CC SR 20231219 F - October Treasury Report
CITY COUNCIL MEETING DATE: 12/19/2023
AGENDA REPORT AGENDA HEADING: Consent Calendar
AGENDA TITLE:
Consideration and possible action to receive the October 2023 Cash Balances/Monthly
Treasurer’s Report.
RECOMMENDED COUNCIL ACTION:
(1) Receive and file the October 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, Director of Finance VR
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
October 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 approximately $93 million with over $47.7
million or 51% of the total cash balance in the Local Agency Investment Fund (LAIF). The
City has over $3.5 million or 4% of the total cash balance with Bank of the West and over
$4.4 million or 5% with Malaga Bank. Additionally, the investments under the City’s
brokerage firm Stifel includes Certificates of Deposit (CD) investments $28.2 million or
30%, Treasury Bills and Agency Bonds $8.5 million or 9% of the total cash balance, and
a money market account has a balance of $405,401 or 1% of the total cash balance. The
City holds a money market account with Stifel for transactions related to the selling and
purchasing of investments, as applicable. The securities are held by Bank of America and
are FDIC-insured.
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In summary, the City’s General Fund has over $28 million or 30% in the cash balance,
and the Capital Infrastructure Program (CIP) Fund has over $36 million or 40% in cash
balance. The remaining cash balances are in the Equipment Replacement Fund with over
$3 million or 4%, over $2 million or 3% in the 1911 Act Fund, approximately $0.2 million
or less than 1% in the Habitat Restoration Fund, approximately $0.2 million or less than
1% in the Quimby Fund, and over $21 million or 23% in Other Restricted Funds.
The City’s cash balance increased by approximately $3 million compared to the October
2022 balance, primarily due to the increase in revenue sources. This increase is expected
and aligns with the FY 2023-24 adopted budget for revenues.
Additionally, while comparing the balance in September 2023, the City’s cash balance
decreased by $0.1 million, 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, AMG and Associates and Johnson
Favaro for Ladera Linda project, Hardy and Harper and Hout Construction for the
Portuguese Bend area landslide repair project, and Los Angeles County Sheriff’s
Department for law enforcement services. All expenditures were disbursed in accordance
with the Fiscal Year 2023-24 budget.
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