HomeMy WebLinkAbout2024-10-24; Investment Review Committee; ; Overview of the City of Carlsbad Treasury DepartmentMeeting Date: Oct. 24, 2024
To: Investment Review Committee
From: Zach Korach, Finance Director / Deputy City Treasurer
Staff Contact: Katie Schroeder, Senior Accountant
katie.schroeder@carlsbadca.gov, 442-339-5246
Subject: Overview of the City of Carlsbad Treasury Department
District: All
Recommended Action
Receive a presentation overview of the City of Carlsbad Treasury Department.
Executive Summary
Staff will provide a presentation of the City of Carlsbad Treasury Department and the policies,
procedures and operations it is responsible for.
Discussion & Fiscal Analysis
This action has no fiscal impact.
Environmental Evaluation
This action does not require environmental review because it does not constitute a project
within the meaning of the California Environmental Quality Act under California Public
Resources Code Section 21065 in that it has no potential to cause either a direct physical
change or a reasonably foreseeable indirect physical change in the environment.
Exhibits
None.
INVESTMENT REVIEW COMMITTEE
Oct. 24, 2024 Item #2 Page 1 of 1
Staff Report
City of Carlsbad Treasury
Department
Zach Korach, Finance Director/Deputy City Treasurer
October 24, 2024
( City of
Carlsbad
TREASURY DEPARTMENT OVERVIEW
FY 23-24 Q4 – Investment Review
•Treasury Management Functions
•Public Investment Objectives
•Allowable Investments
•Investment Policy
•Checks and Balances
{city of
Carlsbad
TREASURY MANAGEMENT FUNCTIONS
•Arrange for banking services
•Accounting for each day’s banking activity and
investment activity
•Forecast cash flows
•Invest inactive cash in accordance with Investment Policy
•Internal controls
•Reporting for transparency
{city of
Carlsbad
PUBLIC INVESTMENT OBJECTIVES
Safety Liquidity Yield
(city of
Carlsbad
ALLOWABLE INVESTMENTS
•Federal agencies
•Corporate notes
•Certificates of deposit
•Mortgage-backed securities
•Municipal bonds
•Pooled money investment accounts
{city of
Carlsbad
INVESTMENT POLICY
(APPROVED ANNUALLY BY THE CITY COUNCIL)
•Fixed maturity (no equities)
•Buy and hold
•Maturity ladder
Within one year - no less than $279.3 million or
two-thirds of approved operating budget
($419.0 million)
No maturity beyond five years
{city of
Carlsbad
CHECKS AND BALANCES
•Annual statement of Investment Policy approved by
the City Council
•Monthly, quarterly, and annual investment reports
to the City Council
•Quarterly review by the Investment Review
Committee
•Independent audit to check compliance with
Investment Policy
{city of
Carlsbad
CONTACT
Katie Schroeder, Senior Accountant
katie.schroeder@carlsbadca.gov
City Treasurer
treasury@carlsbadca.gov
{city of
Carlsbad