Title
Recommendation to Accept the Investment Report for the Quarter Ending March 31, 2021. [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, 2021. The report includes all funds managed by the City as part of its Investment Portfolio and provides information on the investment type, issuer, maturity date, cost, and current market value for each security.
The report has been prepared to comply with regulations contained in California Government Code Section 53646 and the City's Investment Policy.
The City's Investment Portfolio is in compliance with its Statement of Investment Policy.
The City has sufficient funds to meet its pool's expenditure requirements for the next six months.
The report also highlights monies held in Irrevocable Trust with the Public Agency Retirement Services (PARS). The Trust has been set up to reduce the cost of the City's post-employment liabilities (pensions & healthcare costs). This balance is included for 'information only' and does not form part of the City's Investment Portfolio.
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, 2021 which includes detailed information on the City's cash and investments.
DISCUSSION
The investment report includes all cash and investments as summarized in the categories listed below as of March 31, 2021. 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 governmenta...
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