Condition of All Funds in the City Treasury and Review of Cash and Investment Activities as of June 30, 2014

Section 261(f) of the Los Angeles City Charter requires the Controller to periodically verify the condition of all City funds in the City Treasury and to report the results to the Mayor and Council. The City Treasury is the official depository of the City, which is under the direction and control of the Treasurer, who is appointed and removed by the Mayor, subject to confirmation by the City Council.

The Controller’s Audit Division has completed an audit of Cash and Investment activities at the Office of Finance. The primary objectives of the audit were:

  1. To report on the condition of cash and the investment of securities.
  2. To determine whether the banking activities have incorporated adequate internal controls.
  3. To determine whether the investment activities comply with the California State Government Code and the City’s Investment Policy.