19D - QUARTERLY REPORT OF INVESTMENTS

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REQUEST FOR COUNCIL ACTION uT - CITY COUNCIL MEETING DATE: CLERK OF COUNCIL USE ONLY: NOVEMBER 15, 2010 TITLE: APPROVED ? As Recommended QUARTERLY REPORT OF INVESTMENTS AS OF ? As Amended SEPTEMBER 30, 2010 ? Ordinance on 15t Reading ? Ordinance on 2nd Reading ? Implementing Resolution ? Set Public Hearing For l: CONTINUED TO FILE NUMBER CITY MANAGER 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 seven major elements listed below: • 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. State statutes require that a quarterly report be presented at a Council meeting; however, our office continues to provide this information monthly. The information is 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 September 30, 2010. 19D-1