Agenda Item
City Council
Item #: 3.4. 3/8/2022 File #: 22-0119
TO: Honorable Mayor and Members of the City Council
THRU: Thomas R. Hatch, Interim City Manager
FROM: Richard A. Rohm, City Treasurer
Will Kolbow, Assistant City Manager/Administrative Services Director
1. SUBJECT
Investment Oversight Committee report for the period ending February 28, 2022.
2. SUMMARY
This report summarizes the activity of the Investment Oversight Committee.
3. RECOMMENDED ACTION
Receive and file.
4. FISCAL IMPACT
None.
5. STRATEGIC PLAN GOALS
Goal 2: Be a fiscally healthy community
d: Effectively manage and develop City assets.
6. DISCUSSION AND BACKGROUND
As required by the Orange Municipal Code Section 2.50.020, the Investment Oversight Committee reports to the City Council summarizing the Committee meetings and submitting any recommendations of the Investment Advisory Committee.
Since the last Investment Oversight Committee Report, the Investment Oversight Committee held a meeting on February 23. 2022. This meeting was combined with the Investment Advisory Committee meeting. The purpose of this meeting was to review current investment activity and to discuss related Treasury issues.
Following is a summary of the specific items discussed at this meeting:
· Investment Rates and Portfolio Updates - Rate reports were presented for the period December 2020 through December 2021. There were discussions regarding the interest rate environment with Chandler Asset Management (Chandler), the City’sInvestment Management firm, as there are high expectations that the Federal government will raise rates during the latter part of 2022. In addition, attention was given to the recent interest rate trends in both the U.S. Treasury market and in the Local Agency Investment Fund (LAIF). An update on the investment portfolio was also presented.
· Treasurer’s Investment Reports - The investment activity for the months of October, City of Orange Printed on 3/3/2022Page 1 of 2
powered by Legistar™
Item #: 3.4. 3/8/2022 File #: 22-0119
· Treasurer’s Investment Reports - The investment activity for the months of October, November, and December 2021, and the City’sposition in each category of investment that includes Treasuries, Agencies, and Pooled Investments was discussed. This report was also on the City Council agenda for the February 8 meeting as item 3.20. Chandler prepared a presentation to the Committee regarding their investment report through January 31, 2022. · Investment Policy Update - Chandler provided an analysis to the Investment Oversight and Advisory Committees regarding proposed changes to the Investment Policy, both committees approved all but one of said changes. Staff will be preparing a report with the proposed changes at the April City Council meeting.
· Economic Updates - Staff gave a brief economic update and Chandler provided their economic update from an investment purview.
7. ATTACHMENTS
· Monthly Treasurer’sReports for October, November, and December 2021 (February 8, 2022, City Council Staff Report)
· Investment Report Period Ending January 31, 2022
City of Orange Printed on 3/3/2022Page 2 of 2
powered by Legistar™