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Quarterly Treasurer Report
March 2022
This report presents a detailed discussion of the City' s fund balances and investment portfolio as of March 31, 2022. 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 orTrustee) and by percentage allocation within the portfolio.
As of March 31, 2022, 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 Additionally, LAIF is an" On Demand" account; meaning funds may be withdrawn upon with 1 day notice, representing maximum liquidity.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 in a position 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 March 31, 2022 compared with the prior quarter:
Table: l:
December 31, 2021` March 31 2022
r-----+__—
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i Holding Party Fund Amounts i ' %
of
i Fund Amounts( i)
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Portfol o Portfolio
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Investments/ Cash held by_the City _ 208, 888, 364 84% 179, 446, 487 _ 70% _ a
Investments held byTrustees 38, 540, 525 16% f 77, 637, 682 ! 30% i TOTAL
T-- — ---
I__ 1 247 428 889 1 0
ifo 257, 084, 169 100%___
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)
Quarterlv Economic Update
According to the latest projections from PFM Asset Management; In Q1, U. S. economic conditions were characterized by: ( 1) persistent high inflation; ( 2) the Federal Reserve ( Fed) kicking off a shift to tighter monetary policy; ( 3) rapidly rising interest rates; ( 4) elevated energy and commodity prices; ( 5) increased volatility and riskoff sentiment in credit and equity markets; (6) stronger than ever labor market. As a result of surging inflation that proved not to be transitory, the Fed raised the overnight federal funds target rate to 0. 25% in March 2022 for the first time since December 2018, underscoring the risk that inflation now poses to economic growth and stability.
Underneath the headlines, the American consumer remains in good standing with strong household balance sheets supporting consumer demand. The final reading for Q4 2021 GDP showed that the U. S. economy grew at an annualized growth rate of 6. 9%. Given current conditions, economists forecast a large drop for Q1 2022 and more moderate growth for the year, around 3. 2%. That path will depend, in part, on how well the economy can handle an aggressive series of rate hikes. Locally, the San Joaquin Valley area experienced a decrease in unemployment rates ( San Joaquin County: 5. 7%; City of Lathrop: 5. 0%).
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.
Ste J. Salvatore Cari Jam s
City Manager Director f inance
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