TO: Honorable Mayor and Members of the City Council
THRU: Tom Kisela, City Manager
FROM: Richard A. Rohm, City Treasurer
Trang Nguyen, Finance Director
1. Subject
title
Monthly Treasurer’s Reports for January, February, and March 2024.
body
2. Summary
These reports provide a compilation of three-monthly Treasurer’s Reports to the City Council for the third quarter of Fiscal Year 2023-2024. Included in the reports are an economic update and detail of the City’s portfolio holdings, monthly transactions, and consolidated information on all cash and investments.
3. Recommended Action
recommendation
Receive and file.
end
4. Fiscal Impact
None.
5. Strategic Plan Goals
Goal 2: Be a fiscally healthy community
d: Effectively manage and develop City assets.
6. Discussion and Background
The City’s Fiscal Year 2023-24 Statement of Investment Policy has been adopted by the City Council of the City of Orange as Resolution 11469 and is in accordance with the California Government Code Sections 53600 et seq. Per the Investment Policy, three monthly investment reports are to be submitted to the City Council within 45 days following the end of the quarter.
As required by the City’s present Investment Policy, the City Treasurer’s report delineates all investments made by the City Treasurer for the City, its special funds, and the Successor Agency funds, by investment type and by broker.
The monthly Compliance Report certifying compliance of all investments with both the Government Code and the City’s Investment Policy is included.
The Investment Portfolio Statement accurately reflects all investments held by the City and its agents as of the end of the month. A summary of Treasurer’s cash and investments is also included.
Summary of Cash and Investments:
|
|
Cash & Investments Balance(1) |
|
Chandler Investments: |
$101,965,873 |
|
LAIF, City: |
33,294,428 |
|
LAIF, Successor Agency: |
9,900,630 |
|
Wells Fargo Bank: |
18,049,575 |
|
Balance at 03/31/2024 |
$163,210,506 |
(1)Represents the bank balance. Includes operating cash and investments (valued at cost). Does not include deposits with administrator, imprest cash, fiscal agent cash and investments, interest receivable, and deferred compensation.
Pursuant to California Government Code Section 53646(b)(3), the City certifies that the reported cash and investment balances are sufficient to meet anticipated expenditures for the next six months.
In summary, cash and investments as of March 31, 2024, totaled $163,210,506. Of this amount, $31.5 million, or 24%, is comprised of Enterprise Funds. The total amount for both the Internal Service Funds and the Special Revenue Funds slightly exceeds $31 million, or 19%, in each of the two fund groups. The General Fund and Capital Project Funds total $27 million, or 17%, in each fund group.
Significant Cash Transactions:
The City’s total cash decreased by $1.1 million from the last quarter. Significant cash transactions in the third quarter of the FY 2023-24 besides payroll and operational payments to vendors are payments to U.S. Bank for interest payment to various bonds and Orange County Water District for water replenishment assessment. All cash disbursements are within the FY 2023-24 budget and all check registers are presented to the City Council monthly.
7. ATTACHMENTS
• Investment Report for the Period Ending March 31, 2024
• Monthly Statement for January 2024
• Monthly Statement for February 2024
• Monthly Statement for March 2024