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City of San Leandro <br />Meeting Date: March 1, 2021 <br />Staff Report <br />Agenda Section:File Number:21-105 CONSENT CALENDAR <br />Agenda Number:8.H. <br />TO:City Council <br />FROM:Fran Robustelli <br />Interim City Manager <br />BY:Eric Engelbart <br />Deputy City Manager <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, 2020 <br />SUMMARY AND RECOMMENDATIONS <br />Staff recommends the City Council review and accept the investment report for the quarter ended <br />December 31, 2020. <br />BACKGROUND <br />The purpose of the City Council Investment Report is to inform the City Council of the City’s <br />investment portfolio status as of the end of the quarter, December 31, 2020. The City’s <br />Investment Policy Statement requires this quarterly report on types of investments, amounts <br />invested with approved institutions, and purchase and maturity dates and interest yields. <br />DISCUSSION <br />As of December 31, 2020, the City’s investment portfolio had a market value of $169 million, $6 <br />million higher than the balance for the quarter ended September 30, 2020. The increase was <br />mainly resulted from the receipt of CARES Act funds of $0.5 million and property tax remittance of <br />$16.5 million, offset by debt service payments of $3 million, fire service payments of $6 million, <br />and construction project payments of $2 million. <br />Of the total market value, $63 million was placed with the Local Agency Investment Fund (LAIF) <br />and bank accounts and $106 million was placed in the Chandler Asset Management portfolio. <br />The rate of return for LAIF at the end of the quarter was 0.63%, while the average book yield for <br />the Chandler managed funds was 1.78%. The LAIF return was 0.21% less than previous quarter, <br />while the Chandler return was 0.11% lower. LAIF’s investment rate reflects a snapshot in time <br />(the quarterly apportionment rate), while Chandler’s reflects the performance of the portfolio over <br />the entire quarter. <br />Page 1 City of San Leandro Printed on 2/24/2021