TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Javier Carcamo, Finance Director
PREPARED BY: Jennifer Terry, Finance Manager
SUBJECT:
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Treasurer's Report - Quarter 4 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 4 (April - June 2024).
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PRIOR ACTION/VOTE
The City Council received the Treasurer's Report for Quarter 1 of Fiscal Year 2023/24 on November 7, 2023.
The City Council received the Treasurer's Report for Quarter 2 of Fiscal Year 2023/24 on February 6, 2024.
The City Council received the Treasurer's Report for Quarter 3 of the Fiscal Year 2023/24 on May 7, 2024.
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 April 1, 2024, through June 30, 2024 (Quarter 4).
Total Portfolio Composition
The portfolio comprises available cash balances from over 100 separate funds. The balances are individually tracked in the City's financial records but combined to invest 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"...
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