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
Antonio Banuelos, Accounting Manager
Date: February 18, 2025
Subject: MONTHLY CASH BALANCES & INVESTMENT REPORT -
December 2024
Enclosed for your information are the Investment Report, Portfolio Summary, and Comparative Cash Report for the month of December 2024 prepared by the City Treasurer pursuant to the statutory requirements of the State of 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 other investments.
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 December2024
Pooled Investment Portfolio Analysis
UNAUDITED
Book Value History
Investment Composition: (in millions)
Book Value of Investments Held 318,016,900.85
Market Value of Investments Held $400.0
318,016,900.85
Par Value of Investments Held $357.6
318,016,900.85 $350.0 -$339.2$338.0
Unrealized Gain (Loss) - amount $318.0
Unrealized Gain (Loss) - percentage : $299.4$302.2 $304.1$304.2 $301.5 $300.0 -$287.9$291.5
$273.9$269.0
$250.0
$200.0
% Book Value
Federal Agency Securities 0.00%
$150.0
JPFA Pooled Investment
(CalTrust) 55.52% 176,551,255.17 $100.0
Local Agency Investment Fund (LAIF) 19.89% 63,264,690.75 Mechanics Bank Money Market 24.59% 78,200,954.93 $50.0
Certificate of Deposit 0.00%
Total Investments Held 100.00% 318,016,900.85 $0.0
Nov Dec
'24 '24
Pooled Cash & Investments: Book Value by Investment Type Pooled Investments (Unrestricted) 318,016,900.85 LAIF Mechanics Bank General Checking 16,146,729.56 63,264,690.75 Money Market Total Pooled Cash & Investment 20% 78,200,954.93
334,163,630.41 25%
Fiscal Agent & Other Restricted Investments:
City 14,847,595.11
Successor Agency to the RCRA 16,856,680.90
Total Fiscal Agent & Other Investments 31,704,276.01
Other Operating Accounts: • JPFA Pooled Investment
All Other Cash 9,259,833.30 (CalTrust)
CaPERS CERBT (RPOA-OPEB) 12,997,027.31
•LAIF
PARS Combo Trust (City-OPEB & Pension) 56.948.026.16
Total Other Operating Accounts 79.204.886.77 JPFA Pooled Investment (CalTrust) • Mechanics Bank Money Market
176,551,255.17
Total Cash Balance (Fund detail attached) 445,072,793.19 55% City of Richmond
City of City of Richmond Finance Department
Michmon Investment Portfolio Summary
450 Civic Center Plaza
December 31, 2024 Richmond, CA 94804
(510) 620-6740
% of Days to
Investments Par Value Market Value Book Value Portfolio Maturity Rate Local Agency Investment Fund (LAIF) 63,264,690.75 63,264,690.75 63,264,690.75 19.89% 1 4.434% Mechanics Bank Money Market 78,200,954.93 78,200,954.93 78,200,954.93 24.59% 1 4.720% JPFA Pooled Investment (CalTrust) 176,551,255.17 176,551,255.17 176,551,255.17 55.52% 1 4.390% Subtotal Investments 318,016,900.85 318,016,900.85 318,016,900.85 100% 1 4.515% Cash
Mechanics Bank - Checking * 16,146,729.56 16,146,729.56 16,146,729.56 0 Subtotal Cash 16,146,729.56 16,146,729.56 16,146,729.56 0 Total Investment and Cash 334,163,630.41 334,163,630.41 334,163,630.41 1 *not included in yield calculation
The above investments are consistant with the City's Investment Policy and allowable under current legislation of the State of California. Investments were selected by prioritizing safety and liquidity over yield while maintianing the daily cash flow demands of the City. The source of the market values for the investments are provided by the respective financial institutions in accordance with the California Governmenr Code requirements. The City has sufficient cash flow to cover anticipated expenditures through the next six months.
Aros ahi
Andrea Miller, Director of Finance
City of Richmond
City of City of Richmond Finance Department
Richmo Investment Portfolio Details 450 Civic Center Plaza December 31, 2024 Richmond, CA 94804
(510) 620-6740
Account Days to S&P Date of
Type Number Institution/ Issuer Investment Description Manager Par Value Market Value Book Value Yield Rating Maturity Investment Pool
Local Agency Investment Fund Pooled Investment-State of 7724 (LAIF) California LAIF 63,264,690.75 63,264,690.75 63,264,690.75 4.434% 0.0443 N/A N/A 1690 Mechanics Bank Public Money Market Mechanics Bank 78,200,954.93 78,200,954.93 78,200,954.93 4.720% 0.0472 N/A N/A 3210 CalTrust - Short Term Fund JPFA Pooled Investment - Short Terr CalTrust 176,551,255.17 176,551,255.17 176,551,255.17 4.390% 0.0439 N/A N/A Subtotal and Average 318.016.900.85 318,016,900.85 318.016.900.85 4.515% 0.0451 Cash
2589 Mechanics Bank Public Checking Mechanics Bank 16,146,729.56 16,146,729.56 16,146,729.56 0 N/A N/A
Subtotal and Average 16,146.729.56 16,146.729.56 16,146.729.56 Investment Portfolio Total and Average 334,163,630.41 334,163,630.41 334,163.630.41 4.515% 0.0451 City of Richmond
City of Richmond Finance Department
City of
Bichuma Accrued Interest 450 Civic Center Plaza
December 31, 2024 Richmond, CA 94804
(510) 620-6740
Ending
Account Maturity Current * Beginning Estimated Interest Accrued Type Number Institution / Issuer Par Value Date Rate Accrued Interest Interest Earned Received Interest Investment Pool
7724 Local Agency Investment Fund (LAIF) 63,264,690.75 4.434% 407,931.38 230,560.80 638,492.18 1690 Mechanics Bank Money Market 78,200,954.93 4.720% 0.00 253,948.64 253,948.64 -
3210 CalTrust - Short Term Fund 176,551,255.17 4.390% 0.00 686,955.53 686,955.53 Subtotal and Average 318,016,900.85 4.515% 407,931.38 1,171,464.97 940,904.17 638,492.18 Investment Portfolio Total and Average 318,016,900.85 4.515% 407,931.38 1,171,464.97 940,904.17 638,492.18 * Beginning Accrued may not include investments that redeemed in the previous month that had outstanding accrued interest.
CITY OF RICHMOND
CASH BALANCES BY FUND
COMPARATIVE REPORT - December 2023 AND December 2024
December 2023 Dren 2023 December 2024 December 2024
FUND FUND DESCRIPTION FUND BALANCE FUND BALANCE TOTAL % of Change
GENERAL FUND
0001 GENERAL FUND 64,422,714.04 73,950,242.25
General Fund Total 64,422,714.04 73,950,242.25 14.8%
SPECIAL REVENUE FUNDS
1001 SECURED PENSION OVERRIDE (7,781,119.65) (10,042,498.21) 1002 STATE GAS TAX 1,013,753.90 1,819,363.63
1003 TRANSPORTATION OPERATIONS (1,174,508.48) (2,315,296.97) 1004 ASSET SEIZURE FUND 263,779.66 268,928.01
1005 LIBRARY FUND 5,664,800.52 5,121,342.80
1006 OUTSIDE FUNDED SVCS - GRANTS (4,427,100.42) (3,763,044.99) 1007 EMERGENCY MED SERV 263,238.24 81,145.85
1009 VELIA MITIGATION 322,850.69 353,847.64
1010 N.RICHMOND WASTE 67,274.48 (57,919.11)
1011 OUTSIDE FUNDED SVCS - DONATION 6,952.38 7,351.23
1012 HILLTOP LANDSCAPE MAINT DIST 138,666.46 36,242.15
1015 MARINA BAY LNDSCP & LIGHT DIST 746,724.76 946,902.39 1017 CHEVRON MODERNIZATION PROJECT 17,008,403.04 17,707,577.00 1018 RENT CONTROL 2,266,091.82 2,546,681.10
1019 GAS TAX SEC 201 3,359,538.93 4,038,276.73
1050 CR-PLANNING & BUILDING 18,267,517.46 10,223,935.41 1051 CR-ENGINEERING 698,102.50 792,102.50
1053 CR-CODE ENFORCEMENT (158,166.83) (158,166.83)
1054 ENGINEERING GRANTS (4,326,037.75) (2,384,833.69)
1055 ENCROACHMENT SERVICES 3,094,186.48 3,798,760.07
1200 HOUSING ADMINISTRATION 1,308,540.66 1,905,425.59
1201 CDBG 1,409,848.64 1,665,859.78
1202 HOME PROGRAM 424,542.38 453,634.43
1203 NEIGHBORHOOD STABILIZATION 66,588.87 50,688.55
1205 EMPLOYMENT & TRAINING 536,726.29 (67,890.67)
1207 COR-NEIGHBORHOOD STAB(CITY) (109,346.29) (111,722,99) 1208 SUCCESSOR HOUSING AGENCY 2,567,453.64 2,851,712.15 1209 CAL-HOME GRANT FUND 1,159,466.94 1,412,465.35
1302 HOUSING IN LIEU 1,768,415.40 2,194,241.09
1303 KIDS FIRST 6,741,692.04 10,676,262.95
1304 EMERGENCY RECOVERY 256,293.97 154,593.01
1305 PUBLIC ART 2,559,902.56 3,180,561.83
1306 ARPA 23,901,805.53 19,104,190.79
1307 TRANSFORMATIVE CLIMATE GRANT (274,140.51) (1,310,097.76) 1308 ENCAMPMENT RESOLUTION FUND 5,903,699.29
1405 HOMEKEY R3 (50,000.00)
Special Revenue Funds 77,632,738.31 77,034,320.10 -1%
CAPITAL PROJECT FUNDS
2001 GENERAL CAPITAL FUND 33,261,395.93 53,912,457.94
2002 MEASURE J 1,602,896.87 3,278,655.08
2007 HARBOR FUND 47,022.50 49,720.09
2110 IMPACT FEE - PARKS 158,045.72 204,427.79
2111 IMPACT FEE - TRAFFIC 1,596,910.63 1,859,181.78
2113 IMPACT FEE - FIRE 76,253.99 65,216.85
2114 IMPACT FEE - POLICE 613,240.32 726,067.69
2115 IMPACT FEE - COMM/AQUATC 641,100.57 797,003.30
2116 IMPACT FEE - PARKS/OPEN 3,166,110.85 3,847,089.42
2117 IMPACT FEE - LIBRARY 1,822,956.19 2,062,984.81
2118 IMPACT FEE - HILLTOP 32,647.46 34,520.36
2119 IMPACT FEE - STORM DRAINAGE 1,070,860.49 1,182,578.80 2120 IMPACT FEE - WASTEWATER 2,440,966.29 2,589,164.65
2125 SECTION 108 IRON TRIANGLE 227,728.62 112,244.28
Capital Project Funds Total 46,758,136.43 70,721,312.84 51.2%
DEBT SERVICE FUNDS
3001 DS - 2005 TAXABLE POB 46,973.73 157,604.54
3002 DS - 99A PENSION OBLIG BOND 77,543.07 76,362.98
3005 DS-2007 REFNDING&CVC CTR (1,694,464.76) (1,659,336.57) Debt Service Funds Total (1,569,947.96) (1,425,369.05) -9.2%
ENTERPRISE FUNDS
4001 PORT OF RICHMOND 18,626,563.86 23,617,585.54
4003 WASTEWATER 45,317,549.11 32,292,682.67
4005 MARINA 5,098,062.54 5,666,841.09
4006 STORMWATER 932,978.63 813,151.53
4008 KCRT - CABLE TELEVIS 440,954.94 131,881.13
Cash Bal by FUND December 2024, page 1 of 2 1/15/2025
December 2023 Dear 2023 December 2024 December 2024
FUND FUND DESCRIPTION FUND BALANCE FUND BALANCE TOTAL % of Change 4101 RHA-HSNG CHOICE VOUCHER-SEC 8 1,765,410.06 756,220.89 4102 RHA-HOPE 6 236,457.65 236,457.65
4103 RHA-PROJECT REAL (33,203.52) (33,203.52)
4201 RHA-CAPITAL FUND 418,764.20 1,138,011.79
4401 RHA-HACIENDA 1,215,677.44 1,206,581.53
4402 RHA-FRIENDSHIP MANOR (14,439.98) (14,439.98)
4403 RHA-TRIANGLE COURT (73,168.83) (73,168.83)
4404 RHA-NEVIN PLAZA (312,599.59) (162,370.41)
4405 RHA-NYSTROM VILLAGE 1,215,365.41 1,082,865.50
4406 RHA-RICHMOND VILLAGE ONE 73,141.97 66,777.57
4407 RHA-RICHMOND VILLAGE TWO 98,968.00 98,968.00
4408 RHA-RICHMOND VILLAGE THREE 8,780.00 8,780.00
4409 RHA-LOCAL FUND 19,892.40 19,892.40
4501 RHA-CENTRAL OFFICE COST CNTR (1,044,950.51) (1,239,439.26) 4502 RHA - HSG CORP 132,427.13 140,708.13
Enterprise Funds Total 74,122,630.91 65,754,783.42 -11.3%
INTERNAL SERVICE FUNDS
5001 INSURANCE RESERVES 54,659,256.24 55,606,046.66
5003 EQUIPMENT SERVICES 4,241,796.99 5,818,232.50
5008 COMP ABSENCES 1,744,629.01 2,298,734.29
Internal Service Funds Total 60,645,682.24 63,723,013.45 5.1%
TRUST & AGENCY FUNDS
6001 GENERAL TRUST & AGENCY 862.01 967.41
6002 JOHNSON TRUST 11,139.06 11,778.08
6004 COMMISSION ON AGING 49,733.91 37,492.13
6005 SEAVER GALLERY TRUST FUND 282,475.12 375,779.00
6006 POLICE GENERAL TRUST 1,584,546.19 1,723,159.69
6007 SENIOR TRUST DEPOSIT 80,482.78 98,917.18
6047 CALPERS CERT ACCT 9,574,216.04 12,997,027.31
6048 OPEB PL FUND 42,251,810.32 53,653,688.78
6049 PT MOLATE NAVY GRANT 867,131.54 469,883.06
6050 GENERAL PENSION FUND 1,048,107.89 697,485.74
6051 POLICE & FIRE PENSION 7,780,685.98 7,642,187.38
6056 SAN PABLO 854 ASSES 273,974.42 289,691.79
6057 HARBOR NAVIGATION IM 184,839.72 195,443.60
6058 MARINA WESTSHORE DEB 682,524.22 679,666.15
6059 COUNTRY CLUB VISTA 951,442.57 1,193,022.21
6060 REASSESSMENT DISTRICT 2003-1 1,909,617.46 2,019,168.36 6061 REGLA CITY 580.07 2,059.68
6062 SHIMADA CITY 14,682.95 13,436.20
6064 ZHOUSHAN FRIENDSHIP COM. 2,788.71 2,701.77
6999 PAYROLL LIABILITIES FUND (9,547,527.98) (4,423,856.13) Trust & Agency Funds Total 58,004,112.98 77,679,699.39 33.9%
SUCCESSOR AGENCY - FIDUCIARY FUNDS
6101 SA - PROPERTY TAX TRUST FUND 622,186.07 1,986,647.29 6102 SA-ADMINISTRATION 197,250.64 194,008.56
6103 SA-CAPITAL PROJECT FUNDS 8,533,283.60 9,129,392.47 6300 SA-DS HARBOR 98 TARB
6304 SA-DS 2003B TARB 687,302.06 726,33396
6305 SA-DS 2004A TARB 2/3 1,084,360.12 1,157,399.79
6306 SA-DS 2004A TARB -1/3 HSING 970,220.61 1,009,533.43 6309 SA-DS 2007/10B TARB - HOUSING 2,208,141.04 2,260,802.44 6401 SA-DS 2014A NON-TAXABLE BONDS 1,125,617.69 1,154,281.45 6404 SA-DS 2021 ANTB 18,173.00 16,391.40
6405 SA-DS 2021 BTRB 50,841.63 0.01
Successor Agency - Fiduciary Funds 15,497,376.46 17,634,790.80 13.79%
TREASURER'S FUNDS
9999 TREASURER'S FUND - 3,096,416.64 (0.00)
Treasurer's Fund Total 3,096,416.64 (0.00) -100.00%
TOTAL CASH 398,609,860.05 445,072,793.20 11.66%
Cash Bal by FUND December 2024, page 2 of 2 1/15/2025