Laguna Woods council receives treasurer's monthly and quarterly financial reports

The Laguna Woods City Council received and filed the City Treasurer's monthly report for January 2025 and the quarterly financial report for the second quarter of fiscal year 2024-25.

The treasurer reported total cash and investments of $14,583,402 as of Jan. 31, 2025. The general fund cash and investments ended the month at approximately $7.07 million with general fund reserves at $3.7 million. Special revenue funds held about $3.2 million. The treasurer noted $795,385 in cash and cash equivalents, certificates of deposit totaling $6,155,753, and pooled investments including LAIF (Local Agency Investment Fund) and other accounts. The city transferred $1 million from checking to the LAIF account in January after receiving its first substantial property-tax payment for the fiscal year ($1,578,006.65).

For the quarter ending Dec. 31, 2024, the general fund had recognized 29% of budgeted revenues; primary revenue sources for the quarter included sales tax ($468,031), development processing fees ($390,367) and cannabis business tax ($378,008). Special revenue funds reported revenues of $745,894 and expenditures of $977,457; capital projects activity was limited and projects were in early design and engineering stages. Staff recommended, and the council approved, receipt and filing of both reports.

Council members congratulated staff for transparency and operational stewardship and noted an uptick in senior mobility program expenditures due to higher demand. No public comments were made on the reports.