TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Javier Carcamo, Director of Finance
PREPARED BY: Geovanny Calvopina, Financial Analyst
SUBJECT: Monthly Investment Transaction Report for May 2023
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RECOMMENDATION
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Receive and file the Monthly Investment Transaction Report for May 2023.
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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 through 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.
The transactions in the long-term investment portfolio for May 2023 include dispositions of $5,121,751.13 in investment sales, which also includes a withdrawal for bank fees of $291.67. Subsequently, these proceeds, together with the monthly interest earnings, were reinvested in security and money market fund purchases totaling $5,245,413.11.
The California State Treasurer allocates and reinvests LAIF interest earnings on a quarterly basis. Quarterly interest earnings are reflected in the statement one month following the end of th...
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