M E M O R A N D U M
August 17, 2022
TO: City Clerk
FROM: Kim Sitton
Finance Director
SUBJECT: Monthly Fiscal Report, June 2022
Pursuant to CMC Section 2.28.010 (D) the attached report provides an accounting of all receipts, disbursements and fund balances for the month of June 2022, subject to final audit.
Prepared By: Reviewed By:
_______________________________ _______________________________ Financial Analyst Accounting Manager
Respectfully submitted:
_______________________________ _______________________________ Finance Director Assistant City Manager
_______________________________
City Treasurer
Attachment
DocuSign Envelope ID: 06FF38D5-7870-4C01-B34E-F6C44439265C
BEGINNING ENDING
DESCRIPTION BALANCE RECEIPTS DISBURSEMENTS BALANCE
Balance Per Bank - Bank of America $ 10,999,882.45 $ 73,462,517.35 $ 78,286,348.85 $ 6,176,050.95 Deposits in Transit, as restated 920,047.53 725,679.16 920,047.53 725,679.16 Outstanding Checks (2,879,236.37) 2,879,236.37 3,167,433.06 (3,167,433.06) Fiscal Agents 16,159,739.30 2,637,587.83 47,731.58 18,749,595.55 Investments
Chandler Investment Account 1 312,323,044.73 37,862,363.84 7,423,552.50 342,761,856.07 LAIF 113,494,697.40 21,100,000.00 41,600,000.00 92,994,697.40 Investments Subtotal 425,817,742.13 58,962,363.84 49,023,552.50 435,756,553.47 Unrealized Investment Gain (Loss)2
Chandler Investment Account (14,606,408.02)
LAIF (1,197,268.23)
Change Fund 10,148.00 0.00 0.00 10,148.00
Returned Checks 8,084.29 18,371.36 22,936.71 3,518.94
Credit Card Reconciling Items- Fees (2,453.31) 2,453.31 2,465.24 (2,465.24) TOTAL $ 451,033,954.02 $ 138,688,209.22 $ 131,470,515.47 $ 442,447,971.52 1 2
* For informational purpose only
Subject to final audit
Receipts and Disbursements*
June 30, 2022
Unrealized Investment Gain (Loss) is recorded at fiscal year-end, in accordance with the Governmental Accounting Standards Board (GASB) Statement No. 31. It is the difference between the market value and the book value of the City's investment portfolio for both LAIF and Chandler Investment Account at the fiscal year-end. LAIF investment account's market value is calculated based on the LAIF Fair Value Factor received from State Treasurer. Chandler Investment Account's fair value is reflected in the monthly Investment Portfolio Report for June 2022. The decrease in the market value of the City's portfolio is due to aggressive interest rate hikes by Federal Reserve in the past six months. However, we do not anticipate those losses will be realized since the City intends to hold those fixed income investments to maturity and receive the interest income.
Chandler Investment Account's ending balance includes a $30 million transfer from the LAIF account for Pension Stabilization Trust, which will be separated from the City's investment account in next month.
DocuSign Envelope ID: 06FF38D5-7870-4C01-B34E-F6C44439265C
ENDING DEPOSITS OUTSTANDING MISCELLANEOUS RECONCILED
ACCOUNTS BANK BAL IN TRANSIT CHECKS RECONCILING ITEMS BALANCES LAIF 92,994,697.40 $ - $ $ - $ 92,994,697.40 - $
Investment Account 342,761,856.07 342,761,856.07
Investment Total 435,756,553.47 435,756,553.47
General Account - Bank of America 5,731,127.18 518,662.04 (3,015,492.17) 1,053.70 3,235,350.75 Worker's Comp Account - Bank of America 444,923.77 207,017.12 (151,940.89) 500,000.00 Fiscal Agent Accounts 18,749,595.55 18,749,595.55
Unrealized Investments Gain (Loss) (15,803,676.25) (15,803,676.25) Petty Cash 10,148.00 10,148.00
BALANCE PER BOOKS OF CITY TREASURER
& FINANCE DIRECTOR 444,888,671.72 $ 725,679.16 $ (3,167,433.06) $ 1,053.70 $ 442,447,971.52 GENERAL LEDGER GRAND TOTAL $ 442,447,971.52
Subject to final audit
CITY OF CORONA
Cash and Investment Status Report
June 30, 2022
DocuSign Envelope ID: 06FF38D5-7870-4C01-B34E-F6C44439265C General Fund $ 125,619,792.98
Special Revenue Funds
Gas Tax 8,442,094.64
Measure A 18,502,409.04
Trip Reduction 1,511,327.63
Asset Forfeiture 465,562.94
Development 28,348,576.25
Residential Refuse/Recycling 231,640.83
Landscape and Streetlight Maintenance 24,732,417.97
Other Grants and Endowments 15,864,375.65 98,098,404.95 Debt Service Funds
Public Financing Authority 42.30 42.30
Capital Project Funds
Housing/Community Development 244,962.32
Planned Local Drainage 341,498.78
Other Grants (9,268,862.73)
Public Facility Project (4,273,280.03)
Corona Housing Authority 14,510,234.89 27,465,916.55
Enterprise Funds
Water Utility 30,521,441.17
Water Reclamation Utility 78,027,938.23
Transit 1,054,191.47
Electric Utility 25,969,999.19
Airport 1,436,795.82 137,010,365.88
Internal Service Funds
Fleet Operations 7,153,632.87
Workers' Compensation 24,933,954.01
Liability Risk 318,665.24
Warehouse Services 620,981.77
Information Technology 41,127,991.20 8,100,757.31
Fiduciary Funds
AD & CFD Bond Funds 14,756,422.29
AB109 PACT 25,076.71
Successor Agency 26,081,139.32 11,299,640.32
Total All Funds $ 442,447,971.52
Subject to final audit
CITY OF CORONA
Cash Balance By Fund
June 30, 2022
DocuSign Envelope ID: 06FF38D5-7870-4C01-B34E-F6C44439265C
MARKET BOOK PERCENT OF
INVESTMENTS PAR VALUE VALUE VALUE PORTFOLIO
ABS 40,968,069.70 39,959,409.76 40,965,340.26 9.40%
Agency 73,245,000.00 69,692,652.94 73,859,366.40 16.95% CMO 19,047,168.40 18,951,429.43 19,581,551.41 4.49%
Cash 30,000,000.00 30,000,000.00 30,000,000.00 6.88%
Corporate 82,691,000.00 78,239,088.36 82,604,159.15 18.96% LAIF 92,994,697.40 92,994,697.40 92,994,697.40 21.34%
Money Market Fund FI 3,825,330.11 3,825,330.11 3,825,330.18 0.88% Municipal Bonds 3,385,000.00 3,318,044.70 3,462,753.45 0.79% Negotiable CD 500,000.00 494,256.50 500,000.00 0.11%
Supranational 12,690,000.00 11,659,832.73 12,633,094.65 2.90% US Treasury 75,370,000.00 72,015,403.45 75,330,260.57 17.29% SUBTOTAL PORTFOLIO $ 421,150,145.38 434,716,265.61 $ 435,756,553.47 $ 100.00% Unrealized Gain/(Loss) - LAIF* (1,197,268.23)
GRAND TOTAL PORTFOLIO $ 419,952,877.15 434,716,265.61 $ 435,756,553.47 $ 100.00% Subject to final audit
CITY OF CORONA
Investment Portfolio Report
June 30, 2022
*Not reflected in Chandler's investment report, since LAIF is managed by State Treasurer. State Treasurer sends LAIF Fair Value Factor and the City adjusts LAIF book value to market value accordingly at fiscal year-end.
DocuSign Envelope ID: 06FF38D5-7870-4C01-B34E-F6C44439265C