HomeMy WebLinkAboutFin Investment Report 2015.06Crry 0,�:
Agenda Item No: 3. c
Meeting Date: August 3, 2015
SAN RAFAEL CITY COUNCIL AGENDA REPORT
Department: FINANCE
Prepared by: Van Bach City Manager Approval:
Accounting Manager
SUBJECT: QUARTERLY INVESTMENT REPORT
RECOMMENDATION: ACCEPT INVESTMENT REPORT FOR THE QUARTER ENDING
JUNE 30, 2015, AS PRESENTED
BACKGROUND:
Pursuant to the State of California Government Code Section 53601 and the City's investment policy,
last reviewed and approved by Council on June 15, 2015, staff provides the governing body a report on
the City's investment activities. The report outlines the investment activity for the preceding quarter.
Included on the report are the cost of each investment, the interest rates (yield), maturity dates, and
market value. Separate schedules are prepared for both the City and the Successor Agency to San
Rafael Redevelopment Agency.
Since December 2011, the City's pooled funds not used for current operations have been invested
almost exclusively in the Local Agency Investment Fund (LAIF), a State-run investment pool. The one
exception to this was a $1,750,000 investment in assessment district bonds. Beginning in March 2014,
the City returned to an investment strategy that included purchases of securities outside of LAW with
the assistance of its investment advisor, Cutwater Asset Management.
ANALYSIS:
As of June 30, 2015, one of the LAW accounts had a balance of $28,607,131. The other LAIF account
containing housing funds for future administrative expenses contained $143,609. Portfolio returns on
LAIF deposits were approximately .28% at quarter end. The remaining investment assets included the
$1,641,500 balance of Pt. San Pedro Assessment District bonds, and $14,875,425 in government
agency securities and corporate bonds (including T -Note, FHLB, GE, FHLML, FFCB, FNMA, Toyota,
John Deere Capital and IBM Corp). The overall portfolio return for June 30, 2015 was .48%.
The City's Westamerica account had a balance of $17,966,523 at quarter end.
Exhibit A is composed of the three monthly reports summarizing the City's investments for the quarter
ending June 30, 2015.
FOR CITY CLERK ONLY
File No.: 4S_ f 9 x S —1
Council Meeting: 41611or5
Disposition: __ Q'Cc�
SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2
FISCAL IMPACT:
No financial impact occurs by adopting the report. The City continues to meet the priority principles of
investing - safety, liquidity and yield in respective order. The portfolio remains conservatively invested.
Sufficient liquidity exists to meet daily operating and capital project requirements for the next six
months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the
payment of bond principal and interest.
OPTIONS/ACTION REQUIRED:
The City Council should adopt the report as presented in order to satisfy current State Investment
Code requirements and City policy.
Attachment
WAlanagement services- WorkFile\Finance- WorkFile\Council Material\Staff Repo rts\201 3\City\cityi nvrp3311 5. d oc
SAN RAFAEL CITY COUNCIL AGENDA REPORT / Pa2e: 3
TREASURER'S CERTIFICATION
I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY'S
APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS
SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT
SIX-MONTH PERIOD.
MARK MOSES
FINANCE DIRECTOR
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