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01-11-2000 CC Rpt A05 • COUNCIL AGENDA STAFF REPORTCITY CLEREC - .IE D Meeting Date: January 11,2000 • , AB .32 Public Hearing: ❑ _ Discussion Item: 0/ `_ 1Consent Item: 11~; January 4, 2000 • TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS FROM: CITY MANAGER SUBJECT: TREASURER'S REPORT FOR NOVEMBER 1999 RECOMMENDATION: It is recommended that the City Council: 1. Approve the Treasurer's Report for November 1999; 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 November 1999 may be seen in Exhibit A (attached). The amount of cash and investments for all funds amounts to $96,797,010.08. 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: JANUARY 11, 2000 SUBJECT: TREASURER'S REPORT FOR NOVEMBER 1999 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, is available to meet the City's budgeted expenditure requirements for the six months ending May 31,2000.The investments reported in the Treasurer's Report are in compliance with the City's Investment Policy. ' -spectfully submitted, Recommended by: 4/,7 . 464 Duas N. LaBelle, City Manager Stan McCartney, Finance Dire or DLB:SCM:ssr Att. C:AGENDA\TRSTFRPTNO V99 • EXHIBIT A • CITY OF CHINO HILLS TREASURER'S REPORT November 1999 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) $ 32,799,290.45 $ (1) Los Angeles County Pooled Funds of Investments (LACPFI) 37,348,437.72 (1) State of California Local Agency Investment Fund (LAIF) 19,711,367.74 (1) Total Investments 89,859,095.91 (2) Cash Bank of America -Checking 894,201.88 894,201.88 Bank of America- Payroll 10,000.00 10,000.00 Total Cash in Bank 904,201.88 904,201.88 Petty Cash 3,350.00 3,350.00 Total Cash 907,551.88 907,551 88 Total Funds Held by City 90,766,647.79 (2) B. Funds Held by Fiscal Agents: U.S. Bank 4,865,483.27 (3) State Street Bank 193.45 (3) Harris Bank 1,164,685.57 (3) Total Funds Held by Fiscal Agents 6,030,362.29 (3) Total Funds Held by City and Fiscal Agents $ 96,797,010.08 (2) II. Estimated Composite Investment Earnings Rate: 5.21% (Estimated Investment Earnings Rate for SBCPFI :4.84% ;& LAIF :5.21% ; Actual Investment Earnings Rate for LACPFI :5.53%.) III. Cash Flow Transactions by Major Fund Types: Beginning Ending Cash Balance Cash Cash Cash Balance Fund 11/01/99 Receipts Disbursements 11/30/1999 General Fund $ 11,025,640.81 $ • 1,156,433.96 $ (1,405,828.16) $ 10,776,246.61 Public Facility Fund 2,000,000.00 0.00 0.00 2,000,000.00 Water Funds 12,632,567.47 1,974,768.96 (2,661,517.81) 11,945,818.62 Sewer Funds 7,711,326.90 394,761.97 (192,547.39) 7,913,541.48 Lighting & Landscap. 8,955,648.89 165,759.21 (499,033.40) 8,622,374.70 Development Funds 16,657,250.44 254,750.42 (404,193.78) 16,507,807 08 Comm. Facilities Dist. 15,622,956.73 1,276,297.59 (333,776.01) 16,565,478.31 Assessment Districts 4,230,940.01 422,129.48 (124,003.51) 4,529,065.98 Miscellaneous Funds 17,709,297.46 3,264,889.54 (3,037,509.70) 17,936,677.30 Total $ 96,545,628.71 $ 8,909,791.13 $ (8,658,409.76) $ 96,797,010.08 • • EXHIBIT A _ CITY OF CHINO HILLS TREASURER'S REPORT _ November 1999 Page 2 of 2 IV. Funds Held by Deferred Compensation Providers - Market Month Ending November 30, 1999: Value Aetna Life Insurance and Annuity Company (4) N/A ICMA 1,041,318.88 Total Funds Held by Deferred Compensation Providers $ 1,041,318.88 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 September 30, 1999; these reports are issued on a quarterly basis. The market valuation for all fiscal agents is not available. (4)The market valuation 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 May 31, 2000. A., /t.a„,, 7/14 &-L'It't--44/. than McCartney Finance Director/City Treasurer City of Chino Hills Treasurer's Report Worksheet • General Public Facility Water Sewer Lighting& 1 Development Comm Facilities Assessment Miscellaneous Fund Fund Funds Funds Landscape Funds Distnct Districts Funds Total Funds Held by City: Beginning Book Balance @11/01/99 11,025,640 81 2,000,000 00 12,630,111 10 7,711,326 90 8,955,648 89 16,657,250 44 12,724,570 10 1,274,456 84 17,703,727 49 90,682,732 57 Cash Receipts 1,156,433 96 0 00 1,974,768 96 394,761 97 165,759 19 254,750 42 1,231,055 59 309,520 71 2,853,332 28 8,340,383 08 Cash Disbursements (1,359,647 51) 0 00 (2,652,952 26) (192,547 39) (499,033 40) (209,920 78) (333,776 01) (124,003 51) (3,089,069 96) (8,460,950 82) Journal Entnes For Month (46,180 65) (6,099 91) (194,273 00) 45,242 00 56,150 88 . (145,160 68)1 Ending Book Balance @11/30/99 10,776,246 61 2,000,000 00 11,945,827 89 7,913,541 48 8,622,374 68 16,507,807 08 13,667,091 68 1,459,974 04 17,524,140 69 90,417,004 15 Reconciling Transactions 0 02 349,643 62 349,643 d4 Ending Bank Balance Funds Held by City 10,776,246 61 2,000,000 00 11,945,827 89 7,913,541 48 8,622,374 70 16,507,807 08 13,667,091 68 1,459,974 04 17,873,784 31 90,766, Funds Held by Fiscal Agent: Beginning Book Balance @11/01/99 2,456 37 2,898,386 63 2,956,483 17 5,569 97 5,862,896 14 Cash Receipts 0 00 Cash Disbursements 0 00 Journal Entnes For Month (2,465 64) 112,608 77 (4,590 62) 105,552 51 Ending Book Balance(x111/30/99 0 00 0 00 (9 27) 000 0 00 0 00 2,898,386 63 3,069,091 94 979 35 5,968,448 65 Reconciling Transactions 61,91364 61,91364 Ending Bank Balance Funds Held by F/A 0 00 0 00 (9 27) 0 00 0 00 0 00 2,898,386 63 3,069,091 94 62,892 99 6,030,362 29 Summary of Cash Balances Beginning Cash Balance Funds Held by City 11,025,640 81 2,000,000 00 12,630,111 10 7,711,326 90 8,955,648 89 16,657,250 44 12,724,570 10 1,274,456 84 17,703,727 49 90,682,7 7 Funds Held by Fiscal Agent 2,456 37 2,898,386 63 2,956,483 17 5,569 97 5,862, Total Beginning Cash Balance 11,025,640 81 2,000,000 00 12,632,567 47 7,711,326 90 8,955,648 89 16,657,250 44 15,622,956 73 4,230,940 01 17,709,297 46 96,545,6 1 Ending Cash Balance Funds Held by City 10,776,246 61 2,000,000 00 11,945,827 89 7,913,541.48 8,622,374 70 16,507,807 08 13,667,091 68 1,459,974 04 17,873,784 31 90,766,647 79 Funds Held by Fiscal Agent (9 27) 2,898,386 63 3,069,091 94 62,892 99 6,030,362 29 Total Ending Cash Balance 10,776,246 61 2,000,000 00 11,945,818 62 7,913,541 48 8,622,374 70 16,507,807 08 16,565,478 31 4,529,065 98 17,936,677 30 96,797,010 08 TIM: FZ365 19 DETAIL REVENUE TRANSACTION LISTING BY REVENUE SOURCE PAGE: 3439 ACCOUNTING PERIOD 05 — 11/1999 DATE: 12/03/1999 FUND/DEPT/ORG1: SED CHINO HI TRW DATE ORG GRC TRANSACTION ID DESCRIPTION/VENDOR REVENUE RECEIVED REVENUE BUDGET SED CHINO HILLS SED CHINO HILLSDETAIL FUND 432,479.34 .00 SED CHINO HILLS BA FORWARD FUND 545,848.52 .00 SED CHINO HILLS ENDING BAL FUND 978,327.86 .00 REMAINING BUDG FUND 978,327.86— SED CHINO HILLS BEGINNING BAL — CASH IN COUNTY TREASURY 32,366,811.11 SED CHINO HILLS ENDING BAL — CASH IN COUNTY TREASURY 32,799,290.45 • CITY OF CHINO HILLS (CMO02 ) PACKET PAGE NUMBER 8 ••• d.mm PAM o1Hi R•rwu,id.ld10-6.lwdrb im..fib►f.wm.4,1S • s• •• • •• • •• • • • • • •• v • • • • • * • REPORT CODE NAME, P1391 •• • • • • • •• . • •• w ♦ •• • ` • REPORT DISTRIBUTION SYSTEM • • • • • FINAL REPORTS • • • s FOR NOVEMBER, 1999 • • • • r • r • • • • • • • • COST CENTER REVENUE DETAIL TRANSACTIONS •• • • • • • • •• r • •• • • • • • r • r • • • • • • • r • • • ` • • • • • • •• r • r • • • • • • • • •• • CITY OF CHINO HILLS (CMO02 ) PACKET PAGE NUMBER 9 ••• • o''� Ap`LOS 4.ceeAUNTY OF LOS ANGEL d•„....`�'<<: ,_; f TREASURER AND TAX COLLECTOR • 'a';. d �r=1i: Kenneth Hahn Hall of Administration " '• calllOpM�' 500 West Temple Street, Room 462 P.O. Box 4917 MARK J. SALADINO Los Angeles, CA 90012 --1 n 7- - _ - _ TREASURER AND TAX COLLECTOR Telephone(213)974-2095 Fax: (213)626-1701 _. 'a '_? If li ' December 20, 1999 - -'€21999 Mr. Stan McCartney t-- . City Treasurer . City of Chino Hills ---_.: 2001 Grand Avenue Chino Hills, CA 91709 Dear Mr. McCartney: REPORT OF INVESTMENTS FOR NOVEMBER 1999 The attachments show investment transactions entered into by the County Treasurer and summarize key portfolio data for the month of November 1999. During the month of November 1999, the City of Chino Hills had an average daily balance of $37,470,104.39 on deposit with the Treasurer of Los Angeles County. The total earnings on funds deposited were $170,446.31. This is comprised of net cash distributed of$97,250.57, management fee of$2,905.00 and undistributed earnings of$493,604.31. On an annualized basis, the accrued earnings rate for the month is 5.53%. Detail information as to the Management Fee, Undistributed Earnings and Average Daily Balance are provided in the Recap of Earnings (Attachment l). Transactions for the month are reported in the General Ledger Activity Report (Attachment II). A summary report and a detailed listing of the Pooled Surplus Investment Fund are included. These reports are excerpts from our monthly Report of Investments submitted to our Board of Supervisors. If you have any questions or require additional information, please call Dita See of my staff at (213) 974-2095. Very truly yours, ARK J. SALADINO Treasurer and Tax Collector MJS:DS:tf • Attachments • • STATE OF CALIFORNIA • • PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER •. SACRAMENTO Local Agency Investment Fund PO Box 942809 . ' i Sacramento, CA 94209-0001 (916) 653-3001 - 7 1999 November, 1999 Statement CITY OF CHINO HILLS AdCotlIItumber_l_4.&3 1 Attn: FINANCE DIRECTOR 2001 GRAND AVENUE - CHINO HILLS CA 91709 Account Summary - Total Deposit : 0.00 Beginning Balance : 19,711,367.74 Total Withdrawal : 0.00 Ending Balance : 19,711,367.74 Page : 1 of 1 • • State of California Pooled Money Investment Account • Market Valuation • J _1 99 w ..,„•-.4- ,1a-..�r' t':(:1�not_•1 • e}� 1 �,. �� 3 c�'�` 4�_i ��'7 • 4�'�' �*$.Y ' „�,+ . ,gFl Ido •i _ A� _ .p " '�w�3 _ _1.-..C-:(10,-;•',...'-'...:\�_ t .; ': s p'o�� L. - lire e' ' st , I>!..�. .,,' Fait Va u=z 4 t , 'Accrued.Iteres United States Treasury: Bills $ 1.729-482-792 20. $ 1.786.385-750.00 NA Notes $ 2.747.413.372 71 $ 2 733.560.750 00 $ 17.471 005.50 Federal Aaencv: Bonds $ 2,822,322,588,16 $ 2,801483,130,20 $ 37,977,242,17 Floaters 5 100 000 000.00 $ 100.000 000-00 $ 398.167 00 MB$ $ 453.125.920.61 $ 434,699,373.31 $ 2,449,357.08 GNMA $ 1.521-615.44 $ 1.698.356-66 $ 14-986.07 SBA $ 258.079-727.77 $ 257.586.419.06 $ 2-284.843-05 FHLMC PC $ 14,877,725,03 $ 15.710,213.40 $ 238_836.67 Discount Notes $ 3.282.551.539.16 $ 3 362-440.664 48 NA Bankers Acceptances 5. - $ - NA CorporrteM1 Bonds $ 973 336 009 66. $ 964 704 611100 5 13 339.249.61 Floaters $ 1.335.355.590.39 $ 1.339.293.994-00 $ 8.746 734 69_ CDs $ 5 049.161 056.30 $ 5.039.282.221-92 $ 82-838 518.88 Bark Notes $ 1,567,982,354.80 $ 1,565,212,458,14 $ 34,315 023 62 Repurchase Agreements $ - $ - NA Time Deposits $ 2.656.990-000.00 $ 2,656,99Q,000.OQ NA AB 55&GF Loans $ 2.212.616.572.18 5 2 212.616 572 18 NA Commercial Paper $ 6,450,256,604.98 $ 6 499,291,930.48 NA Reverse.Repurchase $ (841.705.944.64) $ (841 705 944.64) 5 (6.752-564-97) TOTAL $ 30.813 367 555.75 $ 30.933.256.500.19 $ 193.321.399 37 Fair Value Including Accrued Interest $ 31,126,577,899.56 Repurchase Agreements, Time Deposits,AB 55 &General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value(carrying cost).