For City Council Meeting [April 27, 2021]
TO: Honorable Mayor and City Council
APPROVAL: Sean Grayson, Acting City Manager
FROM: Edward Carrillo, City Treasurer
Title
Request City Council Receive and File the July 2020 through February 2021 Treasurer’s Reports.
(ACTION)
Body
BACKGROUND
Per California Government Code Section 53646(b), the City’s Treasurer or Fiscal Officer shall render a treasurer’s report to the City Council on a quarterly basis. This report shall include the type of investment, issuer, date of maturity, par and dollar amount invested on all securities, 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. The report shall state compliance to the City’s investment policy and shall include a statement noting the City’s ability to meet its expenditure requirements for the next six months.
ANALYSIS/DISCUSSION
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, Clearwater Analytics and Union Bank of California provided the Market Value of the investments held in custody. Union Bank of California (Corporate Trust Dept) and US Bank (Corporate Trust Dept.) provided Fiscal Agent information.
ENVIRONMENTAL IMPACT
This report is not a “Project” as defined by the California Environmental Quality Act (CEQA). Pursuant to Section 15378(a), a “Project” means the whole of an action, which has a potential for resulting in either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment. According to Section 15378(b), a Project does not include: (5) Organizational or administrative activities of governments that will not result in direct or indirect physical changes in the environment.
GENERAL PLAN CONSISTENCY
This action is consistent with Guiding Principle 3A in the General Plan:
Our City 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 has reviewed and supports this staff report.
FINANCIAL IMPACT
Operating Budget Impact
The Treasurer’s Reports summarize Cash and Investments of the City and related entities. Receiving and filing the Treasurer’s Reports will result in no impact to the Operating Budget.
Capital Improvement Budget Impact
The Treasurer’s Reports summarize Cash and Investments of the City and related entities. Receiving and filing the Treasurer’s Reports will result in no impact to the Capital Improvement Budget.
RECOMMENDATION
Staff recommends that the City Council Receive and File the July 2020 through February 2021 Treasurer’s Reports.