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6.F. - Page 3 of 39 <br />PFM will continue to monitor incoming economic data, federal policy, and sector relationships to identify <br />market opportunities. PFM has provided an in-depth market summary and discussion on their investment <br />strategy and outlook in the attached investment report. <br />FISCAL IMPACT <br />The City's portfolio received $1,258,603 in net interest earnings over the last quarter. All interest earnings <br />are allocated monthly through a preset methodology that spreads earnings to the appropriate funds. Fees <br />for PFM's services during this period were $24,171, and are deducted from the total interest earnings. <br />There is no additional budget appropriation required. <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under California Environmental Quality Act (CEQA) as defined in CEQA <br />Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably <br />foreseeable indirect physical change in the environment. <br />PUBLIC NOTICE <br />Public Notification was achieved by posting the agenda, with the agenda items being listed, at least 72 <br />hours prior to the meeting. After approval, the Quarterly Investment Report will be posted on the City <br />Website under Financial Information — Investments at the following link: Redwood City Investments <br />ALTERNATIVES <br />The Council can ask staff to provide the investment report in a different format, or to include different <br />information. Staff could return at a future Council meeting with an updated report. <br />ATTACHMENTS <br />Attachment A: PFM Asset Management Investment Performance Review <br />REPORT PREPARED BY: <br />Sylvia Bravo Peters, Deputy Treasurer / Principal Analyst - Finance <br />speters@redwoodcity.org <br />(650) 780-7073 <br />APPROVED BY: <br />Kimbra McCarthy, Assistant City Manager and Administrative Services Director <br />Melissa Stevenson Diaz, City Manager <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />131 <br />