Agenda Item
City Council
Item #: 3.10. 8/8/2023 File #: 23-0498
TO: Honorable Mayor and Members of the City Council
THRU: Tom Kisela, City Manager
FROM: Richard A. Rohm, City Treasurer
Trang Nguyen, Finance Director
1. SUBJECT
Monthly Treasurer’s Reports for April, May, and June 2023.
2. SUMMARY
Presentation of three-monthly Treasurer’sReports to the City Council, after the end of the quarter covered by the reports.
3. RECOMMENDED ACTION
Receive and file.
4. FISCAL IMPACT
None.
5. STRATEGIC PLAN GOALS
Goal 2: Be a fiscally healthy community
d: Effectively manage and develop City assets.
6. DISCUSSION AND BACKGROUND
The City’sFiscal Year 2023-24 Statement of Investment Policy has been adopted by the City Council of the City of Orange as Resolution 11469 and is in accordance with the California Government Code Sections 53600 et seq. Per the Investment Policy, three monthly investment reports are to be submitted to the City Council within 45 days following the end of the quarter.
As required by the City’s present Investment Policy, the City Treasurer’s report delineates all investments made by the City Treasurer for the City, its special funds, and the Successor Agency funds, by investment type and by broker.
The monthly Compliance Report certifying compliance of all investments with both the Government Code and the City’s Investment Policy is included.
The Investment Portfolio Statement accurately reflects all investments held by the City and its agents as of the end of the month. A summary of Treasurer’s cash and investments is also included.
Pursuant to California Government Code Section 53646(b)(3), the City certifies that the reported cash and investment balances are sufficient to meet anticipated expenditures for the next six months.
At their meeting on July 26, 2023, the Investment and Audit Committee (IAC) reviewed the cash City of Orange Printed on 8/2/2023Page 1 of 2
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Item #: 3.10. 8/8/2023 File #: 23-0498
At their meeting on July 26, 2023, the Investment and Audit Committee (IAC) reviewed the cash positions, the monthly Investment Reports, and a draft of this Monthly Treasurer’sReports for April, May, and June 2023. Several additions and clarifications were made to the draft Monthly Treasurer’s Reports, including the addition of the payment to US Bank for Pension Obligation Bonds and the term and Resolution Number of the Fiscal Year 2023-24 Investment Policy. Corrected draft reports have been distributed to, and acknowledged as received by, all committee members. The next quarterly committee meeting is scheduled for October 25, 2023.
Summary of Treasurer’s cash and investments:
Operating Cash & Investments (1)
Chandler Investments $100,916,192
LAIF City 42,800,000
LAIF Successor Agency 14,900,000
Wells Fargo Bank 10,423,635
Balance @ 6/30/2023 $169,039,828
(1)Represents the book balance. Includes operating cash and investments (valued at cost). Does not include deposits with administrator, imprest cash, fiscal agent cash and investments, and deferred compensation.
Significant Monthly Cash Transactions:
April May June
Cash Receipts:
Sales Tax Revenue 3,975,355$ 4,833,255 5,236,242 Property Taxes 10,467,492 14,323,695 173,651 Cash Disbursements:
PERS Employee Benefits 703,228 714,994 717,226 US Bank Pension Obligation Bonds 13,435,007
US Bank Lease Revenue Bonds 579,312
Southern Counties Oil Sales Tax Sharing 3,185,204
Excel Paving Co. Katella Ave Street Impr 723,135
Interior Office Solutions Police Division Furniture 456,791 New Dynasty Construction Co. Police HQ Roof & HVAC 1,018,221 Southern California Edison Utilities 393,256 393,808 511,528 Nieves Landscape Inc Landscape Maintenance 209,870 336,977 Excess Cash Receipts 5,517,576
Excess Cash Disbursements (3,373,880) (3,734,129)
7. ATTACHMENTS
· Investment Report for April 2023
· Investment Report for May 2023
· Investment Report for June 2023
City of Orange Printed on 8/2/2023Page 2 of 2
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