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<br /> <br />Yield spreads between U.S. treasuries and agencies narrowed during the quarter and <br />as a result, PFMAM took the opportunity to add treasuries. Looking ahead to the next <br />quarter, PFMAM will continue to increase diversification and earnings potential and look <br />for opportunities in the corporate sector, including corporate notes and commercial <br />paper, with issuers in the financial industry where capital is strong and valuations are <br />fair. <br /> <br />PFMAM has provided an in-depth market summary and discussion on their investment <br />strategy and outlook in the attached investment report. <br /> <br />ALTERNATIVES <br />The Council can ask staff to provide the investment report in a different format, or to <br />include different information; staff could return at a future Council meeting with an <br />updated report. <br /> <br />FISCAL IMPACT <br />The City’s portfolio received $326,922 in interest earnings over the last quarter. All <br />interest earnings are allocated monthly through a preset methodology that spreads <br />interest to the appropriate funds. Fees for PFM’s services during this period which <br />began in mid-August 2016 are $9,125.16. <br /> <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under CEQA as defined in CEQA Guidelines, section <br />15378, because it has no potential for resulting in either a direct or foreseeable physical <br />change in the environment. <br /> <br />SYLVIA BRAVO PETERS <br />MANAGEMENT ANALYST/DEPUTY TREASURER <br /> <br /> <br />KIMBRA MCCARTHY <br />ASSISTANT CITY MANAGER/TREASURER <br /> <br />6.1.C. - Page 2