STAFF REPORT
Meeting Date: November 07, 2023
To: Honorable Mayor & City Council
From: Howard S. Fisher, City Treasurer
Subject: Treasurer’s Report for Quarter Ended September 30, 2023 Attachments: 1. Fund Summary Schedule
INTRODUCTION
This City Treasurer’s Report for the quarter ended September 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:
BNY Mellon /
Wells Fargo Bank
CalTrust / Local
Agency
Investment Fund
U.S. Bank
(Bond Reserves)
U.S. Bank
(Section 115
Trust)
Beginning 06/30/23 @ Cost 642,191,193 80,263,057 3,081 106,211,499 828,668,830 Net Investment Activity (42,132,819) - - 3,451,921 (38,680,898) Plan Expenses & Payments to Retirees - - - (716,953) (716,953) Income 1,497,432 826,992 12 1,058,367 3,382,803
Ending 09/30/23 @ Cost 601,555,806 81,090,049 3,093 110,004,834 792,653,782 Net Investment Activity 35,215,667 (15,000,000) 2,503 (6,585,593) 13,632,577 Plan Expenses & Payments to Retirees - - - (1,413,600) (1,413,600) Income 2,067,513 677,794 - 1,129,740 3,875,047
Ending 06/30/23 @ Cost 642,191,193 80,263,057 3,081 106,211,499 828,668,830 Net Investment Activity 28,350,952 15,000,000 - (6,131,723) 37,219,230 Plan Expenses & Payments to Retirees - - - (621,129) (621,129) Income 1,325,101 361,674 76 130,847 1,817,698
Ending 03/31/231 @ Cost 604,908,013 94,585,263 578 113,080,953 812,574,807 Net Investment Activity 11,328,453 15,575,657 - - 26,904,110 Plan Expenses & Payments to Retirees - - - (944,575) (944,575) Income + Change in Market Value 25,477 - 76 3,547,120 3,572,673 Ending 12/31/22 @ Market 558,228,342 79,365,684 502 110,145,036 747,739,564 Q1 FY23/24
Q2 FY22/23
Period Covered Total Portfolio
General Portfolio Restricted Portfolio
Q4 FY22/23
Q3 FY22/23
1 1
1 1
1 1
*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 three current quarters and adjusted to combination of cost basis plus “unadjusted FMV” one quarter: Q2 FY22/23.
In addition to the investment portfolio, the City had $19,087,381.14 of operating cash on hand as of Sep 30, 2023, bringing the total cash and investments to $808,827,768, by the end of the fiscal year’s first quarter.
DISCUSSION
The City’s total investment portfolio of $789.7 million at September 30, 2023 included $682.6 million in general portfolio investments and $107.1 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 March 31 2024, 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 $ 595,637,617 Fund Type Title Balance Book Value Cal Trust 20,683,998 Internal Service Funds Infrastructure Fund $ 45,685,742 Book Value Wells Fargo - Stagecoach Sweep 5,918,188 Capital Assets Fund $ 49,706,736 Book Value State Controllers Local Agency Investment Fund (LAIF) 60,406,051 Equipment Replacement Fund $ 13,068,925 City Treasurer's Portfolio 682,645,855 Information Technology Fund $ 18,968,845 Book Value of Bond Proceeds Held in Trust at US Bank 3,093 Cable Television Fund $ 4,675,523 Book Value of Section 115 Assets Held in Trust at Schwab 18,687,665 Reprographics/Graphics Fund $ 2,852,174 TOTAL PORTFOLIO $ 701,336,613 Employee Benefits Fund $ (205,814) FUND SUMMARY Compensated Absences Liability Fund $ 12,699,403 Fund Type Title Balance Liability Claim s Fund $ 1,363,894 General Fund General Fund $ 227,780,252 Workers' Compensation Fund $ 24,475,168 Special Funds Community Development Technology Fund $ 4,500,000 Unemployment Insurance Fund $ (33,660) Employees' Deductions Fund $ - Policy, Administration, Legal $ 23,574,798 GASB 68 & 75 GVT Pension OPEB $ - Vehicle Fund $ 34,768,029 GLDAG $ - Debt Service Fund $ 2,111,400
Community Development Block Grant $ - Permanent Funds Burton Green Scholarship Fund $ 61,650 State Gas Tax Fund $ 1,221,607 Buck Endowment Trust Fund $ 229,092 RMRA (SB1) Fund $ 2,341,520 Enterprise Funds Water Enterprise Fund $ 61,140,520 In-Lieu Parking Fund $ 13,498,543 Water Capital Facilities Fund $ 5,635,893 General Plan Fund $ (502,839) Water Supply Capital Facilities Fund $ 2,812,390 Parks & Recreation Facilities Fund $ 20,445,367 Parking Enterprise Fund $ 46,852,812 Inmate Welfare $ - Solid Waste Enterprise Fund $ 12,081,082 Fine Art Fund $ 1,839,064 Wastewater Enterprise Fund $ 51,476,162 Police Dept Grant Fund $ (165,719) Wastewater Capacity Fee Fund $ 327,331 Affordable Housing Fund $ - Stormwater Enterprise Fund $ 6,260,683 Air Quality Improvement Fund $ (93,742) Stormwater - Meas W - Reg Prg $ 347,160 CBSC SB 1473 $ - Stormwater - CA DWR - Prop 1 $ (691,845) California State Senate Bill 1186 $ - Total All Funds $ 701,336,613 Measure W - Safe Clean Water $ (462,869)
Transportation Grants Fund $ 3,376,962 $ 91,317,170
Prop C Fund $ 3,417,397
Misc Grants Fund - Non-Safety $ -
Seized and Forfeited Property - Trea $ - Total: $ 792,653,782 Seized and Forfeited Property - Federal $ -
Seized and Forfeited Property - State $ -
MTA Grant Fund $ 1,400,264
MTA Violation Fund $ -
Measure M -LA Metro Tax $ 2,496,712
Balance Sheet Investment Balances
As of Quarter Ended
September 30, 2023
OPEB Trust assets accounted for in accordance w ith GASB 75: