Finance and Management Services
www.santa-ana.org/finance
Item # 8
City of Santa Ana
20 Civic Center Plaza, Santa Ana, CA 92701
Staff Report
November 21, 2023
TOPIC: Periodic Quarterly Report of Investments as of September 30, 2023
AGENDA TITLE
Receive and File Quarterly Report of Investments as of September 30, 2023
RECOMMENDED ACTION
Receive and file Quarterly Report of Investments as of September 30, 2023.
GOVERNMENT CODE §84308 APPLIES: No
DISCUSSION
California Code Section 53646 (b) states that if a quarterly report is rendered to the legislative body, the quarterly investment report shall be submitted within 45 days following the end of the quarter covered by the report. In an effort to meet the statutory requirement, Finance & Management Services Agency (FMSA) submits the Report via email for review and distribution to the City Council in advance. The report was emailed for distribution on October 30, 2023. The legislation specifies that this quarterly report contain the seven major elements listed below:
1. Type of investments
2. Date of maturity
3. Par and dollar amounts invested in each security
4. Weighted average maturity of the investments
5. Market value as of the date of the report
6. Source of the market value information
7. Any funds, investments, or programs, including loans, under the management of contracted parties
These specifications include a statement outlining the ability of the City to meet the budgeted expenditures for the subsequent six months be submitted to the City Council on a quarterly basis. Staff performs an end-of-month expenditure analysis to comply with the expenditure requirement and a statement confirming the ability to meet this requirement in the monthly and quarter-ending Treasurer’s Report. The information is in compliance with State law and the City’s Investment Policy.
The attached Treasurer’s Report (Exhibit 1) accurately reflects all pooled investments held on behalf of the City as of September 30, 2023.
Quarterly Report of Investments
November 21, 2023
3 8
6 9
The attached Cash held by Bank and Cash held by Fund(s) Listing (Exhibit 2) is a schedule of cash by funds added to the monthly and quarterly Report of Investments to enhance FMSA’s reporting and transparency.
The following tables represent: (1) percentage limits set by the City’s Investment Policy and State Law and shows respective City investment portfolio investment types, amounts, and percentages; and (2) the restricted cash balance as of September 30, 2023.
Type of Investment Amounts Invested
$ Portfolio %
COSA
Policy
Limits
%
State Law
Limits %
Certificates of Deposit (CDs) $6,696,000 1.44% 30% 30%
Federal Farm Credit Bank (FFCB) $54,424,085 11.70% None None Federal Home Loan Bank (FHLB) $229,371,209 49.30% None None Federal Home Loan Mortgage Corp. (FHLMC) $48,971,750 10.53% None None Federal National Mortgage Association (FNMA) $59,484,750 12.79% None None Local Agency Investment Fund (LAIF) $13,702,036 2.95% None None Local Agency Investment Fund (LAIF – ARPA) $47,589,190 10.23% None None U.S. Treasury $4,990,000 1.07% None None
Sub- Total: $465,229,020 100% None None
Cash : $32,346,231
Total: $497,575,251
Restricted Cash In $
Restricted Cash † $13,542,964
Total $13,542,964
† Restricted cash is held by various Trustees such as Bank of New York Mellon; US Bank; Signature Bank; and State of California Condemnation Fund. Restricted Cash is segregated from cash used for daily operations.
The following City investment portfolio graph represents percentages within the respective investment types as of September 30, 2023.
Quarterly Report of Investments
November 21, 2023
3 8
6 9
The following table represents, as of September 30, 2023, the aggregate Average Market.
Aggregate Average Market Yield To Date
Average Month To Date (AMTD) 1.663%
Cash held by Bank and Cash by Fund(s) Listing (Exhibit 2) The above-referenced exhibit (Exhibit 2) includes a comparison of bank balances between each City Cash account including Investments; Cash held at a City designated financial institution; Cash on Hand; and Restricted Cash versus the Cash held by various Fund(s).
EXHIBIT(S)
1. Treasurer’s Report
2. Cash Held by Bank and Cash Fund(s) Listing
Submitted By: Kathryn Downs, FMSA Executive Director
Approved By: Steven A. Mendoza, Acting City Manager