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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />NOVEMBER 19, 2019 <br />TITLE: <br />RECEIVE AND FILE QUARTERLY REPORT <br />OF INVESTMENTS AS OF SEPTEMBER 30, <br />2019 <br />{STRATEGIC PLAN NO. 4, 1D} <br />/s/ Kristine Ri <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ <br />As Recommended <br />❑ <br />As Amended <br />❑ <br />Ordinance on 1sl Reading <br />❑ <br />Ordinance on god Reading <br />❑ <br />Implementing Resolution <br />❑ <br />Set Public Hearing For <br />CONTINUED TO <br />911:8011111V1.101N <br />Receive and file quarterly report of investments as of September 30, 2019. <br />DISCUSSION <br />California Code Section 53646 (b) states that if a quarterly report is rendered to the legislative <br />body, the quarterly investment report shall be submitted within 30 days following the end of the <br />quarter covered by the report. In an effort to meet the statutory requirement, Finance & <br />Management Services Agency submitted the Report via email for review and distribution to the <br />City Council in advance. The report was emailed for distribution on October 25, 2019. The <br />legislation specifies that this quarterly report contain the seven major elements listed below: <br />2. <br />3. <br />4. <br />5. <br />6. <br />Type of investments, <br />Date of maturity, <br />Par and dollar amounts <br />invested in each security, <br />Weighted average maturity of the investments, <br />Market value as of the date of the report, <br />Source of the market value information, and <br />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 />The attached Treasurer's Report (Exhibit 1) accurately reflects all pooled investments held on <br />behalf of the City as of September 30, 2019. <br />