Lake Elsinore City Council
June 24, 2025

April 09,2025
MemorandumTo: Edwin Castro, City TreasurerNancy Lassey, Finance AdministratorAndrew Zavala, Senior AccountantCity of Lake ElsinoreFrom: Monique Spyke, Managing DirectorRobert Montoya, Institutional Relationship ManagerPFM Asset ManagementRe: 2025 Investment Policy ReviewAt your request, we reviewed the City of Lake Elsinore (the “City”) Investment Policy (the “Policy”) as part of the City’s annual review process. The current Policy is comprehensive and is in compliance with the current California Government Code (“Code”) statutes regulating the investment of public funds.Although no changes are required at this time, there is one Code change effective January 1, 2025, that will extend the amount permitted in Placement Service Deposits under Section 53601(o) from 30% to50% until 2031. We are not recommending that you incorporate the 50% limit into the Policy unless you would like to change the current policy and replace the 30% Placement Service Deposits limit. Please let us know if you have any questions or if you would like to discuss further.PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc.NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUEFor Institutional Investor or Investment Professional Use Only – This material is not for inspection by, distribution to, or quotation to the general public