TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Javier Carcamo, Finance Director
PREPARED BY: Geovanny Calvopina, Financial Analyst
SUBJECT: Treasurer's Report - Quarter 2 of Fiscal Year 2023/24
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RECOMMENDATION
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Receive the Fiscal Year 2023/24 Treasurer's Reports for Quarter 2 (October - December 2023).
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PRIOR ACTION/VOTE
On November 7, 2023, the City Council received the Treasurer's Report for Quarter 1 of Fiscal Year 2023/24.
CITY COUNCIL GOAL
Maintain a high performing organization that values fiscal sustainability, transparency, accountability and organizational efficiency.
BACKGROUND
Pursuant to Government Code Section 53646(b) and the City of Murrieta (City) Investment Policy, the Finance Department renders a quarterly investment report to the City Council concerning the investment portfolio's earnings and performance results. The City contracts with Chandler Asset Management to manage the City's investment portfolio and to advise on all investment-related matters. The purpose of this report is to present the investment earnings for the period October 1, 2023, through December 31, 2023 (Quarter 2).
Total Portfolio Composition
The portfolio comprises available cash balances from over 100 separate funds. The balances are tracked in the City's financial records individually but combined for the purpose of investing cash to maximize investment returns. The City's investment manager invests funds not needed in the near future into securities with maturities of less than five years. The City also utilizes the Local Agency Investment Fund (LAIF), an investment pool operated by the State of California and used by most cities in California to manage the City's short-term cash flow requirements. Wells Fargo's "Cash Sweep Program" is the City's third investment tool, and it allows the City to earn a return on uninvested cash balances in our General Checking Account by automatically "sweeping" cash balances int...
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