1 City of Menifee
Cash Flow Analysis
Alaynè Marie Sampson, CTP
Portfolio Strategy Manager
June 2026
2 • Daily cash required
for payroll,
operational and
other outgoing
invoices
• Local Government
Investment Pools
(LGIP)
• Government Money
Market Funds
• Matching maturities to
known expenditures
Total Portfolio
Liquidity Portfolio
Less than 1 year
Checking Account
Daily liquidity
Segmenting Account Structure
Custom Solutions
Dependent on need
Reserve Portfolio
Greater than 1 year
• Limited Maturity or
Short-Term Bond
Strategy
• Longer-duration, high-
quality securities
allowed by
Government Code and
the Investment Policy
to potentially increase
earnings
• Book or total return
objective
• Option for
customized
investment solutions
for operating, project,
and restricted bond
reserves
• OPEB, 115 Trusts
3 Source: City of Menifee's Monthly Statements December 31, 2020 through June 30, 2026. Please see disclosures at the end of this presentation.
Menifee Seasonality of Cash & Investment Balances
(Average % Change Dec 2020 – June 2026)
Seasonality Analysis
Monthly
Average % of Average
Average 192,240,277 100.0%
January 187,864,723 97.7%
February 195,708,364 101.8%
March 192,524,216 100.1%
April 196,382,472 102.1%
May 206,803,034 107.5%
June 212,721,786 110.6%
July 198,786,626 103.4%
August 196,491,674 102.2%
September 195,308,112 101.6%
October 192,009,607 99.8%
November 191,542,352 99.6%
December 194,781,324 101.3%
Seasonality of Menifee’s Balances
90%
95%
100%
105%
110%
115%
% of Average
4 $0
$50
$100
$150
$200
$250
$300
$350Millions
City of Menifee Cash and Investments
Amount available for
longer-term investments
Actual Portfolio of Securities
$138 million as of June 30, 2026
Minimum needed to cover
+ 15% cushion
$85 Million
more
available for
longer-
duration
investments
Historical Cash Flow Analysis
Cash balances have grown 21% annually (CAGR) for December 2020 through June 2026. The City maintains ample liquidity and retains optionality for laddering its portfolio of investments.
Historical Securities Portfolio includes assets not managed by Chandler Asset Management. This information was sourced from the City of Menifee's Monthly Statements December 31, 2020 through June 30, 2026. Please see disclosures at the end of this presentation.
Piper Sandler broker-dealer relationship
established 05/2021
5 Source: City of Menifee's Monthly Statements December 31, 2020 through June 30, 2026. Please see disclosures at the end of this presentation. *This is not a guarantee of a specific rate of growth, as past performance is not indicative of future results.
Forecast Based Upon Historical
Data Provided by City of Menifee
As of June 30, 2026
Assuming a 4% growth from
all revenue sources*, the
peak balance could be $323
million.
Balances for reserve portfolio
could range between $223-
262 million in FY2027-2029.
Balances for liquidity portfolio
could range between $39-81
million in FY2027-2029.
7 Disclosures
This report is being provided for informational purposes only. No investment decision should be made based solely on the information provided herein. All investments involve risk, including loss of principal invested. The strategies referenced may not be suitable for all investors. The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the strategies. While not guaranteed as to accuracy or completeness, some of the information has been obtained from sources we believe to be reliable. Opinions expressed herein are subject to change without notice. There can be no assurance that an account or specific investment product will be able to achieve its investment objective. No guarantee of investment performance is being provided and no inference to the contrary should be made.
Any forecasts, forward-looking statements and assumptions are inherently limited and should not be relied upon as an indicator of future results. Any opinions and views constitute judgments made by the author at the date of this presentation and may become outdated or superseded at any time without notice. Any statements concerning financial market trends are based on current market conditions, which will fluctuate.
Economic factors, market conditions and investment strategies will affect the performance of any portfolio and there are no assurances that it will match or outperform any particular benchmark. The data contained in this presentation is the property of those providers, which were obtained from sources believed to be reliable, but are subject to change at any time at the provider’s discretion. Unless otherwise noted, Chandler is the source of data contained in this presentation.
Fixed Income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally must pay higher interest rates to attract investors willing to take on greater risk.
Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
References to specific securities are examples of securities held in a portfolio and are not intended to be, and should not be interpreted as an offer, solicitation, or recommendation to purchase or sell any financial instrument, an indication that the purchase of such securities was or will be profitable, or representative of the composition or performance of the portfolio.
The information contained in this sample presentation was obtained from sources we believe to be reliable, but we do not guarantee its accuracy. Past performance is not indicative of future success.
Performance results are presented gross-of-advisory fees and represent the client's Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio. Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Where listed, certain performance shown is hypothetical and does not represent actual trading in a client's account. HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN. THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK AND DOES NOT TAKE INTO ACCOUNT THAT MATERIAL AND MARKET FACTORS MAY HAVE IMPACTED THE ADVISER'S DECISION MAKING IF THE ADVISER WERE ACTUALLY MANAGING CLIENT'S MONEY. NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS
IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. It should not be assumed that investors who invest in Chandler Asset Management's Portfolios will be profitable or achieve the hypothetical performance results reflected or any corresponding index presented. Actual performance of and holdings and investment implementation in Chandler Asset Management's client accounts can materially differ from that of the hypothetical models presented herein and performance can be higher or lower than the results shown. Investors may have experienced investment results during the corresponding time periods that were materially different from those portrayed. The opinions referenced are as of the date of publication and are subject to change. Chandler Asset Management has discretion in the timing of trade execution and selection of securities traded and utilized in any client account, which can and will materially differ from the hypothetical simulated performance based upon a variety of factors, including the adviser's discretion to not follow any trading signal generated and to determine the timing and implementation of a trade (which can include securities other than those listed). There is a possibility of loss on all investments and investor principal is not guaranteed. Performance information provided should not be used in making investment decisions.