19C - QUARTERLY REPORT MARCH 2005

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REQUEST FOR COUNCIL ACTION ~ ~ CITY COUNCIL MEETING DATE: CLERK OF COUNCIL USE ONLY: MAY 2, 2005 TITLE APPROVED o As Recommended o As Amended o Ordinance on 151 Reading o Ordinance on 2nd Reading o ImplElmenting Resolution o Set Public Hearing For QUARTERLY REPORT OF INVESTMENTS AS OF MARCH 31, 2005 ~a CITY MANAGER CONTINUED TO -' FILE NUMBER RECOMMENDED ACTION Receive and file. DISCUSSION In 1995, the State of California enacted legislation revising the reporting requirements relative to investment of funds by governmental agencies. These requirements, which became effective on January 1, 1996, mandate that a statement outlining the ability of both the City and the Redevelopment Agency to meet the budgeted expenditures for the subsequent six months be submitted to the City Council on a quarterly basis. The legislation dictates that this quarterly report contain the following seven major elements: Type of investments; Date of maturity; Par and dollar amounts invested in each security; Weighted average maturity of the investments; Market value as of the date of the report; Source of the market value information; and Any funds, investments or programs, including loans, under the management of contracted parties. The Finance and Management Services Executive Director has historically prepared a monthly report of investments. This office will continue to provide this information monthly; however, a quarterly report of investments will be presented at a regular council meeting. In compliance with State law and the City's Investment Policy, the attached report (Exhibit 1) accurately reflects all pooled investments held on behalf of the City and Redevelopment Agency as of December 31, 2004. 19C-1