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REQUEST FOR <br />COUNCIL ACTION <br /> <br />CITY COUNCIL MEETING DATE: <br /> <br />February 2, 2004 <br />TITLE: <br /> <br />QUARTERLY REPORT OF <br />INVESTMENTS AS <br />OF DECEMBER 31, 2003 <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />APPROVED [] As Recommended <br /> [] As Amended <br /> [] Ordinance on Ist Reading <br /> [] Ordinance on 2nd Reading <br /> [] Implementing Resolution <br /> [] Set Public Hearing For <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />Receive and file. <br /> <br />DISCUSSION <br /> <br />In 1995, the State of California enacted legislation revising the <br />reporting requirements relative to investment of funds by governmental <br />agencies. These requirements, which became effective on January 1, 1996, <br />mandate that a statement outlining the ability of both the City and the <br />Redevelopment Agency to meet the budgeted expenditures for the subsequent <br />six months be submitted to the City Council on a quarterly basis. The <br />legislation dictates that this quarterly report contain seven major <br />elements: <br /> <br />Type of investments; <br />Date of maturity; <br />Par and dollar amounts 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 />management of contracted parties. <br /> <br />under the <br /> <br />The Finance and Management Services Executive Director has historically <br />prepared a monthly report of investments. This office will continue to <br />provide this information monthly; however, a quarterly report of <br />investments will be presented at a regular council meeting. In compliance <br />with State law and the City's Investment Policy, the attached report <br />(Exhibit 1) accurately reflects all pooled investments held on behalf of <br />the City and Redevelopment Agency as of December 31, 2003. <br /> <br />Page 13 19.C. <br /> <br /> <br />