Honorable Mayor and Members of the City Council

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1 14B TO: ATTENTION: FROM: SUBJECT: Honorable Mayor and Members of the City Council Jeffrey L. Stewart, City Manager Tae Rhee, Finance Director/City Treasurer Consideration and possible action to receive and file the Treasurer s Report for the Month of July DATE: August 27, 2018 EXECUTIVE SUMMARY The Investment Policy, adopted by Resolution Nos and SA1504, requires the City Treasurer to provide to the City Council a monthly investment report which contains certain required information pursuant to Government Code Section The Treasurer s Report also contains certain other information required pursuant to BMC Subsection B.5, which requires submission of monthly financial statements of receipts and disbursements of the City to the City Council and City Manager. Furthermore, the Treasurer s Report contains revenue and expenditure details on the development impact fees (Park Facilities Fee, Public Facilities Fee, Public Arts Fee, and Sewer Reconstruction Fee) for fiscal years and , from July 1, 2018 to July 31, RECOMMENDATION TO CITY COUNCIL 1) Receive and file the Treasurer s Report; or 2) Alternatively, discuss and take other action related to this item. FISCAL IMPACT None ATTACHMENT Treasurer s Report for the Month of July Documents/AA/Treasurer's Reports/Staff Report for TR Revised.docx 1

2 CITY OF BELLFLOWER AND BELLFLOWER SUCCESSOR AGENCY TREASURER'S REPORT FOR THE MONTH OF JULY 2018 CASH AND INVESTMENT BALANCES BY FUND (As of August 21, 2018) NOTE: Figures with parentheses indicate negative amounts. Beginning Revenues Expenditures Ending Balance/ and Other and Other Balance/ (Deficit) Deposits Disbursements (Deficit) CITY OF BELLFLOWER: UNRESTRICTED: 010 General Fund 11,676,749 2,193,644 (3,576,805) 10,293, General Fund Capital Projects 2,062,695 15,899 (24,843) 2,053, Public Projects (1,538,151) (1,538,151) 999 Cash Clearing Unallocated Interest 26,975 3,329 (28,580) 1,724 RESTRICTED: Development Impact Fees (revenue/expenditure details attached) 024 Park Facilities 610,050 2, , Public Facilities 38, , Public Arts 253,438 1, , Sewer Reconstruction 238, ,667 Other Funds 013 DOT Highway Relinquishment 4,534,573 12,610 4,547, Transportation Development Act (TDA) Article 3 (15,045) 15,045 (9,911) (9,911) 030 Grant Projects (45,915) 6,484 (443,085) (482,516) 035 Drug Forfeiture 040 Public Educational Government (PEG) 559, , California COPS 104, (7,913) 96, Agency Fund/Refundable DepositsPrivate Projects 1,287,669 61,961 (58,053) 1,291, Proposition A Transportation 2,945, ,872 (21,441) 3,060, Transportation Bond Projects 9,833,254 1,242 9,834, Measure M Streets 803,894 92, , COG Position (438) (1,322) (1,760) 125 Measure R Streets 1,857,257 84,436 (6,951) 1,934, Proposition C Streets 1,607, ,254 (114,033) 1,603, State Gas Tax Streets 2,866, ,027 (102,846) 2,899, Road Maintenance and Rehabilitation Account (RMRA) (126,462) 66,660 (59,802) 150 Air Quality Management District Fees 289,659 1, ,078 31X Municipal Water System 1,532,237 (9,793) 1,522, Economic Development 929,693 20,024 (37,181) 912, Equipment Replacement 756,346 3,297 (12,482) 747, GP/Zone/GIS Fee 575,573 12,384 (1,013) 586, Building and Safety 122,308 (166,402) (44,094) 602 CASp Certification and Training 25,971 1,459 (597) 26, Debt Service Public Facilities Corporation 522,529 (522,529) 710 Debt Service Financing Authority 548,802 10,903 (36,662) 523, Debt Service 2018 Transportation COPS 900 Community Development Block Grant (CDBG) (146,247) 159 (486,978) (633,066) 910 HOME Investment Partnership (112,324) 213,443 (10,254) 90, Parking District No. 1 8,939 2,146 (14,103) (3,018) Successor Housing Agency: 974 Low and Moderate Income Housing Asset Fund 509, ,961 (44,779) 623,648 TOTAL CITY OF BELLFLOWER 44,499,141 4,009,171 (5,738,556) 42,769,756 SUCCESSOR AGENCY: RESTRICTED: 956 Successor Agency BUSD Trust 3,896,721 38,621 3,935, Redevelopment Obligation Retirement Fund 1,544,546 3 (964,186) 580, Successor Agency Administration Fund 180,000 (17,408) 162,592 TOTAL SUCCESSOR AGENCY 5,441, ,624 (981,594) 4,678,297 COMBINED TOTAL CITY & SUCCESSOR AGENCY 49,940,408 4,227,795 (6,720,150) 47,448,053 TAE G. RHEE, FINANCE DIRECTOR/TREASURER \\sharepoint\davwwwroot\sites\finance\shared Documents\AA\Treasurer's Reports\ TR 1807.xlsx 2

3 DEVELOPMENT IMPACT FEES Revenue and Expenditure Detail Report (July 1, 2018 July 31, 2018) PARK FACILITIES FEE No Revenue No Expenditure PUBLIC FACILITIES FEE No Revenue No Expenditure PUBLIC ARTS FEE No Revenue No Expenditure SEWER RECONSTRUCTION FEE No Revenue No Expenditure \\sharepoint\davwwwroot\sites\finance\shared Documents\AA\Treasurer's Reports\ TR 1807.xlsx 3

4 DEVELOPMENT IMPACT FEES Revenue and Expenditure Detail Report (July 1, 2017 June 30, 2018) PARK FACILITIES FEE 10, November 20, 2017 Park Fac Fee/9325 Mandale Alma Montoya 51, December 12,2017 Park Fac Fee/8735 Ramona John Yang 240, December 21,2017 Park Fac Fee/10030 Ramona Garden House Community 10, February 12, 2018 Park Fac Fee/8833 Maple F&R Development 10, May 9, 2018 Park Fac Fee/9545 Somerset Paulo Perini 10, June 12, 2018 Park Fac Fee/14619 Clark Maria Almodovar 331, , Aquatic Center/Spec.#17/ , Coke Avenue Park Project 66, PUBLIC FACILITIES FEE 1, November 20, 2017 Public Fac Fee/9325 Mandale Alma Montoya 31, December 7, 2017 Public Fac Fee/10030 Ramona Garden House Community 3, December 12, 2017 Public Fac Fee/8735 Ramona John Yang January 23, 2018 Public Fac Fee//9130 Rosecrans Grandway Investment / Zaroo Bellflower 1, February 12, 2018 Public Fac Fee/8833 Maple F&R Development 1, March 6, 2018 Public Fac Fee/16500 Bellflower Steelcraft/Howard CDM 1, May 9, 2018 Public Fac Fee/9545 Somerset Paulo Perini 1, May 25, 2018 Public Fac Fee/8815 Dunbar MidCities Engineering 1, June 12, 2018 Park Fac Fee/14619 Clark Maria Almodovar 43, , Bellflower Events Center and Fire Museum 60, PUBLIC ARTS FEE 49, December 7, 2017 Public Arts Fee/10030 Ramona Garden House Community 8, December 12, 2017 Public Arts Fee/8735 Ramona John Yang 7, January 23, 2018 Public Arts Fee/9130 Rosecrans Grandway Investment / Zaroo Bellflower 65, No Expenditure SEWER RECONSTRUCTION FEE 4, December 7, 2017 Sewer Reconst/10030 Ramona Garden House Community 1, December 12, 2017 Sewer Reconst/8735 Ramona John Yang 8, January 23, 2018 Sewer Reconst/9130 Rosecrans Grandway Investment / Zaroo Bellflower February 12, 2018 Sewer Reconst/8833 Maple F&R Development 10, February 22, 2018 Sewer Reconst/16500 Bellflower Steel Craft Howard CDM 24, No Expenditure \\sharepoint\davwwwroot\sites\finance\shared Documents\AA\Treasurer's Reports\ TR 1807.xlsx 4

5 CITY OF BELLFLOWER AND BELLFLOWER SUCCESSOR AGENCY TREASURER'S REPORT FOR THE MONTH OF JULY 2018 CASH AND INVESTMENTS BY TYPE (As of August 21, 2018) Dollar Amount Invested Beginning Disbursements/ Ending Yield Type of Issuer of Balance/ Bond Prem. Balance/ Par Market Interest (If Diff.)/ Investment/ Investment/ Date of (Deficit) Deposits Amort./Discount (Deficit) Value Value Rate Steps Deposit Deposit Maturity CITY OF BELLFLOWER : Local Agency Investment Fund (1) See attached Pooled Money Investment Account Portfolio. City of Bellflower 17,736,461 61,203 (1,000,000) 16,797,664 N/A 16,766, % Detail report available at: BOA Energy Efficiency Project Loan 272,279 1, ,571 N/A 273, % Los Angeles County Pooled Investment Fund (8) See attached Los Angeles County Pooled Surplus Investments. City of Bellflower 1,937,720 22,343 (1,000,000) 960,063 N/A 947, % Detail report available at: Local Agency Investment Pool (7) Investment Trust of California/CalTRUST Short Term 45, ,043 N/A 47, % Local Agency Investment Pool Investment Trust of California, dba CalTRUST Municipal Bonds: Rialto CA Unified School District 1,000,000 1,000,000 1,000,000 1,000, % Taxable Muni Bonds Rialto CA Unified School 8/1/2018 District Placer County Successor Agency Taxable Tax 750, , , , % Taxable Muni Bonds Placer County CA 8/1/2018 Allocation Bonds Successor Agency Victor Valley CCD Taxable GO Bonds 545, , , , % Taxable Muni Bonds Victor Valley Community 8/1/2018 College District Lancaster CA Successor Agency Taxable Tax 500, , , , % 1.200% Taxable Muni Bonds Lancaster CA Successor 8/1/2018 Allocation Bonds Agency Cerritos CCCD Taxable GO Bonds 700, , , , % Taxable Muni Bonds Cerritos CA Community 8/1/2018 College District U.S. Treasury Notes 4,995,312 4,995,312 5,000,000 4,996, % 1.928% US Treasury Notes US Treasury 10/31/2018 City of Industry Senior Sales Tax Revenue Refunding Bonds Carson Successor Agency Taxable Tax Allocation Bonds West Contra Costa Unified School District Taxable GO San Bernardino CA Unified School District Taxable GO 305, , , , % 2.237% Taxable Muni Bonds City of Industry CA 1/1/ , , , , % Taxable Muni Bonds Carson CA Successor Agency 695, , , , % Taxable Muni Bonds West Contra Costa CA Unified School District 900,385 (1,568) 898, , , % 1.817% Taxable Muni Bonds San Bernardino CA Unified School District 2/1/2019 2/1/2019 8/1/2019 TAE G. RHEE, FINANCE DIRECTOR/TREASURER \\sharepoint\davwwwroot\sites\finance\shared Documents\AA\Treasurer's Reports\TR 1807.xlsx 5

6 CITY OF BELLFLOWER AND BELLFLOWER SUCCESSOR AGENCY TREASURER'S REPORT FOR THE MONTH OF JULY 2018 CASH AND INVESTMENTS BY TYPE (As of August 21, 2018) Dollar Amount Invested Beginning Disbursements/ Ending Yield Type of Issuer of Balance/ Bond Prem. Balance/ Par Market Interest (If Diff.)/ Investment/ Investment/ Date of (Deficit) Deposits Amort./Discount (Deficit) Value Value Rate Steps Deposit Deposit Maturity CITY OF BELLFLOWER : Investments Held By Fiscal Agents Bank of New York Western Trust Company Dreyfus Institutional Reserves 542, ,255 N/A 543, % Money Market Fund Dreyfus N/A Treasury Fund2008 COP Dreyfus Institutional Reserves 918,477 1, ,720 N/A 919, % Money Market Fund Dreyfus N/A Treasury Fund2018 COP U.S. Treasury Notes 2,986,406 2,986,406 3,000,000 2,986, % 2.090% US Treasury Notes US Treasury 3/31/2019 U.S. Treasury Notes 2,962,590 2,962,590 3,000,000 2,969, % 2.105% US Treasury Notes US Treasury 4/15/2019 U.S. Treasury Notes 2,965,781 2,965,781 3,000,000 2,968, % 2.128% US Treasury Notes US Treasury 5/31/2019 TOTAL INVESTMENTS 41,578,885 86,905 (2,001,568) 39,664,222 39,618,841 BANK DEPOSITS & CERTIFICATES OF DEPOSIT (3): General Operating Account 2,703,302 5,810,143 (5,755,418) 2,758,027 N/A 2,758,027 N/A Checking Account Bank of the West N/A Payroll Account (9,848) 1,559,985 (1,556,728) (6,591) N/A (6,591) N/A Checking Account Bank of the West N/A Revolving Account 125,577 (125,577) N/A N/A Checking Account Bank of the West N/A Farmers Market 3, ,693 N/A 3,693 N/A Checking Account Bank of the West N/A Sec. 125 Flex Spending Account 21,748 (1,346) 20,402 N/A 20,402 N/A Checking Account Bank of the West N/A Pooled Cash Allocated to SA (162,592) (162,592) N/A (162,592) HOME Account (Restricted) HOME Investment Trust Fund 197, ,343 (10) 410,412 N/A 410, % Money Market Fund Bank of the West N/A TOTAL BANK DEPOSITS 2,915,896 7,709,126 (7,601,671) 3,023,351 3,023,351 PETTY CASH 4,360 4,360 N/A 4,360 CITY TOTAL DEPOSITS AND INVESTMENTS 44,499,141 7,796,031 (9,603,239) 42,691,933 42,646,552 TAE G. RHEE, FINANCE DIRECTOR/TREASURER \\sharepoint\davwwwroot\sites\finance\shared Documents\AA\Treasurer's Reports\TR 1807.xlsx 6

7 CITY OF BELLFLOWER AND BELLFLOWER SUCCESSOR AGENCY TREASURER'S REPORT FOR THE MONTH OF JULY 2018 CASH AND INVESTMENTS BY TYPE (As of August 21, 2018) SUCCESSOR AGENCY: Dollar Amount Invested Beginning Disbursements/ Ending Yield Type of Issuer of Balance/ Bond Prem. Balance/ Par Market Interest (If Diff.)/ Investment/ Investment/ Date of (Deficit) Deposits Amort./Discount (Deficit) Value Value Rate Steps Deposit Deposit Maturity Los Angeles County Pooled Investment Fund (8) 3,896,721 38,620 3,935,341 NA 3,882, % See attached Los Angeles County Pooled Surplus Investments. BUSD Trust Fund Detail report available at: BOW Business Checking Account 1,542,215 (1,447,304) 94,911 N/A 94,911 N/A Checking Account Bank of the West N/A Investments Held By Fiscal Agent Bank of New York Western Trust Co. Taxable Tax Allocation Refunding Bonds, Series 2016 Dreyfus Treasury Securities Money Market Fund 2, , ,453 N/A 485, % Money Market Fund Dreyfus N/A TOTAL INVESTMENTS 5,441, ,742 (1,447,304) 4,515,705 4,462,989 Pooled Cash Account 162, , ,592 SUCCESSOR AGENCY TOTAL DEPOSITS AND INVESTMENTS 5,441, ,334 (1,447,304) 4,678,297 4,625,581 CITY & SUCCESSOR AGENCY TOTAL DEPOSITS AND INVESTMENTS 49,940,408 8,480,365 (11,050,543) 47,370,230 47,272,133 NOTES FOR THE CITY AND SUCCESSOR AGENCY: (1) Local Agency Investment Fund (LAIF) is a special fund of the California State Treasury through which local governments may pool investments. (2) For bank deposits including certificates of deposit and money market accounts, market value is the same as the carrying value. (3) All bank deposits are insured up to 250,000 by the FDIC. Under the California Government Code, banks and savings are also required to secure the City's deposits by either (1) pledging government securities with market value of at least 110% of the deposits as collateral, or (2) pledging first trust deed mortgage notes having a value of at least 150% of the deposits. (4) The market value factor is provided by LAIF on a quarterly basis as of March 31, June 30, September 30, and December 31. The monthly market value determination, for the purpose of this Treasurer's Report, is made based on the use of the latest available market value factor. (5) Market values are provided on the monthly trustee and investment statements and Union Bank Investment Services. (6) Analysis account. (7) CalTRUST is a joint powers authority formed by a number of public agencies in California to provide a method of pooling for investment purposes. (8) Los Angeles County Pooled Investment Fund is an investment pool managed by the L.A. County Treasurer. A. The City's investment portfolio complies with the Statement of Investment Policy. B. Based on the City's current cash and investment position and estimated cash flows, the City will meet its expenditure requirements for the next six months. TAE G. RHEE, FINANCE DIRECTOR/TREASURER \\sharepoint\davwwwroot\sites\finance\shared Documents\AA\Treasurer's Reports\TR 1807.xlsx 7

8 CITY OF BELLFLOWER AND BELLFLOWER SUCCESSOR AGENCY TREASURER'S REPORT FOR THE MONTH OF JULY 2018 SUPPLEMENTAL LAW ENFORCEMENT SERVICES FUND FUND NO. 050 STATEMENT OF RECEIPTS, ALLOCATIONS AND EXPENDITURES (As of August 21, 2018) ACTUAL ACTUAL BUDGET Fiscal Year Reporting FY Month To Date FY Beginning Cash Balance 77, , , ,028 Receipts: SLESF Funding/Electronic Transfer 163, ,000 Interest 2,032 1,000 Total Receipts 165, ,000 Allocations: L.A. County Sheriff's Department/ City Public Safety General Law Cars (98,000) (98,000) Equipment Lease (45,013) (49,611) Equipment Purchases Total Allocations (143,013) (147,611) Interest Receivable and Accounts Payable: Add: Beginning receivables 1, Deduct: Ending receivables (615) Deduct: Beginning accounts payable (4,782) (7,913) (7,913) Add: Ending accounts payable 7,913 Rounding Net Adjustment 4,208 (7,298) (7,298) Ending Cash Balance Restated (A) 104,028 96,730 96,730 87,417 (A) Previously reported the balance of 104,011 as of June 30, 2018, prior to certain fiscal yearend closing entries. TAE G. RHEE, FINANCE DIRECTOR/TREASURER \\sharepoint\davwwwroot\sites\finance\shared Documents\AA\Treasurer's Reports\TR 1807.xlsx 8

9 CITY OF BELLFLOWER & BELLFLOWER SUCCESSOR AGENCY TREASURER'S REPORT The City of Bellflower and Successor Agency invest funds in the State of California Local Agency Investment Fund and the Los Angeles County Pooled Investment Fund. The latest summary reports are attached, and the detail reports are available at: State of California Local Agency Investment Fund: Local Agency Investment Fund (LAIF) Pooled Money Investment Account (PMIA) Los Angeles County Pooled Investment Fund: Los Angeles County Pooled Surplus Investments TAE G. RHEE, FINANCE DIRECTOR/TREASURER \\sharepoint\davwwwroot\sites\finance\shared Documents\AA\Treasurer's Reports\TR 1807.xlsx 9

10 POOLED MONEY INVESTMENT ACCOUNT Selected Investment Data Analysis of the Pooled Money Investment Account Portfolio (Dollars In Thousands) July 31, 2018 TYPE OF SECURITY AMOUNT () PERCENT OF PORTFOLIO DIFFERENCE IN PERCENT OF PORTFOLIO FROM PRIOR MONTH Government Bills 16,198, Bonds Notes 28,255, Strips Total Government 44,453, Agency Debentures 3,553, Certificates of Deposit 16,075, Bank Notes 800, Repurchases Agency Discount Notes 12,248, Time Deposits 4,939, GNMAs Commercial Paper 6,891, Remics 29, Corporate Bonds AB 55 Loans 777, GF Loans Other 200, Reversed Repurchases Total (All Types) 89,968, INVESTMENT ACTIVITY JULY 2018 JUNE 2018 NUMBER AMOUNT () NUMBER AMOUNT () Pooled Money ,228, ,337,042 Other 4 54, ,679 Time Deposits 127 3,217, ,418,000 Total ,500, ,495,721 PMIA Monthly Average Effective Yield (%) Year to Date Yield Last Day of Month (%)

11 THE LOS ANGELES COUNTY POOLED SURPLUS INVESTMENTS The Treasurer and Tax Collector (the Treasurer) of Los Angeles County has the delegated authority to invest funds on deposit in the County Treasury (the Treasury Pool). As of June 30, 2018, investments in the Treasury Pool were held for local agencies including school districts, community college districts, special districts and discretionary depositors such as cities and independent districts in the following amounts: Invested Funds Local Agency (in billions) County of Los Angeles and Special Districts Schools and Community Colleges Discretionary Participants Total The Treasury Pool participation composition is as follows: Nondiscretionary Participants 91.92% Discretionary Participants: Independent Public Agencies 7.66% County Bond Proceeds and Repayment Funds 0.42% Total % Decisions on the investment of funds in the Treasury Pool are made by the County Investment Officer in accordance with established policy, with certain transactions requiring the Treasurer's prior approval. In Los Angeles County, investment decisions are governed by Chapter 4 (commencing with Section 53600) of Part 1 of Division 2 of Title 5 of the California Government Code, which governs legal investments by local agencies in the State of California, and by a more restrictive Investment Policy developed by the Treasurer and adopted by the Los Angeles County Board of Supervisors on an annual basis. The Investment Policy adopted on March 20, 2018, reaffirmed the following criteria and order of priority for selecting investments: 1. Safety of Principal 2. Liquidity 3. Return on Investment The Treasurer prepares a monthly Report of Investments (the Investment Report) summarizing the status of the Treasury Pool, including the current market value of all investments. This report is submitted monthly to the Board of Supervisors. According to 11

12 the Investment Report dated July 31, 2018, the June 30, 2018 book value of the Treasury Pool was approximately billion and the corresponding market value was approximately billion. An internal controls system for monitoring cash accounting and investment practices is in place. The Treasurer's Compliance Auditor, who operates independently from the Investment Officer, reconciles cash and investments to fund balances daily. The Compliance Auditor s staff also reviews each investment trade for accuracy and compliance with the Board adopted Investment Policy. On a quarterly basis, the County s outside independent auditor (External Auditor) reviews the cash and investment reconciliations for completeness and accuracy. Additionally, the External Auditor reviews investment transactions on a quarterly basis for conformance with the approved Investment Policy and annually accounts for all investments. The following table identifies the types of securities held by the Treasury Pool as of June 30, 2018: Type of Investment % of Pool U.S. Government and Agency Obligations Certificates of Deposit 6.10 Commercial Paper Bankers Acceptances 0.00 Municipal Obligations 0.08 Corporate Notes & Deposit Notes 0.26 Asset Backed Instruments 0.00 Repurchase Agreements 0.00 Other The Treasury Pool is highly liquid. As of June 30, 2018, approximately 35.60% of the investments mature within 60 days, with an average of 609 days to maturity for the entire portfolio. TreasPool Update 6/30/