Agenda Item No.
CITY OF YUCAIPA
AGENDA REPORT
TO: Honorable Mayor and City Council
FROM: Chris Mann, City Manager/Treas
Phil White, Director of Finance
FOR: City Council Meeting of November 27, 2023
SUBJECT: Monthly Treasurer's Report October 2023
RECOMMENDATION:
That the City Council receive and file the Monthly Treasurer's Report for October 2023.
BACKGROUND:
To comply with the requirements of California Government Code Section 53607 and the recommendation of California Government Code Section 53646, a treasurer's report is submitted to Council monthly.
DISCUSSION:
It is the responsibility of the Finance staff to develop the Monthly Treasurer's Report in a timely manner for review by the City Manager/Treasurer, and ultimately the City Council. It is the function of the Treasurer to deposit and invest funds in accordance with the Investment Policy of the City of Yucaipa to achieve the stated objectives of safety and preservation of capital, liquidity, and return on investment. The purpose of the Monthly Treasurer's Report is to provide the City Council with a snapshot of the City's cash and investment portfolio.
The balances included in the Treasurer's Report represent the month -end market value of the City's investment portfolio. The portfolio is one component of assets. The City's net position or fund balance (equity) is comprised of all assets less liabilities. As such, the amounts are related but will differ due to accruals and methods of accounting. The City utilizes the Monthly Treasurer's Report as one tool to monitor fiscal performance.
While the City does not have outstanding debt related to bond issuances, the City acts in a fiduciary capacity for the Successor Agency to the former Redevelopment Agency and the Chapman Heights Community Facilities District, both of which maintain outstanding bonds. The City pools cash and investments of all funds, except for assets related to the bond issuances of the Successor
Agency and Community Facilities District which are required to be held in separate accounts with fiscal agents in accordance with the bond indentures.
As required by the Investment Policy, the attached Treasurer's Report includes a certification that (1) All investment actions executed since the last report have been made in full compliance with the Investment Policy; and (2) the City will meet its expenditure obligations for the next six months.
FISCAL IMPACT:
There is no fiscal impact. October is consistently the low point in the City's annual cash flow cycle. Compounding the trend this year is the Chapman Heights CFD refunding which closed in October and removed $2.5 million from the portfolio as the new bond does not require the reserve fund to be held in cash.
Attachments:
1. Treasurer's Portfolio Historical Balances
2. Treasurer's Report — October 2023
3. Treasurer Managed Portfolio Summary — October 2023
4. LAIF Quarterly Interest Statement — October 2023
5. Wells Fargo Operating Account — October 2023
6. Investments with Fiscal Agent Summary
ATTACHMENT 1
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ATTACHMENT 2
City of Yucaipa
Treasurer's Report - October 31, 2023
Attachment 2
September 2023
October 2023
Institution/Investment Type
Balance
Balance
Funds Under Control of the City:
U.S. Bank Investment Account - Managed by Treasurer
Cash and Equivalents
$
4,226,377.79
$
5,008,111.23
U.S. Government Issues
$
28,740,124.31
$
28,081,644.70
Corporate Issues
$
4,206,930.93
$
4,191,313.08
Foreign Issues
$
233,088.10
$
234,175.90
Municipal Issues
$
180,694.50
$
181,480.50
$
37,587,215.63
$
37,696,725.41
Local Agency Investment Fund (LAIF)
$
12,050,889.53
$
8,169,849.89
City Checking Account (Wells Fargo)
$
4,331,861.71
$
4,322,283.45
Petty Cash / Change Drawers
$
5,250.00
$
3,750.00
Total Funds Under Control of the City
$
53,975,216.87
$
50,192,608.75
Funds with Fiscal Agents:
Bank of New York Mellon
CFD 98-1- Invesco Govt Agency Private 1903
$
2,476,414.31
$
285,555.14
U.S. Bank
RDA 1998 TAB - Blackrock Instl Funds
$
583.02
$
584.51
RDA 1998 TAB - LAIF
$
45,559.08
$
45,973.28
RDA 2004 TAB - Blackrock Instl Funds
$
157,324.85
$
157,992.82
RDA 2010 TAB - Blackrock Instl Funds
$
370,613.09
$
372,210.80
Total Funds with Fiscal Agents
$
3,050,494.35
$
862,316.55
Grand Total
$
57,025,711.22
$
51,054,925.30
1. All investment actions executed since the last report have been made in full compliance with the Investment Policy; and
2. The City will meet its expenditure obligations for the next six months.
Treasurer:
Sign / Date
ATTACHMENT 3
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ATTACHMENT 5
Analyzed Business Checking - PF
Account number:- ■ October 1, 2023 - October 31, 2023 ■ Page 1 of 7
CITY OF YUCAIPA
GENERAL OPERATING ACCOUNT
34272 YUCAIPA BLVD
YUCAIPA CA 92399-2434
Account summary
Analyzed Business Checking - PF
Questions?
Call your Customer Service Officer or Client Services
1-800-AT WELLS (1-800-289-3557)
5:00 AM TO 6:00 PM Pacific Time Monday - Friday
Online: wellsforgo.com
Write: Wells Fargo Bank, N.A. (114)
P.O. Box 6995
Portland, OR 97228-6995
Accountnumber Beginning balance Total credits Total debits Ending balance - $4,331,861.71 $8,394,781.28-$8,404,359.54 $4,322,283.45 Credits
Deposits
Effective
date
Posted
date
Amount
Transaction detail
10/03
580.00
Deposit
10/06
5,440.00
Deposit
10/13
10/16
5,167.41
Reversal of Check Posted 10-13-23 Reposted 10-16-23 as Serial 0000014507 Our Ref: 10-13-23 00000000
10/17
1,300.00
Deposit
10/20
61.50 Deposit
10/25
100.00
Deposit
10/27
87.50 Deposit
10/30
130.00
Deposit
10/30
10/31
1,005.00
Reversal of Check Posted 10-30-23 Refer to Maker Our Ref: 10-30-23 00000000 $13,871.41
Total deposits
Electronic deposits/bank
credits
Effective Posted
date date
Amount
Transaction detail
10/02
1,553.00
10/02 Deposit Capture Bank Card-0174134433
10/02
2,044.00
10/0213ankcard Deposit-0483998756
10/02
2,301.00
10/0213ankcard Deposit-0483998756
10/02
21,415.75
Desktop Check Deposit
10/02
142,193.84
Apport St of CA Apsapports 092723 1927 Yucaipa City Treasurer 10/02
5,980.20
ZBA Funding Account Transfer From 4241875095
10/03
6.00 Desktop Check Deposit
10/03
599.00
Turbo Data EFT CC Pmts Yucaipa City of Yucaipa
10/03
15,373.62
Desktop Check Deposit
10/04
279.00
Cash Only Customer Deposit
m2010 Wells Fargo Bank, N.A.
All rights reserved. Member FDIC.
(114)
Sheet Seq = 0058702
Sheet 00001of 00007
ATTACHMENT 6
City of Yucaipa
Investment with Fiscal Agent Summary
FY 2024
10/31/2023
Bank of New York Mellon CFD 98-1
324812 Special Acct
$
4,630.86
324813 Interest Acct
$
94,241.06
703129 COI Acct
$
18,818.98
880553 COI Acct
$
22,396.01
880554 Reserve Acct
$
9,216.59
880555 Admin Exp Acct
$
136,251.64
Total
$
285,555.14
U.S. Bank
RDA 1998 TAB
6711616700 Project Acct - Blackrock Instl Funds
$
0.24 6711616701 Interest Acct - Blackrock Instl Funds
$
541.61
6711616702 Principal Acct - Blackrock Instl Funds
$
30.21 6711616703 Sinking Acct - Blackrock Instl Funds
$
12.24 6711616704 Reserve Acct - Blackrock Instl Funds
$
0.21 6711616704 Reserve Acct - LAIF
$
45,973.28
Total
$
46,557.79
RDA 2004 TAB
6711740700 Project Acct - Blackrock Instl Funds
$
0.12 6711740701 Interest Acct - Blackrock Instl Funds
$
13,222.98
6711740702 Principal Acct - Blackrock Instl Funds
$
196.95
6711740703 Reserve Acct - Blackrock Instl Funds
$
144,572.77
Total $
157,992.82
RDA 2010 TAB
6711740705 Reserve Acct - Blackrock Instl Funds
$
372,210.80