Laserfiche WebLink
Page 3 of 4 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />Credit spreads widened sharply following tariff fears but tightened to levels near historic tights by <br />quarter end <br />PFMAM will continue to be selective when evaluating new issues in all sectors. PFMAM has provided an <br />in-depth market update in the attached investment report. <br />FISCAL IMPACT <br />The City’s portfolio with PFMAM received $2,494,525 in net interest earnings over the reporting period, <br />up from $2,308,754 for the quarter ended June 30, 2025. All interest earnings are allocated monthly <br />through a preset methodology that spreads earnings to the appropriate funds. Fees for PFMAM’s services <br />for the First quarter are $36,477 and are paid out of 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. <br />ALTERNATIVES <br />The City Council can ask staff to provide the investment report in a different format, or to include different <br />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 June 30, <br />2025 <br />7.A. - Page 3 of 63 <br />13