19D - QUART REPORT OF INVESTMENTS

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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: FEBRUARY 20, 2018 TITLE: RECEIVE AND FILE QUARTERLY REPORT OF INVESTMENTS AS OF DECEMBER 31, 2017 (STRATEGIC PLAN NO. 4, 1D) t� CI MANAGER RECOMMENDED ACTION CLERK OF COUNCIL USE ONLY: APPROVED ❑ As Recommended ❑ As Amended ❑ Ordinance on 1� Reading ❑ Ordinance on 2nd Reading ❑ Implementing Resolution ❑ Set Public Hearing For CONTINUED TO FILE NUMBER Receive and file the quarterly report of investment as of December 31, 2017. DISCUSSION In 1995, the State of California enacted legislation revising the reporting requirements relative to investment of funds by governmental agencies. California Code Section 53646 (b) states that if a quarterly report is rendered to the legislative body, the quarterly report shall be submitted within 30 days following the end of the quarter covered by the report. The legislation specifies that this quarterly report contain the seven major elements listed below: 1. Type of investments, 2. Date of maturity, 3. Par and dollar amounts invested in each security, 4. Weighted average maturity of the investments, 5. Market value as of the date of the report, 6. Source of the market value information, and 7. Any funds, investments or programs, including loans, under the management of contracted parties. These specifications include a statement outlining the ability of the City to meet the budgeted expenditures for the subsequent six months be submitted to the City Council on a quarterly basis. Staff performs an end -of -month expenditure analysis to comply with the expenditure requirement and a statement confirming the ability to meet this requirement in the monthly and quarter -ending Treasurer's Report. The information is in compliance with State law and the City's Investment Policy. 19D-1