Loading...
AC 06-27-2022 PresentationsJune 27, 2022 Treasurer’s Investment Report Month ending May 31, 2022 Policies Cash and Investments Investments Compliance Agenda 2 Policies •California Government Code •Municipal Code •Audit Committee Charter •City Investment Policy •Pension Trust Investment Policy •OPEB Trust Investment Policy Policies 4 Cash and Investments General $119,272,034 52% Special Revenue $47,666,549 21% Debt Service $2,284,850 1% Capital Projects $39,996,401 17% Enterprise $13,269,107 6%Internal Service $7,310,232 3% Cash and Investments by Fund Type Cash $33,363,105 15% Cash Equivalents $21,059,752 9% Investments $156,885,311 68% Restricted for Pension $18,491,004 8% Cash and Investments by Account Type $229.8M $229.8M 6 Cash and Investments –General Ledger Balance by Fund As of May 31, 2022 Fund Type Beginning Balance Receipts Disbursements Journal Adjustments Ending Balance General Fund 117,686,174 6,702,004 (5,152,788)36,643 119,272,034 Special Revenue Funds 48,468,249 272,065 (968,530)(105,235)47,666,549 Debt Service Funds 2,284,850 ---2,284,850 Capital Projects Funds 38,923,074 1,402,454 (459,362)130,235 39,996,401 Enterprise Funds 13,154,490 140,361 (439,104)413,360 13,269,107 Internal Service Funds 7,816,682 -(473,354)(33,096)7,310,232 Total $ 228,333,518 $ 8,516,884 $ (7,493,138)$ 441,907 $ 229,799,172 7 Beginning Balance Ending Balance % of Portfolio Cash in banks and on hand Operating Checking (Wells Fargo)31,879,299 31,045,048 14% Workers' Compensation Checking (Wells Fargo)4,719 26,623 0% Payroll Checking (Wells Fargo)--0% Restricted for Bond Repayments1 (BNY Mellon)8,333 2,286,333 1% Petty Cash and Change 5,100 5,100 0% Cash Equivalents Local Agency Investment Fund 21,059,752 21,059,752 9% Investments Investments (Chandler)156,885,311 156,885,311 68% Restricted for Pension (PARS)18,491,004 18,491,004 8% Total Cash and Investments $ 228,333,518 $ 229,799,172 100% Cash and Investments –General Ledger Balance As of May 31, 2022 1 Cash held by fiscal agent for bond repayments 8 Beginning Balance Ending Balance % of Portfolio Cash in banks1 Operating Checking (Wells Fargo)31,788,785 30,519,591 14% Workers' Compensation Checking (Wells Fargo)7,279 26,922 0% Payroll Checking (Wells Fargo)--0% Restricted for Bond Repayments2 (BNY Mellon)8,333 2,286,333 1% Cash Equivalents Local Agency Investment Fund 21,059,752 21,059,752 10% Investments Investments (Chandler)148,861,823 149,697,509 68% Restricted for Pension (PARS)16,368,261 16,302,481 7% Total Cash and Investments $ 218,094,232 $ 219,892,588 100% Cash and Investments –Bank Balance As of May 31, 2022 1 Unadjusted balance from the bank statement. Does not reflect outstanding checks or deposits in transit. 2 Cash held by fiscal agent for bond repayments 9 Investments Section 115 Trust Equities 66% Fixed Income 28% Real Assets 5%Cash 1% Market Value by Asset Class Asset Class Range Target Equities 50%-70%63% Fixed Income 20%-40%29% Real Estate 0%-15%5% Commodities 0%-10%2% Cash 0%-10%1% 11 Section 115 Trust As of May 31, 2022 Beginning Balance Contributions Earnings/ Losses Expenses Distributions Ending Balance Pension $16,368,261 -$(60,894)$(4,885) -$16,302,481 OPEB 33,660,247 -(125,229)(10,046) -33,524,972 Total $50,028,508 $-$(186,123)$(14,931) $-$49,827,453 Rate of Return * 1-month 3-month 1-year 3-year 5-Year 10-Year City of Cupertino Pension -0.37% -6.52% -9.87%8.02% -- City of Cupertino OPEB -0.37% -6.52% -9.74%6.76% 5.97%6.62% 12*Rate is annualized for periods longer than one year Local Agency Investment Fund (LAIF) As of May 31, 2022 Beginning Balance Deposits Interest Earnings* Withdrawals Ending Balance Annual Interest Rate LAIF $21,059,752 $-$-$-$21,059,752 0.32% *Interest is deposited quarterly 13 Investments (Chandler) As of May 31, 2022 April 30, 2022 May 31, 2022 Market Value $148,861,823 $149,697,509 Par Value $154,612,129 $154,801,899 Book Value $154,828,347 $154,937,218 Average Maturity 2.83 years 2.84 years Average Modified Duration 2.50 2.49 Average Purchase Yield-to-Market 1.37%1.41% Rate of Return* 1-month 3-month 1-year 3-year 5-year 10-year City of Cupertino 0.57% -2.06%-4.32%0.73%N/A N/A ICE BofA 1-5 Yr US Treasury & Agency Index 0.61%-2.09%-4.26%0.45%N/A N/A 14* Rate is annualized for periods longer than one year Compliance 1.All of the City’s investments are in compliance with state law and the City’s Investment Policy 2.In compliance with California Government Code 53646 (b)(3), the City has sufficient funds to meet its expenditure requirements for the next six months Compliance 16 Questions?