CITY OF MENIFEE
SUBJECT: CalFIT Stable Value Local Government Investment Pool MEETING DATE: September 14, 2026
TO: Finance Committee
PREPARED BY: Amir Zaki, 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 presentation on a participant account with the California Fixed Income Trust (CalFIT), a joint powers authority (JPA) local government investment pool (LGIP), in order to invest in shares of the CalFIT Stable Value Pool.
DISCUSSION
CalFIT is a JPA created in 2025 with the objective of meeting the investment needs of local governments seeking to invest its most liquid funds such as operating cash. CalFIT is governed by a board of trustees comprising California local government finance officials from Alameda, Lake, and San Diego Counties, and San Diego County Water Authority. As a result, the Trust is accountable solely to its public agency Shareholders.
The Trust’s Stable Value Portfolio (Pool) is a short-term portfolio which, in order of priority, seeks to preserve principal, provide daily liquidity and earn a high level of income. The Pool is a short- term investment alternative for California public agencies permitted under California Government Code §53601(p).
Seeks to maintain a stable net asset value of Pool shares Is rated AAAm by S&P Global
Maintains a short weighted average maturity
Offers same-day liquidity if notified by noon
Meets GASB 79 criteria designed to protect liquidity for Participants Accrues income daily, pays monthly
Requires no minimum or maximum investment, and no limit on the number of accounts Offers complimentary arbitrage rebate reporting services for invested bond proceeds for eligible Participants
City of Menifee Staff Report
CalFIT Stable Value Local Government Investment Pool
September 14, 2026
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CalFIT is also the only JPA LGIP currently based and managed in the State of California. City staff envisions utilizing CalFIT for its operating cash in order to diversify its liquidity options and enhance its return potential.
As with all other LGIPs, all expenses of the Pool are deducted from the Pool’s yield. There are no out-of-pocket expenses for money invested in CalFIT.
FISCAL IMPACT
There is no fiscal impact associated with the recommended action.
ATTACHMENTS
1. CalFIT Stable Value Pool Fact Sheet as of July 31, 2026