Agenda Item Title:
Acknowledge October 2023 Treasury and General Fund Update
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
11/29/2023
City Council Hearing Date:
12/04/2023
Staff Contact:
Daniel Ainslie
Location:
Circle of Friends Community Room
Agenda Item Summary:
The attached October 2023 Treasury Report includes a breakdown of the City’s $233 million in funds. As of the end of October, 73% of the City’s available cash is invested in fixed rate instruments as authorized by state statute. This has been a significant increase over the past 5 months as the City has sought to increase the interest income it receives from its cash resources.
The other attachments illustrate the total cash reserves and designated and undesignated balances for the General Fund. As of the end of October, the City’s General Fund Undesignated Cash Reserve is $3.3 million. This balance will continue to decline for the rest of the year as the final supplemental appropriations for 2023 are instituted.
The other attachments illustrate the total cash reserves and designated and undesignated balances for the General Fund. As of the end of October, the City’s General Fund Undesignated Cash Reserve is $3.3 million. This balance will continue to decline for the rest of the year as the final supplemental appropriations for 2023 are instituted.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Acknowledge