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season slowdown dynamic temporarily widens the spread, it can provide additional <br />investment opportunities. PFM will continue to monitor incoming economic data, federal <br />policy, and sector relationships to identify market opportunities. <br /> <br />PFM 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 $761,699 in net interest earnings over the last quarter. All <br />interest earnings are allocated monthly through a preset methodology that spreads <br />earnings to the appropriate funds. Fees for PFM’s services during this period were <br />$23,440, and are deducted from the total interest earnings. <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 reasonably <br />foreseeable indirect physical change in the environment. <br /> <br /> <br /> <br /> <br />SYLVIA BRAVO PETERS <br />DEPUTY TREASURER <br /> <br /> <br /> <br />KIMBRA MCCARTHY <br />TREASURER / ASSISTANT CITY MANAGER – ADMINISTRATIVE SERVICES <br /> <br /> <br /> <br />6.1.B. - Page 3