STAFF REPORT
Meeting Date: May 16, 2023
To: Honorable Mayor & City Council
From: Howard S. Fisher, City Treasurer
Subject: Treasurer’s Report for Quarter Ended March 31, 2023 Attachments: 1. Fund Summary Schedule
INTRODUCTION
This City Treasurer’s Report for the quarter ended March 31, 2023, 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 third 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. 1The ending portfolio balance is presented at cost basis for current quarter and adjusted to a combination of cost basis plus “unadjusted FMV” for prior quarters.
Meeting Date: May 16, 2023
In addition to the investment portfolio of $812,574,806.74, the City had $18,485,701.67 of operating cash on hand as of March 31, 2023, bringing the total cash and investments to $831,060,508.41, by the end of the fiscal year’s second quarter.
DISCUSSION
The City’s total investment portfolio of $812.6 million at March 31, 2023 included $699.5 million in general portfolio investments and $113.1 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 September 30 2023, 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.
FISCAL IMPACT
None.
RECOMMENDATION
This report is for information only.
Howard S. Fisher,
City Treasurer
Approved By
Meeting Date: May 16, 2023
Attachment 1
Meeting Date: May 16, 2023
FUND SUMMARY (continued)
Book Value General Portfolio Bank of New York $ 592,413,587 Fund Type Title Balance Book Value Cal Trust 20,226,178 Internal Service Funds Infrastructure Fund $ 45,857,690 Book Value Wells Fargo - Stagecoach Sweep 12,494,426 Capital Assets Fund $ 50,277,448 Book Value State Controllers Local Agency Investment Fund (LAIF) 74,359,085 Equipment Replacement Fund $ 13,274,071 City Treasurer's Portfolio 699,493,276 Information Technology Fund $ 21,807,522 Book Value of Bond Proceeds Held in Trust at US Bank 578 Cable Television Fund $ 6,032,881 Book Value of Section 115 Assets Held in Trust at US Bank 113,080,953 Reprographics/Graphics Fund $ 2,876,948 TOTAL PORTFOLIO $ 812,574,807 Employee Benefits Fund $ 22,277 FUND SUMMARY Compensated Absences Liability Fund $ 14,017,053 Fund Type Title Balance Liability Claims Fund $ 2,636,560 General Fund General Fund $ 214,147,988 Workers' Compensation Fund $ 24,592,262 Special Funds Community Development Technology Fund $ 4,500,000 Unemployment Insurance Fund $ 127,392 Employees' Deductions Fund $ - Policy, Administration, Legal $ 24,162,060 GASB 68 & 75 GVT Pension OPEB $ - Vehicle Fund $ 34,832,555 GLDAG $ - Debt Service Fund $ 3,266,025
Community Development Block Grant $ - Permanent Funds Burton Green Scholarship Fund $ 70,275 State Gas Tax Fund $ 1,774,332 Buck Endowment Trust Fund $ 254,034 RMRA (SB1) Fund $ 2,626,383 Enterprise Funds Water Enterprise Fund $ 65,964,668 In-Lieu Parking Fund $ 14,527,843 Water Capital Facilities Fund $ 5,745,740 General Plan Fund $ 197,131 Water Supply Capital Facilities Fund $ 3,167,557 Parks & Recreation Facilities Fund $ 20,615,286 Parking Enterprise Fund $ 50,421,525 Inmate Welfare $ - Solid Waste Enterprise Fund $ 16,743,477 Fine Art Fund $ 1,840,352 Wastewater Enterprise Fund $ 53,424,888 Police Dept Grant Fund $ - Wastewater Capacity Fee Fund $ 326,816 Affordable Housing Fund $ - Stormwater Enterprise Fund $ 6,234,357 Air Quality Improvement Fund $ 59,659 Stormwater - Meas W - Reg Prg $ 3,707,604 CBSC SB 1473 $ - Stormwater - CA DWR - Prop 1 $ 8,541
California State Senate Bill 1186 $ - Total All Funds $ 723,712,715 Measure W - Safe Clean Water $ 1,106,737
Transportation Grants Fund $ 4,204,269 $ 88,862,092
Prop C Fund $ 3,827,490
Misc Grants Fund - Non-Safety $ -
Seized and Forfeited Property - Trea $ - Total: $ 812,574,807 Seized and Forfeited Property - Federal $ -
Seized and Forfeited Property - State $ -
MTA Grant Fund $ 1,915,302
MTA Violation Fund $ -
Measure M -LA Metro Tax $ 2,517,715
Balance Sheet Investment Balances
As of Quarter Ended
March 31, 2023
OPEB Trust assets accounted for in accordance w ith GASB 75: