Laserfiche WebLink
REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />AUGUST 18, 2020 <br />TITLE: <br />RECEIVE AND FILE QUARTERLY REPORT <br />OF INVESTMENTS AS OF JUNE 30, 2020 <br />(NO FISCAL IMPACT) <br />/s/Kristine <br />CITY MANAGER <br />CLERK OF COUNCIL USE ONLY: <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 111 Reading <br />❑ Ordinance on 2ntl Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />RECOMMENDED ACTION <br />Receive and file Quarterly Report of Investments as of June 30, 2020. <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 submits the report via email for review and distribution to the City <br />Council in advance. The report was emailed for distribution on July 23, 2020. The legislation <br />specifies that this quarterly report contain the seven major elements 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 <br />7. Any funds, investments or programs, including loans, under the management of contracted <br />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 June 30, 2020. <br />19D-1 <br />