Town of Yountville
Staff Report
6550 Yount Street
Yountville, CA 94599
Agenda Item #: {{section.number}}C
Yountville Town Council Staff Report
DATE: November 7, 2023
TO: Mayor and Town Council
FROM: Celia King, Finance Director
PREPARED BY: Kyle Batista, Financial Analyst
RECOMMENDATION:
Receive and File September 2023 Quarterly Investment Report
DISCUSSION/BACKGROUND
This report represents the Town’s investment portfolio for the quarter ending September 30, 2023. The report includes all Town funds. All investments are in compliance with the Town’s adopted Investment Policy.
The Town’s investments are guided by an Investment Policy, which is reviewed and approved by the Council annually. The Investment Policy was last approved by the Town Council on June 20, 2023. The policy directs that investment goals, in order by priority, are safety, liquidity, and yield. This conservative approach ensures assets are available for use while also allowing the Town to earn additional resources on idle funds. The Town currently participates in the State investment pool known as the Local Agency Investment Fund (LAIF).
LAIF began in 1977 as an investment alternative for California’s local governments and special districts and is administered by the State of California’s Treasurer. The enabling legislation for LAIF is Section 16429.1 et seq. of the California Government Code.
This program offers local agencies the opportunity to participate in a major portfolio, which invests hundreds of millions of dollars, using the investment expertise of the Treasurer's Office investment staff at no additional cost to local agencies or taxpayers. LAIF is part of the Pooled Money Investment Account (PMIA). The PMIA began in 1955 and oversight is provided by the Pooled Money Investment Board (PMIB) and an in-house Investment Committee. The PMIB members are the State Treasurer, State Director of Finance, and State Controller.
The Town established a Section 115 Trust for Other Post-Employment Benefits and Pension Rate Stabilization with Public Agency Retirement Services (PARS). Town Council adopted a moderate investment strategy and funds are invested in a diversified portfolio. The interest rates shown are for the quarter reported.
All Town funds are invested in accordance with the approved Investment Policy with an emphasis on safety, liquidity, and yield (in that order). The Town’s investment strategy of balancing the investment portfolio between short-term investments (to meet cash flow needs) and longer-term maturities (to realize a higher rate of return) is appropriate given the current market conditions.
The investment portfolio will continue to be closely monitored to ensure the avoidance of risk and to respond to changes in market conditions. This staff report is presented as informational.
ENVIRONMENTAL REVIEW
Exempt per California Environmental Act (CEQA) Guideline, Section 15061(b)(3)
FISCAL IMPACT
Is there a Fiscal Impact? Yes
Is it Currently Budgeted? Yes
Where is it Budgeted? Interest Income
Is it Mandatory or Discretionary? Mandatory
Is there a Staff Resource Impact? Nominal
STRATEGIC PLAN GOAL
Is item Identified in Strategic Plan? Yes
If yes, Identify Strategic Goal and Objective. Responsible Fiscal Policy: The Town maintains its fiscal health through policies designed to maximize economic opportunities, manage expenses, and ensure prudent reserves.
Briefly Explain Relationship to Strategic Plan Goal and Objective. Quarterly Investment Reports provide timely information and financial transparency and allows the Council to help inform decisions related to maximizing economic opportunities to ensure prudent reserves.
TOWN OF YOUNTVILLE
QUARTERLY INVESTMENT REPORT
AS OF September 30, 2023
Current Quarter Prior Quarter Change in
9/30/2023 6/30/2023 Quarterly
Fund Cash Balance Cash Balance Cash Balance
No. Fund Name
01 General Fund 6,138,870 7,182,425 (1,043,555)
02 OPEB (Retiree Benefits) (21,544) (19,808) (1,736)
03 PERS UAL Reserve Fund (267,737) 77,357 (345,094)
04 Emergency Reserve Fund 2,877,347 2,836,935 40,412
05 Revenue Stabilization Fund 2,876,869 2,836,464 40,405 06 Utlty Entprs Prjct Cmtd Fund 1,689,944 1,666,209 23,735 20 State Gas Tax 158,814 136,881 21,932
21 Public Education & Govmnt TV 45,937 45,654 283
22 Tourism Improvement District 450,280 530,756 (80,477) 23 Public Arts Program Fee 13,369 25,908 (12,539)
24 Housing Grant Fund 138,401 137,782 619
25 Measure T Transportation Imp 538,609 248,857 289,751 26 SB1, 2017 Road Repair Act 165,708 145,607 20,101
27 Measure T Equivalent (MTE) 38,194 37,657 536
28 Fire Services 32 32 0
29 UVDS Franchise Fees 126,045 100,166 25,879
30 Disabiliy Access Fee SB 1186 1,810 1,591 218
41 Civic FacilitesImpact Fees - - -
42 Drainage Impact Fees - - -
43 Park Impact Fees - - -
44 Public Safety Impact Fees - - -
45 Traffic FacilitiesImpact Fees - - -
46 Utility Underground Impact Fees 114,155 112,836 1,319 47 Community Project Iimpact Fees - - -
50 Capital Projects 2,363,693 1,815,690 548,002
54 2017 Lease Bond-CommCtrRfnd 564,805 15,183 549,622
55 2020 Lease Bond 344,199 318,759 25,440
57 Draught Water Reserve 2,026,881 1,998,414 28,467
58 Water Impact Fees - - -
60 Water Capital Improvements 516,740 494,396 22,344
61 Water Utility Operations 462,824 622,098 (159,274)
62 Wastewater Utility Operations 928,285 619,831 308,454 63 Joint Treatment Capital Fund 4,375,084 3,914,481 460,603 64 Wastewater Utility Capital 549,495 568,955 (19,460)
65 Sewer Impact Fees - - -
70 Housing Opportunity Fund 177,985 175,146 2,839
71 Measure S, Affordable Housing 2,552,111 2,307,550 244,561 75 Measure A Maintenance Fund 487,394 480,548 6,845
76 Floodwall Capital Maint. - - -
81 Facilities Repair/Replacement 1,479,490 1,153,171 326,320 82 Fleet,Tools,Equip RepairReplc 1,448,699 1,229,660 219,039 92 OPEB Trust Fund Retiree Ben. 5,435,398 5,698,124 (262,725) 93 PRSP Trust Fund - Pension 3,224,580 3,342,309 (117,729) 95 Tallent Lane Benefit District 18,471 18,212 259
96 Mesa Ct. Drainage Ben. Dist. 51,391 50,784 607
42,092,628 40,926,623 1,166,005
Current Quarter Prior Quarter
9/30/2023 6/30/2023 Interest
Cash Balance Cash Balance Rate
Cash on Hand/Petty Cash 425 425 0%
Westamerica Bank Checking & Savings 6,202,046 5,114,429 0.070% LAIF 27,229,904 26,771,063 3.420%
Bank of New York Mellon (Trust) 274 273 0.000%
PRSP Trust Investments
1 3,224,580 3,342,309 4.240%
PARS OPEB Trust Investments
2 5,435,398 5,698,124 5.340%
42,092,628 40,926,623
Activity
# Issued From To Amount
Accounts Payable check range for the period:
Amount of Accounts Payable checksissued 400 59609 60000 4,114,056.33 Payroll check range for the period:
Amount of Payroll checks/direct depositsissued 361 26147 26154 778,212.79 1 5-year Annualized Return
2 10-year Annualized Return