Laserfiche WebLink
S.B. - Page 1 of 59 <br />/<�ik <br />Redwood <br />CitylCallifornia <br />Faunded 1867 <br />Ago/ <br />DATE: April 13, 2020 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />Investment report for period ending December 31, 2019 <br />RECOMMENDATION <br />From the City Manager <br />By motion, approve the City's Investment report for period ending December 31, 2019. <br />STRATEGIC PLAN GUIDING PRINCIPLE <br />Excellence in 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. In June 2016, the <br />City Council adopted an investment policy that requires staff to provide an Investment Report to Council <br />at a public meeting. Additionally, the City hired an investment manager, PFM Asset Management LLC <br />(PFM), to manage the City's funds pursuant to the newly adopted policy. The City's primary investment <br />objectives continue to be safety, liquidity, and return on investment (yield), in that order. <br />The attached report represents all areas in which the City invests funds, excluding trust funds and bond <br />proceeds held with a trustee. <br />ANALYSIS <br />The attached investment report indicates that as of December 31, 2019, funds (excluding cash with fiscal <br />agents) from all sources were producing an annual earnings rate of 2.25%. The market value of the <br />Page 1 of 4 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />10 <br />