AC 06-27-2022 PresentationsJune 27, 2022
Treasurer’s Investment Report
Month ending May 31, 2022
Policies
Cash and Investments
Investments
Compliance
Agenda
2
Policies
•California Government Code
•Municipal Code
•Audit Committee Charter
•City Investment Policy
•Pension Trust Investment Policy
•OPEB Trust Investment Policy
Policies
4
Cash and Investments
General
$119,272,034
52%
Special
Revenue
$47,666,549
21%
Debt Service
$2,284,850
1%
Capital Projects
$39,996,401
17%
Enterprise
$13,269,107
6%Internal Service
$7,310,232
3%
Cash and Investments by Fund Type
Cash
$33,363,105
15%
Cash
Equivalents
$21,059,752
9%
Investments
$156,885,311
68%
Restricted for
Pension
$18,491,004
8%
Cash and Investments by Account Type
$229.8M $229.8M
6
Cash and Investments –General Ledger Balance by Fund
As of May 31, 2022
Fund Type
Beginning
Balance Receipts Disbursements
Journal
Adjustments
Ending
Balance
General Fund 117,686,174 6,702,004 (5,152,788)36,643 119,272,034
Special Revenue Funds 48,468,249 272,065 (968,530)(105,235)47,666,549
Debt Service Funds 2,284,850 ---2,284,850
Capital Projects Funds 38,923,074 1,402,454 (459,362)130,235 39,996,401
Enterprise Funds 13,154,490 140,361 (439,104)413,360 13,269,107
Internal Service Funds 7,816,682 -(473,354)(33,096)7,310,232
Total $ 228,333,518 $ 8,516,884 $ (7,493,138)$ 441,907 $ 229,799,172
7
Beginning Balance Ending Balance % of Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo)31,879,299 31,045,048 14%
Workers' Compensation Checking (Wells Fargo)4,719 26,623 0%
Payroll Checking (Wells Fargo)--0%
Restricted for Bond Repayments1 (BNY Mellon)8,333 2,286,333 1%
Petty Cash and Change 5,100 5,100 0%
Cash Equivalents
Local Agency Investment Fund 21,059,752 21,059,752 9%
Investments
Investments (Chandler)156,885,311 156,885,311 68%
Restricted for Pension (PARS)18,491,004 18,491,004 8%
Total Cash and Investments $ 228,333,518 $ 229,799,172 100%
Cash and Investments –General Ledger Balance
As of May 31, 2022
1 Cash held by fiscal agent for bond repayments 8
Beginning Balance Ending Balance % of Portfolio
Cash in banks1
Operating Checking (Wells Fargo)31,788,785 30,519,591 14%
Workers' Compensation Checking (Wells Fargo)7,279 26,922 0%
Payroll Checking (Wells Fargo)--0%
Restricted for Bond Repayments2 (BNY Mellon)8,333 2,286,333 1%
Cash Equivalents
Local Agency Investment Fund 21,059,752 21,059,752 10%
Investments
Investments (Chandler)148,861,823 149,697,509 68%
Restricted for Pension (PARS)16,368,261 16,302,481 7%
Total Cash and Investments $ 218,094,232 $ 219,892,588 100%
Cash and Investments –Bank Balance
As of May 31, 2022
1 Unadjusted balance from the bank statement. Does not reflect outstanding checks or deposits in transit.
2 Cash held by fiscal agent for bond repayments 9
Investments
Section 115 Trust
Equities
66%
Fixed
Income
28%
Real Assets
5%Cash
1%
Market Value by Asset Class
Asset Class Range Target
Equities 50%-70%63%
Fixed Income 20%-40%29%
Real Estate 0%-15%5%
Commodities 0%-10%2%
Cash 0%-10%1%
11
Section 115 Trust
As of May 31, 2022
Beginning
Balance Contributions
Earnings/
Losses Expenses Distributions
Ending
Balance
Pension $16,368,261 -$(60,894)$(4,885) -$16,302,481
OPEB 33,660,247 -(125,229)(10,046) -33,524,972
Total $50,028,508 $-$(186,123)$(14,931) $-$49,827,453
Rate of Return *
1-month 3-month 1-year 3-year 5-Year 10-Year
City of Cupertino Pension -0.37% -6.52% -9.87%8.02% --
City of Cupertino OPEB -0.37% -6.52% -9.74%6.76% 5.97%6.62%
12*Rate is annualized for periods longer than one year
Local Agency Investment Fund (LAIF)
As of May 31, 2022
Beginning
Balance Deposits
Interest
Earnings* Withdrawals
Ending
Balance
Annual Interest
Rate
LAIF $21,059,752 $-$-$-$21,059,752 0.32%
*Interest is deposited quarterly 13
Investments (Chandler)
As of May 31, 2022
April 30, 2022 May 31, 2022
Market Value $148,861,823 $149,697,509
Par Value $154,612,129 $154,801,899
Book Value $154,828,347 $154,937,218
Average Maturity 2.83 years 2.84 years
Average Modified Duration 2.50 2.49
Average Purchase Yield-to-Market 1.37%1.41%
Rate of Return*
1-month 3-month 1-year 3-year 5-year 10-year
City of Cupertino 0.57% -2.06%-4.32%0.73%N/A N/A
ICE BofA 1-5 Yr US Treasury & Agency Index 0.61%-2.09%-4.26%0.45%N/A N/A
14* Rate is annualized for periods longer than one year
Compliance
1.All of the City’s investments are in compliance
with state law and the City’s Investment Policy
2.In compliance with California Government Code
53646 (b)(3), the City has sufficient funds to meet
its expenditure requirements for the next six
months
Compliance
16
Questions?