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05-09-2000 CC Rpt A05 • � /7�e. • • avieictr *1 14i kJ 491-10 • COUNCIL AGENDA STAFF REPORT RECE CCITY CLE KL Meeting Date: May 9,2000 '00 MAY -1 P5 .20 Public Hearing: 0 Discussion Item: 0 I° °'° . Consent Item: MAY 2, 2000 • TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS FROM: CITY MANAGER SUBJECT: TREASURER'S REPORT FOR MARCH 2000 RECOMMENDATION: It is recommended that the City Council: 1. Approve the Treasurer's Report for March 2000; and 2. Authorize staff to continue investing all of the City's funds in State and County investment pools. BACKGROUND/ANALYSIS: The Treasurer's Report for March 2000 may be seen in Exhibit A (attached). The amount of cash and investments for all funds amounts to $100,766,045.58. The amount of cash shown in the checking accounts may be either a positive or negative(overdrawn)amount, depending on whether or not there is an opportunity to invest the "float" amount. It is the Treasurer's intention to invest all cash not needed for the immediate cash flow needs of the City. The cash flow for all major fund types is also reported in Exhibit A. As shown,the City's cash reserves,coupled with the month's cash receipts, are sufficient to meet the City's cash disbursement requirements for the month. Additionally, there are sufficient reserves and forecasted cash receipts to meet the City's future cash disbursement needs. Attached are copies of the summary reports received from the agency pools in which the City invests. Due to the different styles and lengths of reports, only summary information is excerpted from the reports and attached as exhibits to the Treasurer's Report. Additionally,the agencies reports that will be attached to the City Treasurer's Report may not necessarily correspond according to dates,due to the lag time in producing and mailing these reports. Included in Exhibit A is a column showing the market value of investments the City has in the various pooled investment accounts. The investment pools provide the market valuation information for the total pool and City staff then calculates and reports the City's pro rata share of the market valuation amount. • • • • AGENDA DATE: MAY 9, 2000 SUBJECT: TREASURER'S REPORT FOR MARCH 2000 PAGE TWO The market value may show unrealized gains or losses for the pooled investments. This does not mean that the pool has actually gained or lost any money on these transactions; it just shows what would have occurred if the pool had redeemed any of the investments as of the date of the report. Typically,the pools may not actually earn many gains nor suffer any losses,since the pools hold the investments to their maturity dates. As a reminder,for interest bearing instruments(which usually comprise most,if not all,of the pools' investments), a change in the market rate of an instrument will cause the value of the instrument to change. For example,when the interest rates increase,the value of bonds,notes,and other interest- rate-sensitive investments will decrease. Conversely, when the market interest rates decrease, the value of bonds,etc., will increase. But the risk of any actual loss (or gain)occurs only if the bonds or other investments are sold before their maturity date. If the investments are held until their maturity date, the investor will receive the total principal of the investment as well as any interest earned on the investment. Due to the City having limited staff and resources, it is recommended that the City continue investing all funds in State and County investment pools as a prudent means of balancing investment returns with the costs of investment activities. FISCAL IMPACT: In accordance with California Government Code,the Finance Director/City Treasurer certifies that sufficient investment liquidity, as well as sufficient anticipated revenues, are available to meet the City's budgeted expenditure requirements for the six months ending September 30, 2000. The investments reported in the Treasurer's Report are in compliance with the City's Investment Policy. 'espectfully submitted, Recommended by: 4 %-----" ,d41:,_414--; . r ou: .s N. La Belle, City Manager 'Stan McCartney, Finance Dire or DLB:SCM:ssr Att. C AGENDA\TRSTFRPTMAR00 • EXHIBIT A • CITY OF CHINO HILLS TREASURER'S REPORT March 2000 I. Funds Held by City and Fiscal Agents: A. Funds Held by City: Market Investments Cost Value San Bernardino County Pooled Funds of Investments (SBCPFI) (4)$ 33,093,870.78 $ (1) Los Angeles County Pooled Funds of Investments (LACPFI) 42,240,414.56 (1) State of California Local Agency Investment Fund (LAIF) 18,882,954.97 (1) Total Investments 94,217,240.31 (2) Cash Bank of America -Checking 216,340.79 216,340.79 Bank of America - Payroll 10,000.00 10,000.00 Total Cash in Bank 226,340.79 226,340.79 Petty Cash 3,450.00 3,450.00 Total Cash 229,790.79 229,790.79 Total Funds Held by City 94,447,031.10 (2) B. Funds Held by Fiscal Agents: U.S. Bank 5,173,451.37 (3) State Street Bank 1,423.69 (3) Harris Bank 1,144,139.42 (3) Total Funds Held by Fiscal Agents 6,319,014.48 (3) Total Funds Held by City and Fiscal Agents $ 100,766,045.58 (2) II. Estimated Composite Investment Earnings Rate: 5.67% (Actual Investment Earnings Rate for SBCPFI : 5.53%; &LAIF : 5.80%;& LACPFI :5.71%) III. Cash Flow Transactions by Major Fund Types: Beginning Ending Cash Balance Cash Cash Cash Balance Fund 03/01/00 Receipts Disbursements 03/31/00 General Fund $ 18,635,348.25 $ 1,660,618.25 $ (1,248,078.70) $ 19,047,887.80 Water Funds 12,331,395.45 1,318,246.68 (1,670,968.44) 11,978,673.69 Sewer Funds 6,504,241.84 346,692.41 (305,835.51) 6,545,098.74 Parks & Landscape 7,913,935.51 730,443.31 (1,041,708.31) 7,602,670.51 Development Funds 15,237,744.46 202,028.48 (256,042.69) 15,183,730.25 Comm. Facilities Dist. 18,261,258.79 160,392.16 (1,327,960.95) 17,093,690.00 Assessment Districts 5,611,678.02 18,698.81 (833,183.39) 4,797,193.44 Miscellaneous Funds 18,239,733.01 2,710,531.12 (2,433,162.98) 18,517,101.15 Total $ 102,735,335.33 $ 7,147,651.22 $ (9,116,940.97) $ 100,766,045.58 ' • EXHIBIT A • CITY OF CHINO HILLS TREASURER'S REPORT March 2000 Page 2 of 2 IV. Funds Held by Deferred Compensation Providers - Market Month Ending March 31,2000 Value Aetna Life Insurance and Annuity Company 1,790,508.35 ICMA 1,088,594.38 Total Funds Held by Deferred Compensation Providers $ 2,879,102.73 Footnotes: (1)The calculation of the allocation of the City's market value is not provided by the investment pool. (2)Total market valuation cannot be determined since the market value for all investment pool accounts is not available. (3)The most current bank statements available for the Reassessment District 94 and 95 bonds are as of March 31, 2000; these reports are issued on a quarterly basis. The market valuation for all fiscal agents is not available. (4)The San Bernardino County Detail of Securities Held is not available as of the date of this report. V. Certifications: In accordance with the California Government Code, the Finance Director/City Treasurer certifies that the investments reported in the Treasurer's Report comply with the City's Investment Policy and that sufficient liquidity, as well as sufficient anticipated revenues, are available to meet the City's budgeted expenditure requirements for the six months ending September 30, 2000. ig/t,A- _,4/la f 6ebtr,c-0--ed Stan McCartney Finance Director/City Treasurer City of Chino Hills Treasurer's Report Worksheet General Water Sewer Parks& Development I Comm Facilities Assessment Miscellaneous Fund Funds Funds Landscape Funds District Distncts Funds Total Funds Held by City: Beginning Book Balance @03/01/00 18,635,348 25 12,330,197 63 6,504,241 84 7,913,935 51 15,237,744 46 14,381,181 65 1,475,461 28 18,228,462 31 94,706,572 93 Cash Receipts 1,660,618 25 1,318,246 68 346,692 41 730,443 31 202,028 48 160,392 16 18,698.81 2,178,721.85 6,615,841 95 Cash Disbursements (1,248,07870) (1,670,96844) (305,835 51) (1,041,708 31) (256,042.69) (319,965 95) (31,255 89) (1,782,800 78) (6,656,656.27) Journal Entries For Month (640,148 83) (640,148 83) Ending Book Balance a @03/31/00 19,047,887.80 11,977,475 87 6,545,098 74 7,602,670 51 15,183,730 25 14,221,607.86 1,462,904 20 17,984,234 55 94,025,609 78 Reconciling Transactions 421,421 32 421,421.32 Ending Bank Balance Funds Held by City 19,047,887 80 I 11,977,475 87 I I 6,545,098.74 I 7,602,670 51 15,183,730 25 14,221,607 86 1,462,904 20 I I 18,405,655 87 I 94,447,03 I I I I Funds Held by Fiscal Agent: Beginning Book Balance Q03/01/00 1,197 82 3,880,077.14 4,136,216.74 11,270.70 8,028,762 40 Cash Receipts 0 00 0 00 0.00 0 00 0 00 Cash Disbursements 0.00 (1,007,995 00) (801,927 50) 0 00 (1,809,922 50) Journal Entnes For Month (10,213 37) (10,213 37) Ending Book Balance a @03/31/00 0 00 1,197 82 0 00 0 00 0 00 2,872,082 14 3,334,289 24 1,057 33 6,208,626.53 Reconciling Transactions 110,387 95 110,387 95 Ending Bank Balance Funds Held by F/A 0.00 I 1,197 82 0 00 I 0 00 I 0 00 2,872,082 14 I I 3,334,289 24 111,445 28 I 6,319,014 48 Summary of Cash Balances Beginning Cash Balance' 1 Funds Held by City 18,635,348 25 12,330,197 63 6,504,241 84 7,913,935 51 15,237,744 46 14,381,181 65 1,475,461.28 18,228,462 31 94,706,57 1 Funds Held by Fiscal Agent 1,197 82 3,880,077 14 4,136,216 74 11,270 70 8,028,7 Total Beginning Cash Balance. 18,635,348 25 I 12,331,395.45 6,504,241 84 7,913,935 51 15,237,744 46 18,261,258 79 I 5,611,678 02 18,239,733 01 102,735,33 3 Ending Cash Balance I Funds Held by City 19,047,887 80 11,977,475 87 6,545,098 74 7,602,670 51 15,183,730 25 14,221,607 86 1,462,904 20 18,405,655 87 94,447,031.10 Funds Held by Fiscal Agent 1,197 82 2,872,082 14 3,334,289 24 111,445 28 6,319,014 48 Total Ending Cash Balance I 19,047,887 80 I I 11,978,673 69 6,545,098.74 I 7,602,670.51 I 15,183,730 25 I 17,093,690 00 I 4,797,193 44 I I 18,517,101 15 100,766,045.58 PGM : FZ365 DETAI E TRANSACTION LISTING BY REVENUE SOURCE • PAGE: 3435 A.s'. TIME: 16:29:39 ACCOUNTING PERIOD 09 - 03/2000 DATE: 04/04/2000 FUND/DEPT/ORG1: SED 100 100 CHINO HILLS 0 HILLS CHINO HILLS TRN DATE ORG GRC TRANSACTION ID DESCRIPTION/VENDOR REVENUE RECEIVED REVENUE BUDGET "• BUDGET FISCAL YEAR 2000 *9•. 8145 INT 6 PEN DE DETAIL 8145 .00 .00461 BAL FORWARD 8145 .01 .00 ENDING BAL 8145 .01 .00 REMAINING BUDG 8145 .01- 8235 SUPP ROLL PR 03/15/2000 100 JVPT 20000314046 COLL 02/08/2000 TO 03/05/20 .15- .00 DETAIL 8235 .15- .00 BAL FORWARD 8235 .04 .00 ENDING SAL 8235 .11- .00 REMAINING BUDG 8235 .11 8500 INTEREST DETAIL 8500 .00 .00 BAL FORWARD 8500 1,072,979.05 .00 ENDING BAL 8500 1,072,979.05 .00 REMAINING BUDG 8500 1,072,979.05- 9984 OTHER DETAIL 9984 .00 .00 BAL FORWARD 9984 199,929.24 .00 ENDING BAL 9984 199,929.24 .00 REMAINING BUDG 9984 199,929.24- BUDGET FISCAL YEAR 2000 DETAIL FY .15- .00 BUDGET FISCAL YEAR 2000 BAL FORWARD FY 1,272,908.34 .00 BUDGET FISCAL YEAR 2000 ENDING BAL FY 1,272,908.19 .00 BUDGET FISCAL YEAR 2000 REMAINING BUDG FY 1,272,908.19- 100/100 CHINO HILLS CHINO HILLS DETAIL DEPT/ORG1 .15- .00 100/100 CHINO HILLS CHINO HILLS BAL FORWARD DEPT/ORG1 1,272,908.34 .00 100/100 CHINO HILLS CHINO HILLS ENDING BAL DEPT/ORG1 1,272,908.19 .00 100/100 CHINO HILLS CHINO HILLS REMAINING BUDG DEPT/ORG1 1,272,908.19- CITY OF CHINO HILLS (CM002 ) PACKET PAGE NUMBER 8 •'• o9..i.v @A166 oiN, V.rm.t to L..nv-6,Lwe.4 Lows kir&Colum.(I3 PGM : FZ365 DETAIL REVENUE TRANSACTION LISTING BY REVENUE SOURCE PAGE: 3436 TIME: 16:29:39 ACCOUNTING PERIOD 09 - 03/2000 DATE: 04/04/2000 FUND/DEPT/ORG1: SED CHINO HILLS TRN DATE ORG GRC TRANSACTION ID DESCRIPTION/VENDOR REVENUE RECEIVED REVENUE BUDGET SED CHINO HILLS DETAIL FUND .15- .00 SED CHINO HILLS BAL FORWARD FUND 1,272,908.34 .00 SED CHINO HILLS ENDING BAL FUND 1,272,908.19 .00 SED CHINO HILLS REMAINING BUDG FUND 1,272,908.19- SED CHINO HILLS BEGINNING SAL - CASH IN COUNTY TREASURY 33,093,870.93 SED CHINO HILLS ENDING SAL - CASH IN COUNTY TREASURY 33,093,870.78 CITY OF CHINO HILLS (CM002 ) PACKET PAGE NUMBER 9 •" Ore i..1 .000 119 _ _ au �u _- -._,_,i __ -_ • C O °� PNTY OF LOS ANGELES ''� t,l pf LDS ti °AI r TREASURER AND TAX COLLECTOR J "' '�' Kenneth Hahn Hall of Administration 1•'`� -IiO ' ' u R�` 500 West Temple Street, Room 462 P.O. Box 4917 MARK J. SALADINO Los Angeles, CA 90012 TREASURER AND TAX COLLECTOR Telephone (213)974-2139 Fax: (213)626-1701 April 21, 2000 rj Mr. Stan McCartney City Treasurer 499 City of Chino Hills cQ 2001 Grand Avenue Chino Hills, CA 91709 Dear Mr. McCartney: REPORT OF INVESTMENTS FOR MARCH 2000 The attachments show investment transactions entered into by the County Treasurer and summarize key portfolio data for the month of March 2000. During the month of March 2000, the City of Chino Hills had an average daily balance of $42,224,285.53 on deposit with the Treasurer of Los Angeles County. The total earnings on funds deposited were $204,817.36. This is comprised of net cash distributed of $212,950.21, management fee of $1,843.87 and undistributed earnings of $509,206.66. On an annualized basis, the accrued earnings rate for the month is 5.71%. Detail information as to the Management Fee, Undistributed Earnings and Average Daily Balance are provided in the Recap of Earnings (Attachment I). Transactions for the month are reported in the General Ledger Activity Report (Attachment II). A summary report and a detailed listing of the Pooled Surplus Investment Fund are included. These reports are excerpts from our monthly Report of Investments submitted to our Board of Supervisors. If you have any questions or require additional information, please call Dita See of my staff at (213) 974-2095. Very truly yours, i MARK J. SALADINO Treasurer and Tax Collector MJS.DS•tf Attachments • ATTACHMENT II FUND MGR 10950 TREASURER & TAX COLLECTOR GENERAL LEDGER ACTIVITY REPORT AC PAGE 2767 FUND T1R CHINO HILLS FISCAL YEAR 1999 — 2000 RUN DATE 04/01/00 MARCH 01 , 2000 THRU MARCH 31 , 2000 CAPS REPORT MGL1 ACCT TYPE BS PRIME DESCRIPTION PROC TC POSTING BEGINNING ENDING BS ACCT DATE REFERENCE BALANCE DEBITS CREDITS BALANCE 01 ASSETS 100 CASH 1000 CASH 42,314,500.55 MISC WARRANT DISBURSEMENT 03-02 TW TW030200 600,000.00 CASH RECEIPT 03-08 CR CR030800 300,000.00 JOURNAL VOUCHER 03-14 JV IA80200 175,914.01 CASH RECEIPT 03-20 CR CR032000 250,000.00 MISC WARRANT DISBURSEMENT 03-23 TW TW032300 200,000.00 TOTAL BS ACCOUNT CASH 42,314,500.55 725,914.01 800,000.00 42,240.414.56 TOTAL PRIME ACCOUNT CASH 42,314.500.55 725,914.01 800,000.00 42,240,414.56 • 125 INT REC 1450 INTEREST REC .00 . TOTAL BS ACCOUNT INTEREST REC .00 .00 .00 .00 TOTAL PRIME ACCOUNT INT REC .00 .00 .00 .00 • 141 DUEFR 0/F—YE 1599 DUEFR 0/F—YE .00 TOTAL BS ACCOUNT DUEFR 0/F—YE .00 .00 .00 .00 • TOTAL PRIME ACCOUNT DUEFR 0/F—YE .00 .00 00 .00 03 FUND EQUITY 330 FD BAL—AVAIL 3301 0TH FB AVAIL 142,314,500.55— MISC. WARRANT DISBURSEMENT 03-02 TW TW030200 600,000.00 CASH RECEIPT 03-08 CR CR030800 ' 300,000.00 JOURNAL VOUCHER 03-14 JV IA80200 175,914.01 CASH RECEIPT 03-20 CR CR032000 250,000.00 • MISC. WARRANT DISBURSEMENT 03-23 TW TW032300o 200.000 00 TOTAL BS ACCOUNT 0TH FB AVAIL 42.314,500.55— 800,000.00 725,914.01 42,240,414.56— TOTAL PRIME ACCOUNT FD BAL—AVAIL 42,314,500.55— 800,000.00 725,914 01 42,240,414.56— FUND T1R TOTAL .00 1,525,914.01 1,525.914.01 .00 APR 2 4 _ SUSANNA RUIZ (E10950—A ) PACKET PAGE NUMBER 264 *** 2. • 41) • " STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER SACRAMENTO7? Local Agency Investment Fund PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 March, 2000 Statement CITY OF CHINO HILLS � ;�Account Number : 98-36-151 Attn. FINANCE DIRECTOR t= - 2001 GRAND AVENUE CHINO HILLS CA 91709 APR I 7 Account Summary Total Deposit : 0.00 Beginning Balance : 18,882,954.97 Total Withdrawal : 0.00 Ending Balance : 18,882,954.97 Page : 1 of 1 • • State of California Pooled Money Investment Account Market Valuation 3/31/00 , ,.. . xCarr -t st Plus, �.. •- ';',.'7'"Z'';'.'< '. . ". <• ' a , 1"x_ :.r, :`4 Po -.:',1-Q,-,=-,, - '.rte =�.Sxi`- -.y�r:� :,�sy �{.. . ''',""•:4i-= Description Ac rued'-Interest Pu"rch:A; Amortized=Cost: ; =Fair Value,.. •- . Accrued interest United States Treasury: Bills $ 1,373,354,673.69 $ 1,400,097,100.73 $ 1,397,435,391 66 NA Notes $ 1,998,424,355.83 $ 1,998,424,355.83 $ 1,982,655,500.00 $ 24,341,411.25 Federal Agency: Bonds $ 2,736,090,316.95 $ 2,734,263,871.80 $ 2,720,098,087.95 $ 39,438,479.26 Floaters $ 100,000,000.00 $ 100,000,000.00 $ 100,000,000.00 $ 890,625.00 MBS $ 441,758,316.87 $ 441,758,316.87 $ 418,725,930.49 $ 2,395,110.85 GNMA $ 1,385,017.82 $ 1,385,017.82 $ 1,546,811 32 $ 13,654.15 SBA $ 312,138,340.80 $ 311,898,277.20 $ 311,146,970.24 $ 2,848,784 15 FHLMC PC $ 13,396,428.51 $ 13,396,428.51 $ 13,801,521.49 $ 215,320.26 Discount Notes $ 5,129,981,858.47 $ 5,228,279,188.18 $ 5,225,447,815.04 NA Bankers Acceptances $ - $ - $ - NA Corporate: Bonds $ 1,118,649,105.67 $ 1,117,935,465.24 $ 1,107,568,765.85 $ 19,918,614 56 Floaters $ 1,462,931,944.91 $ 1,462,144,214.98 $ 1,465,671,788.50 $ 10,115,963.83 CDs $ 5,858,704,385 56 $ 5,857,684,785.54 $ 5,850,906,850.33 $ 126,467,704.14 Bank Notes $ 1,890,013,744.49 $ 1,890,005,313.93 $ 1,887,317,584.00 $ 44,348,313.86 Repurchase AgreementE $ - $ - $ - NA Time Deposits $ 3,178,490,000.00 $ 3,178,490,000.00 $ 3,178,490,000.00 NA AB 55&GF Loans $ 1,928,223,685.88 $ 1,928,223,685.88 $ 1,928,223,685.88 NA Commercial Paper $ 6,860,354,375.02 $ 6,900,456,377.80 $ 6,898,961,066 67 NA Reverse Repurchase $ (348,170,430.00) $ (348,170,430.00) $ (348,170,430.00) $ (1,538,711.45) TOTAL $ 34,055,726,120.47 $ 34,216,271,970.31 $ 34,139,827,339.42 $ 269,455,269.86 Fair Value Including Accrued Interest $ 34,409,282,609.28 Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). The value of each participating dollar equals the fair value divided by the amortized cost (.997765840). As an example: if an agency has an account balance of$20,000,000.00, then the agency would report its participation in the LAIF valued at $19,955,316.80 or $20,000,000.00 x .997765840. If\F AMPS F., 1/. • 111 LOCAL AGENCY INVESTMENT FUND SUMMARY OF ACTIVITY MARCH 2000. BEGINNING BALANCE - DEPOSITS - _ WITHDRAWALS - MONTHEND BALANCE.- •$12,847,021,265.14 $1,239,700,000.00 $1,607,305,907.44 $12,479,415,357.70. POOLED MONEY INVESTMENT ACCOUNT - - SUMMARY OF INVESTMENT DATA . A COMPARISON OF MARCH 2000 WITH MARCH 1999 • e (Dollars in Thousands) March 2000 March 1999 Change _ Average Daily Portfolio - $33,979,494 ,$33,089,763•, +$889,731 Effective Yield 2 5.851 5.136 --- +.715 Average Life-Month End(in diys) - . 1;201 = 199.,. +2- ' -- Patricia Beal Retires After 27 Years of Service I is with sadness that the LAIF announces that after 27 years of dedicated service to the State of California, Patricia Beal has scheduled her retirement for the end of April. Pat helped to establish the Local Agency Investment Fund in 1977, working diligently on legislation and policy, and serving as Administrator for the majority of her career. Most of you know Pat, if not by face then as the voice of reason, responding to all of your questions cheerfully and diplomatically. If you have ever attended the LAIF Annual Conference you have seen Pat's special touches of creativity that make every conference a spectacular event. Pat is highly regarded in the State Treasurer's Office by all of her staff and peers, and she will be sorely missed by everyone. Pat plans to enjoy her retirement by spending quality time with her family and friends. During the interim, Assistant Director of Investments, Dan Dowell will be the actin. Admin stater. State Treasurer Philip Angelides Phone (916) 653-3001 Local Agency Investment Fund Fax (916) 654-9931 P.O. Box 942809, Sacramento, CA 94209-0001 http://www.treasurer.ca.gov