HomeMy WebLinkAbout06-30-2001 City Council Agenda PacketSARATOGA CITY COUNCIL
MEETING DATE:
ORIGINATING DEPT: Administrative Services
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CITY MANAGER: ~7'~~~L~ -
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SUBJECT: Monthly Treasurer's Report for June 30, 2001
RECOMMENDED ACTION(S):
Accept the monthly Treasurer's report for June 2001.
REPORT SUMMARY:
Generally, the Treasurer's report is provided to the City Council along with the monthly financial
reports. Since this is the end of the City's fiscal year and staff is in the process of closing the
books, the monthly financial report for the month of June is not prepared and presented to the
City Council. However, the Treasurer's report has been completed and is presented herewith.
Staff expects to deliver to City Council the year-end financial report for Fiscal Year 2000-2001
during September.
The City had $33,799,810 in cash and investments as of June 30, 2001. Here is a breakdown of
those funds:
State of California Local Agency Investment Fund (LAIF) City
State of California Local Agency Investment Fund (LAIF) Library
Money Market account
The balance invested in Certificates of Deposits, checking/savings
$18,375,171
$12,530,000
$1,008,773
$1,885,866
FISCAL IMPACTS:
None
CONSEQUENCES OF NOT FOLLOWING RECOMMENDED ACTION(S):
None
ALTERNATIVE ACTION(S):
None
FOLLOW UP ACTION(S):
· Accept and file the report.
ADVERTISING, NOTICING AND PUBLIC CONTACT:
Nothing additional.
ATTACHMENTS:
Treasurer's Report for June 2001.
2 of 2
CITY OF SARATOGA
Cash and Investment Report
Balance as of June 30, 2001
Acquisition
Institution Date
Anticipated
FDR* Book Market Par Maturity Monthly
Rating Value Value** Value Yeild Date Term Earnings
Cash & Investments:
Cash:
DD Comerica Bank - Savings N/A
CK Comet-ica Bank - SWEEP Account N/A
CK Comerica Bank - Payroll Checking N/A
AAA $101,114 $101,114 $101,114 2.000% Revolving 1 $169
AAA 547,663 547,663 547,663 0.000% Revolving I 0
AAA 27,280 27,280 27,280 0.000% Revolving 1 0
Subtotal Cash
676,057 676,057 676,057 0.299% I 169
L.A.I.F. & Investments:
MF L.A.I.F. N/A
CD San Jose National Bank 07/03/99
CD Heritage Bank of Commerce 10/14/98
N/A 18,375,171 18,443,368 18,375,171 5.328% Revolving. I 81}5~86
AAA 500,000 500,000 500,000 5.900% 07/03/01 365 2~458
AAA 595,948 595,948 595,948 5.650% 10/14/01 365 2,806
Subtotal CDs
1,095,948 1,095,948 1,095,948 5.764% 365 5,264
19,471,119 19,539,317 19,471,119 5.353% 183 86,850
20,147,177 20,215,374 20,147,177 5.183% 92 87,019
Subtotal L.A.I.F. & Investments
Subtotal Unrestricted Cash & Investments
Restricted Cash & Investments:
SV San Jose National Bank - CDBG N/A
MF L.A.I.F.- Library Bond Proceeds N/A
CK Comerica Bank - Saratoga Youth Sports N/A
SV Money Market - Library Bond Proceeds N/A
CK Wells Fargo Bank - CDBG N/A
CK Wells Fargo Bank - CDBG N/A
AAA 72,322 72,322 72,322 2.530% Revolving I 152
N/A 12,530,000 12,576,504 12,530,000 5.328% Revolving 1 55,633
AAA 8,400 8,400 8,400 0.000% Revolving I 0
N/A 1,008,773 1,008,773 1,008,773 4.450% Revolving 1 3,741
AAA 26,636 26,636 26,636 0.000% Revolving I 0
AAA 6,503 6,503 6,503 0.000% Revolving I 0
Subtotal Restricted Cash & Investments
Total Cash and Investments
13,652,634 13,699,138 13,652,634 5.214% 2 59,527
Benchmark Yield Comparison
3 Month Treasury 3.62% I 1 Year Treasury 3.86%
Schedule of Maturities:
Immediate $~2,703,862
FY 1999-2000 1,095,948
Total $33,799,810
NOTES:
DD - Direct Deposits CK - Checking Account MI* - Mutual Fund
Reserve Analysis:
General Fund Reserve requirement adopted 4/5/00:
General Fund Balance as of 5/31/01.
$2,114,497
$12,092,005
Available Funds:
Unrestricted Pooled Cash & Investments available for current year expenses in al._! funds: $19,051,228
(Includes unrestricted funds maturing within the current fiscal year)
SV - Savings Account ES - Escrow Account
* FDR = The Financial Directory rating is based on computer analysis of prime £mancials reported quarterly by the institutions to the Federal Reserve Board and the Federal
Home Loan Bank Board. Ratings based on information released July 1998.
This report reflects Pooled Cash, Investments and Restricted Cash which are available resources to fund operations, debt service and capital improvements. Other interest bearing
assets (notes receivable) are listed above. Debt service reserve funds held by trustees are restricted pursuant to indenture covenants and have been excluded from this report.
Pursuant to Government Code Section 53646, the City's investment portfolio is in compliance with the adopted investment policy and there are adequate resources to meet
anticipated pool expenditure requirements for the next six months.
Submitted by: Approved by:
7/10/01
(Unaudited Results)
06-01REPO.xls