AGENDA REPORT Meeting Date: June 2, 2015 Agenda Item # City Manager Approval: TO: FROM: Honorable Mayor and Members of the City Council D J Gordy, City Treasurer City Manager Approval: SUBJECT: TREASURER S REPORT Tenth Month of Fiscal Year 2015 RECOMMENDED COUNCIL ACTION: That the City Council accepts the Treasurer's report for the tenth month of FY 2015. SUMMARY: The Government Code provides that the City Treasurer shall submit to the City Clerk a written report and accounting of all receipts, disbursements, and fund balances. (Government Code Section 41004). PREVIOUS COUNCIL ACTION: Reports submitted to the City Council for approval, as they are reconciled. DISCUSSION: Attached is the report for the tenth month of Fiscal Year 2015, covering the month of April 2015. Included is a copy of the Bank Reconciliation Worksheet for the above listed month, plus the LAIF statement. The reconciliation packet is on file for your review, if you have any questions, and contains the following detailed information for the month stated above: Combined Balance Sheet Account Reconciliation Report Check Register Reports Bank Statements Monthly Bank Reconciliation LAIF Monthly Transactions Report CITY FISCAL IMPACT: There is no cost in accepting this report. ATTACHMENTS: Tenth Month FY 2015 Treasurer's Report.
TREASURER S REPORT TENTH MONTH OF FISCAL YEAR 2015 All City funds are deposited for safekeeping in a depository or properly invested (Gov. Code Sections 53601, 53630, 53635 et seq.), as active or interest-bearing active deposits, as follows: Umpqua Bank Red Bluff Branch US Bank Public Funds Primary Checking Account #XXX4733 Public Funds Payroll Checking Account #XXX8801 Public Funds Online Checking Account #XXXXX1768 Public Funds Money Market Checking Account # XXXXX4927 Public Funds C D Safekeeping Account #XXXXX0161 Public Funds Interest Savings Account #XXXXXXXX6316 State of California, Office of the Treasurer Local Agency Investment Fund (LAIF) Account # XXX2710 I have reviewed the Bank Reconciliation and supporting detail as follows: Bank Statements all accounts Account Reconciliation Reports including cashed and outstanding checks Check Register monthly check issuance accounting Bank Reconciliation Report covering adjusting entries and transfer of funds INVESTMENT OF FUNDS The investment choices for the City s idle funds are limited by several requirements and/or prohibitions set forth in the statutes. Eligible investments by the legislative body are covered by Gov. Code, Sections 53601, 53635 et seq. Resolution 32-2005 stipulates under item (b): The City of Red Bluff agrees to deposit or withdraw money in the Local Agency Investment Fund in the State Treasury in accordance with the provisions of Gov. Code Section 16429.1 for the purpose of investment as stated herein. The authority to invest the City s idle funds is delegated by the Council to certain officials for a one-year period, to be renewed annually. (Gov. Code Section 53607 & Resolution 70-2004) Persons authorized to make investment decisions on behalf of the City are trustees and, therefore, fiduciaries of the City and subject to the prudent investor standard. (Gov. Code Section 53600.3) California law also provides that the primary objective of a trustee is to safeguard the principal of the funds, to meet the liquidity needs of the City, and to achieve a return on the funds. (Gov. Code Section 53600.5)
The Treasurer must render quarterly reports to the City Council within thirty (30) days of the end of the quarter covered in the report (Gov. Code Section 53646(b)(1)). However, the City s Annual Statement of Investment Policy, dated September 2, 2014, provides that the report be made on a monthly rather than quarterly basis. (Gov. Code Section 53646(d)) Local Agency Investment Fund Balances Recap for April 2015 Balance @ 3-31-15 $ 4,577,418.62 April Deposit (Qrtly Interest) $3,038.85 April Withdrawal <$ 0.00> Balance @ 4-30-15 $ 4,580,457.47 General Fund <$ 10,000,589.68> Special Revenue $ 61,238.92 Capital Project $ 1,974,251.86 Enterprise Fund $12,545,556.37 The investment portfolio does comply with the City s Annual Statement of Investment Policy dated September 2, 2014. (Gov. Code Section 53646(b)(2)) April 2015 Reconciled Cash Balances Recap All Accounts Primary, Payroll, Money Market, & Online @ 4/30/15 $ 7,499,906.65 US Bank CD & Interest Savings @ 4/30/15 $ 7,348,722.88 Total Cash @ 4/30/15 $19,429,087.00 Total Cash @ 3/31/15 $19,354,217.99 The reconciled bank balances equal the current year adjusted Combined Trial Balance for Period 10, ending April 30, 2015 and is adequate for the City to meet expenditure requirements for a period of 6 months. (Gov. Code. Section 53646 (b)(3)) D J Gordy, City Treasurer Prepared 5-15-15 for the 6-2-15 Meeting Agenda