Town of Yountville
Staff Report
6550 Yount Street
Yountville, CA 94599
Agenda Item #: {{section.number}}C
Yountville Town Council Staff Report
DATE: February 4, 2025
TO: Mayor and Town Council
FROM: Celia King, Administrative Service Director
PREPARED BY: Kyle Batista, Financial Analyst
RECOMMENDATION
Receive and file December 2024 Quarterly Investment Report.
DISCUSSION/BACKGROUND
This report represents the Town’s investment portfolio for the quarter ending December 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 May 21, 2024. 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 allow the Council to help inform decisions related to maximizing economic opportunities to ensure prudent reserves.
ATTACHMENTS
See below for the December 2024 Quarterly Investment Report.
TOWN OF YOUNTVILLE
QUARTERLY INVESTMENT REPORT
AS OF December 31, 2024
Current Quarter Prior Quarter Change in
12/31/2024 9/30/2024 Quarterly
Fund Cash Balance Cash Balance Cash Balance
No. Fund Name
01 General Fund 2,480,987 1,900,255 580,733
02 OPEB (Retiree Benefits) 73,673 (10,271) 83,944
03 PERS UAL Reserve Fund 230,067 11,271 218,796
04 Emergency Reserve Fund - - -
05 Revenue Stabilization Fund - - -
06 Utlty Entprs Prjct Cmtd Fund 1,770,305 1,753,258 17,047 07 General Fund Reserve 5,449,706 5,049,475 400,231
20 State Gas Tax 176,193 184,612 (8,419)
21 Public Education & Govmnt TV 66,088 61,872 4,216
22 Tourism Improvement District 498,373 468,979 29,394
23 Public Arts Program Fee 14,727 10,449 4,278
24 Housing Grant Fund 89,180 174,375 (85,194)
25 Measure T Transportation Imp 534,601 1,003,946 (469,345) 26 SB1, 2017 Road Repair Act 174,814 168,867 5,947
27 Measure T Equivalent (MTE) 40,010 39,625 385
28 Fire Services - - -
29 UVDS Franchise Fees 370,665 318,053 52,612
30 Disabiliy Access Fee SB 1186 1,696 1,534 162
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 119,699 118,547 1,153 47 Community Project Iimpact Fees - - -
50 Capital Projects 3,239,792 2,257,331 982,461
54 2017 Lease Bond-CommCtrRfnd 134,922 572,099 (437,177) 55 2020 Lease Bond 342,834 347,980 (5,146)
57 Draught Water Reserve 2,123,265 2,102,819 20,446
58 Water Impact Fees - - -
60 Water Capital Improvements 349,043 454,629 (105,586) 61 Water Utility Operations 987,875 800,909 186,967
62 Wastewater Utility Operations 1,365,977 1,104,874 261,102 63 Joint Treatment Capital Fund 5,404,821 5,325,868 78,953 64 Wastewater Utility Capital 712,087 719,951 (7,864)
65 Sewer Impact Fees - - -
70 Housing Opportunity Fund 187,306 184,506 2,800
71 Measure S, Affordable Housing 433,409 320,651 112,758 75 Measure A Maintenance Fund 341,695 396,911 (55,216)
81 Facilities Repair/Replacement 1,398,630 1,400,835 (2,205) 82 Fleet,Tools,Equip RepairReplc 674,754 668,257 6,498
92 OPEB Trust Fund Retiree Ben. 6,625,142 6,523,955 101,187 93 PRSP Trust Fund - Pension 3,520,362 3,455,639 64,722 95 Tallent Lane Benefit District 181 181 -
96 Mesa Ct. Drainage Ben. Dist. 504 504 -
39,933,382 37,892,743 2,040,639
Current Quarter Prior Quarter
12/31/2024 9/30/2024 Interest
Cash Balance Cash Balance Rate
Cash on Hand/Petty Cash 425 425 0%
Westamerica Bank Checking & Savings 4,803,756 4,210,041 0.070% LAIF 24,983,305 23,702,289 4.480%
Bank of New York Mellon (Trust) 394 394 0.000%
PRSP Trust Investments
1 3,520,362 3,455,639 6.550%
PARS OPEB Trust Investments
2 6,625,142 6,523,955 6.550%
39,933,382 37,892,743
Activity
# Issued From To Amount
Accounts Payable check range for the period:
Amount of Accounts Payable checksissued 458 61754 62212 4,826,322.05 Payroll check range for the period:
Amount of Payroll checks/direct depositsissued 370 26220 26229 798,664.89 1 5-year Annualized Return
2 10-year Annualized Return