Finance committee files Sept. 30 quarterly report, forwards investment policy changes to council
November 01, 2023 | Dana Point, Orange County, California
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The Finance Review Committee voted Oct. 30 to file the quarter-ending Sept. 30, 2023 financial report and to forward recommended changes to the city's investment policy to City Council.
Finance staff presented the quarterly report, saying, "Revenue is up $770,000 from the same period last year," and that expenditures were also higher—about $566,000—driven by professional services and completion of major projects. Staff said the city had transferred excess fund balance into its community investment account and set aside an initial $1,000,000 for a lead improvement fund.
Committee members asked about year-to-date carryovers and fund-balance treatment. Staff explained that carryovers are typically recorded at this point in the fiscal calendar and that prior-year excess fund balance had been moved to the capital improvement program (CIP) account. After discussion the committee voted 4-0 to file the report.
On the investment policy review, staff said changes were needed to allow the city to invest in a "camp cash reserve portfolio pool" (a JPA investment pool). The city contracted the update review with auditors Davis Far, who reported no exceptions. The committee moved and voted to forward the revised investment policy to City Council with a recommendation to approve.
Votes at a glance
- Approval of minutes (09/12/2023): motion passed 4-0, Member Pagano absent.
- File quarterly financial report (ending 09/30/2023): motion passed 4-0.
- Forward revised investment policy to City Council (to permit JPA investments): motion passed on roll call (4-0).
Staff also reported that the city is preparing a laddered portfolio of treasury notes and expects to execute a roughly $5,000,000 treasury purchase to take advantage of elevated short-term yields. Auditors completed field work on the final audit without major exceptions; staff said an RFP will be issued for a new auditor and a recommendation will come to the committee in January.
The committee set its next meeting for Jan. 30, 2024.
Finance staff presented the quarterly report, saying, "Revenue is up $770,000 from the same period last year," and that expenditures were also higher—about $566,000—driven by professional services and completion of major projects. Staff said the city had transferred excess fund balance into its community investment account and set aside an initial $1,000,000 for a lead improvement fund.
Committee members asked about year-to-date carryovers and fund-balance treatment. Staff explained that carryovers are typically recorded at this point in the fiscal calendar and that prior-year excess fund balance had been moved to the capital improvement program (CIP) account. After discussion the committee voted 4-0 to file the report.
On the investment policy review, staff said changes were needed to allow the city to invest in a "camp cash reserve portfolio pool" (a JPA investment pool). The city contracted the update review with auditors Davis Far, who reported no exceptions. The committee moved and voted to forward the revised investment policy to City Council with a recommendation to approve.
Votes at a glance
- Approval of minutes (09/12/2023): motion passed 4-0, Member Pagano absent.
- File quarterly financial report (ending 09/30/2023): motion passed 4-0.
- Forward revised investment policy to City Council (to permit JPA investments): motion passed on roll call (4-0).
Staff also reported that the city is preparing a laddered portfolio of treasury notes and expects to execute a roughly $5,000,000 treasury purchase to take advantage of elevated short-term yields. Auditors completed field work on the final audit without major exceptions; staff said an RFP will be issued for a new auditor and a recommendation will come to the committee in January.
The committee set its next meeting for Jan. 30, 2024.
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