City of t- ITEM 4.4
Quarterly Treasurer Report
June 2023
This report presents a detailed discussion of the City' s fund balances and investment portfolio as of lune 30, 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 June 30, 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 Additionally, LAIF is an " On Demand" account; meaning funds may be withdrawn upon with 1 day notice, representing maximum liquidity.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 moderate investment yields. This liquidity places the City in a position to invest in longer term maturity investments once interest rates begin to stabilize 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 June 30, 2023 compared with the prior quarter:
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Holding Party Fund Amounts( i)
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Investments/ Cash held by the City 193, 821, 638 71% 214, 368, 607 73% Investments held by Trustees 77, 498, 845 29% 77, 571, 626 27% a + y + N ,\ u',.
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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 Q2, U. S. economic conditions were characterized by a myriad of financial headlines: ( 1) investors contended with ongoing recession risks; ( 2) regional bank concerns; ( 3) the Federal Reserve' s ( Fed) historic pace of interest rate hikes; ( 4) stubbornly high inflation; and ( 5) a debt ceiling impasse in Washington. U. S. inflation, as measured by the consumer price index ( CPI), has fallen from 6. 5% year- over-year ( YoY) at the beginning of the year to just 3. 0% as of June as monthly gains have moderated. The Fed followed up the two 25 basis point ( bps) hikes in Q1 with one more 25 bp hike at the May meeting, bringing the overnight rate to a target range of 5% to 5. 25%. At the June FOMC meeting, the Fed paused hiking, breaking the string of consecutive meetings with an increase at 10. The " hawkish pause" was accompanied by new Fed projections ( the so called " dot plot") which indicated the expectation for two more 25 bp rate hikes in the remaining part of calendar year 2023, underscoring the Fed' s vigilance in fighting inflationary pressures.
The U. S. labor market remained strong and tight in Q2. Over the second quarter, the U. S. economy added 732, 000 new jobs. But, the strength of the labor market has moderated slightly, as weekly unemployment claims have risen, the number of job openings has fallen from record highs, and the labor force participation rate reached a post- pandemic high of 62. 6%. Locally, the San Joaquin Valley area experienced an increase in unemployment rates San Joaquin County: 6. 1%; City of Lathrop: 7. 2%).
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 phen J. Salvatore Cari James
City Manager Director of Finance
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