TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Javier Carcamo, Finance Director
PREPARED BY: Geovanny Calvopina, Financial Analyst
SUBJECT: Monthly Investment Transaction Report for February 2024
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RECOMMENDATION
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Receive and file the Monthly Investment Transaction Report for February 2024.
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PRIOR ACTION/VOTE
No prior action.
CITY COUNCIL GOAL
Maintain a high performing organization that values fiscal sustainability, transparency, accountability and organizational efficiency.
BACKGROUND
This report is filed with the City Council in compliance with Government Code Section 53607, which states that a monthly report of transactions related to the purchase, sale, or exchange of securities is made monthly to the legislative body. The City of Murrieta (City) has both long-term and short-term investments. The City's managed investment portfolio is for longer-term investments, managed by Chandler Asset Management. The Local Agency Investment Fund (LAIF), managed by the California State Treasurer, is used for short-term investments and functions more like a savings account to facilitate cash flow.
This report includes funds under management with Chandler Asset Management, funds deposited with LAIF, and earnings from the Wells Fargo Cash Sweep Program. Bond funds held by the City's Trustee are not included in this report but are on file and available upon request.
Chandler Asset Management recently updated its client portal, which is now being hosted by Clearwater Analytics. As a result of this change, there will be a one-time adjusting entry to true up the book value from the January statement due to the different amortization methods between Chandler's previous system and Clearwater Analytics. The difference between the ending book value in January and the beginning book value in February is an increase of $322,011.72. Additionally, the report methodology is changing from a settlement-based to a trade-based report...
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