Title
Calendar Year 2023, Fourth Quarter City of San Leandro Investment Report Update
Staffreport
CITY COUNCIL PRIORITY
* Fiscal Sustainability and Transparency
SUMMARY
City of San Leandro Investment Report for the quarter ending December 31, 2023 is for information only.
RECOMMENDATION
Staff recommends the City Council Finance Committee review the City's Investment Report for the quarter ending December 31, 2023.
BACKGROUND
The purpose of the City of San Leandro Investment Report is to inform the City Council of the investment portfolio status as of the quarter ending, December 31, 2023. The City's Investment Policy Statement requires quarterly reporting on specific investments, amounts invested with approved institutions, purchases, maturity dates and interest yields.
Analysis
CITY INVESTMENT REPORT
As of December 31, 2023, the City's investment portfolio had a market value of $222,353,000, which is $9,683,000 higher than the prior quarter, ending on September 30, 2023. The increase was mainly receipt from Alameda County in December ($19,739,000) for the first installment of Secured Property Tax, the VLF Swap, and Special Assessments. A total of $33,001,000 of the market value was placed with the Local Agency Investment Fund (LAIF) and other bank accounts. The Chandler Asset Management portfolio totaled $189,352,000 on the same date.
The rate of return for cash deposits (LAIF and bank balances) at the end of the quarter was 1.06%, while the average book yield for the Chandler managed funds was 3.42%. The cash deposit return was 0.95% lower than the previous quarter, while the Chandler return was 0.19% higher. LAIF's investment (56% of cash deposits) return reflects a snapshot in time (the quarterly apportionment rate), while Chandler's shows performance of the portfolio over the entire quarter.
The City's investment policy establishes criteria for the standard for portfolio performance. The Chandler managed fund criteria are compared with...
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