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 4 of Fiscal Year 2022/23
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RECOMMENDATION
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Receive the Fiscal Year 2022/23 Treasurer's Reports for Quarter 4 (April-June 2023).
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PRIOR ACTION/VOTE
On June 6, 2023, the City Council received the Treasurer's Report for Quarters 2 and 3 of Fiscal Year 2022/23.
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 of the investment earnings for the period April 1, 2023, through June 30, 2023 (Quarter 4).
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.
Last year, staff engaged the City's banking advisor, Wells Fargo, to discuss adding an additional short-term investment opportunity. Wells Fargo's "Cash Sweep Program" allows the City to earn a return on...
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