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RiversideCA.gov
1 RiversideCA.gov
City Council
December 19, 2023
Cash and Investments Debt
Administration Report FY 2022/23
Fourth Quarter Update
Finance Department
RiversideCA.gov
2 BACKGROUND
1. Improve reporting of treasury and debt administrative activities
A. Separate process for management of investment and debt B. Different metrics of performance for debt and investments
2. Keep Council updated on debt and investment portfolio management activities
3. July 18, 2023, the City Council received and provided input on the Fiscal Year 2022/23 Third Quarter report
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3 TREASURY FINANCIAL GOALS
1. Safety of Principal
2. Liquidity for Cash Flow
3. Yield return on investment
A. Ensure sufficient cash on hand to meet obligations
B. Adhere to City Investment Policy and bond covenants related to Permitted Investments for Bond Proceeds
C. Annual requirement to delegate investment authority to Chief Financial Officer/Treasurer
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4 CASH AND TREASURY PERFORMANCE – END OF Q4
1. Pooled Investment Portfolio - $994 million
2. Investments held by fiscal agent - $181 million
3. Weighted average yield of pooled investment
portfolio – 2.89%
4. No fund’s cash balance is currently a concern
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5 DEBT SUMMARY ANALYSIS – FOURTH QUARTER
Principal Balance decreased $27,336,619 due to Debt Service Principal Payments – April 1 through June 30, 2023
a. Pension Obligation Bonds ($23,900,000)
b. Capital Leases ($523,506)
c. Certificates of Participation ($1,760,000)
d. Private Placement Loans ($1,153,113)
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6 DEBT SUMMARY ANALYSIS – FOURTH QUARTER
Debt Portfolio composition
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7 DEBT SUMMARY ANALYSIS – FOURTH QUARTER
RiversideCA.gov
8 DEBT ACTIVITIES – FOURTH QUARTER
1. Presented a plan of finance to refund the 2 013 Measure A Certificates of Participation to achieve debt service savings
2. Completion of the annual assessment levy process for the Street Lighting Assessment District and Landscape Maintenance Districts
3. Extension to the Letter of Credit for the 2011A Electric Revenue Bonds
4. Final compliance documents submitted for the 2004 Pension Obligation Bonds, which fully matured on June 1, 2023
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9 STRATEGIC PLAN ALIGNMENT
High performing government - Enhance communication and collaboration with community members, to improve transparency, build public trust, and encourage shared decision-making.
Cross-Cutting Threads
Community Trust
Equity
Fiscal Responsibility
Innovation
Sustainability &
Resiliency
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10 That the City Council receive and provide input on the Fiscal Year 2022/23 Fourth Quarter Cash, Investments, and Debt Report.
RECOMMENDATION
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