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Agenda Item No: 4. c
Meeting Date: February 2, 2015
SAN RAFAEL CITY COUNCIL AGENDA REPORT
Department: FINANCE
Prepared by: Van Bach
Accounting Manager 1
City Manager Approval: �_
SUBJECT: QUARTERLY INVESTMENT REPORT
RECOMMENDATION: ACCEPT INVESTMENT REPORT FOR THE QUARTER ENDING
DECEMBER 31, 2014, 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 16, 2014, 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 LAIF with
the assistance of its investment advisor, Cutwater Asset Management.
ANALYSIS:
As of December 31, 2014, one of the LAIF account had a balance of $28,569,488. The other LAIF
account containing housing funds for future administrative expenses contains $143,425. Portfolio
returns on LAW deposits were approximately .27% at quarter end. The remaining investment assets
included the $1,641,500 balance of Pt. San Pedro Assessment District bonds, and $10,376,898 in
government agency securities and corporate bonds (including T -Note, FHLB, GE, Toyota and IBM
Corp). The overall portfolio return for December 2014 was .48%.
The City's Westamerica account had a balance of $12,487,571 at quarter end.
Exhibit A is composed of the three monthly reports summarizing the City's investments for the quarter
ending December 31, 2014.
FOR CITY CLERK ONLY
File No.: _ 9- -/�5 )" g -
Council Meeting: ;4.2-I2 0 f
Disposition: Gt cca-pL .L. R-f',AL-
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
WAManagement Services- WorkFile\Finance- WorkFile\Council Material\Staff Reports\2013\City\cityinvrp123114.doc
SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 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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