Title
Highlights of the Finance Committee Meeting of July 18, 2017
Body
CITY OF SAN LEANDRO
FINANCE COMMITTEE
July 18, 2017
5:30 - 7:00 p.m.
San Leandro City Hall
835 East 14th Street
San Leandro, California
(Sister Cities Gallery)
HIGHLIGHTS
1. CALL TO ORDER
Mayor Cutter called the meeting to order at 5:30 p.m.
1.A. Attendance
Committee members present: Mayor Cutter, Councilmember Hernandez, and Councilmember Lee
City staff present: City Manager Zapata, Assistant City Manager Kay, Director Baum, Budget & Compliance Manager Perini
Public present: Bill Dennehy
1.B. Announcements
None
2. DISCUSSION ITEMS
2.A. 17-432 City Treasury Investments Overview
Bill Dennehy from Chandler Asset Management presented an overview of the investment strategy used to invest approximately $45 million held by the City. The primary objectives of the City's investment strategy are safety, liquidity and yield. The most common investment is a US-government backed security. Other investments include high grade corporate notes (rated A or better). A summary of the investments to the Council is provided quarterly. Portfolio maturities are summarized monthly and disseminated via the City Manager's "Weekly Update."
The City also holds about $40 million with the Local Agency Investment Fund (LAIF). LAIF is able to provide funds on the same day as requested. The LAIF yield is currently 1.05%; the Chandler yield is currently about 1.45%.
The Committee asked many clarifying questions.
City Manager offered to provide additional information at future Finance Committee meetings that will further clarify the City's investment strategy.
2.B. 17-431 Summary of Voter Approved Measures OO, PP, and NN
We have an estimate for these new revenues for the current year, which is $735,000. Half of the current year receipts are expected at the end of July 2017.
As required by the voter approved measures, staff will combine the reporting requirement with the Measure HH Annual re...
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