03.04 Treasurer Report April-June 20181. SUBJECT
MONTHLY TREASURER'S REPORTS FOR APRIL, MAY, AND JUNE 2018.
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 11005 and is in accordance with the California Government Code
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 (IAC).
SUMMARY OF CHANGES IN TREASURER'S CASH AND INVESTMENTS
Treasurer's Operating
Cash & Investments
Balance @ 3/31/2018 $135,912,640
Monthly Activity:
Cash Received 55,189,588
Cash Disbursed ( 41,379,616)
Balance @ 6/30/2018 $149,722,612
( ` ) Includes 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 April 2018
The April cash receipts exceeded cash disbursements by $5,417,382. The City received
$8,053,531 in property tax revenue and $2,690,100 in sales tax revenue. During the month, large
disbursements included payments totaling $2,006,883 to Ticor Title Company for purchase of
right -of -way, $1,603,135 to PERS for employee benefits, $1,517,473 to Southern California
Edison for purchase of street lights, and $668,251 to Morillo Construction for Shaffer Park
renovation.
In the month of April, no investments were purchased, matured or were called. The City's
balance in L.A.I.F. on April 30 was $26,300,000 or an increase of $2,800,000 due to cash
receipts exceeding cash disbursements.
For the month of May 2018
The May cash receipts exceeded cash disbursements by $10,807,690. The City received
$6,057,115 in property tax revenue ($1,994,771 for the City and $4,062,344 as property tax
increment collected for the Successor Agency) and $4,097,689 in sales tax revenue. During the
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month, large disbursements included payments totaling $1,598,665 to PERS for employee
benefits, $416,158 to R.J. Noble for street and sewer improvements, $287,939 to SoftwareONE
for renewal of Microsoft software licenses, and $261,996 to Municipal Water District of Orange
County for purchased water.
In the month of May, one medium term note and one Federal Home Loan Bank note matured.
The ending balance in L.A.I.F. on May 31 was $48,100,000 or an increase of $21,800,000 due to
cash receipts exceeding cash disbursements and the investment activity during the month.
For the month of June 2018
The June cash disbursements exceeded cash receipts by $2,415,100. Large disbursements
included payments totaling $2,127,973 to PERS for employee benefits, $278,236 to Municipal
Water District of Orange County for purchased water, $245,940 to Big Ben Engineering for
pipeline renewal, and $215,335 to Western Audio Video for the council chambers remodel
project. The City received $3,187,283 in sales tax revenue and $218,198 in property tax revenue.
In the month of June, no investments were purchased, matured or were called. The City's
balance in L.A.I.F. on June 30 was $51,700,000 or an increase of $3,600,000. This increase was
mainly due to the transfer of the property tax revenue received on May 31 to L.A.I.F. in June,
which was partially offset by cash disbursements exceeding cash receipts 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 August 8, 2018 while the next quarterly Committee meeting is
to be scheduled for November 2018.
8. ATTACHMENTS
Attachment A
- Investment Report for April 2018
Attachment B
- Investment Report for May 2018
Attachment C
- Investment Report for June 2018
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Printed on Recycled Paper