Westminster City Council
SUBJECT
Title
Treasurer’s Report for September 2024.
End
From: Erin Backs, Finance Director
Requested by: Administration
Prepared by: Erin Backs, Finance Director
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RECOMMENDED ACTION
Recommendation
Receive and file the report.
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BACKGROUND
The attached Treasurer’s Report lists the various types of securities, institutions from which the securities were purchased, maturity dates, and interest rates for all securities held in the City’s investment portfolio as of the end of September 2024. All the City’s investments as of September 30, 2024, comply with the Investment Policy and the California Government Code.
City cash and investments decreased by $1.5 million during the month of September with $17.2 million in receipts and $18.7 million in disbursements. Successor Agency cash decreased by $2,774 during the month with $82 in receipts and $2,856 in disbursements. As of September 30, 2024, the city had adequate cash reserves necessary to meet its obligations.
In addition, a comparison of the City’s investment performance year to date as of August 31, 2024 compared to the same period in 2023 is attached. The total return on the City’s portfolio is up from 1.822% in 2023 to 3.714% in 2024. Net of fees, the portfolio is up from 1.531% in 2023 to 3.310% in 2024.
FISCAL IMPACT
No fiscal impact associated with this action.
LEGAL REVIEW
The City Attorney’s Office has reviewed as to form.
CONCLUSION
The Mayor and City Council are recommended to review the attached Treasurer’s Report and receive, and file said report as presented.
ATTACHMENTS
1. Treasurer’s Report for September 2024.
2. City’s investment performance August 31, 2024 compared to August 31, 2023.
REVIEWED BY
Erin Backs, Finance Director
Christian Bettenhausen, City Attorney
Christine Cordon, City Manager