M E M O R A N D U M
September 21, 2022
TO: City Clerk
FROM: Kim Sitton
Finance Director
SUBJECT: Monthly Fiscal Report, July 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 July 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: EBDC95EC-6D3E-40C4-ACB7-5182AFF5560D
BEGINNING ENDING
DESCRIPTION BALANCE RECEIPTS DISBURSEMENTS BALANCE
Balance Per Bank - Bank of America $ 6,176,050.95 $ 54,923,164.60 $ 53,954,383.84 $ 7,144,831.71 Deposits in Transit, as restated 725,679.16 500,819.99 725,679.16 500,819.99 Outstanding Checks (3,167,433.06) 3,167,433.06 4,517,766.33 (4,517,766.33) Fiscal Agents 18,749,595.55 15,331,402.62 260,822.55 33,820,175.62 Investments
Chandler Investment- City Account 312,761,856.07 17,452,435.06 17,240,957.28 312,973,333.85 Chandler Investment -Pension Trust Fund 30,000,000.00 1,817.92 30,001,817.92 LAIF 92,994,697.40 22,801,167.30 25,000,000.00 90,795,864.70 Investments Subtotal 435,756,553.47 40,255,420.28 42,240,957.28 433,771,016.47 Unrealized Investment Gain (Loss)1
Chandler Investment Account (14,606,408.02) 14,606,408.02 - LAIF (1,197,268.23) 1,197,268.23 -
Change Fund 10,148.00 100.00 10,248.00
Returned Checks 3,518.94 18,242.68 17,819.19 3,942.43
Credit Card Reconciling Items- Fees (2,465.24) 2,465.24 2,342.02 (2,342.02) TOTAL $ 442,447,971.52 $ 130,002,724.72 $ 101,719,770.37 $ 470,730,925.87 1 *
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. The journal entries for GASB Statement No. 31 recorded in June 2022 were reversed in July 2022.
For informational purpose only
Subject to final audit
July 31, 2022
CITY OF CORONA
Receipts and Disbursements*
DocuSign Envelope ID: EBDC95EC-6D3E-40C4-ACB7-5182AFF5560D
ENDING DEPOSITS OUTSTANDING MISCELLANEOUS RECONCILED
ACCOUNTS BANK BAL IN TRANSIT CHECKS RECONCILING ITEMS BALANCES LAIF 90,795,864.70 $ - $ $ - $ - $ 90,795,864.70
Chandler Investment- City Account 312,973,333.85 312,973,333.85 Chandler Investment -Pension Trust Fund 30,001,817.92 30,001,817.92 Investment Total 433,771,016.47 433,771,016.47
General Account - Bank of America 6,681,261.89 406,782.07 (4,460,158.59) 1,600.41 2,629,485.78 Worker's Comp Account - Bank of America 463,569.82 94,037.92 (57,607.74) 500,000.00 Fiscal Agent Accounts 33,820,175.62 33,820,175.62
Petty Cash 10,248.00 10,248.00
BALANCE PER BOOKS OF CITY TREASURER
& FINANCE DIRECTOR $ 474,746,271.80 $ 500,819.99 $ (4,517,766.33) $ 1,600.41 $ 470,730,925.87 Subject to final audit
CITY OF CORONA
Cash and Investment Status Report
July 31, 2022
DocuSign Envelope ID: EBDC95EC-6D3E-40C4-ACB7-5182AFF5560D General Fund $ 140,185,654.98
Special Revenue Funds
Gas Tax 8,834,054.02
Measure A 19,482,329.69
Trip Reduction 1,511,112.39
Asset Forfeiture 465,562.94
Development 28,062,186.07
Residential Refuse/Recycling 114,210.10
Landscape and Streetlight Maintenance 24,369,709.86
Other Grants and Endowments 15,888,589.44 98,727,754.51 Debt Service Funds
Public Financing Authority 42.31 42.31
Capital Project Funds
Housing/Community Development 171,441.82
Planned Local Drainage 586,931.20
Other Grants (6,388,093.93)
Public Facility Project (4,273,280.03)
Corona Housing Authority 17,559,614.48 27,462,615.42
Enterprise Funds
Water Utility 30,412,120.67
Water Reclamation Utility 77,776,770.28
Transit 763,560.82
Electric Utility 26,158,282.63
Airport 1,426,817.89 136,537,552.29
Internal Service Funds
Fleet Operations 6,371,779.14
Workers' Compensation 24,567,055.73
Liability Risk (1,969,475.29)
Warehouse Services 607,159.00
Information Technology 36,670,888.69 7,094,370.11
Fiduciary Funds
AD & CFD Bond Funds 29,721,167.86
AB109 PACT 25,076.71
Successor Agency 41,049,418.61 11,303,174.04
Total All Funds $ 470,730,925.87
Subject to final audit
CITY OF CORONA
Cash Balance By Fund
July 31, 2022
DocuSign Envelope ID: EBDC95EC-6D3E-40C4-ACB7-5182AFF5560D
MARKET BOOK PERCENT OF
INVESTMENTS PAR VALUE VALUE VALUE PORTFOLIO
ABS 40,033,618.81 39,118,890.34 40,030,796.87 9.23%
Agency 69,745,000.00 66,492,567.86 70,257,201.40 16.20% CMO 18,475,292.32 18,399,418.67 18,991,522.72 4.38%
Pension Trust 22,537,024.86 30,464,840.86 30,001,817.92 6.92% Corporate 83,551,000.00 79,908,310.65 83,387,757.25 19.22% LAIF 90,795,864.70 90,795,864.70 90,795,864.70 20.93%
Money Market Fund FI 1,689,566.01 1,689,566.01 1,689,566.08 0.39% Municipal Bonds 3,385,000.00 3,321,802.05 3,462,753.45 0.80% Negotiable CD 500,000.00 493,998.50 500,000.00 0.12%
Supranational 12,690,000.00 11,752,133.31 12,633,094.65 2.91% US Treasury 82,020,000.00 79,202,232.71 82,020,641.43 18.91% TOTAL PORTFOLIO $ 425,422,366.70 $ 421,639,625.66 $ 433,771,016.47 100.00% Subject to final audit
CITY OF CORONA
Investment Portfolio Report
July 31, 2022
DocuSign Envelope ID: EBDC95EC-6D3E-40C4-ACB7-5182AFF5560D