SR - - MONTHLY REPORT JANUARY FEBRUARY MARCH 2015AGENDA ITEM
*r .. i,t
Date: May 12, 2015
TO: Honorable Mayor and
Members of the City Council
THRU: Rick Otto
Interim City Manager
FROM: Richard A. Rohm
City Treasurer °
William M. Kolbow
Finance Director�� i
ReviewedNerified By:
City Manager
Finance Director
To Be Presented By:
X Cons Calendar _
City Mgr Rpts
Council Reports _
Legal Affairs
Boards /Cmtes _
Public Hrgs
Admin Reports
Plan /Environ
1. SUBJECT
MONTHLY TREASURER'S REPORTS FOR JANUARY, FEBRUARY, AND MARCH
2015.
2. SUMMARY
Presentation of three monthly Treasurer's Reports to the City Council after the end of the quarter
covered by the reports.
3. RECOMMENDED ACTION
Receive and file.
4. FISCAL IMPACT
No fiscal impact as a result of this action.
5. STRATEGIC PLAN GOAL(S)
2d. Be a Fiscally Healthy Community — Effectively manage and develop City assets.
6. GENERAL PLAN IMPLEMENTATION
N/A
7. DISCUSSION and BACKGROUND
The City's current Statement of Investment Policy has been adopted by the City Council of the
City of Orange as Resolution 10796 and is in accordance with the California Government Code
ITEM 3A
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Sections 53600 ET Seq. Per the Investment Policy, three monthly investment reports are to be
submitted to the City Council within 45 days following the end of the quarter.
As required by the City's present Investment Policy, the City Treasurer's report delineates all
investments made by the City Treasurer for the City, its special funds, and the Successor Agency
funds, by investment type and by broker.
The monthly Compliance Report certifying compliance of all investments with both the
Government Code and the City's Investment Policy is included.
The Investment Portfolio Statement accurately reflects all investments held by the City and its
agents as of the end of the month. This investment data is also presented in other summary and
graphic form. A reconciliation between total cash and investments and total cash per the General
Ledger is also included.
All of the three monthly Treasurer's Reports have been reviewed by the Investment Advisory
Committee.
SUMMARY OF CHANGES IN TREASURER'S CASH AND INVESTMENTS
Treasurer's Operating
Cash & Investments
Balance @ 12/31/2014 $149,021,092
Monthly Activity:
Cash Received 44,608,638
Cash Disbursed (42,558,339)
Balance @ 3/31/2015 $151,071,391
OIncludes operating cash and investments (valued at cost). Does not include deposits with
administrators, imprest cash, fiscal agent cash and investments, and deferred compensation.
For the month of January 2015
The January cash receipts exceeded cash disbursements by $7,731,431. The City received
$7,873,248 in property tax revenue ($5,427,920 as property tax increment collected for the
Successor Agency and $2,445,328 for the City), $7,271,570 in sales tax revenue, and $5,627,421
in motor vehicle license fees. During the month, large disbursements included payments totaling
$3,344,074 to Orange County Water District for pumping assessments, $2,954,088 to PERS for
employee benefits, and $377,479 to Municipal Water District of Orange County for purchased
water.
In the month of January, no investments were purchased, matured or were called. The City's
balance in L.A.I.F. on January 31 was $44,400,000 or an increase of $12,000,000 due to cash
receipts exceeding cash disbursements.
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For the month of February 2015
The February cash disbursements exceeded cash receipts by $3,008,994. During the month, large
disbursements included payments totaling $1,311,022 to PERS for employee benefits, $1,137,952
to U.S. Bank for debt service, $622,326 to R.J. Noble for pavement maintenance and street
improvements, and $378,014 to Municipal Water District of Orange County for purchased water.
In February, the City received $2,698,100 in sales tax revenue.
In the month of February, one Federal Farm Credit Bank Note was called. The City purchased one
Federal Home Loan Bank Note (1.90% for 5 years). The ending balance in L.A.I.F. on February
28 was $36,000,000 or a decrease of $8,400,000 due to cash disbursements exceeding cash receipts
and the investment activity during the month.
For the month of March 2015
The March cash disbursements exceeded cash receipts by $2,672,138. Large disbursements
included payments totaling $2,847,653 to PERS for employee benefits, $812,545 to U.S. Bank for
bond refinancing closing costs, $587,670 to U.S. Bank for debt service, and $542,822 to Municipal
Water District of Orange County for purchased water. The City received $2,739,177 in sales tax
revenue and $1,428,020 in property tax revenue.
In the month of March, One Federal Home Loan Bank Note matured. Two Federal Home Loan
Mortgage Corporation Notes and one Federal Home Loan Bank Note were called. The City
purchased one Federal National Mortgage Association Note (1.625% for 4 years and 5 months)
and Federal Home Loan Mortgage Corporation Note (1.2% for 3.25 years). The City's balance in
L.A.I.F. on March 31 was $41,600,000 or an increase of $5,600,000 due to the investment activity
during the month.
CREDIT RATING ON INVESTMENTS
During this period, there was no change to the credit rating on the investments in the investment
portfolio.
INVESTMENT ADVISORY COMMITTEE (IAC)
The most recent IAC meeting was May 6, 2015 while the next quarterly Committee meeting is to
be scheduled for August 2015.
8. ATTACHMENTS
Attachment A - Investment Report for January 2015
Attachment B - Investment Report for February 2015
Attachment C - Investment Report for March 2015
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