1 STAFF REPORT
DATE: December 13, 2022
TO: Honorable Mayor and Council Members
FROM: Krystle Ang Palmer, City Treasurer
SUBJECT: Review of City Treasurer’s Investment Portfolio Report for September 30, 2022
RECOMMENDATION
Note and file.
BACKGROUND
Attached is the City Treasurer’s Investment Portfolio Report for the City of Burbank, the Youth Endowment Services Fund, the Parking Authority of the City of Burbank, the Public Financing Authority, the Successor Agency to the Redevelopment Agency of the City of Burbank, and the Housing Authority of the City of Burbank, for the period ending September 30, 2022.
DISCUSSION
The City’s total investment portfolio is diversified into various types of assets which are in compliance with the 2022 City of Burbank Investment Policy ado pted June 21, 2022 by the City Council, and with California Government Code Section 53601.
This report was discussed by the Treasurer’s Oversight Review Committee (TORC) and the Fiscal & Treasurer’s Review Group (F&TRG). The TORC members are:
• Darin Guggenheimer, CEO, Gain Federal Credit Union
• Norelyn Kurasz, former CEO, Cedar Sinai Federal Credit Union CITY
TREASURER
2 • Richard Martin, CPA
• Scott Rife, retired Senior Vice President, Boston Private Bank and Trust • David Escobar, First Vice President, UBS Financial Services
The F&TRG members are:
• Council Member Bob Frutos
• Council Member Nick Schultz
• City Manager Justin Hess
• Assistant City Manager Judie Wilke
• Financial Services Director Jennifer Becker
• Chief Financial Officer of Burbank Water & Power Bob Liu
FISCAL IMPACT
None.
CONCLUSION
The Investment Portfolio managed by the City Treasurer is in compliance with the 202 2 Investment Policy and California Government Code Section 53601. There is sufficient investment liquidity and anticipated revenues available to meet the City’s expenditure requirements for the next six months.
ATTACHMENT
Attachment 1 – City of Burbank Treasurer’s Investment Portfolio Report for September 30, 2022