STAFF REPORT
Meeting Date: February 8, 2022
To: Honorable Mayor & City Council
From: Howard S. Fisher, City Treasurer
Subject: Treasurer’s Report for Quarter Ended December 31, 2021 Attachments: 1. Fund Summary Schedule
INTRODUCTION
This City Treasurer’s Report for the quarter ended December 31, 2021 includes a summary of investment balances and a listing of the portfolio value by each City fund.
The following is a summary of the activity of the City’s portfolio for the fiscal year’s second quarter:
*Negative amounts presented above in Net Investment Activity generally indicate sales of securities in the portfolio and transfers out of the investment account. Negative amounts presented above in Income + Change in Market Value indicate a decline in market value from the prior period of the securities held.
1$90 million represents the funds remaining in escrow to make debt service payments resulting from $32.2 million in newly issued debt (2020A Water Revenue Bonds) and funds held by US Bank to make debt service payments associated with the refunded debt of $57.8 million for 2020B Lease Revenue Refunding Bonds and $30.4 million for 2020B Water Revenue Refunding Bonds.
In addition to the investment portfolio, the City had $12,491,173.74 of operating cash on hand as of December 31, 2021, bringing the total cash and investments to $797,684,116.53 by the end of the fiscal year’s second quarter.
FISCAL IMPACT
None.
DISCUSSION
The City’s total investment portfolio of $785.2 million at December 31, 2021 included $587.9 million in general portfolio investments and $197.3 million in restricted investments and is in compliance with the City's Investment Policy and Section 115 Trust Investment Guidelines.
Adequate liquidity exists within the portfolio to meet all known short-term City requirements through at least June 30, 2022, and we believe the City will have adequate liquidity to meet all requirements for the foreseeable future based upon existing maturity schedules and the current investment policy.*
*As part of required reporting of the City’s unfunded pension and other post-employment benefits (OPEB) liabilities, PERS provides an annual report for the City’s pension liability and the City contracts with an actuarial services firm for the required biennial reports for assessing the OPEB liability.
RECOMMENDATION
This report is for information only.
Howard S. Fisher,
City Treasurer
Approved By
Attachment 1