TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Javier Carcamo, Finance Director
PREPARED BY: Geovanny Calvopina, Financial Analyst
SUBJECT:
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Monthly Investment Transaction Report for March 2024
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RECOMMENDATION
recommendation
Receive and file the Monthly Investment Transaction Report for March 2024.
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PRIOR ACTION/VOTE
None.
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 from 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. Due to this change, there was a one-time adjusting entry made last month to true up the book value from the January statement. The difference between the ending book value in January and the beginning book value in February was an increase of $322,011.72. However, Chandler and City Staff identified a variance in the book value after the previous investment report was already filed. The variance is due to Clearwater Analytics utilizing two different account...
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