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City of San Leandro <br />Meeting Date: February 7, 2022 <br />Staff Report <br />Agenda Section:File Number:22-067 CONSENT CALENDAR <br />Agenda Number:9.L. <br />TO:City Council <br />FROM:Fran Robustelli <br />City Manager <br />BY:Susan Hsieh <br />Finance Director <br />FINANCE REVIEW:Susan Hsieh <br />Finance Director <br />TITLE:Staff Report for a City of San Leandro City Council Resolution Approving the <br />Investment Report for the Quarter Ended December 31, 2021 <br />SUMMARY AND RECOMMENDATIONS <br />Staff recommends the City Council review and accept the investment report for the quarter ended <br />December 31, 2021. <br />BACKGROUND <br />The purpose of the City Council Investment Report is to advise the City Council of the City’s <br />investment portfolio status as of the end of the quarter, December 31, 2021. The City’s <br />Investment Policy Statement requires the quarterly report to describe the types of investments, <br />amounts invested with approved institutions, purchase and maturity dates, and interest yields. <br />DISCUSSION <br />As of December 31, 2021, the City’s investment portfolio had a market value of $178.3 million, <br />only $244,000 lower than the balance for the quarter ended September 30. During the quarter, <br />receipt of $17.4 million of Property Tax was offset by payments for debt service of $3.2 million, <br />fire service of $6.4 million, and construction projects of $7.2 million, leaving the total relatively <br />unchanged. Of the total market value, $67.5 million was placed with the Local Agency Investment <br />Fund (LAIF) and bank accounts and $110.8 million was placed in the Chandler Asset <br />Management portfolio. <br />LAIF’s investment rate reflects a snapshot in time (the quarterly apportionment rate), while <br />Chandler’s reflects the performance of the portfolio over the entire quarter. The rate of return for <br />LAIF at the end of the quarter was 0.23%, while the average book yield for the Chandler managed <br />funds was 1.19%. The LAIF return was 0.01% less than previous quarter, while the Chandler <br />return was 0.02% lower. <br />The City’s investment policy establishes three criteria for the performance standard, the LAIF rate <br />Page 1 City of San Leandro Printed on 2/3/2022