CITY OF MENIFEE
SUBJECT: Treasurer's Report - September 2025
MEETING DATE: November 19, 2025
TO: Mayor and City Council
PREPARED BY: Ann-Marie Etienne, Finance Manager
REVIEWED BY: Travis Hickey, Chief Financial Officer
APPROVED BY: Armando G. Villa, City Manager
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RECOMMENDED ACTION
1. Receive and file the Quarterly Treasurer’s Report as of September 30, 2025.
DISCUSSION
Attached is the signed monthly Treasurer’s Report for Cash and Investments as of September 30, 2025, and 3 rd Quarter (July 2025 – September 2025) Quarterly Investment Review as summarized below.
This Treasurer’s Report is distinguished from the regular monthly report in that it includes more in-depth disclosure and review of investment activities over the past three months. The city of Menifee’s investment objectives in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the investment program. To achieve these objectives, the city invests in high quality fixed income securities consistent with the current investment policy (Investment Policy CC-11) and California Government Code.
Quarterly Review: 3rd Quarter (July 2025 – September 2025) Investment Summary With a favorable interest market throughout the period in review, the city’s investment portfolio continued to perform strongly during the 3 rd quarter of 2025, yielding additional interest revenue to support municipal services. The city’s investment approach balances its investments between short-term investment portfolio to long-term investments.
City of Menifee Staff Report
Treasurer's Report - September 2025
November 19, 2025
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5 7
Overall Investment Portfolio Composition
During the 3rd quarter of 2025, the city continued to participate in the California Asset Management Program (CAMP) investment pool program. Also, during the 3rd Quarter period, the city continued to participate in LAIF and maintained long-term investments through the support of investment consulting firm Chandler Asset Management.
Overall Investment Portfolio Performance
With respect to the city’s short-term investments, LAIF and/or CAMP investment pools, on September 30, 2025 CAMP’s rate was 4.36% while LAIF’s rate was 4.212%. The quarter ending September 30, 2025 produced the following results: CAMP accrued $953,399.71 in cash dividends and income. LAIF accrued $393,285.30 interest during the 3 rd Quarter period. On the longer-term investment component of the portfolio, Chandler accrued $1,370,032.77 interest during the quarter ending September 30, 2025. As is the case with most of the current fiscal year, the short-term investment yields have been providing higher returns than long-term investments as the Federal Reserve has sustained higher interest rates thus far. However, future changes in interest rates would most immediately impact the short-term rates received.
TABLE 1 - QUARTER 3 OVERALL INVESTMENT PORTFOLIO PERFORMANCE Investment
Portfolio
Investment Type/
Investment Category
Beginning
Market Value
07/01/2025
Ending Market
Value
09/30/2025
Investment Returns
(Cash Dividends/
Interest)
CAMP Pool/ Short-Term $88,117,519.78 $84,241,989.25 $953,399.71 LAIF Pool/ Short-Term $36,264,441.01 $36,264,441.01 $393,285.30 Chandler
Asset
Management
City Investments/ Long-Term $132,917,675.84 $133,849,266.89 $1,370,032.77 Cash Held Outside City Funds
As noted in the monthly Treasurer’s Report there are some specific funds held outside the City’s custody, and held instead by Wilmington Trust, designated trustee. These funds relate to the TRIP and Streetlight Retrofit debt service payments, as well as the bonded CFDs bond proceeds and debt service payments. Pursuant to the Trustee agreements in place, Wilmington Trust oversees the investment of these funds. The average yield return of these funds is summarized within the corresponding section of the Treasurer’s Report.
STRATEGIC PLAN OBJECTIVE
Thriving Economy
FISCAL IMPACT
There is no fiscal impact associated with the recommended action.
City of Menifee Staff Report
Treasurer's Report - September 2025
November 19, 2025
3 0
5 7
ATTACHMENTS
1. Treasurer’s Report as of September 30, 2025
2. CA Asset Management Program Statements July 2025
3. CA Asset Management Program Statements August 2025
4. CA Asset Management Program Statements September 2025
5. LAIF Investment Statements July 2025
6. LAIF Investment Statements August 2025
7. LAIF Investment Statements September 2025
8. Chandler Monthly Account Statements July 2025
9. Chandler Monthly Account Statements August 2025
10. Chandler Monthly Account Statements September 2025