Finance Department – Treasury Division
M E M O R A N D U M
T
o: Mayor and Members of the City Council
Fr
om: Andrea Miller, Director of Finance
Mubeen Qader, Deputy Director of Finance
Jerry Gurule, Accounting Manager
D
ate: September 24, 2024
S
ubject: MONTHLY CASH BALANCES & INVESTMENT REPORT –
July 2024
E
nclosed for your information are the Investment Report, Portfolio Summary, and Comparative Cash Report for the month of July 2024 prepared by the City Treasurer pursuant to the statutory requirements of the State of California.
I
t 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 other investments.
T
he 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 polic ies 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) an d a California Employers’ Retiree Benefit Trust (CERBT) administered by California Public Employees’ Retirement System (CalPERS) for RPOA-OPEB.