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This memorandum presents the Third Quarter Financial Reports for Fiscal Year 2023-2024, covering the period ended March 31, 2024. It includes updates on Debt Management, Investment Management, Revenue Management, Purchasing, and Risk Management activities. The report recommends accepting the financial reports and forwarding a resolution to the City Council for the write-off of uncollectible debts totaling $859,363.61. The document outlines the financial activities and performance metrics of various city programs, including debt issuance and management, investment portfolio performance, and revenue collection efforts.
Key points
The report covers financial activities for the City of San José for the third quarter of FY 2023-2024.
It includes recommendations for acceptance of financial reports and a resolution for write-off of uncollectible debts.
Outstanding debt as of March 31, 2024, is reported at $4.4 billion.
The investment portfolio totals $2.63 billion with a yield of 3.454%.
General Fund balances increased by $140 million, totaling $598 million as of March 31, 2024.
Limitations
The text includes unresolved placeholders and incomplete sections, such as the detailed breakdown of the financial reports and specific metrics for each program.
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Extracted text preview · 281,048 chars
PSFSS COMMITTEE AGENDA: 05/16/2024 ITEM: (c)1. TO: PUBLIC SAFETY, FINANCE AND FROM: Rick Bruneau STRATEGIC SUPPORT COMMITTEE SUBJECT: THIRD QUARTER FINANCIAL REPORTS FOR FISCAL YEAR 2023-2024 DATE: May 1, 2024 Approved Date 5/8/2024 RECOMMENDATION (1) Accept the Third Quarter (period ended March 31, 2024) Financial Reports for Fiscal Year 2023-2024 for the following programs: (a) Debt Management; (b) Investment Management; (c) Revenue Management; and (d) Purchasing and Risk Management; (2) Refer and cross-reference the Third Quarter Financial Reports for Fiscal Year 2023-2024 to the June 4, 2024 City Council meeting for full adoption; and (3) Forward recommendation to the City Council for the June 4, 2024 City Council meeting to adopt a resolution authorizing the Director of Finance to write-off uncollectible debts in an amount up to $859,363.61. SUMMARY AND OUTCOME Provide the quarterly update on debt management, investment management, revenue management, purchasing, and risk management activities. BACKGROUND The attached Third Quarter Financial Reports for Fiscal Year (FY) 2023-2024 (quarter ended March 31, 2024) (Financial Reports) presents the quarterly activity for the City...
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Generated summaryAI-assisted
The Investment Report for the quarter ended March 31, 2024, provides an overview of the City of San José's investment activities, portfolio performance, and compliance with the City's Investment Policy. The total portfolio size is $2,625,523,109, with an earned income yield of 3.454% and a weighted average days to maturity of 563. The report indicates no exceptions to the Investment Policy during the quarter. It includes a summary of portfolio statistics, total earnings, and an independent accountant's report confirming compliance with the investment policy.
Key points
Total portfolio size: $2,625,523,109
Earned income yield: 3.454%
Weighted average days to maturity: 563
Fiscal year-to-date net interest earnings: $61,678,739.85
No exceptions to the City’s Investment Policy during this quarter
Independent accountant's report noted no exceptions to the Investment Policy
Limitations
The document is truncated, and some information may be missing.
Specific dates for certain actions and meetings are not provided.
Unresolved placeholders and blank fields affect the completeness of the summary.
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Extracted text preview · 237,215 chars
PSFSS COMMITTEE AGENDA: 05/16/2024 ITEM: (c)1. TO: HONORABLE MAYOR AND CITY COUNCIL FROM: Rick Bruneau SUBJECT: INVESTMENT REPORT FOR THE QUARTER ENDED MARCH 31, 2024 DATE: May 1, 2024 Approved Date 5/8/2024 Transmitted herewith is the City Investment Report for the quarter ended March 31, 2024. To meet the reporting requirements set forth in the City of San José Investment Policy, an electronic version of this report will be posted on the City’s website at https://www.sanjoseca.gov/your-government/departments-offices/finance/reports/-folder-450 and a hard copy will be on file at the City Clerk’s Office located at 200 East Santa Clara Street, San José. This report will be distributed to the Public Safety, Finance and Strategic Support Committee (PSFSS) for discussion during its meeting on May 16, 2024 and will be agendized through the PSFSS Committee for review by the full City Council on June 4, 2024. Summary of portfolio performance and compliance for quarter ended March 31, 2024: • • • • • Size of total portfolio: $2,625,523,109 Earned income yield: 3.454% Weighted average days to maturity: 563 Fiscal year-to-date net interest earnings: $61,678,739.85 No exceptions to the...