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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />AUGUST 6, 2007 <br />TITLE: <br />QUARTERLY REPORT OF INVESTMENTS AS OF <br />JUNE 30, 2007 <br />_, <br />~~ ~~~ <br />CITY MANAGER <br />RECOMMENDED ACTION <br />Receive and file. <br />DISCUSSION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 1~` Reading <br />^ Ordinance on 2ntl Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <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 />- 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 />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 June 30, 2007. <br />19D-1 <br />