TO: Mayor and City Council
FROM: Philippe Eskandar, City Manager
BY: Hillary Guirola-Leon, Finance Director
DATE: January 30, 2026
SUBJECT: CASH AND INVESTMENT REPORT FOR THE MONTH OF
DECEMBER 2025
STRATEGIC PLAN CRITICAL SUCCESS FACTORS
Efficient, Responsive, and Effective City Services
Fiscally Responsible and Transparent City Government
BACKGROUND
The City of San Marino’s Investment Policy adopted by the City Council on April 10, 2024, Section 16.0, Reporting, stipulates that the Treasurer shall review and render monthly reports to the City Council of all cash and investments held by the City. The report shall include the following information for all cash accounts and bank deposits:
• Balance at the end of the month
• Interest rate (for all interest-bearing active deposits) The report shall include the following information for all investments:
• A listing of individual securities held at the end of the month, by security type;
• Issuer, date of maturity, date of purchase, par and the dollar amount invested;
• Coupon, discount or earnings rate; and
• Current market value as of the date of the report and the source of this same valuation; and
• The weighted average maturity and weighted average yield of all investments combined.
Tony Chou, Mayor
Calvin Lo, Vice Mayor
Hunter Chang, Council Member
John Chou, Council Member
Gretchen Shepherd Romey, Council Member
The above information may be submitted in the form of copies of statements received by the custodial institution. For investments with LAIF, the most recent statement or statements received from the State Treasurer may be included in the monthly report in lieu of the information noted above. The report shall include a listing of all investment transactions for the month (Government Code Section 53607). The report must also include a statement of compliance of the portfolio to the statement of investment policy, or manner in which the portfolio is not in compliance, as well as a statement denoting the ability of the local agency to meet its expenditure requirements for the next six months, or an explanation as to why sufficient money shall, or may, not be available (Government Code Section 53646). Reports shall be rendered to the City Council and City Manager within 30 days following the end of the month of the period covered by the report.
DISCUSSION
PORTFOLIO SUMMARY
The City maintains petty cash on City facilities, cash in bank, cash in a transactional investment account, deposits with the Local Agency Investment Fund (LAIF), two Section 115 Trusts, investments in negotiable Certificates of Deposit, investments in Municipal Securities, and investments in U.S.
Government Agency Securities. All items are detailed in the attachment to this report. A summary of portfolio content is found below. The attachment to this report offers specific detail on each category of investment.
City of San Marino
Cash and Investments Portfolio Summary Allocation
Petty Cash on City Premises $ 1,397 0%
Cash in Bank-checking accounts 13,287,089 43%
Cash in Bank-IMMA 3,435,148 11%
CERBT Section 115 Trust 900,000 3%
CEPPT Section 115 Trust 1,500,000 5%
Deposits with LAIF 6,262,308 20%
Certificates of Deposit 3,450,000 11%
Treasury Obligations - 0%
US Government Agency Securities 1,250,000 4%
Municipal Securities 474,635 2%
Cash and Investments $ 30,560,577 100%
PORTFOLIO PERFORMANCE
As of 12/31/25, the annual percentage yield earned on the bank IMMA is
2.86%. The effective yield for LAIF deposits is 4.025%. The average yield on CDs is 2.99%. The average yield on US Government Agency Securities is
2.86%. The effective yield on Municipal Securities is 2.650%. Total combined portfolio yield for December 2025 is 3.37%.
Local Agency Investment Fund (LAIF)
Average Monthly Effective Yields
2023 2024 2025
Jan 2.425 4.012 4.366
Feb 2.624 4.122 4.333
Mar 2.831 4.232 4.313
Apr 2.870 4.272 4.281
May 2.993 4.332 4.272
Jun 3.167 4.48 4.269
Jul 3.305 4.516 4.258
Aug 3.434 4.579 4.251
Sep 3.534 4.575 4.212
Oct 3.67 4.518 4.150
Nov 3.843 4.477 4.096
Dec 3.929 4.434 4.025
Total Cash and Investments
2023 2024 2025
Jan $42,597,554 $39,122,223 $38,498,486
Feb $43,137,917 $38,930,344 $37,958,423
Mar $40,882,226 $37,428,779 $32,575,434
Apr $44,354,391 $42,745,381 $36,992,117
May $46,423,758 $45,009,003 $38,813,591
Jun $43,117,061 $43,336,679 $36,874,092
Jul $37,719,068 $36,943,792 $28,819,484
Aug $35,726,641 $35,154,415 $27,945,761
Sep $33,058,478 $34,014,793 $26,345,855
Oct $31,757,354 $31,862,773 $24,401,895
Nov $30,557,552 $30,699,222 $23,558,742
Dec $37,017,250 $38,226,238 $30,560,577
FISCAL IMPACT & PROCUREMENT REVIEW
There is no fiscal impact and procurement review is not applicable.
LEGAL REVIEW
The City Attorney's office has reviewed and approved as to form.
RECOMMENDATION
Staff recommends the Council receive and file this report. If the City Council concurs with staff’s recommendation, an appropriate motion would be:
“I move to receive and file the Cash and Investment Report for the Month of December 2025.”
ATTACHMENTS
1. Treasurer’s Report as of December 31, 2025