Title
Recommendation to Accept the Investment Report for the Quarter Ending September 30, 2018. [City Council and SACIC] (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
From: David L. Rudat, Interim City Manager
EXECUTIVE SUMMARY
This report presents the City's investment portfolio for the quarter ending September 30, 2018. It has been prepared to comply with regulations contained in California Government Code Section 53646 and City's Investment Policy. The report includes all cash and investments managed by the City. It also includes City-related investments held by bond trustees for debt service obligations as well as money held in the irrevocable trust with PARS for pension and other post-employment benefits. The report provides information on the investment type, issuer, maturity date, cost, and current market value for each security.
BACKGROUND
Each quarter of the fiscal year, an Investment Report is provided to the City Council for review, per the Investment Policy. Attached is the Investment Report for the fiscal quarter ending September 30, 2018, which includes detailed information on the City of Alameda's cash and investments.
DISCUSSION
The investment report includes all cash and investments as summarized in the nine categories listed below as of September 30, 2018. The City utilizes U.S. Bank as its third-party custodian for safekeeping of all investments with the exception of investments held by Bond Trustees and several Certificates of Deposit purchased through Bank of Marin.
The City also utilizes the Local Agency Investment Fund (LAIF) as a money market fund administered by the State Treasurer. LAIF has many governmental agency participants and holds securities through its own administrator. Investments held by Bond Trustees are administered in accordance with individual bond indentures.
As of September 30, 2018, the overall pooled investment portfolio average yield at purchase was 1.95%, which is consi...
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