On February 13, 2024, the City Council awarded a construction contract to Restoration Management Company in the amount of $669,712 for construction of the Project. The Project construction is substantially complete.
Construction Change Orders
As previously authorized by the City Council, the Director of Public Works approved miscellaneous changes by issuance of Change Order No. 1 approved on March 13, 2024, and Change Order No. 2 approved on March 14, 2024, increasing the original contract price by $28,838.86, to a new total amount of $698,551.06. This increase of 4.3% falls within the City Council authorized 10% budget contingency.
Proposed Change Order No. 3 includes replacement of an additional termite damaged beam, which is not eligible for insurance reimbursement since this condition was not caused by the fire. The proposed Change Order No. 3 will increase the contract amount by an additional $42,649, for a new total amount of $741,201. The total construction contract will increase approximately 10.7%, which is slightly above the City Council authorized 10.0% budget contingency.
The Project is substantially complete and is pending completion of administrative closeout items.
Conclusion:
Staff recommends approval of Change Order No. 3 in the amount of $42,649 and authorization for the City Manager or his designee to execute the Change Order No. 3 for the Project. Additionally, staff recommends approving an additional transfer of $42,650 from Fund 100 (General Fund) Undesignated Fund Balance GL Account No. 100.98.9800-56900 (Transfer Out) to Fund 570 (Golf Course) GL Account No. 570.00.0000-47900 (Transfer In) and appropriate the same amount to GL Account No. 570.16.1620-54500-F21345 (Contracted Services).
Steve Carmona
SC:NN:GE:NC:np
Enclosure: 1) Construction Change Order No. 3
Enclosure 1
12a
To: Mayor and City Council
From: City Manager
Meeting Date: October 22, 2024
Subject: FIRST QUARTER TREASURER’S REPORT AND THE
MONTHLY INVESTMENT TRANSACTION REPORT AS OF
SEPTEMBER 30, 2024 – FISCAL YEAR 2024-2025
Recommendation:
1. Receive and file the Treasurer’s Report for the quarter ending September 30, 2024, which represents balances and activities for the first quarter (July through September) of the 2024-25 fiscal year; and
2. Receive and file the Treasurer’s Monthly Investment Transaction Report as of September 30, 2024.
Fiscal Impact:
There is no fiscal impact on the General Fund from this item. On a quarterly basis, the Administrative Services Department staff allocates the appropriate interest income to the various funds. This shows as revenues to the respective funds.
Discussion:
The Treasurer's Report (Enclosure 1) provides a synopsis of investment activity for the City of Pico Rivera’s (City) investment portfolio for the fiscal year (FY) 2024-25 first quarter ending September 30, 2024. The report provides information on assets, allocations, average maturities, yields, and valuations for each of the three (3) portfolios. A discussion of market conditions is included to give additional perspective to these measurements.
As of September 30, 2024, the City's investment portfolios are in full compliance with the City's Investment Policy, California Government Code Section 53601, and have sufficient cash flow from a combination of liquid and maturing securities, bank deposits, and income to meet the City's expenditure requirements. The paragraphs below provide a summary of the investment results from the first quarter.
Total Pooled Cash and Investments during the quarter totaled $125,269,396. This total amount consisted of $3,895,918 in the City’s operating accounts with its banking partner Commercial Bank of California (CBC), $29,317,128 with CBC Insured Cash Sweep (ICS) 13 CITY COUNCIL AGENDA REPORT – MEETING OF OCTOBER 22, 2024 FIRST QUARTER TREASURER’S REPORT AND THE MONTHLY INVESTMENT TRANSACTION REPORT AS OF SEPTEMBER 30, 2024 – FISCAL YEAR 2024-2025
Account, $58,327,092 in the State Treasurer’s Local Agency Investment Fund (LAIF) and $33,729,258 managed by Chandler Asset Management (Chandler). The City also had $1,309,415 held by various Trustee Accounts, all related to the City’s bond issues (1999 Water Revenue Bonds, etc.).
The 2018 Certificates of Participation, Series A (COPS) managed by Wilmington Trust, reflect an ending balance of $5,220,217.
The Pico Rivera Innovative Municipal Energy (PRIME), an Enterprise Fund, has two (2) bank accounts managed by River City Bank (RCB). The first account, the RCB ICS account, receives and records investment income. It has an ending balance of $13,609,701 as of September 30, 2024. The second account, the Public Fund account, receives Electronic Data Interchange (EDI) collection payments and executes vendor payments for energy purchases. As of September 30, 2024, the Public Fund account had an ending balance of $3,465,286.
Chandler Asset Management Managed Portfolio
The City entered into a discretionary investment advisory agreement in December 2017 with Chandler, a Securities and Exchange Commission (SEC) registered investment advisor, to manage a portion of the City's portfolio in a disciplined, active manner that complies with the City's investment policy and stated objectives of safety, liquidity, and yield. After a detailed consultation with Chandler's investment team, the City selected the Limited Maturity investment strategy, benchmarked against the Bank of America Merrill Lynch 1-3 Year US Treasury & Agency Index. The strategy invests in a well-diversified portfolio of high-quality fixed-income securities. To maintain compliance with the City's investment policy, Chandler continues to invest in securities that reflect the guidelines set forth in the City's Investment Policy.
To ensure the portfolio's safety, investments with the highest credit quality are selected.
The Chandler Managed Portfolio is comprised primarily of Treasury Securities and Federal Government-sponsored entity debt, otherwise known as federal agency securities. Federal agency securities continue to be regarded as among the safest securities in the global market. Two (2) of the government-sponsored agencies, the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac), remain under conservatorship and carry an implicit guarantee by the Federal Government. In addition, both are carefully monitored by the City’s Treasurer to ensure the continued safety of the City’s funds.
The Portfolio Holding Report (Table 1) reflects the types of security holdings in the City’s investment fund. The market value of the September 30, 2024, portfolio is $33,729,258, an increase of $937,108 from the market value of $32,792,150 on June 30, 2024. In the period ending September 30, 2024, the portfolio held a diverse set of investments, holding eight (8) different security types. The largest security holding consists of Treasury CITY COUNCIL AGENDA REPORT – MEETING OF OCTOBER 22, 2024 FIRST QUARTER TREASURER’S REPORT AND THE MONTHLY INVESTMENT TRANSACTION REPORT AS OF SEPTEMBER 30, 2024 – FISCAL YEAR 2024-2025
Securities of $14,257,325. These Treasury Securities are one of the highest-quality debt instruments.
The Portfolio Holdings Report also provides the portfolio’s Par values (nominal value of a bond); Book yield (Internal Rate of Return); Book value (value of a security); Market YTM (long-term bond yield); Market value (amount security can be sold on a given market); Accrued interest (interest earned); Total portfolio (Market value plus accrued interest); and finally, Modified Duration (bond sensitivity of price that may change in interest rates during duration).
Table 1 - Portfolio Holding Report
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CITY COUNCIL AGENDA REPORT – MEETING OF OCTOBER 22, 2024 FIRST QUARTER TREASURER’S REPORT AND THE MONTHLY INVESTMENT TRANSACTION REPORT AS OF SEPTEMBER 30, 2024 – FISCAL YEAR 2024-2025
The Investments by Type chart (Chart 1) reflects the makeup of the portfolio holdings by security type. The portfolio holds 42% in US Treasuries (government treasury bonds, notes, and bills), 27% in corporate medium-term notes, 7% of total investments in federal agency securities, 9% in asset-backed securities, and 10% in agency commercial mortgage-backed securities, which are backed by a pool of assets. The remaining investments are in money market funds and supranational securities.
Chart 1 - Investments by Type
CITY COUNCIL AGENDA REPORT – MEETING OF OCTOBER 22, 2024 FIRST QUARTER TREASURER’S REPORT AND THE MONTHLY INVESTMENT TRANSACTION REPORT AS OF SEPTEMBER 30, 2024 – FISCAL YEAR 2024-2025
The Investment Rating chart (Chart 2) illustrates the portfolio’s investment grade of holdings. This rating provides the City with assurance of risk associated with the quality of the holdings’ investment grade. As the chart below demonstrates, 97.7% of the total portfolio consists of investments rated “A” or higher. As of September 30, 2024, the portfolio experienced a slight increase in this rating of 0.3% from June 30, 2024.
Chart 2 - Investment Ratings
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CITY COUNCIL AGENDA REPORT – MEETING OF OCTOBER 22, 2024 FIRST QUARTER TREASURER’S REPORT AND THE MONTHLY INVESTMENT TRANSACTION REPORT AS OF SEPTEMBER 30, 2024 – FISCAL YEAR 2024-2025
The City’s portfolio remains highly rated, liquid, and diversified, well-positioned to withstand today’s medium-term economic uncertainties. Recent economic data suggests positive but slower growth driven by consumer spending this year. Inflationary trends are moderating, but core Personal Consumption Expenditures (PCE) levels remain above the Federal Reserve’s (Fed) 2% inflation target. The Federal Open Market Committee (FOMC) delivered the first rate cut of the easing cycle at the September meeting to the range of 4.75-5.00%. Chair Jerome Powell reiterated previous statements, acknowledging that monetary policy has shifted into a more balanced approach that addresses price stability and full employment in tandem. The Fed released the quarterly Summary of Economic Projections (SEP), which now forecasts a substantially lower median Fed Funds Rate expectation among Fed Governors in 2025 due to lower inflation expectations and a higher projected unemployment rate. The SEP projected PCE inflation to remain resilient at 2.6% through year-end. The median projection for the Federal Funds rate by calendar year-end decreased to 4.4% implying three more 0.25% rate cuts than projected in June. Over the first quarter of FY 2024-25, US Treasury yields declined across the curve as the labor market showed signs of weakness and inflation data moderation.
Local Agency Investment Funds (LAIF)
The Pico Rivera Pooled Investment Portfolio is invested in LAIF to manage liquidity. The LAIF June 30, 2024, market value represents a total of $57,463,855, and the September 30, 2024, market value of $58,327,092. The increase of $863 thousand in the balance compared to the previous quarter was primarily due to the interest earned.
The City participates in the State of California LAIF portfolio program. The program consists of local agencies participating in a large portfolio to invest using the State Treasurer's Office for investments at no additional cost to the taxpayer. The Local Investment Advisory Board (LIAB) provides oversight for LAIF.
LAIF administrative costs are minimal and assessed quarterly. The Government Code states that administrative costs may not exceed 5% of the fund's quarterly earnings. The characteristics of the LAIF portfolio reflect minimal credit risk and safety in investing in high-quality securities. LAIF funds are protected by statutes and are not borrowable.
CITY COUNCIL AGENDA REPORT – MEETING OF OCTOBER 22, 2024 FIRST QUARTER TREASURER’S REPORT AND THE MONTHLY INVESTMENT TRANSACTION REPORT AS OF SEPTEMBER 30, 2024 – FISCAL YEAR 2024-2025
Graph 1 shows the comparison of LAIF to the City’s portfolio managed by Chandler, highlighting the differences in investment security types and portfolio duration. Whereas LAIF takes a more conservative approach and focuses on securities with shorter average maturity, LAIF and Chandler follow similar investment guidelines for safety, liquidity, and return.
Graph 1 – LAIF and CAM from
September 2018 through September 2024
Staff has continuously monitored the City’s investment portfolio and performance on an ongoing basis. As shown in Graph 1 above, the yield of the Chandler-managed portfolio has historically outperformed the yield experienced from our LAIF portfolio until September 2022. This stems from LAIF having a shorter weighted-average maturity than the Chandler-managed portfolio, so it responds more quickly to rises and falls in market yields. The Chandler-managed portfolio yield rates are locked in for an extended period through the reinvestment and purchase of longer-duration securities. During the first quarter of this fiscal year, the Chandler-managed portfolio reinvested $3.5 million of investment incomes and maturing securities at an average purchase yield of 4.37%.
CITY COUNCIL AGENDA REPORT – MEETING OF OCTOBER 22, 2024 FIRST QUARTER TREASURER’S REPORT AND THE MONTHLY INVESTMENT TRANSACTION REPORT AS OF SEPTEMBER 30, 2024 – FISCAL YEAR 2024-2025
Commercial Bank of California Insured Sweep Account
As part of the staff’s commitment to the City’s stated objectives of safety, liquidity, and yield, staff continuously researches alternative investment opportunities to enhance the City’s investment portfolio. Staff explored various options to diversify the City’s investment portfolio, aiming for greater flexibility in managing future interest fluctuations.
Following this research, the City established an ICS account with its banking partner, CBC, in August 2023. This investment account aligns with the City’s commitment to prioritizing safety by mitigating credit risk and reinforcing safety through placing operational funds in short-term securities. The account also enhances the City’s liquidity, providing same-day liquidity to meet its short-term obligations and capitalizing on the current interest rates, safeguarding our long-term investments.
As of September 30, 2024, the ICS account had an ending balance of $29,317,128, compared to $34,072,457 on June 30, 2024. The $4.7 million decrease in the balance is primarily attributed to several substantial payments, including $3.5 million for the pension’s unfunded accrued liability and $1.5 million for the 2016 Lease Revenue Refunding Bonds.
Monthly Investment Transaction Report
Per the City’s Investment Policy approved by the City Council on June 11, 2024, the City Treasurer submits a monthly investment transaction report to the City Council within 45 days of the end of the reporting period in accordance with California Government Code Section 53607.
The monthly investment transactions summary updates the City Council on the City’s monthly transactions of the City’s investment portfolio for the month ending September 30, 2024. The statements enclosed include transactions of the City’s investments with LAIF, Chandler, and Commercial Bank of California (Enclosures 2, 3, and 4).
Conclusion:
All investments are maintained in accordance with California Government Code Section 53601 and the City’s investment policy for FY 2024-25. The City Treasurer/Director of Administrative Services certifies that the funds are invested to provide sufficient cash flow for a period of six (6) months. Staff recommends receiving and filing the Treasurer’s Report for the quarter ending September 30, 2024, which represents balances and activities for the first quarter (July through September) of FY 2024-25 and the Treasurer’s Monthly Investment Transaction Report as of September 30, 2024.
Steve Carmona
SC:JG:KL:LL:ep
CITY COUNCIL AGENDA REPORT – MEETING OF OCTOBER 22, 2024 FIRST QUARTER TREASURER’S REPORT AND THE MONTHLY INVESTMENT TRANSACTION REPORT AS OF SEPTEMBER 30, 2024 – FISCAL YEAR 2024-2025
Enclosures: 1) Treasurer’s Report for the First Quarter Ending September 30, 2024. 2) LAIF Statement for the Month Ending September 30, 2024. 3) Chandler Asset Management Transaction Ledger for the Month Ending September 30, 2024.
4) Commercial Bank of California Insured Cash Sweep Statement for the Month Ending September 30, 2024.
CITY OF PICO RIVERA
TREASURER'S REPORT1ST QTR JUL 2024 - SEP 2024TYPE OF INVESTMENT Interest Rate Issuer Reporting Date Investment Income Ending Balance Source of Market ValuationCommercial Bank of California (CBC) Demand Deposits 0.05% CBC 9/30/2024 156 3,895,918 CBC StatementsCBC Insured Cash Sweep (ICS) Account 4.25% CBC 9/30/2024 294,644 29,317,128 CBC ICS Statement Local Agency Investment Fund (LAIF) 4.55% LAIF 9/30/2024 - 58,327,092 LAIF Statements Chandler Investments* 3.96% Chandler Investments 9/30/2024 332,849 33,729,258 Chandler Portfolio Summary TOTAL CASH & INVESTMENTS: Exclude Water Fund 550 TOTAL CASH & INVESTMENTS: 627,649 125,269,396 - -
Revenue Bonds, 1999 Bond Fund Water Authority 122073-001 US Bank 9/30/2024 251 28,843 US Bank/RECON StatementsRevenue Bonds, 1999 Bond Fund Water Authority 122073-002 US Bank 9/30/2024 933 154,105 US Bank/RECON StatementsRevenue Bonds, 1999 Bond Fund Water Authority 122073-003 US Bank 9/30/2024 3,247 522,917 US Bank/RECON StatementsRevenue Bonds, 1999 Bond Fund Water Authority 122073-004 US Bank 9/30/2024 - - US Bank/RECON Statements Revenue Bonds, 1999 Water Rate Stabilization 122073-011 US Bank 9/30/2024 7,393 600,000 US Bank/RECON StatementsRevenue Bonds, 2021 Tax Allocation Refunding Bonds 245558-000 US Bank 9/30/2024 0 25 US Bank/RECON Statements Revenue Bonds, 2021 Tax Allocation Refunding Bonds 245558-001 US Bank 9/30/2024 13 39 US Bank/RECON StatementsRevenue Bonds, 2021 Tax Allocation Refunding Bonds 245558-002 US Bank 9/30/2024 42 3,485 US Bank/RECON Statements Revenue Bonds, 2021 Tax Allocation Refunding Bonds 245558-003 US Bank 9/30/2024 - - US Bank/RECON Statements Revenue Bonds, 2021 Tax Allocation Refunding Bonds 245558-004 US Bank 9/30/2024 - - US Bank/RECON Statements TOTAL FISCAL AGENT (TRUSTEE) INVESTMENTS TOTAL (TRUSTEE) INVESTMENTS: 11,879 1,309,415 - -
TOTAL CASH & TRUSTEE INVESTMENTS: 639,528 126,578,811
Dividends Ending Balance
2018 COPS 130877 Wilmington Trust 9/30/2024 64,674 5,220,217 Wilmington Trust Statement TOTAL 2018 COPS: 64,674 5,220,217
ENTERPRISE FUNDS Interest earned Ending Balance River City Bank (PRIME) River City Bank ICS Account 9/30/2024 151,364 13,609,701 River City Bank River City Bank (PRIME) River City Bank Operating Account 9/30/2024 - 3,465,286 River City Bank TOTAL RIVER CITY BANK: 151,364 17,074,988
Jane GuoDirector of Administrative Services and City Treasurer, City of Pico Rivera I certify that this investment portfolio is in conformity with the Investment Policy of the City of Pico Rivera. The investment Program provides sufficient liquidity to meet a minimum of the next six month's estimated expenditures. * Average Purchase Yield: The average yield on an investment or a portfolio is the sum of all interest, dividends, or other income that the investment generates, divided by the age of the investment or the length of time the investor has held it.
Enclosure 1
13a
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Date
Transaction
Category Transaction Type Security Description Quantity Price Principal Interest Total Amount 9/25/2024 Acquisitions Buy FHMS K-082 A2 3.92 09/25/2028 190,000.00 1.00262 190,497.27 496.53 190,993.80 9/22/2024 Acquisitions Buy FIRST AMER:GVT OBLG Y 579,025.66 1.00000 579,025.66 - 579,025.66 9/25/2024 Acquisitions Buy MBALT 2024-B A3 4.23 02/15/2028 135,000.00 0.99983 134,977.28 - 134,977.28 9/26/2024 Acquisitions Buy PACCAR FINANCIAL CORP 4.0 09/26/2029 205,000.00 0.99794 204,577.70 - 204,577.709/25/2024 Acquisitions Buy UNITED STATES TREASURY 1.625 08/15/2029 200,000.00 0.91695 183,390.62 362.09 183,752.71 9/25/2024 Dispositions Sell FIRST AMER:GVT OBLG Y 711,116.05 1.00000 711,116.05 - (711,116.05) 9/23/2024 Dispositions Maturity INTER-AMERICAN DEVELOPMENT BANK 0.5 09/23/2024 1.00000 420,000.00 420,000.00 - (420,000.00) 9/1/2024 Other Transactions Coupon FHMS K-081 A2 3.9 08/25/2028 - - - - 503.75 9/1/2024 Other Transactions Coupon FHMS K-746 A2 2.031 09/25/2028 - - - - 710.859/1/2024 Other Transactions Coupon FHMS K-083 A2 4.05 09/25/2028 - - - - 776.259/1/2024 Other Transactions Principal Paydown FHMS K-069 A2 3.187 09/25/2027 - - 789.90 - 789.90 9/1/2024 Other Transactions Coupon FHMS K-063 A2 3.43 01/25/2027 - - - - 928.96 9/1/2024 Other Transactions Coupon FHMS K-085 A2 4.06 10/25/2028 - - - - 930.42 9/1/2024 Other Transactions Coupon FHMS K-090 A2 3.422 02/25/2029 - - - - 941.05 9/1/2024 Other Transactions Coupon FHMS K-054 A2 2.745 01/25/2026 - - - - 1,143.75 9/1/2024 Other Transactions Coupon FHMS K-073 A2 3.35 01/25/2028 - - - - 1,312.08 9/1/2024 Other Transactions Coupon FHMS K-069 A2 3.187 09/25/2027 - - - - 1,325.35 9/9/2024 Other Transactions Coupon WALMART INC 3.9 09/09/2025 - - - - 1,365.00 9/9/2024 Other Transactions Coupon MASTERCARD INC 4.875 03/09/2028 - - - - 9,750.00 9/10/2024 Other Transactions Coupon FEDERAL HOME LOAN BANKS 4.5 03/10/2028 - - - - 9,562.50 9/15/2024 Other Transactions Coupon JDOT 2021 A3 0.36 09/15/2025 - - - - 0.89 9/15/2024 Other Transactions Coupon JDOT 2021-B A3 0.52 03/16/2026 - - - - 11.31 9/15/2024 Other Transactions Coupon TAOT 2021-D A3 0.71 04/15/2026 - - - - 15.61 9/15/2024 Other Transactions Coupon JDOT 2022 A3 0.36 09/15/2026 - - - - 98.76 9/15/2024 Other Transactions Coupon HAROT 2022-1 A3 1.88 05/15/2026 - - - - 112.25 9/15/2024 Other Transactions Coupon JDOT 2022-B A3 3.74 02/16/2027 - - - - 283.339/15/2024 Other Transactions Coupon MBART 2023-1 A3 4.51 11/15/2027 - - 0.01 - 394.62 9/15/2024 Other Transactions Coupon AMXCA 2023-1 A 4.87 05/15/2026 - - - - 527.58 9/15/2024 Other Transactions Coupon HART 2023-A A3 4.58 04/15/2027 - - - - 591.58 9/15/2024 Other Transactions Coupon AMXCA 2022-2 A 3.39 05/17/2027 - - - - 678.00 9/15/2024 Other Transactions Coupon TAOT 2024-A A3 4.83 10/16/2028 - - - - 684.25 9/15/2024 Other Transactions Coupon JDOT 2022-C A3 5.09 06/15/2027 - - - - 888.339/15/2024 Other Transactions Coupon JDOT 2023-C A3 5.48 05/15/2028 - - - - 1,438.50 9/15/2024 Other Transactions Principal Paydown MBART 2023-1 A3 4.51 11/15/2027 - - 1,462.64 - 1,462.649/15/2024 Other Transactions Coupon CHAIT 2023-1 A 5.16 09/15/2028 - - - - 1,483.50 9/15/2024 Other Transactions Coupon AMXCA 2023-3 A 5.23 09/15/2028 - - 0.01 - 1,503.62 9/15/2024 Other Transactions Principal Paydown JDOT 2021 A3 0.36 09/15/2025 - - 2,513.50 - 2,513.509/15/2024 Other Transactions Principal Paydown JDOT 2021-B A3 0.52 03/16/2026 - - 2,773.79 - 2,773.799/15/2024 Other Transactions Principal Paydown TAOT 2021-D A3 0.71 04/15/2026 - - 3,360.87 - 3,360.87 9/15/2024 Other Transactions Principal Paydown JDOT 2022 A3 0.36 09/15/2026 - - 4,190.15 - 4,190.15 9/15/2024 Other Transactions Principal Paydown JDOT 2022-B A3 3.74 02/16/2027 - - 4,873.45 - 4,873.45 9/15/2024 Other Transactions Principal Paydown HAROT 2022-1 A3 1.88 05/15/2026 - - 7,326.60 - 7,326.60 9/15/2024 Other Transactions Coupon HOME DEPOT INC 4.0 09/15/2025 - - - - 9,400.00 9/15/2024 Other Transactions Coupon UNITED STATES TREASURY 4.625 03/15/2026 - - - - 11,562.509/15/2024 Other Transactions Principal Paydown JDOT 2022-C A3 5.09 06/15/2027 - - 11,787.37 - 11,787.37 9/16/2024 Other Transactions Coupon GMCAR 2023-2 A3 4.47 02/16/2028 - - 0.01 - 428.38 City of Pico Rivera Portfolio
Chandler Investment Transactions
September, 2024
Enclosure 3
13c
Settlement
Date
Transaction
Category Transaction Type Security Description Quantity Price Principal Interest Total Amount City of Pico Rivera Portfolio
Chandler Investment Transactions
September, 2024
9/17/2024 Other Transactions Management Fee Cash 2,638.01 - 2,638.01 - (2,638.01) 9/17/2024 Other Transactions Coupon WALMART INC 1.05 09/17/2026 - - - - 341.25 9/18/2024 Other Transactions Coupon HAROT 2022-2 A3 3.73 07/20/2026 - - - - 213.35 9/18/2024 Other Transactions Principal Paydown HAROT 2022-2 A3 3.73 07/20/2026 - - 5,795.77 - 5,795.77 9/18/2024 Other Transactions Coupon STATE STREET CORP 4.993 03/18/2027 - - - - 9,237.05 9/20/2024 Other Transactions Coupon GMALT 2023-3 A3 5.38 11/20/2026 - - - - 336.25 9/20/2024 Other Transactions Coupon GMALT 2024-2 A3 5.39 07/20/2027 - - - - 539.00 9/21/2024 Other Transactions Coupon HAROT 2021-4 A3 0.88 01/21/2026 - - - - 20.69 9/21/2024 Other Transactions Coupon HAROT 2023-1 A3 5.04 04/21/2027 - - - - 294.00 9/21/2024 Other Transactions Principal Paydown HAROT 2021-4 A3 0.88 01/21/2026 - - 3,769.90 - 3,769.90 9/23/2024 Other Transactions Coupon INTER-AMERICAN DEVELOPMENT BANK 0.5 09/23/2024 - - - - 1,050.00 9/25/2024 Other Transactions Custody Fee Cash 259.81 - 259.81 - (259.81) 9/25/2024 Other Transactions Coupon BMWLT 2023-1 A3 5.16 11/25/2025 - - - - 117.88 9/25/2024 Other Transactions Coupon BMWOT 2024-A A3 5.18 02/26/2029 - - - - 625.92 9/25/2024 Other Transactions Principal Paydown BMWLT 2023-1 A3 5.16 11/25/2025 - - 3,975.30 - 3,975.30 9/30/2024 Other Transactions Coupon UNITED STATES TREASURY 0.5 03/31/2025 - - - - 1,750.00 9/30/2024 Other Transactions Coupon UNITED STATES TREASURY 1.625 09/30/2026 - - - - 5,687.50 9/30/2024 Other Transactions Coupon UNITED STATES TREASURY 2.5 03/31/2027 - - - - 12,500.00 9/30/2024 Other Transactions Dividend 1,273.28
9/30/2024 Other Transactions Coupon UNITED STATES TREASURY 4.125 09/30/2027 - - 0.01 - 18,046.88 Changes of Market Values and Accrued Interests (57,705.60) Net Investment Transactions 265,612.94Beginning Balance as of 8/31/24 33,463,645.05Ending Balance as of 9/30/24 33,729,257.99 Contact Us
(714) 431-7000
Account
CITY OF PICO RIVERA
Date
09/30/2024
Page
1 of 5
IntraFi Cash ServiceSM, or ICS®, Monthly Statement
The following information is a summary of activity in your account(s) for the month of September 2024 and the list of FDIC-insured institution(s) that hold your deposits as of the date indicated. These deposits have been placed by us, as your agent and custodian, in deposit accounts through IntraFi Cash Service. Funds in your deposit accounts at the FDIC-insured institutions at which your funds have been placed will be "deposits," as defined by federal law.
Summary of Accounts
Account ID Deposit Option Interest Rate Opening Balance Ending Balance *********354 Savings 4.25% $26,621,697.19 $29,317,128.06 TOTAL $26,621,697.19 $29,317,128.06
CONTAINS CONFIDENTIAL INFORMATION IntraFi and ICS are registered service marks, and IntraFi Cash Service is a service mark, of IntraFi Network LLC.
Commercial Bank of California
19752 MacArthur Blvd.
Suite 100
Irvine, CA 92612
129457-01A
CITY OF PICO RIVERA
6615 PASSIONS BLVD
PICO RIVERA, CA 90660
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RETURN SERVICE REQUESTED
Enclosure 4
13d
DETAILED ACCOUNT OVERVIEW
Account ID: *********354
Account Title: CITY OF PICO RIVERA
Account Summary - Savings
Statement Period 9/1-9/30/2024 Average Daily Balance $27,274,886.03 Previous Period Ending Balance $26,621,697.19 Interest Rate at End of Statement Period 4.25% Total Program Deposits 3,600,009.01 Annual Percentage Yield Earned 4.34% Total Program Withdrawals (1,000,000.00) YTD Interest Paid 901,184.44 Interest Capitalized 95,421.86
Current Period Ending Balance $29,317,128.06
Account Transaction Detail
Date Activity Type Amount Balance
09/04/2024 Deposit $9.01 $26,621,706.20
09/06/2024 Withdrawal (300,000.00) 26,321,706.20
09/12/2024 Deposit 1,100,000.00 27,421,706.20
09/19/2024 Withdrawal (700,000.00) 26,721,706.20
09/24/2024 Deposit 1,000,000.00 27,721,706.20
09/26/2024 Deposit 1,500,000.00 29,221,706.20
09/30/2024 Interest Capitalization 95,421.86 29,317,128.06 Summary of Balances as of September 30, 2024
FDIC-Insured Institution City/State FDIC Cert No. Balance 1st Capital Bank Salinas, CA 58485 $247,864.47
American National Bank Omaha, NE 19300 247,864.47
Ameris Bank Atlanta, GA 20504 247,864.47
Anderson Brothers Bank Mullins, SC 9923 247,864.47
Axos Bank San Diego, CA 35546 247,563.32
BMO Bank, N.A. Chicago, IL 16571 28.77
BOKF, National Association Tulsa, OK 4214 247,864.47
Banc of California Los Angeles, CA 24045 247,864.27
Bangor Savings Bank Bangor, ME 18408 247,518.74
Bank of India New York, NY 33648 247,143.83
Bank of Marin Novato, CA 32779 247,864.47
Bank of Washington Washington, MO 12627 247,648.16
BankNewport Newport, RI 18129 247,864.47
BankUnited Miami Lakes, FL 58979 247,864.47
Bankwell Bank New Canaan, CT 57368 247,864.47
Bremer Bank, National Association South St. Paul, MN 12923 247,864.39 Brookline Bank Boston, MA 17798 247,547.01
Byline Bank Chicago, IL 20624 160.42
CASS COMMERCIAL BANK Des Peres, MO 1068 247,864.47
CNB Bank Clearfield, PA 13876 247,864.47
Date
09/30/2024 Page
2 of 5
CONTAINS CONFIDENTIAL INFORMATION IntraFi and ICS are registered service marks, and IntraFi Cash Service is a service mark, of IntraFi Network LLC.
DETAILED ACCOUNT OVERVIEW
Account ID: *********354
Account Title: CITY OF PICO RIVERA
Summary of Balances as of September 30, 2024
FDIC-Insured Institution City/State FDIC Cert No. Balance Capital Community Bank Provo, UT 33823 247,864.47
Capitol Bank Madison, WI 34074 247,864.34
Citizens Bank of Philadelphia, MS Philadelphia, MS 12204 247,288.56 Citizens Bank, National Association Providence, RI 57957 247,123.88 City National Bank of Florida Miami, FL 20234 247,864.47 Coastal Carolina National Bank Myrtle Beach, SC 58864 247,864.47 Coastal Community Bank Everett, WA 34403 247,864.47
Community Bank of the Bay Oakland, CA 34210 247,864.47
ConnectOne Bank Englewood Cliffs, NJ 57919 247,864.47
Cornerstone Natl Bank & Trust Co. Palatine, IL 57061 247,864.47 CrossFirst Bank Leawood, KS 58648 247,864.47
Customers Bank Malvern, PA 34444 247,864.47
Dime Community Bank Hauppauge, NY 6976 247,864.47
Dogwood State Bank Raleigh, NC 57095 247,864.47
EagleBank Silver Spring, MD 34742 247,864.47
East West Bank Pasadena, CA 31628 247,864.47
Enterprise Bank & Trust Clayton, MO 27237 247,864.47
Esquire Bank, National Association Jericho, NY 58140 57.72 First Bank Hamilton, NJ 58481 247,864.47
First Bank of the Lake Osage Beach, MO 26960 247,864.47 First Foundation Bank Irvine, CA 58647 247,864.47
First Horizon Bank MEMPHIS, TN 4977 247,864.47
First National Bank Wichita Falls, TX 26543 247,864.47
First National Bank of Pennsylvania Greenville, PA 7888 247,864.47 First Resource Bank Exton, PA 57967 247,864.47
First State Community Bank Farmington, MO 17323 247,547.14 First United Bank and Trust Company Durant, OK 4239 229.50 First-Citizens Bank & Trust Company Raleigh, NC 11063 247,864.47 FirstBank Nashville, TN 8663 247,864.47
Five Star Bank Roseville, CA 35361 247,864.47
Flagstar Bank, N.A. Hickville, NY 32541 247,864.47
Flushing Bank Uniondale, NY 58564 247,864.39
Franklin Bank & Trust Company Franklin, KY 17937 247,592.26 Fulton Bank, N.A. Lancaster, PA 7551 247,864.47
Glens Falls Natl Bank and Trust Co Glens Falls, NY 7074 247,864.47 Grand Savings Bank Grove, OK 32084 247,841.00
Great Plains State Bank Petersburg, NE 14058 247,864.47 Great Southern Bank Reeds Spring, MO 29546 247,864.47
Hancock Whitney Bank Gulfport, MS 12441 247,864.47
Date
09/30/2024 Page
3 of 5
CONTAINS CONFIDENTIAL INFORMATION IntraFi and ICS are registered service marks, and IntraFi Cash Service is a service mark, of IntraFi Network LLC. %RzH X9ks+q3]'I
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DETAILED ACCOUNT OVERVIEW
Account ID: *********354
Account Title: CITY OF PICO RIVERA
Summary of Balances as of September 30, 2024
FDIC-Insured Institution City/State FDIC Cert No. Balance Hanover Community Bank Mineola, NY 58675 247,864.47
HarborOne Bank Brockton, MA 59070 247,864.47
HomeTrust Bank Asheville, NC 27677 247,864.47
Israel Discount Bank of New York New York City, NY 19977 247,864.47 Leader Bank, National Association Arlington, MA 57134 247,720.44 Legacy Bank & Trust Company Mountain Grove, MO 22319 247,518.19 Live Oak Banking Company Wilmington, NC 58665 247,864.47 MapleMark Bank Dallas, TX 3182 247,864.47
Mascoma Bank Lebanon, NH 18013 247,864.47
Mercantile Bank Grand Rapids, MI 34598 247,864.34
Merchants Bank of Indiana Carmel, IN 8056 247,864.47
MidFirst Bank Oklahoma City, OK 4063 247,864.47
Mission Bank Bakersfield, CA 34805 247,864.47
NBT Bank, National Association Norwich, NY 7230 247,864.47 NexBank Dallas, TX 29209 247,201.43
Northstar Bank Bad Axe, MI 57097 247,864.47
One Florida Bank Orlando, FL 58811 247,864.47
Opportunity Bank of Montana Helena, MT 30182 247,864.47 Origin Bank Ruston, LA 12614 247,864.47
Park National Bank Newark, OH 6653 247,864.39
Peoples Bank Marietta, OH 6544 247,864.30
Pinnacle Bank Nashville, TN 35583 247,864.47
Popular Bank New York, NY 34967 247,864.47
Raymond James Bank St. Petersburg, FL 33893 247,864.47
Republic Bank & Trust Company Louisville, KY 23627 247,864.47 RockPointBank, National Association Chattanooga, TN 59206 247,864.47 SMBC MANUBANK Los Angeles, CA 18618 247,864.47
Salem Five Cents Savings Bank Salem, MA 23296 247,864.47 Sandy Spring Bank Olney, MD 4865 247,864.47
Santa Cruz County Bank Watsonville, CA 57591 247,864.47 Seacoast National Bank Stuart, FL 131 247,864.47
Shore United Bank, N.A. Easton, MD 4832 247,864.47
SmartBank Knoxville, TN 58463 247,864.39
South State Bank, N.A. Winter Haven, FL 33555 247,864.39 SouthPoint Bank Birmingham, AL 58088 247,864.47
Stearns Bank N.A. St. Cloud, MN 10988 247,770.62
Summit Bank Eugene, OR 57706 247,143.83
Susser Bank Arlington, TX 34885 247,720.42
T Bank, National Association Dallas, TX 57703 75,830.08 Date
09/30/2024 Page
4 of 5
CONTAINS CONFIDENTIAL INFORMATION IntraFi and ICS are registered service marks, and IntraFi Cash Service is a service mark, of IntraFi Network LLC.
DETAILED ACCOUNT OVERVIEW
Account ID: *********354
Account Title: CITY OF PICO RIVERA
Summary of Balances as of September 30, 2024
FDIC-Insured Institution City/State FDIC Cert No. Balance TBK Bank, SSB Dallas, TX 23498 247,830.77
Texas Bank and Trust Company Longview, TX 17842 247,864.47 Texas National Bank of Jacksonville Jacksonville, TX 26181 247,864.47 TexasBank Brownwood, TX 19559 247,864.47
The American National Bank of Texas Terrell, TX 23474 247,864.47 The Bank of Tampa Tampa, FL 21031 247,864.47
The First National Bank of McGregor Mcgregor, TX 3330 0.09 The Huntington National Bank Columbus, OH 6560 247,864.27 The Park Bank Madison, WI 19608 247,864.47
Third Coast Bank Humble, TX 58716 247,864.47
Three Rivers Bank of Montana Kalispell, MT 21557 247,864.38 TowneBank Portsmouth, VA 35095 247,864.47
Truist Bank Charlotte, NC 9846 247,864.47
U.S. Bank National Association Cincinnati, OH 6548 247,864.47 UBank Huntington, TX 18344 247,143.83
United Bank Fairfax, VA 22858 247,864.47
United Community Bank Greenville, SC 16889 247,864.47
Univest Bank and Trust Co. Souderton, PA 7759 247,864.47 Valley National Bank Morristown, NJ 9396 247,433.40
VeraBank Henderson, TX 3250 247,864.47
Veritex Community Bank Dallas, TX 57665 247,864.47
West Bank West Des Moines, IA 15614 247,864.47
WestStar Bank El Paso, TX 32941 247,864.47
Western Alliance Bank Phoenix, AZ 57512 247,864.47
Winter Park National Bank Winter Park, FL 59105 247,864.47 Zions Bancorporation, N. A. Salt Lake City, UT 2270 247,807.91 Date
09/30/2024 Page
5 of 5
CONTAINS CONFIDENTIAL INFORMATION IntraFi and ICS are registered service marks, and IntraFi Cash Service is a service mark, of IntraFi Network LLC. %RzL X9ks+q3]'I
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63135
COUNCIL
MEETING
DATE
COUNCIL MEMBER REQUEST DETAIL DIRECTOR(S)
ACTION TAKEN: Memo; Staff
Report; Closed Session;
Presentation; Follow-up
Meeting; City Manager Reports;
Informal Action
DISCUSSION
ITEM
ACTION
ITEM DATE
STATUS:
Complete;
Pending;
On-going;
In-Progress
3/12/2024 Lutz/Garcia Create funding for 1st time Home Buyers (Veterans/1st Responders ) A. Betancourt
TBD Pending
9/10/2024 Lutz/Lara Create Good Citizen Award Program TBD Pending
GOOD OF THE ORDER