8L
Date: November 19, 2024
To: Honorable Mayor and Members of the City Council
From: Tim Goodrich, City Treasurer
By: Jasmine Allen, Deputy City Treasurer | [email protected] Subject: City Treasurer – Accept and File Investment Report for the Month of September 2024. Expenditure: None.
RECOMMENDATION
Recommendation of the City Treasurer that City Council accept and file the Investment Report for the month of September 2024.
FUNDING
Not required.
DISCUSSION
On May 21, 2024, your Honorable Body adopted Resolution No. 2024-24 establishing the City’s 2024 Statement of Investment Policy (Investment Policy). The City’s Investment Policy requires the City Treasurer to report a monthly statement of investment activity.
Monthly Investment Report Summary
The City's investment objectives, in order of priority, shall be: (1) Safety which is investing in the highest quality securities; (2) Liquidity which can be converted into cash and necessary to meet our cash flow disbursement requirements; and (3) Yield which is earning a higher yield than the market rate of return.
September 2024 Investment Report
City’s portfolio yielded 4.489% for September, a slight increase of 0.7 basis points over the previous month. The fiscal year-to-date earnings are $3,448,596.36.
As of September 30, 2024, the ending balance of total funds was $328,138,464, a slight decrease of $2,009,616 from the previous month, which included investments of $307,983,569 and cash of $20,154,895. The funds described in the investment report are distributed amongst our various major fund categories as follows:
City Council
November 19, 2024
For the month of September, California Asset Management Program (CAMP)’s balance was $78M, earning a yield of 5.290%. The Local Agency Investment Funds (LAIF)’s yield remains lower, at 4.575%. Staff continue to monitor these rates relative to the cash flow needs of City operations and invest the funds accordingly.
No new fixed income instruments were purchased during the month. Seven investments totaling $20.5M were matured or called, with an average yield of 4.212%.
The City is in compliance with California Government Code Section 53646 which requires the local agency to report on its ability to meet pooled expenditure requirements for the next six (6) months. Over the next 6 months, cash, cash equivalents (LAIF, CAMP, Sweep Money Market) and projected inflows exceed projected cash outflows by $164.8M.
Investment Committee Members
The Investment Committee members include the City Manager, City Attorney, Finance Director, City Treasurer, and Deputy City Treasurer, as created by your Honorable Body. The Committee has reviewed the attached investment report (Attachment 1).
ATTACHMENTS
1.Monthly Investment Report for September 2024
Fund Category Grand Total
Capital Improvement Fund 22,088,149
Enterprise Funds 117,842,059
Fiduciary Funds 9,105,164
General Fund 36,272,018
Internal Svc - Fleet Services Fund 34,592,904
Internal Svc - OPEB Fund 11,381,749
Internal Svc - Self-Insurance Fund 16,726,982
Nonmajor Governmental Funds 79,756,300
Reconciling Adjustments: 373,139
Ending Total Bank Balances as of September 30, 2024 328,138,464 *Reconciling Adjustments include any outstanding checks, in-transit deposits, and any other outstandingtransactionsthat wouldresult inavariancebetweentheendingcashbalancesofour bank statements and our financial ledgers.