STAFF REPORT
Meeting Date: January 3, 2023
To: Honorable Mayor & City Council
From: Howard S. Fisher, City Treasurer
Subject: Treasurer’s Report for the Month Ended November 30, 2022 Attachments: 1. Summary of Fund Balances
INTRODUCTION
This City Treasurer’s Report for the month ended November 30, 2022 includes a summary of cash receipts and disbursements as well as a summary of fund balances.
DISCUSSION
In November 2022, the City’s cash receipts and cash disbursements respectively were approximately $22.4 million and $23.7 million.
The City organizes its resources into the following main fund categories: General Fund, Special Revenue Funds, Internal Service Funds, Infrastructure Funds, Permanent Funds, Fiduciary Funds, and Enterprise Funds. Within each of these fund categories are multiple funds that relate to one or more City departments, and attached is a summary of these fund balances.
Adequate liquidity exists within the portfolio to meet all known City requirements through at least June 30, 2023, with $49.1 million invested in LAIF and CalTrust as of November 30, 2022. We believe the City will have adequate liquidity to meet all requirements for the foreseeable future.
FISCAL IMPACT
None.
The following is a summary of the cash receipts and disbursements for month ended November 30, 2022:
1The summary above incorporates the balance and transactions of the City’s Sweep Account. As a result, the transfers between the General Account and the Sweep Account net to zero.
RECOMMENDATION
This report is for information only.
Howard S. Fisher,
City Treasurer
Approved By
Attachment 1
CITY OF BEVERLY HILLS
SUMMARY OF FUND BALANCES FOR THE MONTH ENDED
November 30, 2022
(REPORT RUN December 13, 2022)
1 Fund 068: GASB 68 & 75 Government Pension OPEB Fund: This fund will always have a debit fund balance because the fund hosts long term liabilities and some associated deferred outflows. 2 Fund 097: Long Term Debt Fund: This fund will always have a debit fund balance because the fund hosts long term liabilities and some associated deferred outflows.
3 Fund 191: Fire Dept Grant Fund: A negative fund balance is created when funds are spent and until grant reimbursement is received.
4 Fund 280: Measure W – Safe Clean Water Fund: A negative fund balance is created when funds are spent and until grant reimbursement is received.
5 Fund 440: Employee Benefits Fund: 2010 ARMP related bond issuance where the liabilities are recorded at face value at inception but debt service funding is planned in an as-you-go basis. 6 Fund 441: Compensated Absences Liability Fund: This fund is hosting the reserves for compensated absences and these reserves are not fully funded, thus the negative fund balance. 7 Fund 450: Liability Claims Res Fund: The negative fund balance results from the fact that liabilities are surpassing assets since the rise in claims liability exceeds the increase in ISF revenues credited to the fund. 8 Fund 460: Workers’ Compensation Fund: The negative fund balance results from the fact that the rise in claims liability exceeds the increase in ISF charges credited to the fund. 9 Fund 852: Stormwater – CA DWR – Prop 1 Fund: The negative fund balance is created when funds are spent and until grant reimbursement is received.