Title
Recommendation to Accept the Investment Report for the Quarter Ending June 30, 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 June 30, 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 as such does not form part of the City's Investment Portfolio and is not covered under the City Investment Policy.
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 June 30, 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 June 30, 2020. The City utilizes U.S. Bank as its third-party custodian for safekeeping of all investments with the exception of Certificates of Deposit (CDs) purchased through Bank of Marin and Beacon Business Bank.
The City also utilizes the Local Agency Investment Fund (LAIF) as a money market fund administered by the State Treasurer. LAIF has hundreds of local governmental agency participants and holds securities through its own administrator. It provides immediately liquid cash for the City.
As of June 30, 2020, the overall Total Pooled Investment Portfolio 'Average ...
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