Laserfiche WebLink
6.A. - Page 4 of 49 <br />indicates that only 7.2% of the portfolio is expected to mature within the next year, PFM's strategy has <br />been, and will be, to focus on security safety and liquidity, and they will continue to actively manage the <br />portfolio in an effort to safely achieve market value growth over the long-term. <br />PFM has provided an in-depth market summary and discussion on their investment strategy and outlook <br />in the attached investment report. <br />FISCAL IMPACT <br />The City's portfolio received $1,165,982 in net interest earnings over the reporting period, down from <br />$1,968,891 forthe quarter ended September 30, 2020. All interest earnings are allocated monthly through <br />a preset methodology that spreads earnings to the appropriate funds. Fees for PFM's services during this <br />period were $26,169 and are deducted from the total interest earnings. There is no additional budget <br />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 Investment Report will be posted on the City Website <br />under Financial Information — Investments at the following link: Redwood City Investments <br />ALTERNATIVES <br />The City Council can ask staff to provide the investment report in a different format, or to include <br />different information. Staff could return at a future Council meeting with an updated report. <br />ATTACHMENTS <br />Attachment A — PFM Asset Management Investment Performance Review for the quarter ended <br />December 31, 2020 <br />Page 4 of 5 <br />AL . <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />12 <br />