agency Debentures 13,877,558 6.04 -0.04
Certificates of Deposit 12,760,000 5.55 -0.12
Bank Notes 100,000 0.04 0
Repurchases 0 0.00 0
Agency Discount Notes 29,458,450 12.82 0
Time Deposits 4,614,000 2.01 +0.11
GNMAs 0 0.00 0
Commercial Paper 10,111,738 4.40 -0.51
Remics 4,432 0.00 0
Corporate Bonds 492,557 0.21 0
PMIA Loans 829,187 0.36 +0.01
GF Loans 0 0.00 0
Other 0 0.00 0
Reversed Repurchases 0 0.00 0
Total (All Types)229,874,591 100.00
*Percentages may be off due to rounding.
INVESTMENT ACTIVITY July 2022 June 2022
NUMBER AMOUNT ($)NUMBER AMOUNT ($)
Pooled Money 796 39,581,189 1,027 51,026,933
Other 3 1,692,579 47 1,417,103
Time Deposits 77 2,582,000 85 3,015,000
Total 876 43,855,768 1,159 55,459,036
PMIA Monthly Average Effective Yield (%)1.090 0.861
Year to Date Yield Last Day of Month (%)1.090 0.371
POOLED MONEY INVESTMENT ACCOUNT
Selected Investment Data
Analysis of the Pooled Money Investment Account Portfolio (Dollars In Thousands)
July 31, 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 June 30, 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 $20.351
Schools and Community Colleges 22.581
Discretionary Participants 4.008
Total $46.940
The Treasury Pool participation composition is as follows:
Non-discretionary Participants 91.46%
Discretionary Participants:
Independent Public Agencies 8.07%
County Bond Proceeds and Repayment Funds 0.47%
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 July 29, 2022, the June 30, 2022 book value of the Treasury Pool was approximately $46.940 billion, and the corresponding market value was approximately $44.997 billion.
An internal controls system for monitoring cash accounting and investment practices is in place. The Treasurer's Compliance Auditor, who operates independently from the Investment Officer, reconciles cash and investments to fund balances daily. The Compliance Auditor’s staff also reviews each investment trade for accuracy and compliance with the Board adopted Investment Policy. On a quarterly basis, the County’s outside independent auditor (External Auditor) reviews the cash and investment reconciliations for completeness and accuracy. Additionally, the External Auditor reviews investment transactions on a quarterly basis for conformance with the approved Investment Policy and annually accounts for all investments.
The following table identifies the types of securities held by the Treasury Pool as of June 30, 2022:
Type of Investment % of Pool
Certificates of Deposit 3.62
U.S. Government and Agency Obligations 74.07
Bank Acceptances 0.00
Commercial Paper 22.24
Municipal Obligations 0.05
Corporate Notes & Deposit Notes 0.02
Repurchase Agreements 0.00
Asset Backed Instruments 0.00
Other 0.00
100.00
The Treasury Pool is highly liquid. As of June 30, 2022, approximately 41.37% of the investments mature within 60 days, with an average of 933 days to maturity for the entire portfolio.
TreasPool Update
06/30/2022
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Investment Balance 06/30/22 46,939,724,288$
Market Value at 06/30/22 44,996,782,054$
Average Daily Balance 46,016,977,795$
Gains and Losses:
For the Month -$
For the Past 12 Months 6,004$
Unrealized Gains and Losses on Transfers
between Portfolio for the Month -$
Earnings for the Month 43,664,219$
Earnings for the Past 12 Months 274,458,754$
Earnings Rate for the Month 1.15%
POOLED SURPLUS EARNINGS REPORT
JUNE 30, 2022
SCHEDULE B
TREASURER POOLED SURPLUS
INVESTMENT PORTFOLIO
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