HomeMy WebLinkAbout07-21-1999 Agenda Item 4B (4)Y
SARATOGA CITY COUNCIL
EXECUTIVE SUMMARY NO.
MEETING DATE:
July 21,1999
AGENDA ITEM
CITY MANAGER:
ORIGINATING DEPT: Administrative Services DEPT. HEAD:
SUBJECT: Monthly Treasurer's Report for June 1999
RECOMMENDED MOTION(S):
Accept the monthly Treasurer's report for June 1999.
REPORT SUMMARY:
The accompanying Treasurer's report represents the City's investments as of June 1999.
FINANCIAL SUMMARY
Generally, the Treasurer's report is provided to the City Council along with the monthly financial
reports. The City has just completed the activity for the month of June, 1999. Since this is the
end of the City's fiscal year, it will be a number of weeks before staff is prepared to present the
financial reports to the City Council. However, the Treasurer's report has been completed and is
presented herewith.
The City had $11,817,013 in cash and investments as of June 30, 1999. $9,395,890 is invested
in the State of California Local Agency Investment Fund (LAIF), with the balance invested in
Certificates of Deposit, checking and savings accounts.
Please note that the City received its final property tax payment from the County on June 30,
after the 10:00 a.m. deadline for transferring funds into LAIF. $700,000 was transferred the
following day on July 1 out of the savings account and into LAIF.
Additionally, the $500,000 Certificate of Deposit with Saratoga National Bank which expired on
July 3, 1999 was renewed at the same 5.9% rate for one year, which is a very good rate in the
current market.
FISCAL IMPACTS:
None.
ADVERTISING, NOTICING AND PUBLIC CONTACT:
Nothing additional.
CONSEQUENCES OF NOT ACTING ON RECOMMENDED MOTION(S):
None.
FOLLOW UP ACTIONS:
Accept and file the report.
ATTACHMENTS:
Treasurer's Report for June 1999
cc: Finance Commission
MJW:mjw
Monthly_Feb99
Monthly Jun99 2
CITY OF SARATOGA
Cash and Investment Report
Balance as of June 30,1999
Anticipated
Acquisition FDR* Book Market Par Maturity Month>.y
Type InsHtation Date Rating Value Value*" Value Yeild Date Term Earnings
Unrestricted Cash & Investments:
Cash:
DD Comerica Bank -Savings N/A AAA $1,029,441 $1,029,441 $1,029,441 2.300% Revolving 1 $1,973
CK Comerica Bank -General Checking N/A AAA 70,234 70,234 70,234 0.000% Revolving 1 NJA
CK Comerica Bank -Payroll Checking N/A AAA 81,535 81,535 81,535 0.000% Revolving 1 N/A
Subtotal Cash 1,181,210 a 1,181,210 1,181,210 2.004% 1 1,973
L.A.I.F. & Investments:
MF L.A.LF. NIA N/A 9,395,890 b 9,400,226 9,395,890 5.095% Revolving 1 39,893
CD Sazatoga National Bank 07/03/98 AAA 500,000 500,000 500,000 5.900% 07/03/99 365 2,458
CD Heritage Bank of Commerce 10/14/98 AAA 531,358 531,358 531,358 5.650% 10/14/99 365 2,502
Subtotal CDs 1,031,358 1,031,358 1,031,358 5.771% 730 4,960
SubtotalL.A.LF. & Investments 10,427,248 10,431,584 10,427,248 5.160% 366 44,854
Subtotal Unrestricted Cash & Investments 11,608,458 11,612,794 1.1,608,458 4.839% 183 46,827
Restricted Cash & Investments:
SV Saratoga National Bank - CDBG N!A AAA 170,666 170,666 170,666 2.530% Revolving 1 360
ES US Bank -Library Debt Service N/A AAA 5,800 5,800 5,800 0.000% Revolving 1 0
CK Wells Fargo Bank - CDBG N/A AAA 23,918 23,918 23,918 0.000% Revolving 1 N/A
CK Wells Fargo Bank - CDBG NIA AAA .8,171 8,171 8,171 0.000% Revolving 1 N/A
Subtotal Restricted Cash & Investhents 208,555 208,535 208,555 0.173% l 360
Total Cash and Investments ~31,tilE7,lyxi $11,821349 51.181'7,1#13;< 4.79ft°f!+ A~YbRld..: ` 93~:.: '~~lalG::
Benchmark Yield Co on 3 Month Treasury 4.50% 6 Month Treasury 5.17°l0
Schedule of Maturities: Reserve Analysis:
General Fund Reserve requiremetrt adopted 6/25/97: $2,000,000
Immediate $10,785,655 General Fund Balance as of 5/31/99 (Balances not available for 6/30/99 yet.) $6,028,738
FY 1999-2000 1,031,358
AvaBable Funds:
Total $11,817,013 nrestrioted Pooled Cash & Investments available for current year expenses in all funds: $10,577,100
(includes unrestricted funds maturing within the curretrt fiscal year)
Maturity
General Fund Loans Receivable: Principal Rate Date Terra
Hakone Foundation # $210,743 6.500°to 03!01!2004 3,650
NOTES:
DD -Direct Deposits CK - C}~ecking Account MF -Mutual Fund 5V -Savings Account E5 -Escrow Account
* FDR =The Financial Directory rating is based on computer analysis of prime fmancials reported quarterly by the institutions to the Federal Reserve Board and the Federal
Home Loan Bank Board. Ratings based on information released Iuly 1998.
* *Market vahres for U.S. Treasury Notes provided by State Street Bank and Trust Company.
# This loan is noted for memorandum purposes only. The loan is amortized per the agreement with the Hakone Foundation. No payments ate received.
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 inde~ure covenants and have been excluded from this repork
Pursuaart to Govemment Code Section 53646, the City's investmerxt portfolio is in compliance with the adopted investment policy and there are adequate resources to meet
anticipated pool expenditure requirements for the next six mor-ths.
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ubmitted by: Approved by: 7/15/99
a.4epoT{~1roPo ([Jnaudited Results)