CC SR 20250506 F - City March Treasury Report
CITY COUNCIL MEETING DATE: 05/06/2025
AGENDA REPORT AGENDA HEADING: Consent Calendar
AGENDA TITLE:
Consideration to receive the March 2025 Cash Balances/Monthly Treasurer’s Report.
RECOMMENDED COUNCIL ACTION:
(1) Receive and file the March 2025 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 for March 2025 (page A-1)
BACKGROUND AND DISCUSSION:
This report summarizes the cash balance of all funds and investments for the month of
March 2025. A separate report is prepared monthly for the Improvement Authority (IA)
and presented under separate cover before the Authority Commission.
Summary of Cash and Investments
As of March 2025, the overall cash balances of the City totaled $79.1 million (Chart 1)
with approximately $17 million (21%) of the total cash balance in the Local Agency
Investment Fund (LAIF). The City has approximately $4.6 million (6%) of the total cash
balance with BMO, which includes $2 million in checking for operational needs. In April
2024, the City opened a new money market account with BMO with a starting balance of
$0.5 million of idle funds to maximize interest earnings instead of leaving the amount in
the BMO checking account. As shown in Attachment A, BMO’s money market yield is
3.8%. Additionally, over $4.4 million (6%) is with Malaga Bank with a yield of 3.92%.
Additional balance details can be found in the attachments (see Attachment A).
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Chart 1: Cash and Investments $79.1M (in millions)
Investments under the City’s brokerage firm Stifel, include Certificates of Deposit (CD)
investments of $21.2 million (27%), Treasury Bills and Agency Bonds $31.9 million (40%)
of the total cash balance, and a money market account has a balance of $36,830 (<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. Additional balance details
for each investment instrument can be found in the attachments on page A-1.
As reported in the January 2025 report, the City’s total interest earnings from all
investments are approximately $1.86 million (July 2024 – January 2025) as summarized
in Chart 2 on the next page. Chart 3 summarizes the average yields. This represents an
increase of approximately $284,800 (+18%) compared to the same quarter last year of
$1.57 million. Interest earnings are recorded quarterly; therefore, the current
interest earnings remain the same as reported in January. The next interest
earnings report will be updated in the April report which publishes in May.
$31.9
$21.2
$16.9
$2.0
$4.4
$2.6
40%
27%
21%
3%
6%
3%
$0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0
Investments - Treasury Bonds (Stifel)
Investments - CD (Stifel)
Investmetns - LAIF
Checking Accounts (BMO)
Investments - CD (Malaga)
Money Market (BMO and Stifel)
2
Chart 2: Interest Earnings $1.86M (July 2024 – January 2025) (in millions)
Chart 3: Investments - Average Yield
Summary of Cash Balance by Fund
In summary, as illustrated in Chart 4, the City’s General Fund has approximately $29.5
million (37%), and the Capital Infrastructure Program (CIP) Fund has over $20.2 million
(26%). The remaining cash balances are in the Equipment Replacement Fund with over
$3.3 million (4%), over $3 million (4%) in the 1911 Act Fund, over $62,000 (<1%) in the
Quimby Fund, and over $22 million (29%) in Other Restricted Funds.
$52,034 $87,753
$1,048,096
$671,319
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
BMO - Money
Market
Malaga Bank - CD Stifel - CD, Treasury,
Agency Bonds
State of California -
LAIF
3.8%3.9%
3.2%
4.3%4.3%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
BMO - Money Market Malaga Bank - CD Stifel - CD Stifel - Treasury,
Agency Bonds
State of California -
LAIF
3
Chart 4: Summary of Cash Balance by Fund (in millions)
Compared to a year ago (March 2024), the City’s cash balance decreased by $16.5
million, primarily due to ongoing expenditures for emergency response and mitigation
efforts related to the Portuguese Bend Landslide. When comparing the balance in
February 2025, the City’s cash balance decreased by $3.6 million, mainly attributed to
the timing of billing for general operational services and disbursements for City-approved
projects. The major disbursements for the month of March included Abalone Cove
Landslide Abatement District (ACLAD) and Klondike Canyon Landslide Abatement
District (KCLAD) for the loan disbursements as part of the financial assistance approved
by the City Council on July 2, 2024 City Council, Aleshire and Wynder for legal services,
Colich and Son for winterization vegetation removal services, Geologic Associates for
emergency winterization engineering services, Hardy and Harper for emergency roadway
repairs, Hout Construction for emergency hydraugers construction management and
inspection services, LSA Associates for environmental monitoring services, Malcolm
Drilling for emergency landslide services related to the deep dewatering wells task orders,
Ocean Blue Environmental Services for landslide sewage services at the residential
areas, and Stay Green for the annual landscaping project. All expenditures were
disbursed in accordance with the Fiscal Year 2024-25 budget and the City Council’s
approved expenditures related to the landslide.
GENERAL FUND
$29.5
37%
CIP FUND
$20.2
26%
OTHER
RESTRICTED
FUNDS
$29.3
37%
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A-1
A-2
A-3
A-4
A-5