f., ITEM 4. 4
c ty of .' 1
Quarterly Treasurer Report
March 2023
This report presents a detailed discussion of the City' s fund balances and investment portfolio as of March 31, 2023. 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 March 31, 2023, 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 Additionally, LAIF is an " On Demand” account; meaning funds may be withdrawn upon with 1 day notice, representing maximum liquidity.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, 2023 compared with the prior quarter:
i Table: l
December 31, 2022 March 31, 2023
Holding Party Fund Amounts i)
of (
Fund Amounts i) (
P o o Portfol i o
Investments/ Cash held by the City 185 352, 723 71% 193, 821, 638 71% Investments held byTrustees i 76, 578, 348 29% 77, 498, 845 i 29% y
TOTAL i 261, 931, 071 100%
T $
271, 320, 483 10096 I
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 Debt Service Payments, Capital Improvement Projects - General Government, Parks, Streets, Water, and Wastewater
II. Recurring Expenditures
a. Contractual- Park& Street Landscaping, and Wastewater Treatment Services b. Intergovernmental payments - South San Joaquin Irrigation District ( Surface Water Contract), Lathrop Manteca Fire District, City of Manteca ( Wastewater Contract) Quarterly Economic Update
According to the latest projections from PFM Asset Management; In Q1, U. S. economic conditions were characterized by: ( 1) lingering inflation that remains well above the Federal Reserve' s ( Fed) long- term inflation target;( 2) a labor market that may be showing the first signs of moderation; and ( 3) greater economic uncertainty following financial industry volatility and debt ceiling debates. The scope for the Fed to continue its rate- hiking path has narrowed dramatically with the recent developments in the banking sector and the outlook for economic growth. Following two rate hikes in the first quarter- a 25 basis point ( bps) increase in both February and March the overnight target rate is now in a range of 4. 75% to 5. 00%. Fed Chair Jerome Powell noted that events in the banking system might also " contribute to significant tightening in credit conditions over time, and in principle, that means that monetary policy may have less work to do." Markets now firmly expect the Fed is at or very near its terminal rate peak. The U. S. labor market remained quite strong as the U. S. economy added more than one million new jobs in the quarter compared to 853,000 in Q4, and the national unemployment rate remained unchanged at 3. 5%, underscoring the continued strength in the labor market. Locally, the San Joaquin Valley area experienced an increase in unemployment rates( San Joaquin County: 6. 6%; City of Lathrop: 6. 5%).
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.
Stephen J. Salvatore Car Jam s
City Manager Direc f inance
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