09. MARCH 31, 2016CITY OF EASTVALE
CITY COUNCIL STAFF REPORT
ITEM 6.4
DATE: MAY 11, 2016
TO: HONORABLE MAYOR AND COUNCILMEMBERS
FROM: JAMES R. RILEY, INTERIM FINANCE DIRECTOR
SUBJECT: TREASURER’S REPORT – QUARTER ENDED MARCH 31, 2016
RECOMMENDATION: RECEIVE AND FILE THE CITY TREASURER’S REPORT.
BACKGROUND
In accordance with Resolution 11-02, City of Eastvale’s Investment Policy, adopted January 12,
2011, the City Treasurer is required to submit a quarterly treasurer’s report to the City Council.
The report shall include types of investments, investment ratings, institutions involved, dates of
purchases, dates of maturity, amount of deposits or cost of the security, current market value of
the securities, interest rates, investment fund balances and a statement that there are sufficient
funds to meet the City’s cash obligations.
DISCUSSION
There are two schedules which will allow Council to review the total cash available to the City
and to review the types of investments that the City of Eastvale holds and the pertinent details of
those investments.
Schedule 1, Schedule of Investments, includes a breakdown of the City’s investments by
“Active” or “Inactive” Deposits. “Active Deposits” are those accounts which receive revenues,
whereas “Inactive Deposits” are available for use but are not earning revenues. Moreover, the
City’s investments are presented at par value (face value), book value, and market value and with
all supplemental information as required by the City’s investment policy.
Schedule 2, Dash Board Report Card, consists of four sections:
I. Cash Flow – This section compares the Active and Inactive Deposits at June 30 for the
prior two fiscal years and the three months for the current quarter. Additionally, this
section shows the change in Active Deposits from each of the compared periods.
II. Liquidity Calculation – Liquidity is amount of capital that is available for investment or
spending. Liquidity is determined by means of a calculation using average monthly cash
balances and expenditures reduced by reserve requirements.
III. Portfolio Diversification – This section reflects the diversification of the City of
Eastvale’s portfolio by both type of instrument and length of maturity.
CITY OF EASTVALE
CITY COUNCIL STAFF REPORT
ITEM 6.4
IV. Portfolio Performance Measures – The section gives a comparison of the City’s
investment yield for the prior two fiscal years and the end of the quarter. This section
also compares budget to actuals in the area of interest earned.
The City of Eastvale’s Schedule of Investments is in compliance with the City’s Investment
Policy. The City has sufficient funds to meet its expenditure requirements for the next six
months. Total cash and investments at March 31, 2016 is $51,643,380 (book value). Interest
income earned through March 31, 2016 is $114,333, which surpasses the 2015-16 budgeted
amount for interest of $48,070.
FISCAL IMPACT - None
STRATEGIC PLAN IMPACT
Goal 1: Establish a solid fiscal foundation for the City
ATTACHMENTS
1. Schedule of Investments – March 31, 2016
2. Dash Board Report Card – March 31, 2016
Prepared by: James R. Riley, Interim Finance Director
Reviewed by: Michele Nissen, City Manager
Reviewed by: John Cavanaugh, City Attorney
Book Value (Fair Value)
Par Price @ Market Accrued Purchase Maturity
Institution Value Cost Value Interest Yield Date Date
ACTIVE DEPOSITS
Money Market Accounts:
Citizens Business Bank - Money Market 5,172,522.57$ 5,172,522.57$ 5,172,522.57$ 0.350%N/A N/A
Total Money Market 5,172,522.57$ 5,172,522.57$ 5,172,522.57$ 0.350%
Pooled Investment Accounts:
Local Agency Investment Fund 25,781,635.97$ 25,781,635.97$ 25,760,674.55$ 0.506%N/A N/A
Total Pooled Investment 25,781,635.97$ 25,781,635.97$ 25,760,674.55$ 0.506%
Certificates of Deposit:
Capital One NA McLean VA CD 248,000.00$ 248,000.00$ 250,668.48$ 88.95$ 1.650%09/16/15 09/24/18
Discover Bk Greenwood DE CD 248,000.00$ 248,000.00$ 248,746.48$ 48.52$ 1.200%09/18/13 09/26/16
Sallie Mae Bank Salt Lake City UT CD 248,000.00$ 248,000.00$ 248,915.12$ 789.73$ 1.050%12/04/13 12/12/16
Flushing Bank NY CD 249,000.00$ 249,000.00$ 249,146.91$ 80.32$ 0.750%12/11/13 06/30/16
Bank Baroda New York NY CD 248,000.00$ 248,000.00$ 248,905.20$ 504.17$ 1.000%01/14/14 01/17/17
GE Cap Ret Bk Draper UT CD 248,000.00$ 248,000.00$ 248,709.28$ 329.07$ 1.050%02/10/14 02/17/17
Goldman Sachs New York NY CD 248,000.00$ 248,000.00$ 248,729.12$ 84.90$ 1.050%03/11/14 03/20/17
Community & South Atlanta GA CD 249,000.00$ 249,000.00$ 249,002.49$ 591.88$ 0.500%04/02/14 04/08/16
Key Bank CD Cleveland OH CD 249,000.00$ 249,000.00$ 249,480.57$ 681.68$ 0.600%04/02/14 10/17/16
Private Bank & TC Chicago Ill CD 248,000.00$ 248,000.00$ 248,885.36$ 1,131.58$ 1.000%04/02/14 04/17/17
Citizens State Bank CD Okemah OK CD 249,000.00$ 249,000.00$ 249,019.92$ 63.48$ 0.500%05/06/14 05/12/16
Barclays Bank CD Wilmington DE CD 248,000.00$ 248,000.00$ 248,788.64$ 1,041.73$ 1.100%05/06/14 05/15/17
Synovus Bank CD Columbus GA CD 249,000.00$ 249,000.00$ 249,505.47$ 702.87$ 0.750%05/06/14 11/15/16
Home Bank CD Lake Mary FL CD 249,000.00$ 249,000.00$ 249,253.98$ 240.96$ 1.200%03/10/15 03/29/18
Ally Bk Midvale UT CD 248,000.00$ 248,000.00$ 248,672.08$ 35.38$ 1.050%03/17/15 09/26/17
Amex Centurion Salt Lake City UT CD 248,000.00$ 248,000.00$ 248,250.48$ 1,102.78$ 1.050%06/09/15 06/18/18
Total Certificates of Deposit 3,974,000.00$ 3,974,000.00$ 3,984,679.58$ 7,518.00$
ACTIVE DEPOSITS TOTAL 34,928,158.54$ 34,928,158.54$ 34,917,876.70$ 0.536%
INACTIVE DEPOSITS
Checking Account:
Citizens Business Bank - Checking 16,715,221.40$ 16,715,221.40$ 0.000%N/A N/A
Total 16,715,221.40$ 16,715,221.40$ 0.000%
INACTIVE DEPOSITS TOTAL 16,715,221.40$ 16,715,221.40$
GRAND TOTAL CASH 51,643,379.94$ 51,633,098.10$
________________________________
James R. Riley, Interim Finance Director
5/4/2016
City of Eastvale
Schedule of Investments
As of March 31, 2016
Per Government Code requirements, the Investment Report is in compliance with the City of
Eastvale's Investment Policy, and there are adequate funds available to meet
budgeted and actual expenditures for the next six months.
JUNE JUNE JANUARY FEBRUARY MARCH
FY 2013-14 FY 2014-15 FY 2015-16 FY 2015-16 FY 2015-16
I. CASH FLOW
ACTIVE DEPOSITS
Book Value Price @ Cost
Citizen's Business Bank - Money Market 2,910,040.37$ 2,920,222.08$ 5,169,448.77$ 5,170,985.44$ 5,172,522.57$
LAIF 20,671,336.74$ 25,721,881.36$ 25,781,635.97$ 25,781,635.97$ 25,781,635.97$
Treasury Bills -$ -$ -$ -$ -$
CD - Ally Bk Midvale Utah CD 249,000.00$ -$ -$ -$ -$
CD - ST Bk of India CD New York NY CD 248,000.00$ 248,000.00$ -$ -$ -$
CD - GE Cap Bk Salt Lake City UT CD 248,000.00$ 248,000.00$ 248,000.00$ 248,000.00$ -$
CD - Discover Bk Greenwood DE CD 248,000.00$ 248,000.00$ 248,000.00$ 248,000.00$ 248,000.00$
CD - Beal Bank USA Las Vegas NV CD 249,000.00$ -$ -$ -$ -$
CD - Firstbank PR Santurce CD 249,000.00$ 249,000.00$ -$ -$ -$
CD - Flushing Bank NY CD 249,000.00$ 249,000.00$ 249,000.00$ 249,000.00$ 249,000.00$
CD - Sallie Mae Bank Salt Lake City UT CD 248,000.00$ 248,000.00$ 248,000.00$ 248,000.00$ 248,000.00$
CD - Rollstone Bank Fitchburg MA CD 249,000.00$ 249,000.00$ -$ -$ -$
CD - Bank Baroda New York NY 248,000.00$ 248,000.00$ 248,000.00$ 248,000.00$ 248,000.00$
CD - BMW Bank NA Salt Lake City UT 249,000.00$ 249,000.00$ 249,000.00$ -$ -$
CD - Doral Bank Catano PR 249,000.00$ -$ -$ -$ -$
CD - GE Cap Ret Bk Draper UT 248,000.00$ 248,000.00$ 248,000.00$ 248,000.00$ 248,000.00$
CD - Goldman Sachs New York NY 248,000.00$ 248,000.00$ 248,000.00$ 248,000.00$ 248,000.00$
CD - Community & South Atlanta GA CD 249,000.00$ 249,000.00$ 249,000.00$ 249,000.00$ 249,000.00$
CD - Key Bank CD Cleveland OH CD 249,000.00$ 249,000.00$ 249,000.00$ 249,000.00$ 249,000.00$
CD - Private Bank & TC Chicago Ill CD 248,000.00$ 248,000.00$ 248,000.00$ 248,000.00$ 248,000.00$
CD - Citizens State Bank CD Okemah OK CD 249,000.00$ 249,000.00$ 249,000.00$ 249,000.00$ 249,000.00$
CD - Barclays Bank CD Wilmington DE CD 248,000.00$ 248,000.00$ 248,000.00$ 248,000.00$ 248,000.00$
CD - Synovus Bank CD Columbus GA CD 249,000.00$ 249,000.00$ 249,000.00$ 249,000.00$ 249,000.00$
CD - Home Bank CD Lake Mary FL CD -$ 249,000.00$ 249,000.00$ 249,000.00$ 249,000.00$
CD - Ally Bk Midvale UT CD -$ 248,000.00$ 248,000.00$ 248,000.00$ 248,000.00$
CD - Amex Centurion Salt Lake City UT CD -$ 248,000.00$ 248,000.00$ 248,000.00$ 248,000.00$
CD - Capital One NA Mclean VA CD -$ -$ 248,000.00$ 248,000.00$ 248,000.00$
ACTIVE DEPOSIT TOTALS 28,552,377.11$ 33,611,103.44$ 35,422,084.74$ 35,174,621.41$ 34,928,158.54$
INACTIVE DEPOSITS
Citizen's Business Bank - Checking 5,824,630.65$ 12,588,135.32$ 17,394,558.48$ 17,552,947.13$ 16,715,221.40$
INACTIVE DEPOSITS TOTALS 5,824,630.65$ 12,588,135.32$ 17,394,558.48$ 17,552,947.13$ 16,715,221.40$
GRAND TOTAL CASH 34,377,007.76$ 46,199,238.76$ 52,816,643.22$ 52,727,568.54$ 51,643,379.94$
Change in Active Deposits from Prior Period 13,522,063.89$ 5,058,726.33$ (223,723.10)$ (247,463.33)$ (246,462.87)$
II. LIQUIDITY CALCULATION
Average Cash Balance 29,386,091.19$ 39,026,258.28$ 50,508,698.86$
Six Month Cash Reserve 9,264,117.98$ 9,126,291.23$ 11,633,376.52$
Available Investment Liquidity 20,121,973.21$ 29,899,967.05$ 38,875,322.34$
City of Eastvale
Dash Board Report Card
As of March 31, 2016
JUNE JUNE JANUARY FEBRUARY MARCH
FY 2013-14 FY 2014-15 FY 2015-16 FY 2015-16 FY 2015-16
City of Eastvale
Dash Board Report Card
As of March 31, 2016
III. PORTFOLIO DIVERSIFICATION
DIVERSIFICATION BY INSTRUMENT
Money Market 10.19%8.69%14.59%14.70%14.81%
LAIF 72.40%76.53%72.78%73.30%73.81%
Treasury Bills 0.00%0.00%0.00%0.00%0.00%
Certificates of Deposit 17.41%14.78%12.62%12.00%11.38%
100.00%100.00%100.00%100.00%100.00%
DIVERSIFICATION BY MATURITY
Less Than 90 Days 82.59%85.95%90.76%
Six Months (26 Weeks)0.00%0.74%0.71%
One Year (52 Weeks)1.74%11.09%7.11%
Two Years (104 Weeks)6.10%2.22%1.42%
Three Years (156 Weeks)9.57%0.00%0.00%
100.00%100.00%100.00%
IV. PORTFOLIO PERFORMANCE MEASURES
Yield at Cost Month 0.339%0.388%0.536%
Annual Interest Budget 25,129.00$ 33,050.00$ 48,070.00$ 48,070.00$ 48,070.00$
Money Market 7,966.11$ 10,194.71$ 1,437.13$ 1,536.67$ 1,537.13$
Treasury Bills -$ -$ -$ -$ -$
Certificate of Deposits 17,323.26$ 42,104.83$ 3,849.16$ 3,159.47$ 484.70$
LAIF 46,588.16$ 54,335.30$ -$ -$ 29,760.15$
LAIF Mark to Market 6,175.57$ 9,670.89$ -$ -$ -$
Total Period Interest Earned 78,053.10$ 116,305.73$ 5,286.29$ 4,696.14$ 31,781.98$
Total YTD Interest Earned 78,053.10$ 116,305.73$ 77,855.12$ 82,551.26$ 114,333.24$
Over/(Under) Annual Budget 52,924.10$ 83,255.73$ 29,785.12$ 34,481.26$ 66,263.24$
% of Annual Budget 310.610%351.908%161.962%171.731%237.847%
Month Citizen's LAIF CD's
Total Cash By
Month
Expenditures By
Month
July 18,711,021$ 25,737,073$ 4,969,000$ 49,417,095$ 1,021,986$
August 17,148,403$ 25,737,073$ 4,969,000$ 47,854,476$ 700,377$
September 18,310,713$ 25,737,073$ 4,969,000$ 49,016,786$ 3,154,192$
October 18,106,710$ 25,757,796$ 4,969,000$ 48,833,506$ 2,068,763$
November 17,517,729$ 25,757,796$ 4,969,000$ 48,244,526$ 1,283,977$
December 20,053,190$ 25,757,796$ 4,720,000$ 50,530,986$ 740,490$
January 22,564,007$ 25,781,636$ 4,471,000$ 52,816,643$ 2,889,303$
February 22,723,933$ 25,781,636$ 4,222,000$ 52,727,569$ 2,106,903$
March 21,887,744$ 25,781,636$ 3,974,000$ 51,643,380$ 2,152,143$
April 22,136,744$ 25,811,396$ 3,725,000$ 51,673,140$ 2,382,873$
May 22,385,744$ 25,811,396$ 3,476,000$ 51,673,140$ Average 2,382,873$
June 22,634,744$ 25,811,396$ 3,227,000$ 51,673,140$ Cash Balance 2,382,873$
(2)244,180,682.11$ (2)309,263,704.26$ (2)52,660,000.00$ 606,104,386.37$ (a)50,508,698.86$ (1)23,266,753.04$
Average 20,348,390.18$ 25,771,975.36$ 4,388,333.33$ 50,508,698.86$ 1,938,896.09$
Six Month Cash
Reserve
(3)11,633,376.52$
Avg Monthly Cash Balance (a)50,508,698.86$
Less 50% Six Month Cash Reserve (3)(11,633,376.52)$
Available Investment Liquidity 38,875,322.34$
Notes:
(1)Actual/Forecast Cash Budget FY 2015/16
(2)Monthly Bank Reconciliations
(3)Six Month Cash Reserve based on FY 15/16 Actual/Forecasted Annual Expenditures divided by two.
MONTHLY CASH BALANCES
City of Eastvale
Liquidity Calculation
Based on Fiscal Year 2015-2016 Actual/Cash Budget Forecast
As of March 31, 2016