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REQUEST FOR <br /> <br /> COUNCIL ACTION <br /> CITY COUNCIL MEETING DATE: CLERK OF COUNCIL USE ONLY: <br /> FEBRUARY 1, 2010 <br /> TITLE: APPROVED <br /> ? As Recommended <br /> QUARTERLY REPORT OF INVESTMENTS AS OF ? As Amended <br /> ? Ordinance on 1s1 Reading <br /> DECEMBER 31 , 2009 ? Ordinance on 2"d Reading <br /> ? Implementing Resolution <br /> ? Set Public Hearing For <br /> 1 <br /> tr, ! 1 J CONTINUED TO <br /> ~j ~ FILE NUMBER <br /> V r f <br /> CITY MANAGER <br /> RECOMMENDED ACTION <br /> Receive and file. <br /> DISCUSSION <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 seven major <br /> elements listed below: <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 /> under the management of contracted parties. <br /> State statutes require that a quarterly report be presented at a Council <br /> meeting; however, our office continues to provide this information <br /> monthly. The information is in compliance with State law and the City's <br /> Investment Policy. The attached report (Exhibit 1) accurately reflects <br /> all pooled investments held on behalf of the City and Redevelopment <br /> Agency as of December 31, 2010. <br /> 19E-1 <br /> <br />