HomeMy WebLinkAbout19D - RECEIVE AND FILE QRTLY REPORT OF INVESTMENTSREQUEST FOR
COUNCIL ACTION
CITY COUNCIL MEETING DATE:
MAY 19, 2020
TITLE
RECEIVE AND FILE QUARTERLY REPORT
OF INVESTMENTS AS OF MARCH 31, 2020
CLERK OF COUNCIL USE ONLY:
❑ As Recommended
❑ As Amended
❑ Ordinance on 1s' Reading
❑ Ordinance on 2nd Reading
❑ Implementing Resolution
❑ Set Public Hearing For_
CONTINUED TO
/s/Kristine Ridge FILE NUMBER
CITY MANAGER
RECOMMENDED ACTION
Receive and file.
DISCUSSION
California Code Section 53646 (b) states that if a quarterly report of investments is rendered to the
legislative body of a local agency (such as a city's city council), the quarterly investment report
shall be submitted within 30 days following the end of the quarter covered by the report. In an effort
to meet the statutory requirement, Finance & Management Services Agency submits the Report
via email for review and distribution to the City Council in advance. The report was emailed for
distribution on April 28, 2020. 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.
The attached Treasurer's Report (Exhibit 1) accurately reflects all pooled investments held on
behalf of the City as of March 31, 2020.
19D-1
Quarterly Report of Investments
May 19, 2020
Page 2
The following two tables represent: (1) percentage limits set by the City's Investment Policy and
State Law and shows respective City investment portfolio investment types, amounts, and
percentages; and (2) the restricted cash balance as of March 31, 2020.
COSA
State
Amount
Portfoli
Polic
Law
Type of Investment
Invested $
o /o
y
Limit
Limit
S �o
S %
Certificate of Deposit (CD)
$1,734,000.00
0.73%
30%
30%
Federal Farm Credit Bank (FFCB)
$30,186,710.25
11.01%
None
None
Federal Home Loan Bank (FHLB)
$53,464,508.33
19.49%
None
None
Federal Home Loan Mortgage Corp. (FHLMC)
$81,005,474.60
29.54%
None
None
Federal National Mortgage Association
$33,201,540.00
12.11%
None
None
FNMA
Local Agency Investment Fund (LAIF)
$74,655,967.55
27.22%
None
None
subtotal
$274,248,200.7
100%
3
Cash
$66,816,792.11
Total
$341,064,992.8
4
Restricted Cash t,
1 $146,521.08
Total
1 $146, 521.08
t Restricted cash is held by a Trustee, Bank of New York Mellon, and is segregated from cash
used for daily operations. (exp. Bond reserve funds)
19 D-2
Quarterly Report of Investments
May 19, 2020
Page 3
The following City investment portfolio graph represents percentages within the respective
investment types as of March 31, 2020:
CD
73%
FNA
12.1
FFCB
11.01 %
29.54%
■ Certificate of Deposit (CD)
■ Federal Farm Credit Bank
(FFCB)
Federal Home Loan Bank
(FHLB)
■ Federal Home Loan Mortgage
Corp. (FHLMC)
Federal National Mortgage
Association (FNMA)
Aggregate Average Market Yield To Date
Average Month To Date (AMTD) 11.95%
Breakdown by
Type of Investment
Par Value
of Investments
Yield to
Maturity
% of
Portfolio
Average
Market Yield
to Date
Certificate of Deposits
$1,734,000.00
1.80%
0.63%
0.01%
LAIF
$74,655,967.55
1.75%
27.22%
0.48%
Federal Agency
Securities
$198,132,000.00
2.02%
72.15%
1.46%
Total
$274,521,967.55
1.95%
100.00%
1.95%
STRATEGIC PLAN ALIGNMENT
Approval of this item allows the City to meet Goal #4 - City Financial Stability, Objective #1
(maintain a stable, efficient and transparent financial environment), Strategy D (develop a fiscal
health analysis tool that informs a department of its financial position in order to assist in its
decision making process).
FISCAL IMPACT
There is no fiscal impact associated with this action.
Exhibit: 1. Treasurer's Report
No
19 D-3
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