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6.1. - Page 1 of 38 /<;i-ik Redwood CitylCallifornia wended 1967 4W DATE: December 3, 2018 STAFF REPORT To the Honorable Mayor and SUBJECT Quarterly Investment Report for period ending September 30, 2018 City Council From the City Manager RECOMMENDATION By motion, approve the City's Quarterly Investment Report for period ending September 30, 2018 STRATEGIC INITIATIVE Government Operations BACKGROUND The City has an investment portfolio that consists of reserves and fund balances held by the City for general operations, capital projects, utilities, and various other special purpose funds. In June 2016, the City Council adopted a new investment policy that requires staff to provide a quarterly Investment Report to Council at a public meeting. Additionally, the City hired an investment manager, PFM Asset Management LLC (PFM), to manage the City's funds pursuant to the newly adopted policy. The City's primary investment objectives continue to be safety, liquidity, and return on investment (yield), in that order. The attached report represents all areas in which City invests funds, excluding trust funds and bond proceeds held with a trustee. ANALYSIS The attached investment report indicates that as of Sept. 30, 2018, funds (excluding cash with fiscal agents) from all sources were producing an annual earnings rate of 2.12%. The market value of the portfolio as of Sept. 30 was $228,169,684. This includes the funds held in the San Mateo County Treasurer's investment pool and with the State Treasurer's investment pool. All of these investments comply with the City's investment policy as of Sept. 30, 2018. The City has sufficient liquid resources available to meet expenditure requirements for the next six months. City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcitV.org 180