HomeMy WebLinkAboutF- 5 Staff Report City Treasurer's Statement
To: Honorable Mayor and Members of the City Council
From: Uriel Macias, City Treasurer
Date: April 21, 2003
Subject: City Treasurer’s Statement of Cash and Investment Balances for the month of
March 2003
Recommendation:
It is recommended that the Council Members receive, review, and file the City
Treasurer’s Report for the City of Azusa for the month of March 2003.
Background:
Transmitted herewith is the City Treasurer’s Statement of Cash Balances for the City of
Azusa for the month of March 2003. City investments are made in accordance with
the City Investment Policy adopted and approved with Resolution No. O2 – C97 dated,
September 16, 2002 and Government Code Section 53600 et seq. The balance of cash,
investments, and projected revenues for the next six months are expected to be
sufficient to meet cash disbursement requirements of the City for at least the next six
months.
Note:
*As interest rates continued to fall in the first quarter of this year many of the city’s
investments were “called in”, meaning they were prematurely paid out to the investor
(The City of Azusa) because the borrower (Federal Agencies) could borrow at a lower
rate than they committed to. This gave us a large cash balance for the month of
March and was temporarily invested in the State’s Pooled Investment Fund (LAIF).
This will be reinvested in the coming days in order to maximize yield to the City.