IA SR 20250805 C - IA Treasurer's Report June 2025
IMPROVEMENT AUTHORITY MEETING DATE: 08/05/2025
AGENDA REPORT AGENDA HEADING: Consent Calendar
AGENDA TITLE:
Consideration to receive the June 2025 Cash Balances/Monthly Treasurer’s Report for
the City’s Joint Powers Improvement Authority.
RECOMMENDED IMPROVEMENT AUTHORITY ACTION:
(1) Receive and file the June 2025 Cash Balances/Monthly Treasurer’s Report for the
City’s Joint Powers Improvement Authority.
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, Chief Administrative Officer
ATTACHED SUPPORTING DOCUMENTS:
A. Monthly Treasurer’s Report for June 2025 (page A-1)
BACKGROUND AND DISCUSSION:
This monthly report summarizes the cash balance and investments for the month of June
2025 for the Joint Powers Improvement Authority (Improvement Authority) which includes
the Abalone Cove Permanent Fund and the Portuguese Bend Special Revenue Fund. A
separate report is also prepared monthly for the City’s General Fund, Capital
Infrastructure Program Fund, Special Revenue Funds, and Other Funds (see separate
agenda report on tonight’s Consent Calendar).
Summary of Cash and Investments by Fund
As of June 30, 2025, the cash balance for the Abalone Cove Permanent Fund remains at
$1,151,041 with no financial transactions in June 2025. This amount is invested in the
Local Agency Investment Fund (LAIF) with interest earnings of $51,252 in FY2024-25.
The average interest rate is approximately 4%.
1
1
Similarly, the Portuguese Bend Special Revenue Fund maintained its balance at
$112,956, which included quarterly transfer in accordance with FY2024 -25 budget. This
amount is invested in LAIF with interest earnings of $4,665 in FY2024-25. The average
interest rate is approximately 4%.
As part of the year-end closing process, Staff is in the process of reviewing any
outstanding invoices. As such, the report is preliminary, and the final report will be
submitted upon completion of the year-end closing process.
CONCLUSION:
Staff recommend that the City Council receive and file the Treasurer’s Report ending June
2025 for the City’s Joint Powers Improvement Authority.
ALTERNATIVES:
In addition to Staff recommendation, the following alternative action is available for the
City Council’s consideration:
1. Take other action, as deemed appropriate.
2
2
A-1