AC 09-26-2022 PresentationsSeptember 26, 2022
Treasurer’s Investment Report
Month ending August 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
$127,440,913
54%
Special
Revenue
$46,244,431
20%
Debt Service
$6,850
0%
Capital Projects
$39,833,664
17%
Enterprise
$13,177,300
6%
Internal Service
$6,771,022
3%
Cash and Investments by Fund Type
Cash
$34,480,111
15%
Cash
Equivalents
$21,059,752
9%
Investments
$157,443,313
67%
Restricted for Pension
$20,491,004
9%
Cash and Investments by Account Type
$233.5M $233.5M
6
Cash and Investments –General Ledger Balance by Fund
As of August 31, 2022
Fund Type
Beginning
Balance Receipts Disbursements
Journal
Adjustments
Ending
Balance
General Fund 121,188,069 9,834,580 (3,602,467)20,732 127,440,913
Special Revenue Funds 46,965,004 453,507 (1,174,080)-46,244,431
Debt Service Funds 6,850 ---6,850
Capital Projects Funds 40,288,485 -(486,343)31,522 39,833,664
Enterprise Funds 12,864,085 168,339 (451,232)596,108 13,177,300
Internal Service Funds 7,230,197 547 (451,580)(8,142)6,771,022
Total $ 228,542,690 $10,456,973 $ (6,165,702)$ 640,220 $ 233,474,180
7
Beginning Balance Ending Balance % of Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo)29,548,620 34,432,978 15%
Workers' Compensation Checking (Wells Fargo)41,842 33,701 0%
Payroll Checking (Wells Fargo)--0%
Restricted for Bond Repayments1 (BNY Mellon)8,333 8,333 0%
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)157,443,313 157,443,313 67%
Restricted for Pension (PARS)20,491,004 20,491,004 9%
Total Cash and Investments $ 228,542,690 $ 233,474,180 100%
Cash and Investments –General Ledger Balance
As of August 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)29,788,907 34,432,707 16%
Workers' Compensation Checking (Wells Fargo)43,517 36,010 0%
Payroll Checking (Wells Fargo)--0%
Restricted for Bond Repayments2 (BNY Mellon)8,333 8,333 0%
Cash Equivalents
Local Agency Investment Fund 21,099,180 21,099,180 10%
Investments
Investments (Chandler)149,849,867 148,209,503 67%
Restricted for Pension (PARS)18,310,826 17,693,782 8%
Total Cash and Investments $ 219,100,630 $ 221,479,515 100%
Cash and Investments –Bank Balance
As of August 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 August 31, 2022
Beginning
Balance Contributions
Earnings/
Losses Expenses Distributions
Ending
Balance
Pension 18,310,826 -(611,643)(5,402) -17,693,782
OPEB 33,296,116 -(1,113,485)(9,827)-32,172,805
Total $51,606,943 $-$1,725,127 $(15,228) $-$49,866,587
Rate of Return *
1-month 3-month 1-year 3-year 5-Year 10-Year
City of Cupertino Pension -3.34%-3.94%-17.02%5.01%--
City of Cupertino OPEB -3.34% -3.95%-17.03%3.79%4.41%5.72%
12*Rate is annualized for periods longer than one year
Local Agency Investment Fund (LAIF)
As of August 31, 2022
Beginning
Balance Deposits
Interest
Earnings* Withdrawals
Ending
Balance
Annual Interest
Rate
LAIF $21,099,180 $-$-$-$21,099,180 0.75%
*Interest is deposited quarterly 13
Investments (Chandler)
As of August 31, 2022
Beginning Value Ending Value
Market Value 149,849,867 148,209,503
Par Value 155,207,329 155,361,549
Book Value 155,242,781 155,316,485
Average Maturity 2.77 years 2.82 years
Average Modified Duration 2.42 2.44
Average Purchase Yield-to-Market 1.49%1.56%
Rate of Return*
3-month 1-year 3-year 5-year 10-year
City of Cupertino -1.09%-0.97%-5.33%-0.15%N/A N/A
ICE BofA 1-5 Yr US Treasury & Agency Index -1.24%-1.17%-5.44%-0.49%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?
September 26, 2022
Treasurer’s Report
Month ending August 31, 2022
Policies
Receipts, Disbursements, and Cash
Balance
Revenues, Expenses, and Fund Balance
Agenda
2
•California Government Code
•Municipal Code
•Audit Committee Charter
Policies
3
4
Receipts, Disbursements, and Cash Balance
Beginning Balance Ending Balance
Fund Type Fund Number/Name as of July 31, 2022 Receipts Disbursements Journal Adjustments as of August 31, 2022
General Fund 100 General Fund 121,228,697 9,834,580 (3,602,467) 20,732 127,481,542
General Fund 130 Investment Fund (40,628) - - - (40,628)
Special Revenue Funds 210 Storm Drain Improvement 2,346,706 - (17,712) - 2,328,994
Special Revenue Funds 215 Storm Drain AB1600 1,871,057 10,088 - - 1,881,145
Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,257,317 250 (195,423) - 1,062,144
Special Revenue Funds 260 CDBG 551,279 169,862 (8,943) - 712,198
Special Revenue Funds 261 HCD Loan Rehab 232,280 - - - 232,280
Special Revenue Funds 265 BMR Housing 5,944,953 3,030 (14,073) - 5,933,910
Special Revenue Funds 270 Transportation Fund 12,243,178 240,276 (732,022) - 11,751,433
Special Revenue Funds 271 Traffic Impact 752,839 - - - 752,839
Special Revenue Funds 280 Park Dedication 21,626,682 30,000 (205,907) - 21,450,776
Special Revenue Funds 281 Tree Fund 138,713 - - - 138,713
Debt Service Funds 365 Public Facilities Corp 6,850 - - - 6,850
Capital Project Funds 420 Capital Improvement Fund 30,567,899 - (485,098) 31,522 30,114,323
Capital Project Funds 427 Stevens Creek Corridor Park 174,018 - (1,245) - 172,773
Capital Project Funds 429 Capital Reserve*9,546,568 - - - 9,546,568
Enterprise Funds 520 Resource Recovery 6,154,372 129,930 (132,185) - 6,152,117
Enterprise Funds 560 Blackberry Farm 1,251,967 2,533 (48,933) 63,657 1,269,225
Enterprise Funds 570 Sports Center 2,181,977 - (67,418) 260,317 2,374,875
Enterprise Funds 580 Recreation Program 3,275,769 35,876 (202,697) 272,134 3,381,083
Internal Service Funds 610 Innovation & Technology 1,903,071 - (212,577) - 1,690,494
Internal Service Funds 620 Workers' Compensation 3,859,147 225 (3,280) (8,142) 3,847,950
Internal Service Funds 630 Vehicle/Equip Replacement 999,795 322 (119,300) - 880,817
Internal Service Funds 641 Compensated Absence/LTD 701,346 - 1,249 - 702,595
Internal Service Funds 642 Retiree Medical (233,163) - (117,671) - (350,834)
Total 228,542,690$ 10,456,973$ (6,165,702)$ 640,220$ 233,474,180$
5
Fund Balances/Net Position
Beginning Fund Balance Ending Fund Balance
Fund Type Fund Number/Name as of July 31, 2022 Revenues Expenditures as of August 31, 2022
General Fund 100 General Fund 114,510,846 2,160,596 3,658,225 113,013,216
General Fund 130 Investment Fund (1,200) - - (1,200)
Special Revenue Funds 210 Storm Drain Improvement 2,346,706 - 17,712 2,328,994
Special Revenue Funds 215 Storm Drain AB1600 1,871,057 10,088 - 1,881,145
Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,281,642 - 207,033 1,074,609
Special Revenue Funds 260 CDBG 1,256,750 172 8,943 1,247,979
Special Revenue Funds 261 HCD Loan Rehab 232,280 - - 232,280
Special Revenue Funds 265 BMR Housing 5,943,993 3,030 13,755 5,933,268
Special Revenue Funds 270 Transportation Fund 12,235,623 240,276 746,102 11,729,798
Special Revenue Funds 271 Traffic Impact 752,839 - - 752,839
Special Revenue Funds 280 Park Dedication 21,622,166 30,000 215,800 21,436,366
Special Revenue Funds 281 Tree Fund 138,713 - - 138,713
Debt Service Funds 365 Public Facilities Corp 6,850 - - 6,850
Capital Project Funds 420 Capital Improvement Fund 27,434,068 31,522 400,833 27,064,757
Capital Project Funds 427 Stevens Creek Corridor Park 174,018 - 1,245 172,773
Capital Project Funds 429 Capital Reserve*9,546,568 - - 9,546,568
Enterprise Funds 520 Resource Recovery 5,280,597 119,834 143,406 5,257,025
Enterprise Funds 560 Blackberry Farm 944,299 79,403 81,428 942,274
Enterprise Funds 570 Sports Center 2,400,406 286,731 369,898 2,317,239
Enterprise Funds 580 Recreation Program 2,871,393 186,531 223,811 2,834,114
Internal Service Funds 610 Innovation & Technology 674,861 - 211,044 463,817
Internal Service Funds 620 Workers' Compensation 2,424,350 - 11,197 2,413,153
Internal Service Funds 630 Vehicle/Equip Replacement 2,361,934 - 143,688 2,218,247
Internal Service Funds 641 Compensated Absence/LTD 701,346 9,249 8,000 702,595
Internal Service Funds 642 Retiree Medical (114,957) - 117,671 (232,628)
Total 216,897,149$ 3,157,434$ 6,579,792$ 213,474,791$
Questions?