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File Number: 17-456 <br />1.B. Announcements <br />None <br />2. DISCUSSION ITEMS <br />2.A. 17-432 City Treasury Investments Overview <br />Bill Dennehy from Chandler Asset Management presented an overview of the investment <br />strategy used to invest approximately $45 million held by the City. The primary objectives <br />of the City’s investment strategy are safety, liquidity and yield. The most common <br />investment is a US-government backed security. Other investments include high grade <br />corporate notes (rated A or better). A summary of the investments to the Council is <br />provided quarterly. Portfolio maturities are summarized monthly and disseminated via the <br />City Manager’s “Weekly Update.” <br />The City also holds about $40 million with the Local Agency Investment Fund (LAIF). LAIF <br />is able to provide funds on the same day as requested. The LAIF yield is currently 1.05%; <br />the Chandler yield is currently about 1.45%. <br />The Committee asked many clarifying questions. <br />City Manager offered to provide additional information at future Finance Committee <br />meetings that will further clarify the City’s investment strategy. <br />2.B. 17-431 Summary of Voter Approved Measures OO, PP, and NN <br />We have an estimate for these new revenues for the current year, which is $735,000. Half <br />of the current year receipts are expected at the end of July 2017. <br />As required by the voter approved measures, staff will combine the reporting requirement <br />with the Measure HH Annual report (prepared by a Citizen Oversight Committee). <br />2.C. 17-433 Staff Report for CalPERS Pre-Payment Option for <br />Unfunded Liability <br />CalPERS is offering a $304,270 discount if the City “pre-pays” an $8,263,205 payment on <br />or before July 31. Due to the late notice from CalPERS, we were not able to agendize for <br />the full Council approval. <br />The City Manager says that we will anticipate next year’s payment before it is revealed by <br />CalPERS next July 1 and seek the full Council’s direction next year. Due to the large <br />savings available this year and the $15 million budgeted for CalPERS this year, the <br />Committee expressed support for makingthe payment before the end of the month. <br />2.D. 17-436 Budget in Brief Discussion <br />The Budget in Brief was given to Committee members. A brief discussion was held and <br />questions were answered. <br />Page 2 City of San Leandro Printed on 8/28/2017 <br />204