Title
Adopt a Resolution to Accept the 2023 Third Quarter City of San Leandro Investment Report
Staffreport
COUNCIL PRIORITY
* Fiscal Sustainability and Transparency
SUMMARY
City Investment Report for the third quarter of 2023 is for information only.
RECOMMENDATION
Staff recommends the City Council adopt a resolution accepting the City Investment Report for the quarter ended September 30, 2023.
BACKGROUND
The purpose of the City of San Leandro Investment Report is to inform the City Council of the City's investment portfolio status as of the end of the first quarter, September 30, 2023. The City's Investment Policy Statement requires this quarterly reporting on specific investments, amounts invested with approved institutions, and purchase and maturity dates and interest yields.
Analysis
As of September 30, 2023, the City's investment portfolio had a market value of $212,670,000, which is $30,705,000 lower than the prior quarter, ending June 30, 2023. The decrease was mainly due to budgeted transactions, including pre-payment of the CalPERS Annual Lump Sum Contribution amount ($16,506,000) and contributions to the pension trust fund ($9,580,000) during the quarter. Nearly $28,189,000 of the total market value was placed with the Local Agency Investment Fund (LAIF) and bank accounts. A total of $184,480,000 was placed in the Chandler Asset Management portfolio.
The rate of return for cash deposits (LAIF and bank balances) at the end of the quarter was 2.00%, while the average book yield for the Chandler managed funds was 3.23%. The cash deposit return was 0.49 percentage points higher than the previous quarter, while the Chandler return was 0.56 percentage points higher. LAIF's investment (56% of cash deposits) rate reflects a snapshot in time (the quarterly apportionment rate), while Chandler's reflects the performance of the portfolio over the entire quarter.
The City's investment policy establishes criteria for the standard for portfol...
Click here for full text