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10C Consent
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10C Consent
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3/21/2024 5:51:46 PM
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5/31/2023 11:56:27 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
4/17/2023
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City of San Leandro <br />City Council <br />Meeting Date: April 17, 2023 <br />Agenda Number: 10.c. <br />Agenda Section: CONSENT CALENDAR <br />File Number: 23-138 <br />File Type: Staff Report <br />Adopt Resolution Accepting 2022-2023, Second Quarter City of San Leandro Investment Report Update <br />SUMMARY AND RECOMMENDATIONS <br />Staff recommends the City Council adopt the resolution accepting the City’s Investment Report for <br />the quarter ending December 31, 2022. <br />BACKGROUND <br />The purpose of the City of San Leandro Investment Report is to inform the City Council of the <br />investment portfolio status as of the quarter ending December 31, 2022. The City’s Investment <br />Policy Statement requires quarterly reporting on specific investments, amounts invested with <br />approved institutions, purchases, maturity dates and interest yields. <br />DISCUSSION <br />As of December 31, 2022, the City’s investment portfolio had a market value of $207,389,000, <br />which is $9,205,000 higher than on September 30, 2022. The increase was mainly due to receipt <br />of the first installment of 2022-2023 Property Tax revenues in December. Of the total market <br />value, $56,346,000 was placed with the Local Agency Investment Fund (LAIF) and other bank <br />accounts, and $151,043,000 was placed in the Chandler Asset Management portfolio. <br />The rate of return for cash deposits (LAIF and bank balances) at the end of the quarter was <br />1.53%, while the average book yield for the Chandler managed funds was 2.14%. The cash <br />deposit return was 0.15% higher than the previous quarter, while the Chandler return was 0.49% <br />higher. LAIF’s investment (69% of cash deposits) return reflects a snapshot in time (the quarterly <br />apportionment rate), while Chandler’s reflects the performance of the portfolio over the entire <br />quarter. <br />The City’s investment policy establishes criteria for the standard for portfolio performance. The <br />Chandler managed fund criteria are compared with the ICE Bank of America 1-3-year US <br />Treasury and Agency Index. This index is an unmanaged index tracking performance of direct <br />sovereign debt of the U.S. Government having a maturity of at least one year and less than three <br />years. The benchmark for Average Market Yield for the period ending December 31 was 4.51%. <br />Chandler managed funds yield was 4.55%. <br />Amounts invested with LAIF are liquid; funds can be withdrawn with minimal notice as City <br />operations may require. The rate of return earned by LAIF follows fixed income security rates. <br />Chandler Asset Management manages 73% of the portfolio with a market value of $151,043,000. <br />These investments range from one to almost five years to maturity, with the average maturity at <br />1.89 years (marginally lower than the 1.92 duration as of September 30, 2022). <br />Page 1 City of San Leandro Printed on 5/3/2023
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