CITY OF PALO ALTO
MONTHLY INVESTMENT ACTIVITY REPORT
August 2024 (Unaudited)
TO: Honorable City Council
Report Posted at the City’s Website: www.cityofpaloalto.org/investmentreporting Above Link on Council Agenda of October 7, 2024
______________________________________________________________________
The City’s Investment Policy1 (Policy) and California Government Code Section 53607 requires that a report of transactions (investments, reinvestment, sold, and exchanged securities) be made available to the Council on a monthly basis.
The attached list of transactions (Attachment A) also includes, though not required by the Policy or the government code, security maturities and cash movement activity in the City’s two liquid operating cash pool accounts (Local Agency Investment Fund or LAIF and Fidelity accounts). Liquid cash are available on a daily basis but are invested by the two entities in a range of securities (e.g., treasuries, federal agencies, commercial paper, corporate bonds, time deposits, loans, and certificate of deposits/bank notes).
This reporting requirement is separate and distinct from the quarterly investment report submitted under California Government Code Section 53646 that includes portfolio composition, a detailed list of all securities, performance compared to the Policy, overall compliance with the Policy, and the City’s ability to meet expenditure requirements over the next six months.
Prepared by:
_______________________
Tarun Narayan
Mgr. Treasury, Debt &
Investments
________________
Date
Approved by:
_______________________
Christine Paras
Asst. Director ASD
_________________
Date
______________________
Lauren Lai
Chief Financial Officer
_________________
Date
1 https://www.cityofpaloalto.org/files/assets/public/v/1/administrative‐services/investment‐policies/adopted‐investment‐policy‐1‐39‐asd.pdf Docusign Envelope ID: 16047D34-49BA-4D30-8166-3931DB63266A 9/2/2024
9/3/2024
9/10/2024
City of Palo Alto
Activity Report
City of Palo Alto
Administration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
Sorted By Safekeeper
August 1, 2024 - August 31, 2024
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Percent
of Portfolio
Par Value
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
Safekeeper: Union Bank of California
Negotiable Certificates of Deposits
Preferred Bank LA California2047 NCD 0.002.000 08/16/2024 245,000.00740367HP5 Washington Federal2049 NCD 0.002.050 08/23/2024 245,000.00938828BJ8 Merchants State Bank2059 NCD 0.001.800 03/05/2020 245,000.00589227AG2 Firstier Bank2061 NCD 0.001.950 11/23/2021 245,000.0033766LAJ7 Celtic Bank2063 NCD 0.001.850 12/03/2019 245,000.0015118RRH2 Century Next Bank2074 NCD 0.001.700 08/30/2024 245,000.00156634AY3 1,470,000.0014,340,000.00 12,870,000.00Subtotal and Balance 0.00 Corporate Medium Term Bonds
15,500,000.00 15,500,000.00Subtotal and Balance
Federal Agency Bonds
Federal Agricultural Mortgage1867 0.002.250 08/23/2024 1,000,000.003132X0WL1 Federal Agricultural Mortgage1893 0.002.625 08/01/2024 1,000,000.003130H0AU7 Federal Agricultural Mortgage1901 0.002.625 08/01/2024 1,500,000.003130H0AU7 Fed. Home Loan Mortgage Corp.2999 Call 0.006.000 08/21/2024 1,500,000.003134H1TP8 5,000,000.00160,908,000.00 155,908,000.00Subtotal and Balance 0.00 Treasury Securities (Notes)
3,000,000.00 3,000,000.00Subtotal and Balance
Municipal Bonds
Burlingame School District1548 MUN 0.006.238 08/01/2024 120,000.00121457EQ4 Fremon Union High School Distr1646 MUN 0.006.080 08/01/2024 240,000.00357172VA0 County of Santa Clara1899 MUN 0.002.680 08/01/2024 1,460,000.00801546PJ5 Orchard School District1910 MUN 0.003.125 08/01/2024 40,000.00685585FD8 State of Tennessee2001 MUN 0.003.728 08/01/2024 205,000.00880541QU4 City of Napa Solid Waste2055 MUN 0.002.200 08/01/2024 595,000.00630337AL7 Antelope Valley Community Coll2069 MUN 0.003.026 08/01/2024 500,000.0003667PFN7 San Rafael City High Sch Distr2150 MUN 0.001.965 08/01/2024 1,755,000.00799289MR1 4,915,000.00112,477,833.13 107,562,833.13Subtotal and Balance 0.00 Portfolio CPA
AP
Run Date: 09/02/2024 - 21:49 DA (PRF_DA) 7.3.11
Report Ver. 7.3.11
Attachment A
Docusign Envelope ID: 16047D34-49BA-4D30-8166-3931DB63266A Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Percent
of Portfolio
Par Value
August 1, 2024 - August 31, 2024
Activity Report
City of Palo Alto
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
Safekeeper: Union Bank of California
Supranationals (World Bank) Bonds
26,500,000.00 26,500,000.00Subtotal and Balance
0.00 11,385,000.00332,725,833.13 321,340,833.1355.296%Safekeeper Subtotal Safekeeper: U.S. Bank
Negotiable Certificates of Deposits
Workers Fed Credit Union2749 NCD 0.005.100 08/14/2024 249,000.0098138MAX8 Machias Savings Bank2819 NCD 0.004.600 08/09/2024 249,000.00554479EK7 Wahoo State Bank2894 NCD 0.005.000 08/15/2024 249,000.00930584AC1 Bridgewater Bank Bloom MN2900 NCD 0.005.000 08/26/2024 249,000.00108622NQ0 Bankwell Bank2908 NCD 0.005.200 08/24/2024 249,000.0006654BFE6 First Capital Bank3005 NCD 0.005.150 08/15/2024 249,000.0031944ACD1 Southern States Bank3014 NCD 0.005.100 08/22/2024 249,000.00843879FP7 1,743,000.0031,872,000.00 30,129,000.00Subtotal and Balance 0.00 Corporate Medium Term Bonds
12,530,000.00 12,530,000.00Subtotal and Balance
Federal Agency Bonds
Federal Farm Credit Bank .2884 Call 0.005.800 08/21/2024 1,000,000.003133EPHA6 Federal Farm Credit Bank .2887 Call 0.005.800 08/21/2024 1,000,000.003133EPHA6 Federal Farm Credit Bank .2888 Call 0.006.080 08/08/2024 2,000,000.003133EPHJ7 Federal Home Loan Bank2902 Call 0.006.000 08/21/2024 32,258.073130AVYF3 Federal Home Loan Bank2980 Call 0.006.000 08/15/2024 1,000,000.003130AYYH3 5,032,258.0735,204,594.59 30,172,336.52Subtotal and Balance 0.00 Treasury Securities (Notes)
2,500,000.00 2,500,000.00Subtotal and Balance
Municipal Bonds
San Mateo Foster City SCH Dist2591 MUN 0.006.000 08/01/2024 375,000.00799055ME5 Foothill-De Anza Comm Clg Dist2699 MUN 0.000.575 08/01/2024 1,230,000.00345102PF8 City of Los Angeles Fin Author2947 MUN 0.007.488 08/01/2024 75,000.0054473ENT7 Upper Santa Clara Valley Water2982 MUN 0.000.827 08/01/2024 415,000.00916544ET2 2,095,000.00135,000,908.30 132,905,908.30Subtotal and Balance 0.00 Portfolio CPA
AP
Run Date: 09/02/2024 - 21:49 DA (PRF_DA) 7.3.11
Report Ver. 7.3.11
Docusign Envelope ID: 16047D34-49BA-4D30-8166-3931DB63266A Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Percent
of Portfolio
Par Value
August 1, 2024 - August 31, 2024
Activity Report
City of Palo Alto
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
Safekeeper: U.S. Bank
Supranationals (World Bank) Bonds
23,500,000.00 23,500,000.00Subtotal and Balance
0.00 8,870,258.07240,607,502.89 231,737,244.8239.877%Safekeeper Subtotal Safekeeper: Not applicable - Cash/Managed Pool Accounts LAIF & Fidelity Cash Accounts
Fidelity Investments158 6,145,428.365.150 0.00SYS158
Local Agency Investment Fund159 24,100,000.004.600 19,200,000.00SYS159 19,200,000.0017,000,950.43 28,046,378.79Subtotal and Balance 30,245,428.36 30,245,428.36 19,200,000.0017,000,950.43 28,046,378.794.826%Safekeeper Subtotal 590,334,286.45 581,124,456.74Total 39,455,258.0730,245,428.36100.000% Portfolio CPA
AP
Run Date: 09/02/2024 - 21:49 DA (PRF_DA) 7.3.11
Report Ver. 7.3.11
Docusign Envelope ID: 16047D34-49BA-4D30-8166-3931DB63266A