HomeMy WebLinkAbout19D - RECEIVE AND FILE INVESTMENTS QRTLY REPORTREQUEST FOR
COUNCIL ACTION
CITY COUNCIL MEETING DATE:
FEBRUARY 18, 2020
TITLE
RECEIVE AND FILE QUARTERLY
REPORT OF INVESTMENTS AS OF
DECEMBER 31, 2019
CLERK OF COUNCIL USE ONLY:
APPROVED
❑ As Recommended
❑ As Amended
❑ Ordinance on 11' Reading
❑ Ordinance on 2ntl 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 is rendered to the legislative
body, 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 January 23, 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
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 December 31, 2019.
19D-1
Quarterly Report of Investments
February 18, 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 December 31, 2019.
Amount
Portfolio
COSA
State
Type of Investment
Invested $
%
Policy
Law
Limits %
Limits %
Certificate of Deposit CD
$1,734,000.00
0.73%
30%
30%
Federal Farm Credit Bank (FFCB)
$45,386,710.25
16.41 %
None
None
Federal Home Loan Bank FHLB
$85,763,485.45
31.01%
None
None
Federal Home Loan Mortgage Corp.
$72,003,674.60
26.03%
FHLMC
None
None
Federal National Mortgage Association
$28,966,790.00
10.47%
None
None
FNMA
Local Agency Investment Fund (LAIF)
$42,735,030.37
15.45%
None
None
sub -total
$276,589,690.67
100%
Cash
$40,337,026.02
Total
$316,926,716.69
Restricted Cash
Amount
Restricted Cash"
$177,088.85
Total
$177, 088.85
'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)
The following two tables represent, as of December 31, 2019: (1) the aggregate Average Market
Yield To Date (AMTD); and (2) the breakdown of by investment type.
Aggregate Average Market Yield To Date
Average Month To Date (AMTD) 1 2.041 %
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
1.800%
0.63%
0.01%
LAIF
$42,735,030.37
2.103%
15.45%
0.32%
Federal Agency Securities
$232,120,660.30
2.031%
83.92%
1.70%
Total
$276,589,690.67
2.041 %
100.00%
2.041 %
19 D-2
Quarterly Report of Investments
February 18, 2020
Page 3
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.
Kathryn Downs, CPA
Executive Director
Finance and Management Services Agency
Exhibit: 1. Treasurer's Report
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