Report to Mayor and City Council
Tuesday, May 16, 2017
Consent
SUBJECT:
Title
CONSIDER MONTHLY INVESTMENT AND CASH REPORT FOR THE CITY OF CARSON, CARSON HOUSING AUTHORITY, CARSON SUCCESSOR AGENCY (CITY COUNCIL)
Body
I. SUMMARY
Submitted for Council's review is the monthly Investment and Cash Report for the City of Carson, Successor Agency and Carson Housing Authority for the month ending April 30, 2017.
Total revenue including cash and investments was $80,049,859.35
II. RECOMMENDATION
Recommendation
RECEIVE and FILE.
Body
III. ALTERNATIVES
TAKE another action the Council deems appropriate.
IV. BACKGROUND
The monthly Investment and cash Report is submitted to the Mayor and City Council to ensure that the legislative body is kept abreast of the value of the reserve funds and available cash. The report covers the reserve funds for the City of Carson, Successor Agency and the Housing Authority. As of April 30, 2017 total cash and investments were $80,049,859.35
During the month of April the general fund received substantial deposits from the following sources:
Los Angeles County (bi-annual property tax payment) $4.1million
Board of Equalization- (sales and use tax) $1.4 million
SoCal Gas Franchise Fee - $3.2 million
SoCal Edison Fee-$ 1.3 million
Housing Authority reserve funds in the amount of $7.1 million was used for the purchase of real property at Carson St, Main St and Figueroa.
Also during April, successful negotiations were conducted with the City's home bank to increase rates of interest on the money market accounts and bank C.D.s. Additionally; a reduction in bank fees was also achieved.
The investment portfolio is compliant with the City of Carson's Investment policy and the California government code section 536003. The City also has the ability to meet its expenditure requirement for 6 months and beyond.
Effective April 26, 2017 the City Treasurer of Carson received the "Certified Municipal Treasurer" designation by th...
Click here for full text