|
City of Redwood City
<br />Notes to the Basic Financial Statements (Continued)
<br />For the Year Ended June 30, 2025
<br />
<br />
<br />78
<br />Note 2 – Cash and Investments (Continued)
<br />
<br />B. Investments Authorized by the California Government Code and the City’s Investment Policy (Continued)
<br />
<br />This table does not address investments of debt proceeds held by bond trustees that are governed by the provisions
<br />of debt agreements of the City, rather than the general provisions of the California Government Code or the City's
<br />investment policy.
<br />
<br />Maximum Maximum
<br />Maximum Percentage Investment in
<br />Authorized Investment Types Maturity of Portfolio One Issuer*
<br />United States Treasury Obligations 5 years None None
<br />Federal Agency or Government Sponsored Enterprises (GSEs)N/A None None
<br />Local Agency Investment Fund N/A None $75 Million
<br />San Mateo County Pool N/A None $75 Million
<br />State and Local Agency Bonds N/A 20%5%
<br />Money Market and Mutual Funds N/A 20%5%
<br />Local Government Investment Pools N/A 20%None
<br />U.S. Medium-Term Notes 5 Years 30%5%
<br />Non-negotiable Certificates of Deposit 3 Years 10%2%
<br />Negotiable Certificates of Deposit N/A 30%5%
<br />Prime Commercial Paper 270 days 40%5
<br />Bankers' Acceptances 180 days 10%2%
<br />Repurchase Agreements 90 days 10%2%
<br />Asset-Backed Securities 5 years 20%5%
<br />Supranational Securities 5 years 30%5%
<br />* Based on state law requirements or City investment policy requirements, whichever is more restrictive.
<br />
<br />C. Fair Value Measurement
<br />
<br />As of June 30, 2025, the City’s investments had the following recurring fair value measurements:
<br />
<br />Percentage of
<br />Investment Type Fair Value Investments Level 1 Level 2 Level 3
<br />Investments measured by fair value heirarchy:
<br />Corporate Notes 58,597,467$ 11.74%-$ 58,597,467$ -$
<br />Certificate of deposit - Negotiable 2,027,792 0.41%- 2,027,792 -
<br />Municipal Bonds 1,180,000 0.24%- 1,180,000 -
<br />Asset-backed Securities 26,032,145 5.22%- 26,032,145 -
<br />Federal Home Loan Banks 55,100,652 11.04%- 55,100,652 -
<br />Federal National Mortgage Association 1,981,954 0.40%- 1,981,954 -
<br />US Treasury Notes 138,736,733 27.80%- 138,736,733 -
<br />Total investments subject to fair value 283,656,743 -$ 283,656,743$ -$
<br />Investments not subject to the fair value hierarchy:
<br />Investments Held in Section 115 Trust 31,580,588 6.33%
<br />Money Market Funds - Held by City 151,039 0.03%
<br />Money Market Funds - Held by Trustee 13,748,771 2.76%
<br />California Local Agency Investment Fund 113,957,642 22.84%
<br />San Mateo County Pool 55,915,458 11.21%
<br />Total investments 499,010,241$ 100.00%
<br />Fair Value Measurement Using
<br />7.C. - Page 110 of 269
<br />129
|