1 STAFF REPORT
DATE: September 24, 2024
TO: Honorable Mayor and Council Members
FROM: Krystle Ang Palmer, City Treasurer
SUBJECT: Review of City Treasurer’s Investment Portfolio Report for June 30, 2024
RECOMMENDATION
Note and file.
BACKGROUND
The City Treasurer’s Investment Portfolio Report for the City of Burbank, the Youth Endowment Services F und, 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 June 30, 2024, is attached (Attachment 1).
DISCUSSION
The City’s total investment portfolio is diversified into various types of assets which are in compliance with the 2024 City of Burbank Investment Policy adopted April 9, 2024, by the City Council, and with California Government Code § 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 • Richard Martin, CPA
• Scott Rife, retired Senior Vice President, Boston Private Bank and Trust
The F&TRG members are:
• Council Member Konstantine Anthony
• Council Member Zizette Mullins
• City Manager Justin Hess
• Assistant City Manager Courtney Padgett
CITY
TREASURER
2 • Financial Services Director Jennifer Becker
• Chief Financial Officer of Burbank Water and Power Joe Lillio
ENVIRONMENTAL REVIEW
This activity has no potential for resulting in either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, and as such, is not a “project” subject to the requirements of the California Environmental Quality Act (CEQA) 14 Cal. Code Regs § 15378.
FISCAL IMPACT
None.
CONCLUSION
The Investment Portfolio managed by the City Treasurer is in compliance with the City’s 2024 Investment Policy and California Government Code § 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 June 30, 2024