03.04 Tresurer Report January-March 2020Of OR
AGENDA ITEM
May 12, 2020
TO: Honorable Mayor and Members of the City Council
THRU: Rick Otto, City Manager
FROM: Richard A. Rohm, City Treasurer
William M. Kolbow, A/slistant City Manager/Administrative Services
Director/
e'
REVIEW: City Managq( Finance'
1. SUBJECT
Monthly Treasurer's Reports for January, February, and March 2020.
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
None.
5. STRATEGIC PLAN GOALS
Goal 2: Be a fiscally healthy community
d: Effectively manage and develop City assets.
6. 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 11163 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.
ITEM A 1 05/12/2020
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 @ 12/31/2019 $130,549,088
Monthly Activity:
Cash Received 49,698,567
Cash Disbursed (46,120,748)
Balance @ 03/31/2020 $134,126,907
MIncludes operating cash and investments (valued at cost). Does not include deposits
with administrator, imprest cash, fiscal agent cash and investments, and deferred
compensation.
For the month of January 2020
The January cash receipts exceeded cash disbursements by $6,603,210. The City
received $7,162,506 in property tax in lieu of vehicle license fee, $6,484,291 in property
tax ($3,566,700 for the City and $2,917,591 as property tax increment collected for the
Successor Agency), and $3,510,189 in sales tax revenue. During the month, large
disbursements included payments totaling $5,702,965 to Orange County Water District
for pumping assessments, $1,907,318 to PERS for employee benefits, $500,208 to All
American Asphalt for street rehabilitation, and $241,350 to Municipal Water District of
Orange County for purchased water.
In the month of January, one Federal Farm Credit Bank note matured. We purchased one
Federal Home Loan Bank note (1.75% for 2.5 years). The City's balance in L.A.I.F. on
January 31 was $23,200,000 or an increase of $4,600,000 due to cash receipts
exceeding cash disbursements during the month.
For the month of February 2020
The February cash disbursements receipts exceeded cash by $1,683,640. Large
disbursements included payments totaling $1,760,052 to PIERS for employee benefits,
1,025,222 to the City of La Habra for Orange's share of the cost to construct and operate
two navigation centers in the North Orange County to provide services to people
experiencing homelessness, $930,242 to U.S. Bank for debt service, $449,234 to the
California State Department of Health Care Services (DHCS) for a reimbursable advance
to obtain additional federal Medicaid dollars for unreimbursed ambulance transport
services, and $208,181 to Alfaro Communications Construction for street improvements.
During the month, the City received $5,764,723 in in sales tax revenue.
In the month of February, one Federal Farm Credit Bank note and one Federal National
Mortgage Association note matured. One Federal National Mortgage Association note
was called. We purchased one Federal Home Loan Mortgage Corporation note (1.60%
ITEM 2 05/12/2020
for 2.25 years), one Federal Farm Credit Bank note (1.80% for 4.25 years), and one
Federal Home Loan Bank note (1.95% for 5 years) The City's balance in L.A.I.F. on
February 29 was $30,800,000 or an increase of $7,600,000 mainly due to the investment
activity.
For the month of March 2020
The March cash disbursements exceeded cash receipts by $1,341,751. Large
disbursements included payments totaling $1,774,388 to PERS for employee benefits,
933,926 to U.S. Bank for debt service, $344,812 to Alfaro Communications Construction
for street improvements, and $231,280 to Sidepath for data backup and recovery solution.
The City received $3,233,276 in sales tax revenue and $2,111,218 in property tax
revenue.
In the month of March, one Federal Home Loan Mortgage Corporation note, one Federal
Farm Credit Bank note, and one Federal Home Loan Bank note were called. We
purchased one Federal Farm Credit Bank note (1.21 % for 4 years). The City's balance in
L.A.I.F, on March 31 was $41,700,000, or an increase of $10,900,000 because of the
investment activity.
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, 2020 while the next quarterly Committee
meeting is to be scheduled for August 2020.
7. ATTACHMENTS
1. Investment Report for January 2020
2. Investment Report for February 2020
3. Investment Report for March 2020
ITEM 3 05/12/2020
1. Investment Report for January 2020
MONTHLY SUMMARY COMPLIANCE CERTIFICATE
January 2020
Note: All concentration restrictions were obtained from Sections 53601 and 53635 of the Government Code or the City's
Investment Policy as of June 11, 2019, whichever was the more stringent.
1. U.S. Agencies
A) Total amount (book value) of U.S. Agency securities owned by the City = $89,995,657.
B) Total amount allowed (75% of portfolio book value) of all City investments = $102,454,519.
Is (A) less than (B) at time of purchase? Yes X No
2. Money Market Mutual Funds
A) Total amount (book value) invested in money market mutual funds by the City = $2,104,158.
B) Total amount allowed ($15 million or 20% of portfolio book value, whichever is less) of
all City investments = $15,000,000.
Is (A) less than (B)? Yes X No
3. LAIF
A) Total amount (book value) invested in LAIF by the City = $23,200,000.
B) Total amount allowed (35% of portfolio book value) of all City investments = $47,812,109.
Is (A) less than (B)? Yes X No
4. Medium -Term Notes
A) Total amount (book value) invested in medium -term notes by the City = $21,306,211.
B) Total amount allowed (20% of portfolio book value) of all City investments = $27,321,205.
Is (A) less than (B) at time of purchase? Yes X No
5. Excluded Investment Vehicles
A) Are any securities excluded by the Statement of Investment Policy currently included in the
City's portfolio?
Yes No X
6. Investment Management Agreements
A) Does the City have any investment manager or advisor agreements?
Yes No X (if no, skip to number 7)
B) If so, was the agreement approved in advance by the City Council?
Yes No
C) Has the City examined the methods and past performance of the investment manager?
Yes No
D) Pursuant to the agreement, does the City retain authority to make investment decisions?
Yes No
E) Pursuant to the agreement, are the investments deposited with the City's custodian?
Yes No
7. Maturity Limits
A) Does the City currently own any security with a maturity date in excess of five years?
Yes No X
B) Does the City currently hold at least 15% and no more than 50% of its portfolio in securities
at time of purchase with maturities equal to or less than 365 days?
Yes X No
C) Does the City currently hold no more than 50% of its portfolio in securities at time of purchase
with maturities between 366 days and 730 days?
Yes X No
D) Does the City currently hold no more than 35% of its portfolio in securities at time of purchase
with maturities between 731 days and 1095 days?
Yes X No
E) Does the City currently hold no more than 30% of its portfolio in securities at time of purchase
with maturities between 1096 days and 1460 days?
Yes X No
F) Does the City currently hold no more than 30% of its portfolio in securities at time of purchase
with maturities between 1461 days and 1825 days?
Yes X No
8. Issuer Limits
Does each issuer of Money Market Mutual Funds continue to meet the following requirements?
i) Is each issuer registered with the Securities and Exchange Commission under the
Investment Company Act of 1940?
Yes No N/A X
ii) Does the fund of each issuer carry the highest rating of at least two of the three largest
national rating agencies?
Yes No N/A X
iii) Has each issuer retained an investment adviser registered with the Securities and
Exchange Commission with not less than five years' experience managing money market
mutual funds with assets under management in excess of $500 million?
Yes No N/A X
P
Prepared By:
904r4 1 C&of
Josephine Chan
Investment/Revenue Officer
Audited By:
Rosario Guzman
Accountant
We hereby certify that for the month of January 2020, the investment actions of the City of Orange
comply in all respects with the requirements of the California Government Code and the City's current
Investment Policy and that there is sufficient cash flow to cover the neat six months' expenditures barring
any catastrophic natural disasters. Market values are obtained through ICE Data Pricing and Reference
Data, the State Treasurer's Office, U.S. Trust and U.S. Bank.
Certified By:
Richard A. Rohm
City Treasurer
Verified By:
William M. Kolbow
Assistant City Manager
Administrative Services Director
DATED: April 27, 2020
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City of Orange
Reconciliation of Total Cash and
Investments to General Ledger
As of January 31, 2020
Treasurer's Operating Cash and Investments
Checking, Payroll & PMA - Wells Fargo 213,966
Treasurer's Investments 136,606,026
Accrued Interest on Investments 101,437
Cash in transit 230,869 137,152,298
Imprest Cash 12,200
Fiscal Agent Cash and Investments 3,219,757
Total Cash & Investments 140,384,255
Total Cash and Investments per General Ledger 1 139,459,890
Plus Outstanding Checks 924,365
Total Cash & Investments 140,384,255
10
1 Includes adjustment for month -end timing differences. cL cashl f r Rep, bng Jc.xlsx
Aft-h—t V
City of Orange
Fiscal Agent Investments
As of January 31, 2020
Fiscal Agent Cash and Investments
Community Facilities District 91-2 2013 Special Tax Refunding Bonds - U.S. Bank
First American Government Obligation Fund (1.46%)
Federal National Mortgage Association (1.25%)
Successor Agency 2008A Merged & Amended Tax Allocation Bonds - U.S. Bank
First American Government Obligation Fund (1.46%)
Successor Agency 2008E Merged & Amended Tax Allocation Bonds - U.S. Bank
First American Government Obligation Fund (1.46%)
Community Facilities District 06-1 2015 Special Tax Refunding Bonds - U.S. Bank
First American Government Obligation Fund (1.46%)
US Treasury Bond (4.375%)
Successor Agency 2014A Merged & Amended Tax Allocation Refunding Bonds - U.S. Bank
First American Government Obligation Fund (1.46%)
Successor Agency Refunding Bonds 2018A - U.S. Bank
First American Government Obligation Fund (1.46%)
Total Fiscal Agent Cash and Investments
Market or
Carrying Contract
Value Value
1,576,724 1,576,724
2,483 2,483
680 680
1,638,201 1,638,201
1,569 1,569
100 100
3,219,757 3,219,757
11
2. Investment Report for February 2020
MONTHLY SUMMARY COMPLIANCE CERTIFICATE
February 2020
Note: All concentration restrictions were obtained from Sections 53601 and 53635 of the Government Code or the City's
Investment Policy as of June 11, 2019, whichever was the more stringent.
1. U.S. Agencies
A) Total amount (book value) of U.S. Agency securities owned by the City = $81,002,854.
B) Total amount allowed (75% of portfolio book value) of all City investments = $101,647,716.
Is (A) less than (B) at time of purchase? Yes X No
2. Money Market Mutual Funds
A) Total amount (book value) invested in money market mutual funds by the City = $2,427,058.
B) Total amount allowed ($15 million or 20% of portfolio book value, whichever is less) of
all City investments = $15,000,000.
Is (A) less than (B)? Yes X No
3. LAIF
A) Total amount (book value) invested in LAIF by the City = $30,800,000.
B) Total amount allowed (35% of portfolio book value) of all City investments = $47,435,601.
Is (A) less than (B)? Yes X No.
4. Medium -Term Notes
A) Total amount (book value) invested in medium -term notes by the City = $21,300,377.
B) Total amount allowed (20% of portfolio book value) of all City investments = $27,106,058.
Is (A) less than (B) at time of purchase? Yes X No
5. Excluded Investment Vehicles
A) Are any securities excluded by the Statement of Investment Policy currently included in the
City's portfolio?
Yes No X
6. Investment Management Agreements
A) Does the City have any investment manager or advisor agreements?
Yes No X (if no, skip to number 7)
B) If so, was the agreement approved in advance by the City Council?
Yes No
C) Has the City examined the methods and past performance of the investment manager?
Yes No
12
D) Pursuant to the agreement, does the City retain authority to make investment decisions?
Yes No
E) Pursuant to the agreement, are the investments deposited with the City's custodian?
Yes No
7. Maturity Limits
A) Does the City currently own any security with a maturity date in excess of five years?
Yes No X
B) Does the City currently hold at least 15% and no more than 50% of its portfolio in securities
at time of purchase with maturities equal to or less than 365 days?
Yes X No
C) Does the City currently hold no more than 50% of its portfolio in securities at time of purchase
with maturities between 366 days and 730 days?
Yes X No
D) Does the City currently hold no more than 35% of its portfolio insecurities at time of purchase
with maturities between 731 days and 1095 days?
Yes X No
E) Does the City currently hold no more than 30% of its portfolio in securities at time of purchase
with maturities between 1096 days and 1460 days?
Yes X No
F) Does the City currently hold no more than 30% of its portfolio in securities at time of purchase
with maturities between 1461 days and 1825 days?
Yes X No
8. Issuer Limits
Does each issuer of Money Market Mutual Funds continue to meet the following requirements?
i) Is each issuer registered with the
Investment Company Act of 1940?
Yes
Securities and Exchange Commission under the
No fr//:i:/
ii) Does the fund of each issuer carry the highest rating of at least two of the three largest
national rating agencies?
Yes No N/A X
iii) Has each issuer retained an investment adviser registered with the Securities and
Exchange Commission with not less than five years' experience managing money market
mutual funds with assets under management in excess of $500 million?
Yes No N/A X
13
Prepared By:
qe"e4o" C,
Josephine Chan
Investment/Revenue Officer
Audited By:
Rosario Guzman
Accountant
We hereby certify that for the month of February 2020, the investment actions of the City of Orange
comply in all respects with the requirements of the California Government Code and the City's current
Investment Policy and that there is sufficient cash flow to cover the next six months' expenditures barring
any catastrophic natural disasters. Market values are obtained through ICE Data Pricing and Reference
Data, the State Treasurer's Office, U.S. Trust and U.S. Bank.
Certified By:
Richard A. Rohm
City Treasurer
Verified By:
William M. Kolbow
Assistant City Manager
Administrative Services Director
DATED: April 27, 2020
14
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City of Orange
Reconciliation of Total Cash and
Investments to General Ledger
As of February 29, 2020
Treasurer's Operating Cash and Investments
Checking, Payroll & PMA - Wells Fargo 272,833
Treasurer's Investments 135,530,288
Accrued Interest on Investments 103,615
Cash in transit (438,080) 135,468,656
Imprest Cash 12,200
Fiscal Agent Cash and Investments 4,175,677
Total Cash & Investments 139,656,533
Total Cash and Investments per General Ledger 1 138,091,806
Plus Outstanding Checks 1,564,727
Total Cash & Investments 139,656,533
21
1 Includes adjustment for month -end timing differences. cL cash.&Jor Repor ng Jc xis,
Aftnhmenl V
City of Orange
Fiscal Agent Investments
As of February 29, 2020
Market or
Carrying Contract
Value Value
Fiscal Agent Cash and Investments
Community Facilities District 91-2 2013 Special Tax Refunding Bonds - U.S. Bank 1,576,749 1,576,749
First American Government Obligation Fund (1.46%)
Federal National Mortgage Association (1.25%)
Successor Agency 2008A Merged & Amended Tax Allocation Bonds - U.S. Bank 2,486 2,486
First American Government Obligation Fund (1.46%)
Successor Agency 2008B Merged & Amended Tax Allocation Bonds - U.S. Bank 120,342 120,342
First American Government Obligation Fund (1.46%)
Community Facilities District 06-1 2015 Special Tax Refunding Bonds - U.S. Bank 1,663,848 1,663,848
First American Government Obligation Fund (1.46%)
US Treasury Bond (4.375%)
Successor Agency 2014A Merged & Amended Tax Allocation Refunding Bonds - U.S. Bank 357,252 357,252
First American Government Obligation Fund (1.46%)
Successor Agency Refunding Bonds 2018A - U.S. Bank 455,000 455,000
First American Government Obligation Fund (1.46%)
Total Fiscal Agent Cash and Investments 4,175,677 4,175,677
22
3. Investment Report for March 2020
MONTHLY SUMMARY COMPLIANCE CERTIFICATE
March 2020
Note: All concentration restrictions were obtained from Sections 53601 and 53635 of the Government Code or the City's
Investment Policy as of June 11, 2019, whichever was the more stringent.
1. U.S. Agencies
A) Total amount (book value) of U.S. Agency securities owned by the City = $69,004,260.
B) Total amount allowed (75% of portfolio book value) of all City investments = $100,196,544.
Is (A) less than (B) at time of purchase? Yes X No
2. Money Market Mutual Funds
A) Total amount (book value) invested in money market mutual funds by the City = $1,596,589.
B) Total amount allowed ($15 million or 20% of portfolio book value, whichever is less) of
all City investments = $15,000,000.
Is (A) less than (B)? Yes X No
3. LAIF
A) Total amount (book value) invested in LAIF by the City = $41,700,000.
B) Total amount allowed (35% of portfolio book value) of all City investments = $46,758,387.
Is (A) less than (B)? Yes X No
4. Medium -Term Notes
A) Total amount (book value) invested in medium -term notes by the City = $21,294,543.
B) Total amount allowed (20% of portfolio book value) of all City investments = $26,719,078.
Is (A) less than (B) at time of purchase? Yes X No
5. Excluded Investment Vehicles
A) Are any securities excluded by the Statement of Investment Policy currently included in the
City's portfolio?
Yes No X
6. Investment Management Agreements
A) Does the City have any investment manager or advisor agreements?
Yes No X (if no, skip to number 7)
B) If so, was the agreement approved in advance by the City Council?
Yes No
C) Has the City examined the methods and past performance of the investment manager?
Yes No
23
D) Pursuant to the agreement, does the City retain authority to make investment decisions?
Yes No
E) Pursuant to the agreement, are the investments deposited with the City's custodian?
Yes No
7. Maturity Limits
A) Does the City currently own any security with a maturity date in excess of five years?
Yes No X
B) Does the City currently hold at least 15% and no more than 50% of its portfolio in securities
at time of purchase with maturities equal to or less than 365 days?
Yes X No
C) Does the City currently hold no more than 50% of its portfolio in securities at time of purchase
with maturities between 366 days and 730 days?
Yes X No
D) Does the City currently hold no more than 35% of its portfolio in securities at time of purchase
with maturities between 731 days and 1095 days?
Yes X No
E) Does the City currently hold no more than 30% of its portfolio in securities at time of purchase
with maturities between 1096 days and 1460 days?
Yes X No
F) Does the City currently hold no more than 30% of its portfolio in securities at time of purchase
with maturities between 1461 days and 1825 days?
Yes X No
8. Issuer Limits
Does each issuer of Money Market Mutual Funds continue to meet the following requirements?
i) Is each issuer registered with the Securities and Exchange Commission under the
Investment Company Act of 1940?
Yes No N/A X
ii) Does the fund of each issuer carry the highest rating of at least two of the three largest
national rating agencies?
Yes No N/A X
iii) Has each issuer retained an investment adviser registered with the Securities and
Exchange Commission with not less than five years' experience managing money market
mutual funds with assets under management in excess of $500 million?
Yes No N/A X
24
Prepared By:
qear ?
Josephine Chan
Investment/Revenue Officer
Audited By:
Rosario Guzman
Accountant
We hereby certify that for the month of March 2020, the investment actions of the City of Orange comply
in all respects with the requirements of the California Government Code and the City's current
Investment Policy and that there is sufficient cash flow to cover the neat six months' expenditures barring
any catastrophic natural disasters. Market values are obtained through ICE Data Pricing and Reference
Data, the State Treasurer's Office, U.S. Trust and U.S. Bank.
Certified By:
Richard A. Rohm
City Treasurer
Verified By:
a -X -
William M. Kolbow
Assistant City Manager
Administrative Services Director
DATED: April 27, 2020
25
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City of Orange
Reconciliation of Total Cash and
Investments to General Ledger
As of March 31, 2020
Treasurer's Operating Cash and Investments
Checking, Payroll & PMA - Wells Fargo 244,680
Treasurer's Investments 133,595,392
Accrued Interest on Investments 105,027
Realized Gains and Losses (3,658)
Cash in transit 185,466 134,126,907
Imprest Cash 12,200
Fiscal Agent Cash and Investments 4,177,338
Total Cash & Investments 138,316,445
Total Cash and Investments per General Ledger
1 137,935,929
Plus Outstanding Checks 380,516
Total Cash & Investments 138,316,445
32
1 Includes adjustment for month -end timing differences. cL cash a W aeParong Jc.xlsx
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City of Orange
Fiscal Agent Investments
As of March 31, 2020
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Carrying Contract
Value Value
Fiscal Agent Cash and Investments
Community Facilities District 91-2 2013 Special Tax Refunding Bonds - U.S. Bank 2,060,549 2,060,549
First American Government Obligation Fund (0.83%)
Federal National Mortgage Association (1.25%)
Successor Agency 2008A Merged & Amended Tax Allocation Bonds - U.S. Bank 2,489 2,489
First American Government Obligation Fund (0.83%)
Successor Agency 2008E Merged & Amended Tax Allocation Bonds - U.S. Bank 21 21
First American Government Obligation Fund (0.83%)
Community Facilities District 06-1 2015 Special Tax Refunding Bonds - U.S. Bank 2,114,183 2,114,183
First American Government Obligation Fund (0.83%)
US Treasury Bond (4.375%)
Successor Agency 2014A Merged & Amended Tax Allocation Refunding Bonds - U.S. Bank 60 60
First American Government Obligation Fund (0.83%)
Successor Agency Refunding Bonds 2018A - U.S. Bank 36 36
First American Government Obligation Fund (0.83%)
Total Fiscal Agent Cash and Investments 4,177,338 4,177,338
33