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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />FEBRUARY 3, 2015 <br />TITLE: <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 2nd 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 reporting requirements relative to <br />investment of funds by governmental agencies. State statutes require that a quarterly report be <br />submitted within 30 days following the end of the quarter covered by the report; however, our <br />office continues to provide this information to the City Council monthly. Quarter- ending reports <br />continue to be presented at a City Council meeting. The legislation dictates that this quarterly <br />report contain the seven major elements listed below: <br />1. Type of investments, <br />2. Date of maturity, <br />3. Par and dollar amounts invested in each security, <br />4. Weighted average maturity of the investments, <br />5. Market value as of the date of the report, <br />6. Source of the market value information, and <br />7. Any funds, investments or programs, including loans, <br />under the management of contracted parties. <br />These requirements, which became effective on January 1, 1996, mandate that a statement <br />outlining the ability of the City to meet the budgeted expenditures for the subsequent six months <br />be submitted to the City Council on a quarterly basis. Staff performs an end -of -month <br />expenditure analysis to comply with the expenditure requirement and a statement confirming the <br />ability to meet this requirement in the monthly -and quarter- ending Treasurer's Report. The <br />information is in compliance with State law and the City's Investment Policy. <br />19D -1 <br />