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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />FEBRUARY 5, 2019 <br />TITLE: <br />RECEIVE AND FILE QUARTERLY <br />REPORT OF INVESTMENTS AS OF <br />DECEMBER 31, 2018 <br />{STRATEGIC PLAN NO. 4, 1D} <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1" Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />Receive and file the Quarterly Report of Investments for the period ending December 31, 2018. <br />DISCUSSION <br />In 1995, the State of California enacted legislation revising the reporting requirements relative to <br />investment of funds by governmental agencies. California Code Section 53646 (b) states that if <br />a quarterly report is rendered to the legislative body, the quarterly report shall be submitted within <br />30 days following the end of the quarter covered by the report. In an effort to meet the statutory <br />requirement, Finance & Management Services Agency submits the Report via email for review <br />and distribution to the City Council in advance. The report was emailed for distribution on January <br />28, 2019. The legislation specifies that this quarterly report contain the seven major elements <br />listed below: <br />1. Type of investments, <br />2. Date of maturity, <br />3. Par and dollar amounts invested in each security, <br />4. Weighted average maturity of the investments, <br />5. Market value as of the date of the report, <br />6. Source of the market value information, and <br />7. Any funds, investments or programs, including loans, <br />under the management of contracted parties. <br />These specifications include a statement outlining the ability of the City to meet the budgeted <br />expenditures for the subsequent six months be submitted to the City Council on a quarterly basis. <br />Staff performs an end -of -month expenditure analysis to comply with the expenditure requirement <br />and a statement confirming the ability to meet this requirement in the monthly and quarter -ending <br />Treasurer's Report. The information is in compliance with State law and the City's Investment <br />Policy. <br />19E-1 <br />