STAFF REPORT
INTRODUCTION
This City Treasurer’s Report for the quarter ended June 30, 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 combination of cost basis plus “unadjusted FMV” for prior quarters.
Meeting Date: August 15, 2023
To: Honorable Mayor & City Council
From: Howard S. Fisher, City Treasurer
Subject: Treasurer’s Report for Quarter Ended June 30, 2023 Attachments: 1. Fund Summary Schedule
In addition to the investment portfolio, the City had $19.222.929.44 of operating cash on hand as of June 30, 2023, bringing the total cash and investments to $832,792,669.60, by the end of the fiscal year’s second quarter.
DISCUSSION
The City’s total investment portfolio of $813.6 million at June 30, 2023 included $707.3 million in general portfolio investments and $106.3 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 December 31 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
Attachment 1
FUND SUMMARY (continued)
Book Value General Portfolio Bank of New York $ 579,091,443 Fund Type Title Balance Book Value Cal Trust 20,377,119 Internal Service Funds Infrastructure Fund $ 46,567,193 Book Value Wells Fargo - Stagecoach Sweep 47,971,080 Capital Assets Fund $ 51,041,855 Book Value State Controllers Local Agency Investment Fund (LAIF) 59,823,721 Equipment Replacement Fund $ 13,460,790 City Treasurer's Portfolio 707,263,362 Information Technology Fund $ 22,185,147 Book Value of Bond Proceeds Held in Trust at US Bank 3,081 Cable Television Fund $ 6,140,926 Book Value of Section 115 Assets Held in Trust at US Bank 106,303,297 Reprographics/Graphics Fund $ 2,923,681 TOTAL PORTFOLIO $ 813,569,740 Employee Benefits Fund $ 9,792 FUND SUMMARY Compensated Absences Liability Fund $ 14,226,289 Fund Type Title Balance Liability Claims Fund $ 2,673,416 General Fund General Fund $ 208,379,491 Workers' Compensation Fund $ 24,970,448 Special Funds Community Development Technology Fund $ 4,500,000 Unemployment Insurance Fund $ 119,747 Employees' Deductions Fund $ - Policy, Administration, Legal $ 24,595,643 GASB 68 & 75 GVT Pension OPEB $ - Vehicle Fund $ 35,357,106 GLDAG $ - Debt Service Fund $ 3,270,236
Community Development Block Grant $ - Permanent Funds Burton Green Scholarship Fund $ 71,365 State Gas Tax Fund $ 1,645,808 Buck Endowment Trust Fund $ 257,869 RMRA (SB1) Fund $ 2,650,391 Enterprise Funds Water Enterprise Fund $ 66,864,859 In-Lieu Parking Fund $ 14,738,169 Water Capital Facilities Fund $ 5,824,566 General Plan Fund $ 158,191 Water Supply Capital Facilities Fund $ 3,197,491 Parks & Recreation Facilities Fund $ 20,896,249 Parking Enterprise Fund $ 51,276,672 Inmate Welfare $ - Solid Waste Enterprise Fund $ 17,040,995 Fine Art Fund $ 1,867,211 Wastewater Enterprise Fund $ 54,187,894 Police Dept Grant Fund $ - Wastewater Capacity Fee Fund $ 327,331 Affordable Housing Fund $ - Stormwater Enterprise Fund $ 6,362,418 Air Quality Improvement Fund $ 51,648 Stormwater - Meas W - Reg Prg $ 3,819,684 CBSC SB 1473 $ - Stormwater - CA DWR - Prop 1 $ 12,739
California State Senate Bill 1186 $ - Total All Funds $ 725,390,449 Measure W - Safe Clean Water $ 1,145,582
Transportation Grants Fund $ 4,245,041 $ 88,179,291
Prop C Fund $ 3,860,288
Misc Grants Fund - Non-Safety $ -
Seized and Forfeited Property - Trea $ - Total: $ 813,569,740 Seized and Forfeited Property - Federal $ -
Seized and Forfeited Property - State $ -
MTA Grant Fund $ 1,914,172
MTA Violation Fund $ -
Measure M -LA Metro Tax $ 2,552,055
Balance Sheet Investment Balances
As of Quarter Ended
June 30, 2023
OPEB Trust assets accounted for in accordance w ith GASB 75: