1 TO: City Council
FROM: Ryan Smoot, City Manager
PREPARED BY: Susan Kamada, Administrative Services Director MEETING DATE: October 17, 2023
SUBJECT: September 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 September 30, 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.
21.01% 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 September 30, 2023.
Item No. 7h
CITY OF LOMITA
CITY COUNCIL REPORT
2 OPTIONS:
None, information only.
FISCAL IMPACT
None.
ATTACHMENT
1. Treasury and Investment Report for September 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 September 30, 2023
Summary of Cash & Investments Book Value Market Value* Interest Earned Gain (Loss) on
Investment
Local Agency Investment Fund (LAIF) 6,496,669.55 6,496,669.55 0.00 0.00 Certificate of Deposit - Negotiable 14,677,000.00 13,922,811.30 31,290.09 0.00 Federal Agency Securities 5,250,000.00 4,928,587.50 12,187.50 0.00 Commerical Paper 2,000,000.00 1,758,845.00 0.00 0.00
Net Cash Equivalents 0.00 0.00 0.00 0.00
Total Pooled Investments 28,423,669.55 27,106,913.35 43,477.59 0.00 City of Lomita General Account DDA 2,495,345.40 2,495,345.40 0.00 0.00 Total Cash 2,495,345.40 2,495,345.40 0.00 0.00
Total Cash & Investments 30,919,014.95 29,602,258.75 43,477.59 0.00 City of Lomita
Distribution of Pooled Cash
Local Agency Investment Fund (LAIF) 6,496,669.55 21.01% MTD YTD Certificate of Deposit - Negotiable 14,677,000.00 47.47% Jul-23 40,936.35 40,936.35 Federal Agency Securities 5,250,000.00 16.98% Aug-23 48,202.54 89,138.89 Commerical Paper 2,000,000.00 6.47% Sep-23 43,477.59 132,616.48 US Treasuries 0.00 0.00% Oct-23 - 132,616.48
Cash on Hand 2,495,345.40 8.07% Nov-23 - 132,616.48
Total Cash & Investments 30,919,014.95 100.00% Dec-23 - 132,616.48 Jan-24 - 132,616.48
Feb-24 - 132,616.48
Mar-24 - 132,616.48
Apr-24 - 132,616.48
May-24 - 132,616.48
Jun-24 - 132,616.48
132,616.48 132,616.48
*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
21.0119%
47.4692%
16.9798%
6.4685%
91.93%
8.07%
8.07%
100.00%
0.0000%
Local Agency Investment
Fund (LAIF), 21%
Certificate of
Deposit -
Negotiable, 48%
Federal Agency
Securities, 17%
Commerical
Paper, 6%
Cash on Hand,
8%
Attachment No 1
City of Lomita
Investment Portfolio Report
September 30, 2023
Account/ Investment Title &
Description
Account #/
CUSIP
Settlement
Date
Maturity
Date
Yield to
Maturity
Beginning Face
Amount/Shares
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 3.434% 6,496,669.55 6,496,669.55 - - - 6,496,669.55 6,496,669.55 - - Sub Total / Average 3.434% 6,496,669.55 6,496,669.55 - - - 6,496,669.55 6,496,669.55 - - Certificate of Deposit - Negotiable
PCSB Bank 69324MAL9 02/21/20 02/21/24 1.650% 248,000.00 243,602.96 - - 726.64 244,329.60 248,000.00 347.54 Third Federal S & L Assn 88413QDA3 08/13/21 08/13/24 0.500% 249,000.00 237,344.31 - - 786.84 238,131.15 249,000.00 Raymond James Bank NA 75472RBB6 02/14/20 02/14/25 1.750% 248,000.00 234,970.08 - - 310.00 235,280.08 248,000.00 Liberty Federal Credit Union 53052LAP4 03/24/23 03/24/25 5.350% 248,000.00 247,360.16 - (389.36) 246,970.80 248,000.00 1,126.87 Lafayette FCU 50625LAY9 03/31/22 03/31/25 2.200% 249,000.00 236,492.73 - 194.22 236,686.95 249,000.00 465.25 Direct Federal Credit Union 25460FDZ6 02/01/23 05/01/25 4.700% 248,000.00 244,803.28 (300.08) 244,503.20 248,000.00 989.96 JPMorgan Chase Bank NA 48128WCJ2 12/03/21 05/16/25 0.800% 248,000.00 229,132.16 - - 411.68 229,543.84 248,000.00 Institution for Savings Newburyport MA 45780PBL8 05/20/22 05/20/25 3.100% 247,000.00 237,275.61 - - (19.76) 237,255.85 247,000.00 650.32 Axiom Bank Maitland FL 05464LBR1 11/30/21 06/13/25 0.700% 249,000.00 228,699.03 - - 408.36 229,107.39 249,000.00 148.04 Bank of Princeton 064520BE8 06/26/20 06/26/25 0.600% 210,000.00 192,225.60 - - 352.80 192,578.40 210,000.00 107.01 Flushing Bank 34387AFF1 11/04/22 11/04/25 4.700% 249,000.00 245,185.32 - (425.79) 244,759.53 249,000.00 993.95 Bankunited NA 066519RX9 12/08/21 12/08/25 1.250% 248,000.00 225,962.72 - - 181.04 226,143.76 248,000.00 781.37 USAlliance FCU 90352RCD5 01/28/22 01/28/26 1.350% 249,000.00 226,195.09 - 2,285.57 228,480.66 249,000.00 Liberty First Credit Union 530520AF2 02/03/23 02/03/26 4.400% 249,000.00 243,835.74 (378.48) 243,457.26 249,000.00 951.66 Truliant 89789AAH0 03/22/23 03/23/26 5.150% 248,000.00 246,534.32 - (483.60) 246,050.72 248,000.00 1,084.75 Pentagon FCU 70962LBK7 03/28/22 03/30/26 2.050% 249,000.00 228,957.99 - 77.19 229,035.18 249,000.00 434.72 Kansas State Bank 50116CCV9 03/31/22 03/31/26 2.300% 249,000.00 230,459.46 - 32.37 230,491.83 249,000.00 470.71 Nelnet Bank 64034KAC5 04/15/21 04/15/26 0.700% 248,000.00 219,884.24 - - 327.36 220,211.60 248,000.00 Community West Bank NA 20415QHQ5 04/23/21 04/23/26 0.700% 248,000.00 219,385.76 - - 327.36 219,713.12 248,000.00 147.44 State BK India New York NY 856285VS7 05/19/21 05/19/26 1.000% 247,000.00 219,953.50 - - 281.58 220,235.08 247,000.00 Toyota Financial Savings Bank 89235MLD1 07/22/21 07/22/26 0.950% 248,000.00 219,016.24 - - 312.48 219,328.72 248,000.00 Medallion BK Salt Lake City 58404DLD1 07/30/21 07/30/26 0.800% 248,000.00 217,833.28 - - 344.72 218,178.00 248,000.00 Sallie Mae Bank 795451AK9 08/11/21 08/11/26 1.100% 248,000.00 219,551.92 - - 295.12 219,847.04 248,000.00 Metro Credit Union 59161YAN6 02/18/22 08/18/26 1.600% 249,000.00 223,472.52 214.14 223,686.66 249,000.00 338.37 Texas Exchange Bank 88241TML1 11/26/21 11/27/26 1.200% 249,000.00 218,671.80 - 224.10 218,895.90 249,000.00 253.78 Beal Bank USA 07371CH69 03/02/22 02/24/27 2.050% 248,000.00 222,924.72 (62.00) 222,862.72 248,000.00 2,562.89 Capital One Bank USA NA 14042TFP7 04/27/22 04/27/27 2.900% 248,000.00 228,983.36 - - (233.12) 228,750.24 248,000.00 Morgan Stanley Bank 61773TDN0 04/29/22 04/29/27 3.000% 246,000.00 227,958.36 - - (253.38) 227,704.98 246,000.00 Discover Bank 254673G83 06/14/22 06/14/27 3.150% 246,000.00 228,782.46 - - (334.56) 228,447.90 246,000.00 The Dart Bank 237412AN1 06/08/22 06/15/27 3.250% 249,000.00 232,314.51 - - (368.52) 231,945.99 249,000.00 687.31 Forbright Bank 34520LAT0 11/02/22 11/02/27 4.600% 249,000.00 243,524.49 - (515.43) 243,009.06 249,000.00 972.81 Alliant Credit Union 01882MAC6 12/30/22 12/30/27 5.000% 248,000.00 246,048.24 - (525.76) 245,522.48 248,000.00 1,053.15 First Technology Federal 33715LEL0 02/03/23 02/03/28 5.000% 248,000.00 245,857.28 (401.76) 245,455.52 248,000.00 1,053.15 Alaska USA Federal Credit Union 011852AE0 03/08/23 03/08/28 4.600% 249,000.00 242,775.00 - (388.44) 242,386.56 249,000.00 972.81 Central Valley Community Bank 15568PAL0 03/31/23 03/31/28 5.300% 248,000.00 247,434.56 - (520.80) 246,913.76 248,000.00 1,080.33 Pacific Western Bank 69506YYD5 04/05/23 04/05/28 5.650% 243,000.00 243,247.86 - (128.79) 243,119.07 243,000.00 Freedom Northwest CU 356436AP0 08/25/23 09/19/25 5.650% - - 248,000.00 696.88 248,696.88 248,000.00 General Electric Credit Union 369674CG 9 01/30/23 01/30/24 5.000% 248,000.00 247,580.88 47.12 247,628.00 248,000.00 1,099.21 Grow Financial Federal Credit Union 39981MAC6 03/24/23 03/25/24 5.350% 248,000.00 247,851.20 - 29.76 247,880.96 248,000.00 1,126.87 Wells Fargo Bank 949763ZA7 04/18/19 04/10/24 2.850% 245,000.00 241,160.85 - 487.55 241,648.40 245,000.00 593.03 Live Oak Bkg Co 538036HY3 02/12/20 08/12/24 1.700% 245,000.00 236,251.05 - - 558.60 236,809.65 245,000.00 353.74 Capital One Natl Assn 14042RNE7 08/23/19 08/21/24 2.000% 245,000.00 236,721.45 - - 490.00 237,211.45 245,000.00 Connexus CU 20825WCK4 08/25/23 08/23/24 5.500% 248,000.00 247,928.08 - (171.12) 247,756.96 248,000.00 1,169.00 Morgan Stanley Private Bk Natl Assn 61760AX53 09/05/19 09/05/24 1.900% 100,000.00 96,413.00 - - 181.00 96,594.00 100,000.00 957.81 Synchrony Bank 87165FF58 11/30/21 11/29/24 0.850% 245,000.00 231,155.05 - - 541.45 231,696.50 245,000.00 Workers Federal Credit Union 98138MBC3 01/27/23 01/27/25 4.700% 249,000.00 246,168.87 (221.61) 245,947.26 249,000.00 993.95 Enerbank USA Salt 29278TMZ0 02/14/20 02/14/25 1.650% 245,000.00 231,718.55 - - 330.75 232,049.30 245,000.00 343.34 Merrick Bank 59013KQE9 11/30/21 05/30/25 0.900% 245,000.00 226,235.45 - - 377.30 226,612.75 245,000.00 Spokane Teachers Credit Union 849061AA4 11/23/22 11/24/25 5.000% 248,000.00 245,710.96 - (478.64) 245,232.32 248,000.00 1,053.15 City of Lomita
Investment Portfolio Report
September 30, 2023
Account/ Investment Title &
Description
Account #/
CUSIP
Settlement
Date
Maturity
Date
Yield to
Maturity
Beginning Face
Amount/Shares
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
Eaglemark Savings Bank 27004PBD4 04/07/21 04/07/26 0.700% 245,000.00 217,427.70 - - 323.40 217,751.10 245,000.00 Greenstate Credit Union 39573LBL1 06/16/21 06/16/26 0.900% 249,000.00 220,195.68 - - 311.25 220,506.93 249,000.00 190.33 UBS Bk USA Salt Lake 90348JQ29 07/14/21 07/14/26 0.900% 249,000.00 219,515.91 - - 321.21 219,837.12 249,000.00 190.33 Bank of Frankewing 06221LAE3 11/09/22 11/09/26 4.950% 248,000.00 245,448.08 - (421.60) 245,026.48 248,000.00 1,042.62 Baxter Credit Union 07181JAU8 11/22/22 11/23/26 5.000% 248,000.00 245,787.84 - (438.96) 245,348.88 248,000.00 1,053.15 Celtic Bank 15118RZT7 11/30/22 11/30/26 4.800% 249,000.00 245,307.33 - (413.34) 244,893.99 249,000.00 Dept of Commerce Federal CU 24951TAT2 05/13/22 05/13/27 3.250% 249,000.00 232,546.08 - - (328.68) 232,217.40 249,000.00 687.31 BMO Harris Bank NA 05600XFW5 06/15/22 06/15/27 3.300% 249,000.00 232,715.40 - - (375.99) 232,339.41 249,000.00 697.88 Numerica Credit Union 67054NBC6 11/04/22 11/04/27 4.950% 248,000.00 245,787.84 - (570.40) 245,217.44 248,000.00 1,042.62 University Bk Ann 914098DQ8 04/03/23 04/03/28 4.850% 248,000.00 244,170.88 - (399.28) 243,771.60 248,000.00 1,021.56 Customers Bank 23204HNZ7 05/31/23 05/31/28 4.450% 244,000.00 241,081.76 - 34.16 241,115.92 244,000.00 Sub Total / Average 2.937% 14,429,000.00 13,671,536.55 248,000.00 - 3,274.75 13,922,811.30 14,677,000.00 31,290.09 - Federal Agency Securities
Federal Home LN BKS 3130APXC4 12/10/21 12/10/24 1.100% 1,000,000.00 947,110.00 - - 2,210.00 949,320.00 1,000,000.00 Federal Home LN BKS 3130ALMM3 03/30/21 03/30/26 1.000% 250,000.00 226,395.00 - - (820.00) 225,575.00 250,000.00 - Federal Home LN BKS 3130AR2B6 03/08/22 03/08/27 2.375% 500,000.00 460,630.00 - (3,670.00) 456,960.00 500,000.00 5,937.50 Federal Home LN BKS 3130ARDY4 03/29/22 03/29/27 2.500% 500,000.00 461,985.00 - (3,725.00) 458,260.00 500,000.00 6,250.00 Federal Home LN BKS 3130ARGQ8 04/14/22 04/14/27 2.875% 250,000.00 233,972.50 - (2,237.50) 231,735.00 250,000.00 Federal Home LN BKS 3130ASD22 06/29/22 06/29/27 3.590% 250,000.00 238,072.50 - (2,187.50) 235,885.00 250,000.00 Federal Home LN MTG 3134GXL28 08/17/22 08/17/27 4.150% 250,000.00 241,257.50 - (1,982.50) 239,275.00 250,000.00 Federal Home LN MTG 3134GXQ23 08/25/22 08/25/27 4.250% 250,000.00 241,777.50 - (1,925.00) 239,852.50 250,000.00 Federal Home LN MTG 3134GY3F7 11/22/22 11/22/27 5.125% 250,000.00 247,032.50 - (1,550.00) 245,482.50 250,000.00 Federal Home LN MTG 3134GYF31 01/30/23 01/27/28 5.100% 250,000.00 245,497.50 (1,375.00) 244,122.50 250,000.00 Federal Farm Credit Bank 3133ENCD0 11/30/21 10/27/25 1.040% 500,000.00 459,290.00 - - (160.00) 459,130.00 500,000.00 Federal Farm Credit Bank 3133EMB76 05/26/21 05/26/26 0.950% 500,000.00 450,085.00 - - (1,605.00) 448,480.00 500,000.00 - Federal Home LN MTG 3134GYTP7 06/15/23 06/15/28 5.500% 500,000.00 496,160.00 - - (1,650.00) 494,510.00 500,000.00 - Sub Total / Average 3.043% 5,250,000.00 4,949,265.00 - - (20,677.50) 4,928,587.50 5,250,000.00 12,187.50 - Commerical Paper
Bank of America Corp A2 06048WM31 05/28/21 05/28/26 1.250% 1,000,000.00 890,280.00 - - (10,460.00) 879,820.00 1,000,000.00 Goldman Sachs Corp A2 38150AFK6 04/30/21 04/30/26 1.550% 500,000.00 445,155.00 - - (1,575.00) 443,580.00 500,000.00 JPMorgan Chase & Co 48128G4R8 08/17/21 08/17/26 1.150% 500,000.00 437,300.00 - - (1,855.00) 435,445.00 500,000.00 Sub Total / Average 1.317% 2,000,000.00 1,772,735.00 - - (13,890.00) 1,758,845.00 2,000,000.00 - - Net Cash Equivalents*
Stifel XXXX4891 N/A N/A 0.000% - N/A N/A N/A N/A - - N/A N/A Multibank Securities Inc XXXXX5544 N/A N/A 0.000% - N/A N/A N/A N/A - - N/A N/A Sub Total / Average 0.000% - - - - - - - - -
Total / Average - Investments 2.40% 28,175,669.55 26,890,206.10 248,000.00 - (31,292.75) 27,106,913.35 28,423,669.55 43,477.59 - Demand Deposit Account (DDA)
Pacific Western - General Account XXXX259 N/A N/A 0.000% 2,675,316.45 N/A N/A N/A N/A 2,675,316.45 2,675,316.45 N/A N/A (Outstanding Checks) N/A N/A (179,971.05) N/A N/A N/A N/A (179,971.05) (179,971.05) N/A N/A Sub Total / Average 0.000% 2,495,345.40 2,495,345.40 2,495,345.40 - - Total /Cash & Investments 30,671,014.95 26,890,206.10 248,000.00 - (31,292.75) 29,602,258.75 30,919,014.95 43,477.59 - *Unpaid investment interest held in brokerage account.
City of Lomita
Investment Portfolio Report September 30, 2023
Previous Balance $ 3,011,626.06
Deposits 1,457,537.10
Disbursements (1,798,753.59)
Adjustments 4,906.88
Current Balance 2,675,316.45
General Fund - City Operations
General Fund - City Operations including LAIF and Investments 100 6,943,800.73 Sub Total - General Fund - City Operations including LAIF and Investments 6,943,800.73 Special Revenue Funds
OPEB Trust Fund - Retiree Health Care 201 256,548.01
Pension Stabilization Fund 202 1,346,646.01
Economic Development 203 746,506.98
General Plan Update 204 689,776.80
Gas Tax Fund - Street Maintenance 205 1,339,209.96
Measure R Local Fund - Street Projects 207 766,132.68
Measure R Highway Fund - Street Projects 208 (106,536.84) Measure M Fund - Street Projects 209 791,305.09
Economic Stabilization 210 500,000.00
Measure W Fund - Safe Clean Water Program 211 504,614.41 American Rescue Plan 212 1,336,976.00
CDBG Fund - Housing Programs 215 (5,699.26)
Proposition A Fund - Transportation Projects 220 721,782.82 Proposition C Fund - Transportation Projects 225 2,553,109.21 Transportation Development Act Article 3- Transportation Projects 230 - Air Quality Fund - Air Quality Projects 235 65,162.15
Landscape Maintenance Fund - Landscape Maintenance District 245 8,773.39 Park Facilities Fee Fund - Quimby Funds 250 579,546.74
Park Athletic Fund - Park Athlete Programs 255 106,053.81 Park Grant Fund - Park Improvement Programs 257 22,679.94 Lomita Manor Fund - Federal Housing Program 260 197,505.04 CA Law Enf. Equip. Program (CLEEP) Fund - Public Safety Equip. 276 6,351.40 Sub Total - Special Revenue Funds 12,426,444.34
Capital Improvement Funds
Capital Improvement Fund - Capital Improvement Projects 310 188,430.26 Street Improvement Fund - Street Improvement Projects 311 2,054,615.20 Facilities Improvement Fund - Facilities Improvement Projects 312 367,744.23 Stephenson Center Fund - Facilities Improvement Projects 313 85,744.47 Sub Total - Capital Improvement Funds 2,696,534.16
GENERAL LEDGER CASH BALANCES
City of Lomita
Investment Portfolio Report September 30, 2023
Previous Balance $ 3,011,626.06
Deposits 1,457,537.10
Disbursements (1,798,753.59)
Adjustments 4,906.88
Current Balance 2,675,316.45
Proprietary Funds
Water Operations Fund - Water Operations 510 3,284,429.74 Water Capital Fund - Water Capital Projects 520 2,650,577.95 Rate Stabilization - Cypress Reservoir Bond 530 125,000.00 Internal Service Fund - Equipment Replacement 610 1,408,504.29 PK Equipment Replacement Fund 611 759,297.50
Sewer Replacement Fund 612 603,470.00
Sub Total - Proprietary Funds 8,831,279.48
Trust and Agency Funds
Museum Foundation Fund - Railroad Museum Programs 720 19,736.24 Tom Rico Memorial Fund - Park Program Scholarships 730 1,220.00 Sub Total - Trust & Agency Funds 20,956.24
Total 30,919,014.95
Pooled Cash 999 (28,243,698.50)
Grand Total 2,675,316.45