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Quarterly Treasurer Report
December 2021
This report presents a detailed discussion of the City' s fund balances and investment portfolio as of December 31, 2021. It includes all investments managed by the City on its own behalf as well as the City' s Trustees. The report provides information on cash flows, broken down by both investment manager( City or Trustee) and by percentage allocation within the portfolio.
As of December 31, 2021, the investment portfolio was in compliance with all state laws and the City' s Investment Policy.
Current Portfolio Summary
As directed by the Investment Policy adopted by City Council, City staff strives to attain three primary goals with the City' s investments as follows( in order of priority):
1. Safety— Preservation of the principal of invested funds
2. Liquidity— Ability to liquidate one or more of the City' s investments if unexpected expenditures arise
3. Return— Attainment of a market rate of return
The majority of the portfolio is invested in the Local Agency Investment Fund ( LAIF), which is administered by the California State Treasurer' s office. LAIF provides the City with an investment vehicle with yields that are slightly greater than U. S. Treasuries ( T- bills) with a 2- year maturity or less. LAIF is a high quality investment in terms of safety, liquidity, and yield. Additionally, LAIF is an " On Demand" account; meaning funds may be withdrawn upon with 1 day notice, representing maximum liquidity.
In addition to LAIF, the City holds investments in Money Market Mutual Funds, Nonnegotiable Certificates of Deposit, and State and Local Government Securities ( SLGS). These investments are prudent investment choices and are included in the City' s Investment Policy as allowable investments.
Each investment mentioned above has a specific maturity date. However, much of the portfolio is On Demand.
The short weighted average maturity provides the City with a great deal of liquidity during this period of heightened economic uncertainty and period of low investment yields. This liquidity places the City to invest in longer term maturity investments once interest rates begin to move up toward their historical norms; overall macroeconomic indicators signal solid and consistent growth in future years.
The following table (Table: 1) provides a summary of the City' s cash and investments, by holding party, based on recorded value as of December 31, 2021 compared with the prior quarter:
Table: l
September 30, 2021 December 31, 2021
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Fund Amounts( i)
Portfol o Portfolio
Investments/ Cash held by the Gty 195, 138, 357 84%_ $ 208, 888 364 84% i r -- -
Investments held byTrustees I 38, 267, 543 16% i 38, 540, 525 T16% TOTAL 233, 405, 900 _ 100% $ 247, 428, 889 100% __
1) Small variances are due to the summation and rounding of multiple figures to the nearest whole dollar Please see the following pages ( Tables: 2 through 5) for a more detailed analysis of transactional additions and reductions due to cash flow needs, debt service payments, and maturities/ rollovers of certain investments.
Revenues arrived during the quarter, per City staff expectations, are as follows: utility payments, property tax, franchise fees, sales tax( including Measure C), developer billing fees, grant reimbursements, building permit fees, plan check fees, and Transient Occupancy Tax( TOT).
Significant payables paid out during the quarter include:
I. Nonrecurring Expenditure, Capital Improvement Projects — General Government, Parks, Streets, Water, and Wastewater
II. Recurring Expenditures
a. Contractual— Park& Street Landscaping, and Water Treatment Services b. Intergovernmental payments — San Joaquin County ( Police Services), Lathrop Manteca Fire District, City of Manteca ( Wastewater Contract)
Quarterly Economic Update
According to the latest projections from PFM Asset Management; In Q4, U. S. economic conditions were characterized by: ( 1) a surge in COVID cases as the Omicron variant spread widely; ( 2) a sharply falling unemployment rate, rising wages, and near- record number of job openings; ( 3) stickier- than- expected inflation as pent- up consumer demand clashed with continued global supply chain disruptions amid a tight labor market and; ( 4) a pivot by the Fed to remove monetary accommodation more quickly, setting the stage for rate hikes to begin sooner than previously expected. Although the economy has largely rebounded from the pandemic- induced recession, the massive monetary and fiscal support from the Fed and Congress has triggered a multi- decade surge in inflation. While growth is forecast to remain above trend, the real challenge for 2022 is getting inflation down.
Mounting inflationary pressures prompted accelerated tapering of bond purchases by the Fed and pulled forward expected rate hikes. Tapering is expected to be complete by mid- March followed by three rate hikes in 2022. The Fed may also let some of its$ 8. 7 trillion balance sheet roll off sometime later in the year. Locally, the San Joaquin Valley area experienced a decrease in unemployment rates ( San Joaquin County: 6. 4%; City of Lathrop: 5. 5%).
I certify that all of the investments reported herein are in accordance with the" City of Lathrop Investment Policy" adopted on October 11, 2021, with the Government Code, and other contractual agreements. I further certify the investments reported herein provide for the ability of the City to meet cash flow needs for the next six months.
i
Step en J. Salvatore Cari Ja ;
City Manager Director of ina ce
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