City of _ ITEM 4. 3
Quarterly Treasurer Report
September 2023
This report presents a detailed discussion of the City' s fund balances and investment portfolio as of September 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 September 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 Additionally, LAIF is an " On Demand" account; meaning funds may be withdrawn upon with 1 day notice, representing maximum liquidity.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 September 30, 2023 compared with the prior quarter:
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Investments/ Cash held by the City 214, 368, 607 73% 210, 732, 693 73°/a Investments held byTrustees 77, 571, 626 27% 77, 297, 038 27% 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 loaquin 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; The third quarter was characterized by the consumer continuing to spend, supported by rising wages and a strong labor market. The potential for additional monetary policy tightening by the Federal Reserve ( Fed) remains possible in light of the Fed' s projections for stronger gross domestic product( GDP) growth, higher inflation, and slightly lower unemployment for the balance of the year. As interest rates climbed to recent highs, equity markets declined from calendar year highs and modest de- risking swept markets near quarter- end. After initially showing signs of cooling in July, U. S. inflation as measured by CPI) posted two straight large monthly increases in August and September, rising by 0. 6% and
0.4% month-over-month ( MoM) respectively. The August reading was the biggest monthly increase of 2023 as higher shelter costs and rising energy prices fed much of the gain. Core inflation, which excludes food and energy, continues to moderate, rising 4. 1% year- over- year, down from 4. 3% in August and 4. 7% in July. A strong U. S. labor market remains a tailwind to economic growth and consumer outlooks. Over the quarter, the U. S. economy added 799, 000 new jobs, besting the q2 rate of 603, 000 while remaining well above the pre- COVID pace. The unemployment rate( 3. 8%) remains near all- time lows and the labor force participation rate also trended upward and is now at the highest level since the pandemic.
I certify that all of the investments reported herein are in accordance with the" City of Lathrop Investment Policy" adopted on November 13, 2023, 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
Ste en J. Salvatore Cari 1ame
City Manager Director o i ance
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