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City Manager's Updates

Periodic updates from El Cerrito City Manager Scott Hanin.

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Jul 15

Finance Dept. Update - July 15, 2013

Posted on July 15, 2013 at 12:00 AM by Suzanne Iarla

Quarter ending December 31, 2012
The Quarterly Investment Report for October 2012-December, 2012 period shows that the City’s investments had a par value of $3,160,527.14 as of December 31, 2012, an increase of $1,590,197.62 from last quarter due primarily to the receipt of $1,591,300 in proceeds from the Solar Capital Lease issued December 5, 2012.

The City continues to have minimal investments that are not required for debt service reserves, and to have limited, if any, interest earnings on those restricted funds. Due to those restrictions, and the low value of Treasury Investments in the Blackrock Liquidity funds, Fannie Mae Agency Bonds were purchased for the bulk of the reserve amounts last quarter. This purchase increased the return on investment for the debt reserve funds for the City Debt Fund and the Street Improvement Fund to .62%.

Of the total amount invested, $1,758.44 is invested in Pooled Funds/LAIF and $1,818,768.70 is held in Money Market funds and $1,340,000.00 is invested in Agency investments. LAIF continues to provide the most liquid investment asset available, and will continue to be used to invest the operational portion of the city’s cash in order to maintain cash flow. As of December these funds have been used for operational purposes. Overall, interest rates continue to be extremely low and currently LAIF is at .32%, which is three basis points down from the last quarter.

Quarter ending March 31, 2013
The Quarterly Investment Report for January 2013-March 2013, shows that the City’s investments had a par value of $3,016,024.09 as of March 31, 2013, a decrease of $144,503.05 from last quarter primarily due to the use of some of the proceeds from the Solar Capital Lease to start the project.

The City continues to have minimal investments that are not required for debt service reserves, and to have limited, if any, interest earnings on those restricted funds. Of the total amount invested, $2,694.47 is invested in Pooled Funds/LAIF and $1,673,329.62 is held in Money Market funds and $1,340,000.00 is invested in Agency investments. LAIF continues to provide the most liquid investment asset available, and will continue to be used to invest the operational portion of the city’s cash in order to maintain cash flow. Rates remain unchanged from last quarter with the exception of the Solar Project Financing funds.

Memo On Internal Controls- FY 2012 
The City Council was provided a Memo On Internal Controls (MOIC) for the year ended June 30, 2012 prepared by Maze & Associates, the City’s independent auditor. The report includes both audit finding and management responses. The Memo is available for public review.

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10890 San Pablo Ave. • El Cerrito, CA 94530-2323 • Ph: (510) 215-4300 • Fx: (510) 215-4319 • Email