HomeMy WebLinkAboutFin Investment Report 2014.0344,
Prepared by: Van Bach
Accounting Manager
Agenda Item No: 4. e
Meeting Date: May 5, 2014
City Manager Approv
SUBJECT: QUARTERLY INVESTMENT REPORT
RECOMMENDATION: ACCEPT INVESTMENT REPORT FOR THE QUARTER ENDING
Pursuant to the State of California Government Code Section 53601 and the City's investment policy,
last reviewed and approved by Council on June 3, 2013, 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
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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 LAIF with
the assistance of its investment advisor, Cutwater Asset Management.
ANALYSIS:
As of March 31, 2014, the LAIF account had a balance of $30,516,686. Portfolio returns on LAIF
dollars are approximately quarter end. The remag investment assets included the
$1,697,400 balance of Pt. San Pedro Assessment District bonds, and $2,513,345 in government
agency securities (including FFCB, FNMA and FHLMC). The overall portfolio return for March 2014
was.56%.
The City's West America account had a balance of $11,715,273 at quarter end.
Exhibit A is composed of the three monthly reports summarizing the City's investments for the quarter
ending March 31, 2014. The reports for January and February were prepared by the City. The March
report was prepared by the City's investment advisor.
FOR CITY CLERK ONLY
Council Meeting:
Disposition: a ( U
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SAN RAFAEL CITY COUNCIL AGENDA REPORT / Paim. 2
No financial impact occurs by adopting the report. The City continues to meet the priority principles of
safety, liquidity and yield in respective order. The portfolio remains conservatively invested.
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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
-A,,ayment of bond principal and interest.
The City Council should adopt the report as presented in order to satisfy current State Investment
Code requirements and City policy.
Attachment
TREASURER'S CERTIFICATION
CERTIFY 1 ALL INVESTMENTS
MADE ARE IN
CONFORMANCE
OR1
APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS
SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS
PERIOD.
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