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RiversideCA.gov
1 RiversideCA.gov
City Council
January 16, 2024
Cash and Investments Debt
Administration Report FY 2023/24
First 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. December 19, 2023, the City Council received and provided input on the Fiscal Year 2022/23 Fourth 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 Q1
1. Pooled Investment Portfolio - $890 million
2. Investments held by fiscal agent - $254 million
3. Weighted average yield of pooled investment
portfolio – 2.69%
4. No fund’s cash balance is currently a concern
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5 DEBT SUMMARY ANALYSIS – FIRST QUARTER
Principal Balance decreased $30,508,599 due to Debt Service Principal Payments and Measure A Refunding – July 1 through September 30, 2023
a. General Obligation Bonds ($1,640,000)
b. Certificates of Participation ($2,035,000)
c. Capital Leases ($1,375,109)
d. Interfund Loans ($745,985)
e. Private Placement Loans ($537,505)
f. Enterprise Revenue Bonds ($11,460,000)
g. Tax Allocation Bonds ($10,280,000)
h. Mello Roos and Assessment District Bonds ($2,435,000) RiversideCA.gov
6 DEBT SUMMARY ANALYSIS – FIRST QUARTER
Debt Portfolio composition
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7 DEBT SUMMARY ANALYSIS – FIRST QUARTER
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8 DEBT ACTIVITIES – FIRST QUARTER
1. Finalized refunding of the 2013 Measure A Certificates of Partic ipation to achieve debt service savings
2. Coordination of the Auto Center, Arlington, and Downtown Business Improvement District annual levies
3. Completion and submission of levies for a ll Fiscal Year 2024 Community Facilities Districts, Assessment Districts, and General Obligation Bonds with County of Riverside
4. Began process for a plan of finance for the 2023 Refunding Electric Revenue Bonds 7 8
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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 2023/24 First Quarter Cash, Investments, and Debt Report.
RECOMMENDATION
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