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Page 1 of 5 <br />Item #8 <br /> CITY COUNCIL AGENDA REPORT <br /> <br />May 21, 2024 <br />Finance <br /> <br />TITLE: ACCEPT THE MONTHLY DISBURSEMENTS AND INVESTMENT REPORT FOR <br />MARCH 2024 <br /> <br />SUMMARY <br />Attached is the City of Pleasanton monthly disbursements and investment report for March <br />2024 <br /> <br />RECOMMENDATION <br />Accept claim disbursements in the amount of $15,652,115 and the investment report for the <br />month of March 2024. <br /> <br />BACKGROUND <br />The City's Investment Policy requires the Director of Finance to submit a monthly transaction <br />report to the City Council within 60 days of the end of the reporting period in accordance with <br />California Government Code Section 53607. <br /> <br />The Investment Policy also requires the Director of Finance to submit a quarterly report to the <br />City Council on the status of the City's investment portfolio no later than 45 days after the end <br />of each month. This report shall include the types of investments, the amount of money <br />invested with various institutions, purchase and maturity dates, and yield on investments. The <br />Director of Finance certifies that the investment portfolio is in compliance with the investment <br />policy and that it will meet cash flow needs for the next six months. This report also includes <br />check and electronic payment information for March 2024. <br /> <br />DISCUSSION <br />The book value of the City of Pleasanton primary investment portfolio decreased by $24.6 <br />million from $250.5 million to $225.9 million during the quarter ending March 31, 2024. This <br />decrease was mainly due to the timing of fund transfers from the bank account to the Local <br />Agency Investment Fund account and payments for invoices. The fiscal year-to-date effective <br />rate of return on the portfolio was 1.54 percent. The average days to maturity (ADM) <br />decreased from 594 days on December 31, 2023, to 549 days on March 31, 2024. <br /> <br />The City's investment in the Local Agency Investment Fund (LAIF) decreased to $49.0 million <br />from $59.0 million last quarter ending December 31, 2023. The quarterly LAIF apportionment <br />interest rate was 4.30 percent with ADM of 226 days. The average monthly effective yield was <br />4.23 percent in March, 4.12 percent in February, and 4.01 percent in January. During the <br />quarter, there was one redemption; Citibank NA matured on January 23, 2024 for <br />approximately $1.02 million, including interest. As of March 31, 2024, approximately 66.3 <br />percent of the total portfolio consisted of federal agency securities, while the LAIF investment <br />was 21.6 percent of the portfolio. Corporate notes accounted for 11.5 percent of the portfolio. <br />Page 208 of 720