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South Gate council approves investment reports and $4.58 million warrant register; some vendor invoices pulled for review
Summary
Council approved the city’s investment reports and a warrant register totaling $4,575,648.72. Finance staff explained that red figures in the investment report reflect unrealized gains and losses; three invoices from a vendor (345592-A/B/C) were pulled for additional review.
On April 8 the South Gate City Council approved the investment reports and two consent calendar items and approved a warrant register totaling $4,575,648.72. Staff explained the investment report’s negative figures as unrealized gains and losses, not realized portfolio losses.
Acting budget and finance manager Steven Aragon and City Treasurer Dela Paz were present to answer questions from council. Aragon explained that the figures in the “unrealized gain/loss” column reflect changes in market value since purchase; they are not cash losses unless the city sells an investment at that price. He added that the quarter then under review (quarter 2) is one to watch because economic uncertainty could affect performance.
On the warrant register, staff reported a series of cancellations and said they would pull three invoices tied to vendor ID 345592 (labeled 345592-A, -B and -C) for additional review before further processing. Council approved the warrant register on a roll-call vote after a motion and second.
Council members and staff urged residents to use the city’s reporting tools for potholes and code issues; Public Works said it will double-check that the city website link for reporting potholes points directly to the mobile app and that notifications are being sent as required. No changes to the investment policy were made at the meeting.
