8F
Date: February 25, 2025
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 December 2024. Expenditure None.
RECOMMENDATION
Recommendation of the City Treasurer that City Council accept and file the Investment Report for the month of December 2024.
FUNDING
None 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.
December 2024 Investment Report
City’s portfolio yielded 4.322% for December, a decrease of 8.5 basis points over the previous month. The fiscal year-to-date earnings were $6,870,452.
As of December 31, 2024, the ending balance of total funds was $335.1M, an increase of $13.8M from the previous month, which included investments of $315.9M and cash of $19.2M. The increase was largely due to property tax repayment. The funds described in the investment report are distributed amongst our various major fund categories as follows:
1 City Council
February 25, 2025
For the month of December, California Asset Management Program (CAMP)’s balance was $74M, earning a yield of 4.730%. The Local Agency Investment Funds (LAIF)’s yield remains lower, at 4.434%. Staff continue to monitor these rates relative to the cash flow needs of City operations and invest the funds accordingly.
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 $159.8M.
ATTACHMENT
1. Monthly Investment Report for December 2024
2 Agenda Item 8F – Attachment 1 – Monthly Investment Report for December 2024
MATERIAL AVAILABLE
ITEM WILL BE POSTED PRIOR TO CITY COUNCIL MEETING
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