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City of
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r' ` _ ITEM 4. 3
Quarterly Treasurer Report
December 2022
CEQA STATUS: Not a Project as defined in Article 20, § 15378 of the California Environmental Quality Act( CEQA) Guidelines
This report presents a detailed discussion of the City' s fund balances and investment portfolio as of December 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 December 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 Additionally, LAIF is an " On Demand" account; meaning funds may be withdrawn upon with 1 day notice, representing maximum liquidity.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 December 31, 2022 compared with the prior quarter:
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Investments/ Cash held by the City _____ $ 188, 763, 518 71°/a 185, 352, 723 71% fi .___
E Investments held by Trustees 75, 698, 730 29% 76, 578, 348 29% 7` tl. xr` 264 1Q 6i,9„ t i. ; 20l 4
1) Small variances are due to the summation and rounding of multiple figures to the nearest whole dollar LL W_
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 Debt Service Payments, 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 — South San Joaquin Irrigation District ( Surface Water Contract), Lathrop Manteca Fire District, City of Manteca ( Wastewater Contract) Quarterlv Economic Update
According to the latest projections from PFM Asset Management; In large part due to the Fed' s historic pace of rate increases, there were accumulating signs of an economic slowdown in Q4, including: ( 1) a steeply inverted yield curve; ( 2) a sharp reversal in the housing market; ( 3) weakening in both the manufacturing and services sectors; ( 4) declining personal savings; ( 5) tepid consumer confidence; ( 6) retreating commodity prices; and ( 7) a falling U. S. dollar. On the positive side, employment remains strong, household income is rising and inflation has begun to moderate. The latter forces are significant and may keep the economy out of a deep recession, but uncertainty remains high. Retail sales dipped in both November and December in a warning sign that consumer spending, which accounts for more than two-thirds of U. S. economic activity, may be moderating. Slowing price increases for some goods also lowered the dollar amount of consumer spending, led by decreases in purchases of motor vehicles. Short-term maturities ( less than one year) continued to increase in lockstep with adjustments to Fed policy, reflecting the two rate hikes totaling 1. 25% in the fourth quarter. Yields on longer- term issues were mixed, with yields on 3- 7 year Treasuries lower, while those 10- years and longer rose modestly. At its December meeting, the FOMC raised the fed funds rate by SO basis points( bps) to a new target range of 4. 25% to 4. 50%, the highest level since 2007. Locally, the San Joaquin Valley area experienced a decrease in unemployment rates( San Joaquin County: 5. 2%; City of Lathrop: 4.8 0).
I certify that all of the investments reported herein are in accordance with the" City of Lathrop Investment Policy" adopted on November 14, 2022, 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.
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St en J. Salvatore Cari Ja
CityManager Directorof' nance
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