For City Council Meeting January 28, 2025
TO: Honorable Mayor and City Council
FROM: G. Michael Milhiser, Interim City Manager
AUTHOR: Edward Carrillo, City Treasurer
title
Request City Council to Receive and File for Future Audit the Treasurer’s Investment Report as of November 30,2024
body
BACKGROUND
Per California Government Code 41004, regularly, at least once each month, the city treasurer shall submit to the city clerk a written report and accounting of all receipts, disbursements, and fund balances. The city treasurer shall file a copy with the legislative body. Per Rialto Municipal Code 2.06.010 Duties of the Treasurer, at least once a month he/she shall submit to the director of administrative services a written report and accounting of all receipts, disbursements, and fund balances. He/she shall file a copy with the city council. Per California Government Code Section 53646(b) (1) The treasurer or chief fiscal officer may render a quarterly report to the chief executive officer, the internal auditor, and the legislative body of the local agency. The quarterly report shall be so submitted within 30 days following the end of the quarter covered by the report. Except as provided in subdivisions (e) and (f), this report shall include
the type of investment, issuer, date of maturity, par and dollar amount invested on all securities, investments and moneys held by the local agency and shall additionally include a description of any of the local agency’s funds, investments, or programs, that are under the management of contracted parties, including lending programs. With respect to all securities held by the local agency, and under management of any outside party that is not also a local agency or the State of California Local Agency Investment Fund, the report shall also include a current market value as of the date of the report and shall include the source of this same valuation. (2) The quarterly report shall state compliance of the portfolio to the statement of investment policy,
or manner in which the portfolio is not in compliance. (3) The quarterly report shall include a statement denoting the ability of the local agency to meet its
pool’s expenditure requirements for the next six months or provide an explanation as to why sufficient money shall, or may, not be available. (4) In the quarterly report, a subsidiary ledger of investments may be used in accordance with accepted accounting practices. (c) Pursuant to subdivision (b), the treasurer or chief fiscal officer shall report whatever additional information or data may be required by the legislative body of the local agency. (d) The legislative body of a local agency may elect to require the report specified n subdivision (b) to be made on a monthly basis instead of quarterly.
ANALYSIS/DISCUSSION
Attached is the Treasurer’s Investment Report as of November 30,2024. The report includes the face value and coupon rate (if applicable) of the investments and the source of the market value estimate.
The City’s total invested cash and marketable securities is $257,606,953. There is an additional $144,291,581 held by fiscal agent for bond issue reserves, debt service, and related funds.
The Treasurer’s Investment report shows a cumulative Investment Interest & Gains(Loss) Schedule that incorporates the unrealized gains(losses), interest income, and realized Gains(Loss). As of November 30, 2024 the combined Investment Interest & Gains(Loss) for FY2024-25 totaled a gain of $9,416,819.78.
The City of Rialto’s Investments and funds management is in compliance with the City’s Investment Policy and State Mandates. Pooled Investments have liquidity below 30 days, and therefore carry Market Value at Issued Value. Wells Fargo Advisors, JP Morgan Advisors, Clearwater Analytics and US Bank provided the Market Value of the investments held in custody. US Bank (Corporate Trust Dept.) provided Fiscal Agent information
ENVIRONMENTAL IMPACT
The request is not a Project as defined by Section 15378 of the California Environmental Quality Act (CEQA).
GENERAL PLAN CONSISTENCY
Complies with the following Rialto General Plan Guiding Principle:
Our government will lead by example, and will operate in an open, transparent, and responsive manner that meets the needs of the citizens and is a good place to do business.
LEGAL REVIEW
The City Attorney's Office has reviewed the staff report.
FINANCIAL IMPACT
Operating Budget Impact
No Financial Impact on the Budget