1 TO: City Council
FROM: Ryan Smoot, City Manager
PREPARED BY: Susan Kamada, Administrative Services Director MEETING DATE: April 18, 2023
SUBJECT: February 2023 Treasury and Investment Report
RECOMMENDATION
Receive and file the Treasury and Investment Report.
BACKGROUND
Pursuant to Section 41004 of the Government Code of the State of California, the City Treasurer is required to submit a monthly report of all receipts, disbursements and fund balances. The first page of the report summarizes the investment activity for the month and distribution by type of investment, held by the City. The second and third page lists all investments with original maturities exceeding one year as of the month ended February 28, 2023. The fourth page of the report provides a summary of the beginning balance, total receipts, total disbursements, ending balance for all funds, and a listing, by fund, of all month end fund balances.
In summary, all investments of the City of Lomita are in compliance with both the Government Code and our Investment Policy. In addition, the City has sufficient liquidity to meet its expenditure requirements for the ensuing six months.
11.54% of the City’s funds are with the State of California Local Agency Investment Fund (LAIF). The remaining funds of the City of Lomita are in active checking accounts, money market funds, U.S. Treasuries, Federal Agency Securities, Corporate Bonds, and FDIC-insured Negotiable Certificates of Deposit that are in compliance with the California Government Code and the City’s Investment Policy. The current value of each account is obtained from actual monthly statements for the period ending February 28, 2023.
Due to recent events, Pacific Western Bank has sent out an email to reassure their clients of their continued focus to support their customers as a proven partner through Item No. 7h
CITY OF LOMITA
CITY COUNCIL REPORT
2 all economic cycles as they’ve done for over 20 years. Staff will continue to monitor the recent events in the banking industry to safeguard assets held at various banks.
OPTIONS:
None, information only.
FISCAL IMPACT
None.
ATTACHMENT
1. Treasury and Investment Report for February 2023
Reviewed by: Approved by:
____________________________
Gary Y. Sugano Ryan Smoot
Assistant City Manager City Manager
Prepared by:
__________________________
Susan Kamada
Administrative Services Director
City of Lomita
Investment Portfolio Report February 28, 2023
Summary of Cash & Investments Book Value Market Value* Interest Earned Gain (Loss) on
Investment
Local Agency Investment Fund (LAIF) 3,229,430.08 3,229,430.08 0.00 0.00 Certificate of Deposit - Negotiable 12,699,000.00 11,968,786.73 24,894.45 0.00 Federal Agency Securities 4,750,000.00 4,406,545.00 10,500.00 0.00 Commerical Paper 2,000,000.00 1,728,775.00 2,875.00 0.00 US Treasuries 1,500,000.00 1,483,670.00 0.00 0.00
Total Pooled Investments 24,178,430.08 22,817,206.81 38,269.45 0.00 City of Lomita General Account DDA 3,807,499.06 3,807,499.06 0.00 0.00 Total Cash 3,807,499.06 3,807,499.06 0.00 0.00
Total Cash & Investments 27,985,929.14 26,624,705.87 38,269.45 0.00 City of Lomita
Distribution of Pooled Cash
Local Agency Investment Fund (LAIF) 3,229,430.08 11.54% MTD YTD Certificate of Deposit - Negotiable 12,699,000.00 45.38% Jul-22 9,063.33 9,063.33 Federal Agency Securities 4,750,000.00 16.97% Aug-22 23,738.87 32,802.20 Commerical Paper 2,000,000.00 7.15% Sep-22 47,967.12 80,769.32 US Treasuries 1,500,000.00 5.36% Oct-22 27,178.53 107,947.85 Cash on Hand 3,807,499.06 13.61% Nov-22 24,490.25 132,438.10 Total Cash & Investments 27,985,929.14 100.00% Dec-22 29,003.15 161,441.25 Jan-23 44,965.12 206,406.37
Feb-23 38,269.54 244,675.91
Mar-23 - 244,675.91
Apr-23 - 244,675.91
May-23 - 244,675.91
Jun-23 - 244,675.91
244,675.91 244,675.91
*The Governmental Accounting Standards Board (GASB) has established Statement No. 31 for setting investment valuation standards. We report the unrealized gain/(loss) monthly and book realized gain/(loss) at year end as a GASB 31 requirement.
GASB 31 is a reporting requirement that reports the "Fair Value" of investments held in our portfolio. Fair value is the amount at which a financial instrument (investment) could be exchanged in a current transaction between willing parties at current market prices. It is important to understand the relationship between prevailing interest rates and fixed coupon investments. As market interest rates fall, the "Fair Value" of held securities will rise (unrealized Gains). The opposite occurs as market interest rates rise (market prices of held investments will fall). It should be noted that investments held in the city pool are to be held until maturity so both gains and losses (unrealized) will not be taken.
Month to Date & Fiscal Year to Date
Interest Earned/ Gain (Loss) on Total Investments
Distribution of Cash &
Invesments
11.54%
45.38%
16.97%
7.15%
5.36%
86.39%
13.61%
13.61%
100.00%
Local Agency Investment
Fund (LAIF), 12%
Certificate of
Deposit -
Negotiable, 45%
Federal Agency
Securities, 17%
Commerical
Paper, 7%
US Treasuries
Cash on Hand,
14%
Attachment 1
City of Lomita
Investment Portfolio Report February 28, 2023
Account/ Investment Title & Description Account #/
CUSIP
Settlement
Date
Maturity
Date
Yield to
Maturity
Beginning Face
Amount/Shares
Last Month
MP
Beginning
Market Value Buy Principal Sell
Principal
Change in
Market Value
Ending Market
Value
Ending Face
Amount/Shares
Interest
Earned /
(Accrued)
Realized Gain
/(Loss) On
Investment
Local Agency Investment Fund (LAIF)
City of Lomita XX-XX-469 N/A 2.624% 3,229,430.08 100.0000 3,229,430.08 - - 3,229,430.08 3,229,430.08 - - Sub Total / Average 2.624% 3,229,430.08 100.00 3,229,430.08 - - - 3,229,430.08 3,229,430.08 - - Certificate of Deposit - Negotiable
PCSB Bank 69324MAL9 02/21/20 02/21/24 1.650% 248,000.00 96.8100 240,088.80 - - (193.44) 239,895.36 248,000.00 347.54 Third Federal S & L Assn 88413QDA3 08/13/21 08/13/24 0.500% 249,000.00 93.8250 233,624.25 - - (465.63) 233,158.62 249,000.00 627.62 Raymond James Bank NA 75472RBB6 02/14/20 02/14/25 1.750% 248,000.00 94.3610 234,015.28 - - (1,103.60) 232,911.68 248,000.00 2,187.84 Lafayette FCU 50625LAY9 03/31/22 03/31/25 2.200% 249,000.00 94.9040 236,310.96 - (1,210.14) 235,100.82 249,000.00 435.24 Direct Federal Credit Union 25460FDZ6 02/01/23 05/01/25 4.700% 248,000.00 99.9930 247,982.64 (1,547.52) 246,435.12 248,000.00 JPMorgan Chase Bank NA 48128WCJ2 12/03/21 05/16/25 0.800% 248,000.00 91.6640 227,326.72 - - (927.52) 226,399.20 248,000.00 Institution for Savings Newburyport MA 45780PBL8 05/20/22 05/20/25 3.100% 247,000.00 96.5730 238,535.31 - - (1,365.91) 237,169.40 247,000.00 650.32 Axiom Bank Maitland FL 05464LBR1 11/30/21 06/13/25 0.700% 249,000.00 91.0990 226,836.51 - - (873.99) 225,962.52 249,000.00 148.04 Bank of Princeton 064520BE8 06/26/20 06/26/25 0.600% 210,000.00 90.7570 190,589.70 - - (714.00) 189,875.70 210,000.00 107.01 Flushing Bank 34387AFF1 11/04/22 11/04/25 4.700% 249,000.00 100.1090 249,271.41 - (1,583.64) 247,687.77 249,000.00 993.95 Bankunited NA 066519RX9 12/08/21 12/08/25 1.250% 248,000.00 90.9640 225,590.72 - - (872.96) 224,717.76 248,000.00 USAlliance FCU 90352RCD5 01/28/22 01/28/26 1.350% 249,000.00 90.8969 226,333.28 - 1,752.71 228,085.99 249,000.00 265.57 Liberty First Credit Union 530520AF2 02/03/23 02/03/26 4.400% 249,000.00 99.6850 248,215.65 (1,675.77) 246,539.88 249,000.00 Pentagon FCU 70962LBK7 03/28/22 03/30/26 2.050% 249,000.00 92.3800 230,026.20 - (871.50) 229,154.70 249,000.00 433.53 Kansas State Bank 50116CCV9 03/31/22 03/31/26 2.300% 249,000.00 93.1160 231,858.84 - (936.24) 230,922.60 249,000.00 439.33 Nelnet Bank 64034KAC5 04/15/21 04/15/26 0.700% 248,000.00 88.3880 219,202.24 - - (617.52) 218,584.72 248,000.00 Community West Bank NA 20415QHQ5 04/23/21 04/23/26 0.700% 248,000.00 88.2040 218,745.92 - - (580.32) 218,165.60 248,000.00 147.44 State BK India New York NY 856285VS7 05/19/21 05/19/26 1.000% 247,000.00 88.9920 219,810.24 - - (644.67) 219,165.57 247,000.00 Toyota Financial Savings Bank 89235MLD1 07/22/21 07/22/26 0.950% 248,000.00 88.3140 219,018.72 - - (582.80) 218,435.92 248,000.00 Medallion BK Salt Lake City 58404DLD1 07/30/21 07/30/26 0.800% 248,000.00 87.7690 217,667.12 - - (545.60) 217,121.52 248,000.00 Sallie Mae Bank 795451AK9 08/11/21 08/11/26 1.100% 248,000.00 88.6420 219,832.16 - - (607.60) 219,224.56 248,000.00 1,375.21 Metro Credit Union 59161YAN6 02/18/22 08/18/26 1.600% 249,000.00 90.1210 224,401.29 (649.89) 223,751.40 249,000.00 338.37 Texas Exchange Bank 88241TML1 11/26/21 11/27/26 1.200% 249,000.00 88.0720 219,299.28 - (440.73) 218,858.55 249,000.00 253.78 Beal Bank USA 07371CH69 03/02/22 02/24/27 2.050% 248,000.00 90.6330 224,769.84 (451.36) 224,318.48 248,000.00 Capital One Bank USA NA 14042TFP7 04/27/22 04/27/27 2.900% 248,000.00 93.5160 231,919.68 - - (622.48) 231,297.20 248,000.00 Morgan Stanley Bank 61773TDN0 04/29/22 04/29/27 3.000% 246,000.00 93.9030 231,001.38 - - (624.84) 230,376.54 246,000.00 Discover Bank 254673G83 06/14/22 06/14/27 3.150% 246,000.00 94.3120 232,007.52 - - (691.26) 231,316.26 246,000.00 The Dart Bank 237412AN1 06/08/22 06/15/27 3.250% 249,000.00 94.6760 235,743.24 - - (712.14) 235,031.10 249,000.00 687.31 Forbright Bank 34520LAT0 11/02/22 11/02/27 4.600% 249,000.00 100.0000 249,000.00 - (1,043.31) 247,956.69 249,000.00 972.81 Alliant Credit Union 01882MAC6 12/30/22 12/30/27 5.000% 248,000.00 101.7570 252,357.36 - (1,148.24) 251,209.12 248,000.00 985.21 First Technology Federal 33715LEL0 02/03/23 02/03/28 5.000% 248,000.00 100.2020 248,500.96 (553.04) 247,947.92 248,000.00 Goldman Sachs Bank USA 38148PN52 05/30/18 05/30/23 3.250% 245,000.00 99.5660 243,936.70 - 220.50 244,157.20 245,000.00 Austin TelCo FCU 052392BK2 08/12/22 08/11/23 3.200% 249,000.00 99.2480 247,127.52 62.25 247,189.77 249,000.00 676.73 General Electric Credit Union 369674CG 9 01/30/23 01/30/24 5.000% 248,000.00 100.2440 248,605.12 (758.88) 247,846.24 248,000.00 985.21 Wells Fargo Bank 949763ZA7 04/18/19 04/10/24 2.850% 245,000.00 97.8130 239,641.85 - (565.95) 239,075.90 245,000.00 593.03 Live Oak Bkg Co 538036HY3 02/12/20 08/12/24 1.700% 245,000.00 95.5490 234,095.05 - - (622.30) 233,472.75 245,000.00 353.74 Capital One Natl Assn 14042RNE7 08/23/19 08/21/24 2.000% 245,000.00 95.9680 235,121.60 - - (744.80) 234,376.80 245,000.00 2,470.14 Morgan Stanley Private Bk Natl Assn 61760AX53 09/05/19 09/05/24 1.900% 100,000.00 95.7370 95,737.00 - - (300.00) 95,437.00 100,000.00 Synchrony Bank 87165FF58 11/30/21 11/29/24 0.850% 245,000.00 93.3010 228,587.45 - - (742.35) 227,845.10 245,000.00 Workers Federal Credit Union 98138MBC3 01/27/23 01/27/25 4.700% 249,000.00 100.0310 249,077.19 (1,638.42) 247,438.77 249,000.00 993.95 Enerbank USA Salt 29278TMZ0 02/14/20 02/14/25 1.650% 245,000.00 94.1150 230,581.75 - - (1,029.00) 229,552.75 245,000.00 343.34 Merrick Bank 59013KQE9 11/30/21 05/30/25 0.900% 245,000.00 91.6760 224,606.20 - - (857.50) 223,748.70 245,000.00 175.19 Spokane Teachers Credit Union 849061AA4 11/23/22 11/24/25 5.000% 248,000.00 100.9060 250,246.88 - (1,614.48) 248,632.40 248,000.00 1,053.15 Eaglemark Savings Bank 27004PBD4 04/07/21 04/07/26 0.700% 245,000.00 88.4600 216,727.00 - - (614.95) 216,112.05 245,000.00 Greenstate Credit Union 39573LBL1 06/16/21 06/16/26 0.900% 249,000.00 88.3530 219,998.97 - - (575.19) 219,423.78 249,000.00 190.33 UBS Bk USA Salt Lake 90348JQ29 07/14/21 07/14/26 0.900% 249,000.00 88.1180 219,413.82 - - (550.29) 218,863.53 249,000.00 190.33 Bank of Frankewing 06221LAE3 11/09/22 11/09/26 4.950% 248,000.00 100.2450 248,607.60 - (890.32) 247,717.28 248,000.00 1,042.62 Baxter Credit Union 07181JAU8 11/22/22 11/23/26 5.000% 248,000.00 101.3630 251,380.24 - (1,178.00) 250,202.24 248,000.00 1,053.15 Celtic Bank 15118RZT7 11/30/22 11/30/26 4.800% 249,000.00 100.6720 250,673.28 - (1,135.44) 249,537.84 249,000.00 949.61 City of Lomita
Investment Portfolio Report February 28, 2023
Account/ Investment Title & Description Account #/
CUSIP
Settlement
Date
Maturity
Date
Yield to
Maturity
Beginning Face
Amount/Shares
Last Month
MP
Beginning
Market Value Buy Principal Sell
Principal
Change in
Market Value
Ending Market
Value
Ending Face
Amount/Shares
Interest
Earned /
(Accrued)
Realized Gain
/(Loss) On
Investment
Dept of Commerce Federal Credit Union 24951TAT2 05/13/22 05/13/27 3.250% 249,000.00 94.7740 235,987.26 - - (694.71) 235,292.55 249,000.00 687.31 BMO Harris Bank NA 05600XFW5 06/15/22 06/15/27 3.300% 249,000.00 94.8620 236,206.38 - - (719.61) 235,486.77 249,000.00 697.88 Numerica Credit Union 67054NBC6 11/04/22 11/04/27 4.950% 248,000.00 101.4940 251,705.12 - (1,106.08) 250,599.04 248,000.00 1,042.62 Sub Total / Average 2.515% 12,699,000.00 12,007,947.20 - - (39,160.47) 11,968,786.73 12,699,000.00 24,894.45 - Federal Agency Securities
Federal Home LN BKS 3130APXC4 12/10/21 12/10/24 1.100% 1,000,000.00 94.0340 940,340.00 - - (8,540.00) 931,800.00 1,000,000.00 Federal Home LN BKS 3130ALMM3 03/30/21 03/30/26 1.000% 250,000.00 90.6620 226,655.00 - - (3,305.00) 223,350.00 250,000.00 - Federal Home LN BKS 3130AR2B6 03/08/22 03/08/27 2.375% 500,000.00 93.3470 466,735.00 - (10,135.00) 456,600.00 500,000.00 Federal Home LN BKS 3130ARDY4 03/29/22 03/29/27 2.500% 500,000.00 93.6680 468,340.00 - (10,150.00) 458,190.00 500,000.00 Federal Home LN BKS 3130ARGQ8 04/14/22 04/14/27 2.875% 250,000.00 94.8230 237,057.50 - (4,755.00) 232,302.50 250,000.00 Federal Home LN BKS 3130ASD22 06/29/22 06/29/27 3.590% 250,000.00 96.5650 241,412.50 - (4,475.00) 236,937.50 250,000.00 Federal Home LN MTG 3134GXL28 08/17/22 08/17/27 4.150% 250,000.00 97.6590 244,147.50 - (3,370.00) 240,777.50 250,000.00 5,187.50 Federal Home LN MTG 3134GXQ23 08/25/22 08/25/27 4.250% 250,000.00 97.8580 244,645.00 - (3,850.00) 240,795.00 250,000.00 5,312.50 Federal Home LN MTG 3134GY3F7 11/22/22 11/22/27 5.125% 250,000.00 100.4710 251,177.50 - (3,957.50) 247,220.00 250,000.00 Federal Home LN MTG 3134GYF31 01/30/23 01/27/28 5.100% 250,000.00 99.8930 249,732.50 (5,540.00) 244,192.50 250,000.00 Federal Farm Credit Bank 3133ENCD0 11/30/21 10/27/25 1.040% 500,000.00 91.9240 459,620.00 - - (7,140.00) 452,480.00 500,000.00 Federal Farm Credit Bank 3133EMB76 05/26/21 05/26/26 0.950% 500,000.00 90.0750 450,375.00 - - (8,475.00) 441,900.00 500,000.00 - Sub Total / Average 2.838% 4,750,000.00 4,480,237.50 - - (73,692.50) 4,406,545.00 4,750,000.00 10,500.00 - Commerical Paper
Bank of America Corp A2 06048WM31 05/28/21 05/28/26 1.250% 1,000,000.00 88.0660 880,660.00 - - (8,910.00) 871,750.00 1,000,000.00 Goldman Sachs Corp A2 38150AFK6 04/30/21 04/30/26 1.550% 500,000.00 88.4760 442,380.00 - - (6,660.00) 435,720.00 500,000.00 JPMorgan Chase & Co 48128G4R8 08/17/21 08/17/26 1.150% 500,000.00 85.6570 428,285.00 - - (6,980.00) 421,305.00 500,000.00 2,875.00 Sub Total / Average 1.317% 2,000,000.00 1,751,325.00 - - (22,550.00) 1,728,775.00 2,000,000.00 2,875.00 - U.S. Treasuries
US Treasury Note 06048WM31 07/28/22 07/31/23 1.250% 1,000,000.00 98.2660 982,660.00 - - 1,910.00 984,570.00 1,000,000.00 US Treasury Note 9128284D9 07/28/22 03/31/23 2.500% 500,000.00 99.6550 498,275.00 - - 825.00 499,100.00 500,000.00 Sub Total / Average 1.875% 1,500,000.00 1,480,935.00 - - 2,735.00 1,483,670.00 1,500,000.00 - - Total / Average - Investments 2.23% 24,178,430.08 22,949,874.78 - - (132,667.97) 22,817,206.81 24,178,430.08 38,269.45 - Demand Deposit Account (DDA)
Pacific Western - General Account XXXX259 N/A N/A 0.000% 3,923,583.56 100.0000 N/A N/A N/A N/A 3,923,583.56 3,923,583.56 N/A N/A (Outstanding Checks) N/A N/A (116,084.50) 100.0000 N/A N/A N/A N/A (116,084.50) (116,084.50) N/A N/A Sub Total / Average 0.000% 3,807,499.06 3,807,499.06 3,807,499.06 - - Total /Cash & Investments 27,985,929.14 - 22,949,874.78 - - (132,667.97) 26,624,705.87 27,985,929.14 38,269.45 - City of Lomita
Investment Portfolio Report February 28, 2023
Previous Balance $ 3,923,583.56
Deposits 1,923,377.45
Disbursements (1,510,044.96)
Adjustments 14,971.70
Current Balance 4,351,887.75
General Fund - City Operations
General Fund - City Operations including LAIF and Investments 100 7,591,301.40 General Fund - City Operations 100 (16,587,128.68)
General Fund - LAIF 100 3,229,430.08
General Fund - Investments 100 20,949,000.00
Sub Total - General Fund - City Operations including LAIF and Investments 7,591,301.40 Special Revenue Funds
OPEB Trust Fund - Retiree Health Care 201 251,296.06
Pension Stabilization Fund 202 1,319,077.98
Economic Development 203 746,506.98
General Plan Update 204 200,000.00
Gas Tax Fund - Street Maintenance 205 1,022,927.19
Measure R Local Fund - Street Projects 207 597,039.27
Measure R Highway Fund - Street Projects 208 (106,536.84) Measure M Fund - Street Projects 209 629,708.83
Economic Stabilization 210 500,000.00
Measure W Fund - Safe Clean Water Program 211 218,670.86 American Rescue Plan 212 3,400,324.00
CDBG Fund - Housing Programs 215 (3,262.26)
Lomita Housing Authority - Housing Programs 217 -
Proposition A Fund - Transportation Projects 220 440,482.55 Proposition C Fund - Transportation Projects 225 2,251,075.25 Transportation Development Act Article 3- Transportation Projects 230 (13,537.51) Air Quality Fund - Air Quality Projects 235 60,110.36
Landscape Maintenance Fund - Landscape Maintenance District 245 7,815.00 Park Facilities Fee Fund - Quimby Funds 250 453,593.07
Park Athletic Fund - Park Athlete Programs 255 86,718.42 Park Grant Fund - Park Improvement Programs 257 (0.06)
Lomita Manor Fund - Federal Housing Program 260 197,505.04 CA Law Enf. Equip. Program (CLEEP) Fund - Public Safety Equip. 276 6,221.38 Sub Total - Special Revenue Funds 12,265,735.57
Capital Improvement Funds
Capital Improvement Fund - Capital Improvement Projects 310 184,572.79 Street Improvement Fund - Street Improvement Projects 311 1,239,110.53 Facilities Improvement Fund - Facilities Improvement Projects 312 317,744.23 Stephenson Center Fund - Facilities Improvement Projects 313 85,744.47 Sub Total - Capital Improvement Funds 1,827,172.02
GENERAL LEDGER CASH BALANCES
City of Lomita
Investment Portfolio Report February 28, 2023
Previous Balance $ 3,923,583.56
Deposits 1,923,377.45
Disbursements (1,510,044.96)
Adjustments 14,971.70
Current Balance 4,351,887.75
Proprietary Funds
Water Operations Fund - Water Operations 510 3,769,242.06 Water Capital Fund - Water Capital Projects 520 450,187.22 Rate Stabilization - Cypress Reservoir Bond 530 125,000.00 Internal Service Fund - Equipment Replacement 610 1,185,275.47 PK Equipment Replacement Fund 611 680,338.02
Sewer Replacement Fund 612 500,000.00
Sub Total - Proprietary Funds 6,710,042.77
Trust and Agency Funds
Museum Foundation Fund - Railroad Museum Programs 720 20,391.32 Tom Rico Memorial Fund - Park Program Scholarships 730 (409.75) Sub Total - Trust & Agency Funds 19,981.57
Total 28,414,233.33
Pooled Cash 999 (24,062,345.58)
Grand Total 4,351,887.75