Town of Yountville
Staff Report
6550 Yount Street
Yountville, CA 94599
Agenda Item #: {{section.number}}B
Yountville Town Council Staff Report
DATE: May 7, 2024
TO: Mayor and Town Council
FROM: Celia King, Administrative Service Director
PREPARED BY: Kyle Batista, Financial Analyst
RECOMMENDATION
Receive and File March 2024 Quarterly Investment Report
DISCUSSION/BACKGROUND
This report represents the Town’s investment portfolio for the quarter ending March 31, 2024. 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 March 31, 2024
Current Quarter Prior Quarter Change in
3/31/2024 12/31/2023 Quarterly
Fund Cash Balance Cash Balance Cash Balance
No. Fund Name
01 General Fund 1,696,258 7,780,295 (6,084,037)
02 OPEB (Retiree Benefits) (7,023) (127,832) 120,809
03 PERS UAL Reserve Fund 11,056 (542,737) 553,793
04 Emergency Reserve Fund 2,927,979 2,901,861 26,118
05 Revenue Stabilization Fund 2,024,792 2,901,379 (876,587) 06 Utlty Entprs Prjct Cmtd Fund 1,719,681 1,704,341 15,340 20 State Gas Tax 177,681 159,082 18,599
21 Public Education & Govmnt TV 53,665 50,022 3,643
22 Tourism Improvement District 461,237 559,642 (98,405) 23 Public Arts Program Fee 13,944 11,561 2,383
24 Housing Grant Fund 171,035 139,581 31,455
25 Measure T Transportation Imp 536,966 357,244 179,722 26 SB1, 2017 Road Repair Act 125,763 100,451 25,311
27 Measure T Equivalent (MTE) 38,866 38,519 347
28 Fire Services - - -
29 UVDS Franchise Fees 221,181 127,119 94,062
30 Disabiliy Access Fee SB 1186 158 1,915 (1,757)
41 Civic FacilitesImpact Fees - 61 (61)
42 Drainage Impact Fees - 20 (20)
43 Park Impact Fees - 56 (56)
44 Public Safety Impact Fees - - -
45 Traffic FacilitiesImpact Fees - 235 (235)
46 Utility Underground Impact Fees 116,222 115,138 1,084 47 Community Project Iimpact Fees - 120 (120)
50 Capital Projects 10,430,786 2,145,136 8,285,650
54 2017 Lease Bond-CommCtrRfnd 135,415 134,202 1,213
55 2020 Lease Bond 369,449 366,153 3,296
57 Draught Water Reserve 2,062,548 2,044,149 18,398
58 Water Impact Fees 3,263 - 3,263
60 Water Capital Improvements 504,745 543,825 (39,080)
61 Water Utility Operations 658,465 593,449 65,016
62 Wastewater Utility Operations 578,097 538,755 39,342 63 Joint Treatment Capital Fund 4,319,265 4,306,875 12,391 64 Wastewater Utility Capital 759,578 905,539 (145,962) 65 Sewer Impact Fees - - -
70 Housing Opportunity Fund 176,260 174,088 2,172
71 Measure S, Affordable Housing 2,975,890 2,825,087 150,803 75 Measure A Maintenance Fund 387,279 491,546 (104,267) 81 Facilities Repair/Replacement 1,516,160 1,522,330 (6,170) 82 Fleet,Tools,Equip RepairReplc 768,258 1,460,438 (692,180) 92 OPEB Trust Fund Retiree Ben. 6,201,472 6,002,457 199,015 93 PRSP Trust Fund - Pension 3,625,733 3,808,915 (183,182) 95 Tallent Lane Benefit District 18,796 18,629 168
96 Mesa Ct. Drainage Ben. Dist. 52,295 51,829 466
45,833,214 44,211,475 1,621,739
Current Quarter Prior Quarter
3/31/2024 12/31/2023 Interest
Cash Balance Cash Balance Rate
Cash on Hand/Petty Cash 425 425 0%
Westamerica Bank Checking & Savings 6,159,660 4,873,645 0.070% LAIF 29,843,208 29,523,346 4.012%
Bank of New York Mellon (Trust) 2,717 2,687 0.000%
PRSP Trust Investments
1 3,625,733 3,808,915 7.030%
PARS OPEB Trust Investments
2 6,201,472 6,002,457 6.170%
45,833,214 44,211,475
Activity
# Issued From To Amount
Accounts Payable check range for the period:
Amount of Accounts Payable checksissued 442 60390 60805 3,908,854.43 Payroll check range for the period:
Amount of Payroll checks/direct depositsissued 303 26163 26169 697,756.88 1 5-year Annualized Return
2 10-year Annualized Return