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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: August 25, 2025 <br />SUBJECT <br />Investment Report for the period ending June 30, 2025 <br />RECOMMENDATION <br />By motion, approve the City's Investment Report for the period ending June 30, 2025. <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 (PFMAM), to manage the City’s funds pursuant to the newly adopted policy. In July <br />2021, a new agreement was entered into with PFMAM, after an open procurement process that yielded <br />three responses. In October 2024, the PFMAM registered investment adviser was consolidated with its <br />parent, U.S. Bancorp Asset Management, Inc. (USBAM); PFMAM is now a division of USBAM. The City’s <br />primary investment objectives continue to be safety, liquidity, return on investment (yield), and <br />sustainability, in that order. <br />The attached reports represent all areas in which the City invests funds, excluding bond proceeds held <br />with a trustee. <br />7.A. - Page 1 of 63 <br />11