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Finance Department - Treasury Division
MEMORANDUM
To: Mayor and Members of the City Council
From: Andrea Miller, Director of Finance
Mubeen Qader, Deputy Director of Finance
Jerry Gurule, Accounting Manager
Date: July 2, 2024
Subject: MONTHLY CASH BALANCES & INVESTMENT REPORT =
May 2024
Enclosed for your information are the Investment Report, Portfolio Summary, and Comparative Cash Report for the month of May 2024 prepare y the City Treasurer pursuant to the statutory requirements of the State o California.
It is the policy of the City of Richmond (City) to invest public funds in a manner which prioritizes safety and liquidity over yield while meeting the daily cash flow demands of the City and conforming to all state and local statutes governing the investment of public funds. In accordance with California Government Code Section 53646 and the City's Investment Policy, the Director of Finance shall report monthly on the City's pooled and Bond funds to the City Manager and City Council and shall report quarterly on The City is allowed to prefund future Pension and OPEB costs in accordance with the City's Pension and Other Post-Employment Benefits (OPEB) policies. These funds are invested according to the policies funding objectives and funding guidelines. Each Trust is comprised of a diversified portfolio of investments consistent with the Trust's objectives and liquidity requirements. The City maintains a Section 115 Combination Trust for City- OPEB & Pension administered by Public Agency Retirement Services (PARS) and a California Employers' Retiree Benefit Trust (CERBT) administered by California Public Employees' Retirement System (CalPERS) for RPOA-OPEB.
City of Richmond
Investment Report for May 2024
Pooled Investment Portfolio Analysis
UNAUDITED
Book Value History
Investment Composition: (in millions)
Book Value of Investments Held 338,059,423.64
Market Value of Investments Held $400.0
338,059,423.64
Unrealized Gain (Loss) - amount
$350.0 $339.2 $338.0
Unrealized Gain (Loss) - percentage 0.00%
$300.0 $295.5$306.3 $299.4$302.2$304.1$304.2
$276.95268 g$277.3
$261.9$253.8
$250.0
% Book Value $200.0
Federal Agency Securities 0.00%
JPFA Pooled Investment $150.0
(CalTrust) 64.53% 218,162,407.81
Local Agency Investment Fund (LAIF) 16.43% $100.0
55,531,453.52
Mechanics Bank Money Market 19.04% 64,365,562.31 $50.0
Certificate of Deposit 0.00%
Total Investments Held 100.00% 338,059.423.64 S0.0
May June July Aug Sep Oct Nos
23 '24 '24
Pooled Cash & Investments: Book Value by Investment Type Pooled Investments (Unrestricted) 338,059,423.64 LAIF Mechanics Bank General Checking 14,185.261.42 55,531,453.52 Money Marke 16% 64,365,562.3
Total Pooled Cash & Investment 352,244,685.06
19%
Fiscal Agent & Other Restricted Investments:
City 12,758,053.80
Successor Agency to the RCRA 21.236.176.63
Total Fiscal Agent & Other Investments 33.994,230.43
Other Operating Accounts: •JPFA Pooled Investment
All Other Cash 8,693,635.89 (CalTrust)
CalPERS CERBT (RPOA-OPEB) 11,416,722.66
•LAIF
PARS Combo Trust (City-OPEB & Pension) 46.996.881.64
Total Other Operating Accounts 67.107.240.19 JPFA Pooled Investment (CalTrust) = Mechanics Bank Money Market
218,162,407.81
Total Cash Balance ( Fund detail attached) 453,346,155.68 65% City of Richmond
Cry oi 4
Richmon City of Richmond Finance Department
450 Civic Center Plaza
Portfolio Management Richmond, Richmond, CA 94804
Portfolio Summary (510)620-6740
May 31, 2024
Value Marke Days to YTM/C YTM/C
Investments /alu Term Maturity 360 Equiv. 365 Equiv.
Local Agency Investment Funds 55,531,453.52 55,531,453.52 55,531,453.52 16.43 4.273 4.332 Mechanics Bank Money Market 64,365,562.31 64,365,562.31 64,365,562.31 19.04 4.991 5.060 CalTrust 218,162,407.81 218,162,407.81 218,162,407.81 64.53 1 1 5.120 5.191 338,059,423.64 338,059,423.64 338,059,423.64 100.00% 1 1 4.956 5.025 Investments
Cash
assbook/Checking 14,185,261.42 14,185,261.42 14,185,261.42 1 1 0.000 0.000 lot included in yield calculations
Total Cash and Investments → 2950
352,244,685.06 352,244,685.06 352,244,685.06 5.025
Total Earnings May 31 Month Ending Fiscal Year To Date
Current Year 1,384,078.57 12,940,007.22
Average Daily Balance 352,576,631.47
Effective Rate of Return
There ore ia. the so are one meat it value forste vestments are provided by union Bank of California in cordance a the California Government Code requirement. The Cily hand yield sufficient cash flow to cover anticipated expenditures through the next six months.
Andrea Miller, Director of Finance 4/17/2024
Reporting period 05/01/2024-05/31/2024 Portfolio CITY
CP
Run Date: 06/11/2024 - 12:17 IE (PRF_PM1) 7.3.11
Report Ver. 7.3.11
City of Richmond
Portfolio Management Page 1
Portfolio Details - Investments
May 31, 2024
Average Purchase Stated VTM/C Days to Maturity
CUSIP Investment # Issuer Balance Par Value Market Value Book Value Rate S&P 365 Maturity Date Local Agency Investment Funds
98-07-724 1000 L.A.I.F. - City of Richmond 55,531,453.52 55,531,453.52 55,531,453.52 4.332 4.332 Subtotal and Average 50,854,034.17 55,531,453.52 55,531,453.52 55,531,453.52 4.332 Mechanics Bank Money Market
1690 200814 Mechanics Bank 12/20/2023 64,365,562.31 64,365,562.31 64,365.562.31 5.060 5.060 1 Subtotal and Average 63,976,278.30 64,365,562.31 64,365,562.31 64,365,562.31 5.060 1 CalTrust
3210 200601 Cal Trust 07/01/2023 218,162.407.81 218.162.407.81 218,162.407.81 5.120 5.191 Subtotal and Average 221,981,597.79 218,162,407.81 218,162,407.81 218,162,407.81 5.191 Total and Average 352,576,631.47 338,059,423.64 338,059,423.64 338,059,423.64 5.025 1 Portfolio CITY
CP
Run Date: 06/11/2024-12:17
PM (PRF_PM2) 7.3.11
Report Ver. 7.3.11
City of Richmond
Portfolio Management Page 2
Portfolio Details - Cash
May 31, 2024
Average Purchase Stated YTM/C Days to
CUSIP Investment# Issuer Balance Date Par Value Market Value Book Value Rate S&P 365 Maturity Cash In Banks
2589 200723 Mechanics Bank 14,185,261.42 14.185,261.42 14,185,261.42 0.000 1 Average Balance 0.00
Total Cash and Investments 352,576,631.47 352,244,685.06 352,244,685.06 352,244,685.06 5.025 Portfolio CITY
CP
Run Date: 06/11/2024 - 12:17
PM (PRF_PM2) 7.3.11
City of Richmond
Portfolio Management
Investment Status Report - Investments Page 1
May 31, 2024
Stated Maturity Purchas YTM/C YTM/C Payment Accrued Current CUSIP Investment# Issuer Par Value Rate Date 365 Dates Interest Principal Book Value
Local Agency Investment Funds
98-07-724 1000 LAIF 55,531,453.52 4.332 4.273 4.332 55,531,453.52 07/01 - Quarterly 55.531.453.52
Local Agency Investment Funds Totals 55,531,453.52 4.273 4.332 0.00 55,531,453.52 55,531,453.52 Mechanics Bank Money Market
1690 200814 MECHBK 64,365,562.31 5.060 12/20/2023 4.991 01/01 - Monthiy 64,365,562.31
4.991 5.060 64.365.562.31
Mechanics Bank Money Market Totals 64,365,562.31 5.060 0.00 64,365,562.31 64,365,562.31 CalTrust
3210 200601 CALTRU 218,162,407.81 5.120 07/01/2023 5.120 5.191 08/01 - Monthly 218,162,407.81 218,162,407.81 CalTrust Totals 218,162,407.81 5.120 5.191 0.00 218,162,407.81 218,162,407.81 Investment Totals 338,059,423.64 4.956 5.025 0.00 338,059,423.64 338,059,423.64 Portfolio CITY
CP
Run Date: 06/11/2024 - 12:17
PM (PRF_PMS) 7.3.11
Report Ver. 73.11
City of Richmond
Portfolio Management
Investment Status Report - Cash Page 2
May 31, 2024
Stated Maturity Purchas VTS YTM/C Payment Accrued Current CUSIP Investment# Issuer Par Value Rate Dates Interest Principal Book Value Cash In Banks
2589 200723 MECHBK 14,185.261.42 0.000 0.000 07/31 - Monthly 14,185,261.42 14,185.261.42 Cash Totals 14,185,261.42 0.00 14,185,261.42 14,185,261.42 Total Cash and Investments 352,244,685.06 4.956 5.025 0.00 352,244,685.06 352,244,685.06 Portfolio CITY
CP
Run Date: 06/11/2024 - 12:17 PM (PRF_PMS) 7.3.11
Richmond City of Richmond
City of Richmond Finance Department
Accrued Interest 450 Civic Center Plaza
Richmond, Richmond, CA 94804
Sorted by Issuer - Investment Number (510)620-6740
May 1, 2024 - May 31, 2024
Adjusted Acc'd Int.
Maturity Current * Beginning at Purchase Interest Interest *Ending CUSIP Investment# Issuer Value Date Rate Accrued Interes During Period Earned Received Accrued Interest
Cal Trust
3210 200601 CALTRU 218,162,407.81 5.120 0.00 0.00 930,548.11 930,548.11 0.00
Subtotal 218,162,407.81 0.00 0.00 930,548.11 930,548.11 0.00 L.A.I.F. - City of Richmond
98-07-724 1000 LAIF 55,531,453.52 4.332 132,040.27 184,603.65 0.00
0.00 316,643.92
Subtotal 55,531,453.52 132,040.27 0.00 184,603.65 0.00 316,643.92 Mechanics Bank
1690 200814 MECHBK 64,365,562.31 5.060 0.00 268,926.81 268,926.81
0.00 0.00
Subtotal 64,365,562.31 0.00 0.00 268,926.81 268,926.81 0.00 Total 338,059,423.64 132,040.27 0.00 1,384,078.57 1,199,474.92 316,643.92 * Beginning Accrued may not include investments that redeemed in the previous month that had outstanding accrued interest.
Portfolio CITY
CP
Run Date: 06/11/2024 - 12:18 AI (PRF_AI) 7.3.11
Report Ver. 7.3.11
PMIA/LAIF Performance Report
as of 6/05/24
Quarterly Performance PMIA Average Monthly
Quarter Ended 03/31/24 Effective Yields(1)
LAIF Apportionment Rate(?). 4.30 May 4.332
LAIF Earnings Ratio(2). 0.00011755619077389 April 4.272 LAIF Administrative Cost ('* 0.27 March 4.232
LAIF Fair Value Factor", 0.994191267 February 4.122
PMIA Daily). 4.22 January 4.012
PMIA Quarter to Date!. 4.12 December 3.929
PMIA Average Life. 226
Pooled Money Investment Account
Monthly Portfolio Composition (1)
4/30/24
$171.5 billion
Corporate
Commercial Bonds
Paper 0.41%
Time Loans
6.54%
Deposits .0.20%
2.99%
Certificates of
Deposit/Bank Notes.
8.84%
Treasuries
58.43%
Agencies _
22.59%
Chart does not include $1,969,000.00 in mortgages, which equates to 0.001%. Percentages may not total 100% due to rounding.
Daily rates are now available here. View PMIA Daily Rates Notes: The apportionment rate includes interest earned on the CalPERS Supplemental Pension Payment pursuant to Government Code 20825 (c)(1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 (a). *The percentage of administrative cost equals the total administrative cost divided by the quarterly interest eornings. The law provides that administrative costs are not to exceed 5% of quarterly EARNINGS of the fund. However, if the 13-week Daily Treasury Bill Rate on the last day of the fiscal year is below 1%, then administrative costs shall not exceed 8% of quarterly EARNINGS of the fund for the subsequent fiscal year.
Source:
(1) State of California, Office of the Treasurer
(2) State of Calfiornia, Office of the Controller
CalTRUST Short Term Fund
Month End Portfolio Statistics
CALTRUST May 31, 2024
CalTRUST
Short Term
Net Total CalTRUST Short
CalTRUST Short Term LAIF Return Term Yield LAIF Yield
Net Assets $1,190,326,705.69 N/A One Month 0.52% 0.42% 0.37% NAV per Share $10.02 N/A Three Month 1.19% 1.29% 1.08%
30 day SEC Yield 5.12% N/A Six Month 2.43% 2.53% 2.10%
Distribution Yield 4.94% N/A One Year* 5.21% 5.00% 3.89% Period Net Total Return 0.52% 0.37% Two Year* 3.94% 3.94% 2.97% ffective Duratior 0.71yrs N/A Three Year* 2.46% 2.69% 2.07% verage Maturit 0.85 Yrs W/A yrs * Five Year" 2.10% 2.13% 1.77% Weighted Average Life 0.83 yrs N/A yrs ** Ten Year" 1.61% 1.63% 1.38% ** LAIF data not available Since Inception* 1.84% 1.84% 1.68% "Annualized
Portfolio Sector Breakdown
• ABS - 14,45%
• Cash - Tbills - 13.32%
• Government Related - 9.17%
• Investment Grade Corporates - 11.86%
• Municipal Securities - 0.06%
• STIF Funds - 17.81%
• Treasuries - 33.32%
Rated AAf by S&P Global Ratings
CITY OF RICHMOND
CASH BALANCES BY FUND
COMPARATIVE REPORT - May 2023 AND May 2024
May 2023 May 2023 May 2024 May 2024
FUND FUNO DESCRIPTION FUND BALANCE TOTAL FUND BALANCE TOTAL % of Change
GENERAL FUND
0001 GENERAL FUND 61,654,686.70 80,781,878.91
General Fund Total 61,654,686.70 80,781,878.91 31.0%
SPECIAL REVENUE FUNDS
1001 SECURED PENSION OVERRIDE 4,133,191.28 (81,516.14)
1002 STATE GAS TAX 1,194,301.99 1501,438.07
1003 TRANSPORTATION OPERATIONS (287,753.57) (1,646,290.15) 1004 ASSET SEIZURE FUND 305,110.80 260,512.19
1005 LIBRARY FUND 5,635,996.30 5,440,987.78
1006 OUTSIDE FUNDED SVCS - GRANTS 1,500,476.26 (5,433,060.42) 1007 EMERGENCY MED SERV 365,444.02 171,998.79
1009 VEOLIA MITIGATION 299,305.74 337,048.13
1010 N.RICHMOND WASTE 192,091.54 68,408.78
1011 OUTSIDE FUNDED SVCS - DONATION 5,844.59 7,125.41
1012 HILLTOP LANDSCAPE MAINT DIST 563,640.97 6,288.10
1013 HAZMAT FUND (6,208.88)
1015 MARINA BAY INDSCP & LIGHT DIST 785,443.38 48,311.
1017 CHEVRON MODERNIZATION PROJECT 15,157,512.73 6,364,864 1018 RENT CONTROL 1,585,826.27 1,484,297.52
1019 GAS TAX SEC 201 1,719,846.56 4,674,451.79
1050 CR-PLANNING & BUILDING 12,615,356.82 7,852,158.73
1051 CR-ENGINEERING 638,602.50 742,102.50
1053 CR-CODE ENFORCEMENT (185,139.83) (158,166.83)
1054 ENGINEERING GRANTS (6,114,396.63) (2,624,889.95)
1055 ENCROACHMENT SERVICES 2,715,232.92 3,445,638.5€
1200 HOUSING ADMINISTRATION 896,872.78 1,362,034.30
1201 CDBG 1,211,639.59 1,530,275.80
1202 HOME PROGRAM 420,065.98. 443,564.00
1203 NEIGHBORHOOD STABILIZATION 70,916.13 64,079.54
1205 EMPLOYMENT & TRAINING 871,849.18 251,840.47
1207 COR-NEIGHBORHOOD STAB(CITY) (107,007.81) (109,346.29) 1208 SUCCESSOR HOUSING AGENCY 2,532,675.09 2,639,484.54 1209 CAL-HOME GRANT FUND 1,000,884.57 1,242,154.61
1302 HOUSING IN LIEU 1,264,288.52 2,085,330.02
1303 KIDS FIRST 4,177,651.86 8,722,424.88
1304 EMERGENCY RECOVERY 275,938.17 174,634.62
1305 PUBLIC ART 2,451,386.63 2,872,918.35
1306 ARPA 24,103,618.75 23,177,969.66
1307 TRANSFORMATIVE CLIMATE GRANT (1,499,127.78)
1308 ENCAMPMENT RESOLUTION FUND 6,943.997.07
Special Revenue Funds 81,991,505.20 :83,163,942.54
CAPITAL PROJECT FUNDS
2001 GENERAL CAPITAL FUND 21,430,707.34 32,655,917.43
2002 MEASURE J 1,070,207.26 3,412,963.54
2007 HARBOR FUND 46,293.43 48,192.80
2110 IMPACT FEE - PARKS 152,804.77 173,213.49
2111 IMPACT FEE - TRAFFIC 1,560,784.85 1,685,407.96
2113 IMPACT FEE - FIRE 59,182.09 41,750.86
2114 IMPACT FEE - POLICE 636,964.83 585,352.93
2115 IMPACT FEE - COMM/AQUATC 560,402.64 699,393.56
2116 IMPACT FEE - PARKS/OPEN 2,898,077.17 3,422,718.87
2117 IMPACT FEE - LIBRARY 1,775,952.58 1,917,627.47
2118 IMPACT FEE - HILLTOP 32,141.27 33,459.98
2119 IMPACT FEE - STORM DRAINAGE 1,032,194.73 1,114,881.17 2120 IMPACT FEE - WASTEWATER 2,508,396.96 2,505,815.73
2125 SECTION 108 IRON TRIANGLE 263,613.99 273.895.57
Capital Project Funds Total 34,027,123.91 48,570,59136 42.7%
DEBT SERVICE FUNDS
3001 DS - 2005 TAXABLE POB (383,505.58) 38,341.75
3002 DS - 99A PENSION OBLIG BOND 1,553,693,84 77,864.21 3005 DS-2007 RENDING&CVC CTR (461,510.27) (200,411.77)
Debt Service Funds Total 708,677.99 (84,205.81) 111.9%
ENTERPRISE FUNDS
4001 PORT OF RICHMOND 10,672,483.83 16,507,212.08
4003 WASTEWATER 50,955,732.07 47,474,172.31
4005 MARINA 4,972,297.67 5,463,982.00
4006 STORMWATER 2,165,390.45 (31,212.79)
4008 KCRT - CABLE TELEVIS 673,346.40 438,357.15
Cash Bat by FUND May 2024, page 1 0f2 G11/2024
May 2023 May 2023 May 2024 May 2024
FUND FUND DESCRIPTION FUND BALANCE TOTAL FUND BALANCE TOTAL % of Change 4101 RHA-HSNG CHOICE VOUCHER-SEC 8 760,918.73 848,594.08 4102 RHA-HOPE 6 275,141.12 236,457.65
4103 RHA-PROJECT REAL (33,203.52) (33,203.52)
4201 RHA-CAPITAL FUND 703,263.84 1,585,478.80
4401 RHA-HACIENDA 1,300,023.87 1,210,802.88
4402 RHA-FRIENDSHIP MANOR (14,439.98) (14,439.98)
4403 RHA-TRIANGLE COURT (73,168.83) (73,168.83)
4404 RHA-NEVIN PLAZA (478,896.82) (72,832.40)
4405 RHA-NYSTROM VILLAGE 1,306,035.96 855,662.62
4406 RHA-RICHMOND VILLAGE ONE 185,573.51 71,946.83
4407 RHA-RICHMOND VILLAGE TWO 163,192.00 98,968.00
4408 RHA-RICHMOND VILLAGE THREE 66,490.00 8,780.00
4409 RHA-LOCAL FUND 19,892.40 19,892.40
4501 RHA-CENTRAL OFFICE COST CNTR (1,108,427.25) (2,493,516.09) 4502 RHA - HSG CORP 144,676.54 125,427.13
Enterprise Funds Total 72,656,321.99 72,227,360.32 -0.6%
INTERNAL SERVICE FUNDS
5001 INSURANCE RESERVES 53,273,627.31 58,897,698.22
5003 EQUIPMENT SERVICES 6,417,650.75 3,424,723.00
5008 COMP ABSENCES 1,154,511.06 1,967,438.65
Internal Service Funds Total 60,845,789.12 64,289,859.87 5.7%
TRUST & AGENCY FUNDS
6001 GENERAL TRUST & AGENCY 848.65 938.25
6002 JOHNSON TRUST 10,966.34 11,416.28
6004 COMMISSION ON AGING 38,417.77 37,497.33
6005 SEAVER GALLERY TRUST FUND 218,089.39 289,451.84
6006 POLICE GENERAL TRUST 2,667,972.19 1,642,785.23
6007 SENIOR TRUST DEPOSIT 72,505.90 90,688.95
6047 CALPERS CERT ACCT 9,353,837.25 11,416,722.66
6048 OPEB PL FUND 39,477,443.42 46,996,881.64
6049 PT MOLATE NAVY GRANT 975,889.78 625,878.56
6050 GENERAL PENSION FUND 1,018,950.78 964,155.23
6051 POLICE & FIRE PENSION 7,722,299.91 7,778,609.06
6052 GARFIELD PENSION FUND
6056 SAN PABLO 854 ASSES 269,726.51 280,793.09
6057 HARBOR NAVIGATION IM 181,973.83. 189,440.00
6058 MARINA WESTSHORE DEB 766,209.80 771,504.72
6059 COUNTRY CLUB VISTA 993,277.62 1,217,201.08
6060 REASSESSMENT DISTRICT 2003-1 1,880,009.35 1,957,143.94 6061 REGLA CITY 580.07 525.26
6062 SHIMADA CITY 14,258.40 12,687.74
6064 ZHOUSHAN FRIENDSHIP COM. 2,788.71 2,788.71
6065 PENSION PLAN 2,195,312.00
6999 PAYROLL LIABILITIES FUND (2,636,453.45) 3,473,792.49 Trust & Agency Funds Total 63,029,592.22 79,956,214.06 26.9%
SUCCESSOR AGENCY - FIDUCIARY FUNDS
SA - PROPERTY TAX TRUST FUND 862,375.06 917,754.32
197,907.12 155,225.37
SA-CAPITAL PROJECT FUND 7,980,146.12 8,757,835.90
1,279,514.35
SA-DS 2003B TARB 1,725,272.42 2,382,848.71
SA-DS 2004A TARB 2/3 1,637,633.51 1,712,444.39
SA-DS 2004A TARB -1/3 HSING 884,515.96 929,480.87
SA-DS 2007/10B TARB - HOUSING 2,185,852.95 2,254,070.85 SA-DS 2014A NON-TAXABLE BONDS 3,311,115.06 3,337,211.33 SA-DS 2021 ANTB 428,117.84; 1,491,643.95
SA-DS 2021 BTRB 1,686,340.27 0.06
Successor Agency - Fiduciary Funds 22,178,790.66 21,938,515.75 -1.08%
RHA CONVNL FUNDS
8101 RHA CONVNL
RHA Convni Funds 0.00%
IREASURER'S FUNDS
9999 TREASURER'S FUND. 1,392,202.17 2,501,998.68
Treasurer's Fund Total 1,392,202.17 2,501,998.68 79.72% TOTAL CASH 398,485,289.96 453,346,155.68 13.77%
Cash Bal by FUND May 2024, page 2 of 2 6/11/2024