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<br />CITY COUNCIL MEETING DATE: <br /> <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />FEBRUARY 5, 2007 <br /> <br />TITLE <br /> <br />c.Y <br /> <br />rL.aa <br /> <br />APPROVED <br /> <br />o As Recommended <br />o As Amended <br />o Ordinance on 1" Reading <br />o Ordinance on 20' Reading <br />o Implementing Resolution <br />o Set Public Hearing For <br /> <br />QUARTERLY REPORT OF INVESTMENTS AS OF <br />DECEMBER 31, 2006 <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />CITY MANAGER <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 the following <br />seven major 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 />Source of the market value information; and <br />Any funds, investments or programs, including loans, under the <br />management of contracted parties. <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 <br />compliance with State law and the City's Investment POlicy, the attached <br />report (Exhibit 1) accurately reflects all pooled investments held on <br />behalf of the City and Redevelopment Agency as of December 31, 2006. <br /> <br />19C-1 <br />