Title
Recommendation to Accept the Investment Report for the Quarter Ending March 31, 2020. [City Council and SACIC] (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
This report presents the City of Alameda's (City) investment portfolio for the quarter ending March 31, 2020. It has been prepared to comply with regulations contained in California Government Code Section 53646 and the City's Investment Policy. The report includes all funds managed by the City for its Investment Portfolio. The report provides information on the investment type, issuer, maturity date, cost, and current market value for each security.
For information only - we are showing money held in the irrevocable trust with PARS. This is for post-employment benefits such as pensions and health care, and does not form part of the City's Investment Portfolio. That is to say, the Pension Trust is not part of the City's liquid cash that has been invested to earn the City a return on its investments. Rather, the Trust has been set up specifically to reduce the cost of the City's post-employment liabilities and is not governed by the California Government Code. The Pension Trust invests in stocks and, like the CalPERS portfolio, has suffered a significant decline this quarter due adverse market conditions brought about by the COVID-19 pandemic and recession.
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 March 31, 2020, which includes detailed information on the City's cash and investments. The City is in full compliance with its Investment Policy.
DISCUSSION
The investment report includes all cash and investments as summarized in the categories listed below as of March 31, 2020. The City utilizes U.S. Bank as its third-party custodian for safekeeping of all investments, with ...
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