Vista City Council
August 8, 2023

ACTION:
____________________________
Clerk/Secretary
Department: Finance Item No: C3
Prepared by:

Lori Ruiz, Senior Accountant
Mathew McDonald, Finance Manager Meeting Date: August 8, 2023 Approved by:

Mike Sylvia, Director/Treasurer
John Conley, City Manager Agenda Location: Consent Calendar SUBJECT: TREASURER’S CASH REPORT FOR THE MONTH ENDING MAY 31, 2023 RECOMMENDATION: Receive and file attached Treasurer’s Cash Report for the month ending May 31, 2023.

CORRELATION TO CITY COUNCIL GOALS: Fiscal Responsibility.

PRIOR ACTION: On June 27, 2023, received the Treasurer’s Cash Report for the month ending April 30, 2023 (Vote: 5-0).

STATEMENT ON THE SUBJECT: The City Treasurer is required to submit to the City Council and City Manager a monthly report of cash and investment balances and activity. Exhibit 1 provides the details of cash and investment activity for the month of May 2023 and cash and investment balances at May 31, 2023.

The City’s investment advisor, PFM Asset Management, LLC (PFM) has system controls in place to prevent transactions that would violate California Government Code Section 53600 et seq. and the City’s Investment Policy. Additionally, City staff actively monitor trading transactions for compliance with California Government Code Section 53600 et seq. and the City’s Investment Policy. No instances of non- compliance have been noted for the month of May 2023.

The City invests a large portion of its portfolio in U.S. Treasury and U.S. Agency securities due to safety and preservation of capital to prevent loss. To avoid having to sell securities at a possible loss because of unexpected or larger than normal disbursements, the City also invests a portion of its funds in the Local Agency Investment Fund (LAIF-State Pool), California Asset Management Program (CAMP) and San Diego County Investment Pool, which offer same day liquidity at a constant net asset value. Additionally, the City invests in high quality corporate notes, supra-national agency bonds, municipal bonds, asset-backed securities and negotiable certificates of deposit to obtain higher yields and add diversity to the portfolio. The percentages of the portfolio are as follows:

AGENDA
REPORT

CITY COUNCIL

COMMUNITY DEVELOPMENT COMMISSION

SUCCESSOR AGENCY

BUENA SANITATION DISTRICT

JOINT POWERS FINANCING AUTHORITY
Received and filed attached Treasurer's Cash Report for the month ending May 31, 2023.

Vote: 5-0

MEETING DATE: AUGUST 8, 2023 PAGE 2

SUBJECT: TREASURER’S CASH REPORT FOR THE MONTH ENDING MAY 31, 2023 Investment Type Percentage
U.S. Treasury Bond/Note 41.64
Federal Agency Bond/Note 11.47
Federal Agency Commercial Mortgage-Backed Security 0.52 Supra-National Agency Bond/Note 1.09
Municipal Bond/Note 2.21
Corporate Note 16.42
Asset-Backed Security 1.08
Certificate of Deposit 0.73
San Diego County Investment Pool 0.03
Local Agency Investment Fund (LAIF) 0.01
CAMP Pool 24.80

In compliance with California Government Code Section 53646, the City has sufficient investment liquidity and anticipated revenues to meet the City’s budgeted expenditure requirements for the next six months. All investments are in compliance with state law and the City’s Investment Policy.

The City has a Section 115 Pension Trust to meet future pension obligations of the City. These funds are invested in equity, bond and other mutual funds, exchange traded fund equity, exchange traded fund bond and money market funds in accordance with California Government Code Section 53216.1. The percentages of the portfolio are as follows:

Investment Type Percentage
Mutual Fund - Equity 7.45
Mutual Fund - Bond 39.63
Money Market Mutual Fund 0.38
Exchange-Traded Fund - Equity 42.59
Exchange-Traded Fund - Bond 9.95

FISCAL IMPACT: There is no direct fiscal impact associated with the staff recommendation. As detailed on the attached Treasurer’s Cash Report, cash and investments, at amortized cost, as of May 31, 2023, totaled $326,236,670. Funds managed by fiscal agents, at market value, totaled $2,707,126 and funds held in the Section 115 Pension Trust, at market value, totaled $18,684,228.

EXHIBITS:

1. Treasurer’s Cash Report for the Month Ending May 31, 2023

08/08/2023 C3 2 of 46

DATE:

TO:John Conley, City Manager
FROM:Mike Sylvia, Director of Finance/Treasurer
PREPARED BY:Lori Ruiz, Senior Accountant
SUBJECT:Treasurer's Cash Report for the Month Ending May 31, 2023 Receipts
6,012,542 Vehicle License Fee Tax
2,788,553 Property Tax
1,920,019 Sales and Use Tax
1,153,603 EDCO Franchise and CMTC Fees
1,128,594 Vista Fire Protection
1,047,353 Prop L Sales Tax
541,261 Cannabis Tax
416,529 Ambulance Fees
15,008,455$
Expenditures
(4,513,234) San Diego County Sheriff's Department (2,782,609) Payroll Expenditures
(601,712) PAL General Engineering Inc
(353,268) LC Paving & Sealing
(324,454) TC Construction Company
(254,612) California Physicians Service
(200,685) Kaiser Foundation Health Plan
(150,623) JPM Morgan Credit Card
(9,181,197)$

CASH AND INVESTMENTS (EXCLUDING FUNDS MANAGED BY FISCAL AGENTS

AND HELD IN TRUST)
Total Investments Per Attached Portfolio Details-Amortized Cost 323,646,200.95$ Plus Cash in Bank 2,590,469.24
TOTAL CASH AND INVESTMENTS ON May 31, 2023 326,236,670.19$ Total Cash and Investments as of Prior Month 321,307,785.11$ Current Month Receipts 20,606,408.67$
Current Month Disbursements (15,677,523.59)
Net Change in Total Cash and Investments 4,928,885.08
TOTAL CASH AND INVESTMENTS ON May 31, 2023 326,236,670.19$ FUNDS MANAGED BY FISCAL AGENTS 2,707,125.87$
FUNDS HELD BY SECTION 115 PENSION TRUST 18,684,228.26$
As of May 31, 2023, the market value of the City's investment portfolio totaled $311,196,500.08. The City's investment yield to maturity at market increased to 4.39 percent on May 31, 2023 as compared to 4.17 percent on April 30, 2023. The weighted average days to maturity of the portfolio increased to 900 days on May 31, 2023 as compared to 822 days on April 30, 2023.

For accounting purposes, the City's investment balances are recorded at amortized cost. The activity presented below represents changes to the amortized cost of the City's cash and investments.

During the month of May 2023, the City's total cash and investments increased by $4,928,885.08. The significant receipts and expenditures are listed below.

July 19, 2023
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