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6.B. - Page 1 of 39 <br />/<�ik <br />Redwood <br />CitylCallifornia <br />Faunded 1867 <br />A,&/ <br />DATE: January 13, 2020 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />Investment report for period ending September 30, 2019 <br />RECOMMENDATION <br />From the City Manager <br />By motion, approve the City's quarterly investment report for the period ending September 30, 2019. <br />STRATEGIC INITIATIVE <br />Government Operations <br />BACKGROUND <br />The City has an investment portfolio that consists of reserves and fund balances held by the City for <br />general operations, capital projects, utilities, and various other special purpose funds. <br />In June 2016, the City Council adopted an investment policy that requires staff to provide an Investment <br />Report to Council at a public meeting. Additionally, the City hired an investment manager, PFM Asset <br />Management LLC (PFM), to manage the City's funds pursuant to the newly adopted policy. The City's <br />primary investment objectives continue to be safety, liquidity, and return on investment (yield), in that <br />order. <br />The attached report represents all areas in which City invests funds, excluding trust funds and bond <br />proceeds held with a trustee. <br />Page 1 of 4 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />47 <br />