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Page 1 of 4 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />DATE: March 7, 2022 <br />SUBJECT <br />Investment Report for period ended December 31, 2021 <br />RECOMMENDATION <br />By motion, approve the City’s Investment Report for the period ended December 31, 2021. <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. <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. In July 2016, the City hired an investment manager, PFM Asset <br />Management LLC (PFM), to manage the City’s funds pursuant to the newly adopted policy. In July 2021, a <br />new agreement was entered into with PFM, after an open procurement process that yielded three <br />responses. The City’s primary investment objectives continue to be safety, liquidity, return on investment <br />(yield), and sustainability, in that order. <br />On January 24, 2022, the City Council approved and adopted the City’s updated investment policy, <br />which is reviewed annually and updated as-needed. As part of this year’s update, the primary objectives <br />were updated to include sustainability. The objective of sustainability includes encouraging investments <br />in entities that support community well-being through safe and environmentally sound practices, fair <br />labor practices, and equality of rights regardless of sex, race, age, disability, or sexual orientation. This <br />6.A. - Page 1 of 47 <br />5