CC SR 20231114 C - Aug 2023 City Treasury ReportCITY COUNCIL MEETING DATE: 11/14/2023
AGENDA REPORT AGENDA HEADING: Consent Calendar
AGENDA TITLE:
Consideration and possible action to receive the August 2023 Cash Balances/Monthly
Treasurer’s Report.
RECOMMENDED COUNCIL ACTION:
(1)Receive and file the August 2023 Cash Balances/Monthly Treasurer’s Report.
FISCAL IMPACT: None
Amount Budgeted: N/A
Additional Appropriation: N/A
Account Number(s): N/A
ORIGINATED BY: Jane Lin, Senior Accountant
REVIEWED BY: Vina Ramos, Interim Director of Finance
APPROVED BY: Ara Mihranian, AICP, City Manager
ATTACHED SUPPORTING DOCUMENTS:
A.Monthly Treasurer’s Report (page A-1)
BACKGROUND AND DISCUSSION:
This report summarizes the cash balance of all funds and investments for the month of
August 2023. A separate report is prepared monthly for the Improvement Authority and
presented under separate cover before the Authority Commission.
The overall cash balances of the City totaled over $97.3 million with $53.2 million or 55%
of the total cash balance in the Local Agency Investment Fund (LAIF). The City has over
$3.2 million or 3% of the total cash balance with Bank of the West and over $4.4 million
or 4% with Malaga Bank. Additionally, the investments under the City’s brokerage firm
Stifel includes Certificates of Deposit (CD) investments approximately $28 million or 29%,
Treasury Bills and Agency Bonds over $8.5 million or 9% of the total cash balance, and
a money market account has a negative balance of $148,455 or less than 1%. The City
holds a money market account with Stifel for the transaction of selling and purchase
purposes. The negative balance was due to the purchase of a new CD investment and
the timing of in-transit deposits. The purchase transaction was posted in the account by
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August 31, while the deposit was posted during the first week of September. The
securities are held by Bank of America and are FDIC-insured.
In summary, the City’s General Fund has over $33 million or 35% in the cash balance,
and the Capital Infrastructure Program (CIP) Fund has over $35 million or 37% in cash
balance. The remaining cash balances are in the Equipment Replacement Fund with over
$3 million or 3%, over $2 million or 3% in the 1911 Act Fund, approximately $0.2 million
or less than 1% in the Habitat Restoration Fund, approximately $0.3 million or less than
1% in the Quimby Fund, and over $21 million or 22% in Other Restricted Funds.
The City’s cash balance increased by $3.6 million compared to the August 2022 balance.
The increase was reported in the prior month, which included the significant fund from the
second payment of the American Rescue Plan Act of $4.9 million received in July 2022
and $8 million from Bank of the West for the partial funding of the Ladera Linda
Community Park Project in April 2022.
Additionally, while comparing the balance in July 2023, the City’s cash balance slightly
increased by $152,721, mainly attributed to the timing of billing for general services and
disbursements for City-approved projects. The major disbursements for this month
included Aleshire and Wynder for legal services, Built Rite Fence for the City Hall tennis
court repair, Hardy and Harper for the Portuguese Bend area landslide emergency repair
and annual roadway maintenance project, Sky Elements for the July 4th drone show, and
Stay Green for the preserve fuel modification trimming and annual landscape project. All
expenditures were disbursed in accordance with the Fiscal Year 2023-24 budget.
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