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Page 1 of 6 <br />Item #14 <br /> CITY COUNCIL AGENDA REPORT <br /> <br />August 20, 2024 <br />Finance <br /> <br />TITLE: ACCEPT THE MONTHLY DISBURSEMENTS AND INVESTMENT REPORT FOR <br />JUNE 2024 <br /> <br />SUMMARY <br />Attached is the City of Pleasanton monthly disbursements and investment report for June 2024 <br /> <br />RECOMMENDATION <br />Accept claim disbursements in the amount of $18,635,606 and the investment report for the <br />month of June 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 complies with the investment policy <br />and will meet cash flow needs for the next six months. This report also includes check and <br />electronic payment information for June 2024. <br /> <br />DISCUSSION <br />The book value of the City of Pleasanton primary investment portfolio increased by $18.5 <br />million from $239.4 million to $257.9 million during the quarter ending June 30, 2024. This <br />increase was mainly due to revenue from property tax. The fiscal year-to-date effective rate of <br />return on the portfolio was 1.66 percent. The average days to maturity (ADM) decreased from <br />549 days on March 31, 2024, to 443 days on June 30, 2024. <br /> <br />Local Agency Investment Fund <br />The City's investment in the Local Agency Investment Fund (LAIF) increased to $69.5 million <br />from $49.0 million last quarter ending March 31, 2024. The quarterly LAIF apportionment <br />interest rate was 4.55 percent with ADM of 217 days. The average monthly effective yield was <br />4.48 percent in June, 4.33 percent in May, and 4.27 percent in April. During the quarter, the <br />medium-term note with Apple Inc. matured on May 11, 2024, for approximately $2.0 million, <br />including interest. The two holdings of certificates of deposits matured and were reinvested. As <br />of June 30, 2024, approximately 61.4 percent of the total portfolio consisted of federal agency <br />securities, while the LAIF investment was 28.2 percent of the portfolio. Corporate notes <br />accounted for 9.8 percent of the portfolio, supranationals 0.4 percent, and certificates of <br />deposit 0.2 percent. <br />Page 283 of 454