CC - Item 8G - Treasures's Report for the Quarter Ended June 30, 2010ROSEMEAD CITY COUNCIL
STAFF REPORT
TO: THE HONORABLE MAYOR AND CI Y COUNCIL
FROM: JEFF ALLRED, CITY MANAGER
DATE: JULY 27. 2010
SUBJECT: TREASURER'S REPORT FOR THE QUARTER ENDED JUNE 30, 2010
SUMMARY
In accordance with Government Code Section 53646 the City of Rosemead Treasurer's
Report for the fourth quarter of FY 2009-10 is presented herewith. Total cash and
investments increased $2.4 million when compared to the balances of third quarter FY
2009-10.
In compliance with the City's investment policy, three new certificates of deposit (CD)
have been purchased for the purpose of increasing yield over what is available through
the California Local Agency Investment Fund (LAIF). There are no other material
changes to report.
Staff Recommendation:
Staff recommends that the City Council receive and file Attachment "A" "City of
Rosemead Treasurer's Report" for the month ending June 30, 2010.
FINANCIAL REVIEW
The balance of cash and investments for the quarter ended June 30, 2010 increased
$2,387,662 from the quarter ended March 31, 2010 primarily due to receipt of deferred
Gas Tax remittances by the State totaling $574,459, the receipt of semiannual Vehicle
License in-lieu totaling $2,393,629 and Sales Tax in-lieu payments of $698,292. All
other cash flows for the quarter were consistent with the prior quarter.
During the quarter three new CDs were purchased for $245,000 each, through a broker,
Cantella & Co., Inc. For safety purposes the cost of each of the four CDs is less than
the maximum FDIC guarantee amount of $250,000.
The majority ($18,611,380 or 83.4%) of the City's cash and investments are invested at
LAIF. The current yield at LAIF is .52%.
APPROVED FOR CITY COUNCIL AGENDA: ITEM NUMBER: R61
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City Council Meeting
July 27, 2010
Page 2 of 2
In accordance with § 2.36 of the City's Municipal Code the Finance Committee met on
July 26, 2010 and received a status report from the Director of Finance regarding the
City's cash and investments. The status report discussed large payments from the
State, as described above, and contemplation of new investments that are in
compliance with the City's investment policy. The Committee moved to approve the City
of Rosemead Treasurer's Report and accompanying status report.
All other cash flows are withing the planned scope of operations.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Submitted by:
/5 ~
Steve Brisco
Director of Finance
Attachment A: Treasurer's Report