CITY COUNCIL STAFF REPORT
January 16, 2024 {{section.number}}e
FILING OF THE TREASURER’S REPORTS ON INVESTMENTS FOR THE CITY AND THE
SUCCESSOR AGENCY TO THE COMMUNITY DEVELOPMENT AGENCY FOR THE CITY OF CORONADO FOR THE QUARTER ENDING JUNE 30, 2023
RECOMMENDATION:
Examine the quarterly Reports on Investments and order them filed.
BACKGROUND:
In compliance with the City’s Investment Policy, staff prepares an investment report and presents this to the City Council for review following the close of each quarter. The report presents investments for both the City and the Successor Agency portfolios. Combined, the book value of these two portfolios totals approximately $256.8 million in cash and investments as of June 30, 2023.
ANALYSIS:
This report covers the period April 1, 2023 through June 30, 2023. Attached is a summary that identifies all investments. This report highlights year-to-date investment earnings relative to the annual budget.
City cash, investments and the percentage of total are as follows:
City investment earnings for the period April 1, 2023 through June 30, 2023, were $1,491,131, or 503% of the fiscal year budget projection of $296,290, with returns averaging 1.82% Book Value
% of Total
Investments
Investments:
Local Agency Investment Fund $ 74,856,236 32.96%
San Diego County Treasurer's Pooled Investment Fund 98,254,695 43.27% US Bank Loan Repayment Fund* 16,242,243 7.15%
Certificates of Deposit with San Diego Private Bank 250,000 0.11% OPEB and Pension Trust Investment Portfolio with PARS** 15,433,000 6.80% Sub-Total Investments 205,036,174 90.28%
Demand Deposit Accounts:
US Bank Operating Account 21,459,943 9.45%
US Bank HRA Account 46,232 0.02%
US Bank FSA Account 84,621 0.04%
CalPrivate Bank Money Market Account 472,628 0.21%
Sub-Total Demand Deposit Accounts 22,063,424 9.72%
Total All Investments $ 227,099,598
* Resctricted for public use capital improvements
** Restricted for Other Post Employment Benefits (OPEB) and Pension stablization PARS Market Value as ofJune 30, 2023 totaled $18,099,362 annually. The following schedule shows a comparison between the book value, market value, and year to date earnings of investments for the current period, April through June 2023, and the same period of last Fiscal Year.
Successor Agency cash, investments and the percentages of the total are as follows:
Earnings for the Community Development/Successor Agency for the period April 1, 2023 through June 30, 2023 were $92,369. Attached are investment summaries for the City and Successor Agency and monthly reports for June 30 2023, with market values for all investments.
FISCAL IMPACT:
The City receives funds from many sources, which it invests according to the City of Coronado Investment Policy. All investments are made with the primary objectives of safety, liquidity, and yield, in that order. The funds of the Successor Agency to the Community Development Agency are also invested according to the City of Coronado Investment Policy.
ALTERNATIVE:
None
CALIFORNIA ENVIRONMENTAL QUALITY ACT:
Not Applicable
PUBLIC NOTICE:
No notice required.
ATTACHMENTS:
1. Investment Summary as of June 30, 2023 for the City of Coronado and City of Coronado acting as the Successor Agency to the Community Development Agency.
2. Local Agency Investment Fund (LAIF), City’s account for June 2023.
3. County of San Diego (COSD) General Ledger Statement for June 2023.
4. US Bank Loan Repayment Fund Statement for June 2023.
5. Public Agency Retirement Services (PARS) Account Statement for June 2023 including OPEB and Pension Trust Investment Accounts.
6. US Bank Operating Account Statement for June 2023.
7. US Bank HRA Account Statement for June 2023.
8. US Bank FSA Account Statement for June 2023.
9. Cal Private Bank Statement for Jume 2023.
10. LAIF Community Development Agency’s account for June 2023.
Book value of Market value of FYTD Investment
As of : Investments Investments Earnings
Apr - Jun FY 2021-22 $ 199,937,687 $ 197,786,685 $ 818,930 0.41% Apr - Jun FY 2022-23 205,036,174 206,106,160 3,737,636 1.82% Average Investment
AnnualReturn
Submitted By: Administrative Services Department / John Kim