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Home My Public Portal About08. Investment Report - Quarter Ending June 30, 20221►0 ,E 1997 - File #: 4308 Claremont City Council Agenda Report TO: ADAM PIRRIE, CITY MANAGER FROM: BIBI AMEER, ACCOUNTING SUPERVISOR DATE: J U LY 26, 2022 SUBJECT: INVESTMENT REPORT - QUARTER ENDING JUNE 30, 2022 SUMMARY Item No: 8. Reviewed by: City Manager: AP As required by the City of Claremont Investment Policy and State law, a Quarterly Investment Report showing investment activity is to be presented to the City Council for its review and acceptance. RECOMMENDATION Staff recommends that the City Council receive and accept the Investment Report for the quarter ending June 30, 2022. ALTERNATIVE TO RECOMMENDATION In addition to the recommendation, there is the following alternative: • Request additional information. FINANCIAL REVIEW The City's investment portfolio is highly liquid, with the Local Agency Investment Fund (LAIF) and the Collateralized Savings funds available with 24-hour notification. The weighted average of days to maturity of all City investments is approximately 97 days. As of June 30, 2022, the market value of City -held investments totaled $45,105,611 of which $35,347,046 (78.37 percent) was invested in LAIF; $9,745,000 (21.60 percent) in Certificates of Deposit; and $13,565 (0.03 percent) in Collateralized Savings/Money Market Accounts. These investments fully comply with the City's current Investment Policy. The cost of staff time to research this issue, prepare documentation, and complete this report is CLAREMONT Page 1 of 2 Printed on 7/21/2022 estimated to be $450. Funding is included in the operating budget of the Financial Services Department. ANALYSIS During the quarter ending June 30, 2022, the City maintained investments in Certificates of Deposit (CD), Collateralized Savings/Money Market Accounts, and in the Local Agency Investment Fund (LAIF), which is managed by the Treasurer's Office of the State of California. Investments in LAIF earned interest in the amount of $66,053, CD interest amounted to $27,627, and collateralized savings/safekeeping account interest amounted to $285. There was an overall increase of $6,078,015 in City -held investments, as shown on the Investment Report (Attachment). The increase in invested funds was primarily the result of large property and sales tax remittances that were received during the last quarter of the fiscal year. Since the funds received were more than those currently required to maintain City operations, they were deposited into the City's investment accounts. RELATIONSHIP TO CITY PLANNING DOCUMENTS Staff has evaluated the agenda item in relationship to the City's strategic and visioning documents and finds that it relates to the following: Council Priorities, General Plan, and the 2022-24 Budget. CEQA REVIEW This item (receive and accept an investment report) is not subject to environmental review under the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines Section 15060(c)(2) (the activity will not result in a direct or reasonably foreseeable indirect physical change in the environment) and Section 15060(c)(3) (the activity is not a "project" as defined in Section 15378). CEQA Guidelines Section 15378(b)(2), and (5) excludes "[c]ontinuing administrative or maintenance activities," and "[o]rganizational or administrative activities of governments that will not result in direct or indirect physical changes to the environment" from its definition of "project." The acceptance of the quarterly investment report is an organizational activity of the government, which involves the fiscal activities but does not commit to any specific project, as such, this item is not a CEQA project. Even if it was determined to be a CEQA project, pursuant to CEQA Guidelines Section 15061(b)(3), CEQA does not apply to this item because there is no potential for causing a significant effect on the environment. The acceptance of the quarterly investment report will not have a significant effect on the environment because the action will not result in or lead to a physical change in Claremont. Therefore, no additional environmental review is needed at this time. PUBLIC NOTICE PROCESS The agenda and staff report for this item have been posted on the City website and distributed to interested parties. If you desire a paper copy, please contact the City Clerk's office. Submitted by: Bibi Ameer Accounting Supervisor Attachment: Quarterly Investment Report CLAREMONT Page 2 of 2 Printed on 7/21/2022 ATTACHMENT CITY OF CLAREMONT INVESTMENT REPORT APRIL 1, 2022 THROUGH JUNE 30, 2022 ADDS/(SELLS)/ BALANCES MARCH 31 2022 (MATURITIES) BALANCES 0 JUNE 30 2022 INTEREST INTEREST PURCHASE MATURITY PAR ORIGINAL MARKET DURING PERIOD PAR ORIGINAL MARKET EARNED RECEIVED INVESTMENT DESCRIPTION DATE DATE VALUE CO @ COST VALUE COST VALUE DURING QTR YIELD DURING QTR CITY HELD INVESTMENTS BANK OF THE WEST COLLATERALIZED SAVINGS ACCOUNT N/A N/A 251,604 251,604 251,604 (250,469) 1 135 1,135 285 0.33% 285 MULTI BANK SECURITIES SAFEKEEPING ACCOUNT N/A N/A 12430 12430 12430 0.00% CERTIFICATES OF DEPOSIT BUCKEYE CMNTY BK LORAIN OHIO 03/18/20 09/19/22 250,000 250,000 250,000 0 250 000 250,000 630 1.00% 630 CERTIFICATES OF DEPOSIT GOLDMAN SACHS BK USA 10/09/19 10/11/22 250,000 250,000 250,000 0 250 000 250,000 1,197 1.90 % 2,368 CERTIFICATES OF DEPOSIT LINEAGE BK FRANKLIN TENN 02/01/22 02/01/23 250 000 250 000 250 000 0 250 000 250 000 284 0.45% 284 CERTIFICATES OF DEPOSIT LIVE OAK BKG CO WILIMINGTON NC 02/04/22 02/05/24 250 000 250 000 250000 0 jo.. 250 000 250 000 536 0.85% 536 CERTIFICATES OF DEPOSIT TEXAS EXCHANGE BK SSB CROWLEY 02/04/22 02/02/24 250 000 250 000 250 000 0 250 000 250 000 630 1.00% 630 CERTIFICATES OF DEPOSIT BEAL BK PLANO TEX 02/09/22 02/07/24 250 000 250 000 250 000 0 250 000 250 000 599 0.95CERTIFICATES OF DEPOSIT BEAL BK USA LAS VEGAS NEV 02/09/22 02/07/24 250 000 250 000 250 000 0 250 000 250000 599 0.95CERTIFICATES OF DEPOSIT WORKERS CR UN LITTLETON MA 02/08/22 02/08/24 250 000 250 000 250 000 0 250 000 250 000 567 0.90% 567 CERTIFICATES OF DEPOSIT PEOPLES ST BK WAUSAU WIS 02/11/22 08/11/23 250 000 250 000 250 000 0 250 000 250,000 378 0.60% 378 CERTIFICATES OF DEPOSIT BMW BK NORTH AMER SALT LAKE CITY UT 03/04/22 03/04/24 245,000 245,000 245,000 245,000 245,000 245,000 1,008 1.60 CERTIFICATES OF DEPOSIT GREENSTATE CR UN NORTH LIBERTY IOWA 03/15/22 03/25/24 250,000 250,000 250,000 250,000 250,000 250,000 1,008 1.60% 855 CERTIFICATES OF DEPOSIT JBMORGAN CHASE BK NO COLUMBUS OHIO 03/15/22 06/15/23 250,000 250,000 250,000 250,000 250,000 250,000 630 1.00 CERTIFICATES OF DEPOSIT TRIAD BUSINESS BK GREENSBORO NC 03/18/22 03/17/23 250,000 250,000 250,000 250,000 250,000 250,000 504 0.80% 504 CERTIFICATES OF DEPOSIT BANK HAPOALIM BM NEW YORK BRH 03/31/22 09/29/23 250,000 250,000 250,000 250,000 250,000 250,000 945 1.50 CERTIFICATES OF DEPOSIT STATE BANK INDIA NEW YORK 04/04/22 04/04/24 250,000 250,000 250,000 250,000 1,222 2.05 CERTIFICATES OF DEPOSIT AMERICA FIRST CR UN BREA CALIF SH 04/08/22 04/06/23 250,000 250,000 250,000 250,000 625 1.10%1 460 CERTIFICATES OF DEPOSIT INCREDIBLE BANK WAUSAU WIS 04/08/22 01/09/23 250,000 250,000 250,000 250,000 483 0.85% 355 CERTIFICATES OF DEPOSIT SYNCHRONY BK RETAIL 04/22/22 04/22/24 250,000 250,000 250,000 250,000 1,134 2.40 CERTIFICATES OF DEPOSIT BARCLAYS BK RETAIL 04/27/22 04/29/24 250,000 250,000 250,000 250,000 1,052 2.40% CERTIFICATES OF DEPOSIT CAPITAL ONE NATL ASSN MCLEAN VA 04/27/22 04/29/24 250,000 250,000 250,000 250,000 1,118 2.55% CERTIFICATES OF DEPOSIT CAPITAL ONE BK USA NATL ASSN GLEN ALLEN 04/27/22 04/29/24 250,000 250,000 250,000 250,000 1,118 2.55% CERTIFICATES OF DEPOSIT DISCOVER BANK GREENWOOLD DEL 04/27/22 04/29/24 250,000 250,000 250,000 250,000 1,096 2.50 CERTIFICATES OF DEPOSIT CF BANK FAIRLAWN OHIO 04/28/22 11/28/23 250,000 250,000 250,000 250,000 863 2.00% 836 CERTIFICATES OF DEPOSIT BANK BIRD IN HAND 04/29/22 10/28/22 250,000 250,000 250,000 250,000 425 1.00% 418 CERTIFICATES OF DEPOSIT (MORGAN STANLEY PRIVATE BK NATL ASSN INS 04/29/22 10/30/23 250,000 250,000 250,000 250,000 892 2.10 CERTIFICATES OF DEPOSIT (MORGAN STANLEY BK NA MKT LKD INSTL 04/29/22 10/29/24 250,000 250,000 250,000 250,000 1,147 2.70% CERTIFICATES OF DEPOSIT POPULAR BK NEW YORK BRH INSTL 05/04/22 11/02/23 250,000 250,000 250,000 250,000 839 2.15 CERTIFICATES OF DEPOSIT BANKERS BK MADISON WIS 05/06/22 11/06/24 250,000 250,000 250,000 250,000 942 2.50% 531 CERTIFICATES OF DEPOSIT STURGIS BK & TR CO STURGIS MICH 05/16/22 08/16/22 250,000 250,000 250,000 250,000 154 0.50% 106 CERTIFICATES OF DEPOSIT MEDALLION BK SALT LAKE CITY UTAH 05/16/22 05/16/23 250,000 250,000 250,000 250,000 601 1.95% 414 CERTIFICATES OF DEPOSIT TRUXTON TR CO NASHVILLE TENN 05/18/22 08/18/22 250,000 250,000 250,000 250,000 177 0.60% 127 CERTIFICATES OF DEPOSIT WESTERN ALLIANCE BK PHOENIX AZ 05/18/22 02/17/23 250,000 250,000 250,000 250,000 457 1.55% 329 CERTIFICATES OF DEPOSIT ALLY BK SANDY UTAH 05/19/22 05/20/24 250,000 250,000 250,000 250,000 863 3.00 CERTIFICATES OF DEPOSIT CADENCE BK TUPELO MISS 05/19/22 11/21/22 250,000 250,000 250,000 250,000 331 1.15 CERTIFICATES OF DEPOSIT INSTITUTION FOR SVGS IN NEWBURYPORT 05/20/22 08/18/23 250,000 250,000 250,000 250,000 576 2.05% 435 CERTIFICATES OF DEPOSIT JOHN MARSHALL BK RESTON VA 05/20/22 02/21/23 250,000 250,000 250,000 250,000 421 1.50% 318 CERTIFICATES OF DEPOSIT DIRECT FED CR UN NEEDHAM MASS SH 05/24/22 01/24/23 250,000 250,000 250,000 250,000 405 1.60% 340 CERTIFICATES OF DEPOSIT KERNDT BROS SVGS BK LANSING IOWA 05/25/22 02/23/24 250,000 250,000 250,000 250,000 579 2.35% 499 CERTIFICATES OF DEPOSIT LAFAYETTE FED CR UN ROCKVILLE MD 05/25/22 11/27/23 250,000 250,000 250,000 250,000 592 2.40% 510 LOCAL AGENCY INVESTMENT FUND LAIF N/A N/A 35,280,992 35,280,992 35,280,992 66,053 35,347,046 35,347,046 35 347 046 66,053 0.75% 66,053 TOTAL CITY HELD INVESTMENTS $ 39,027,597 $ 39,027,597 $ 39,027,597 $ 6,078,015 $ 45,105,611 $ 45,105,611 $ 45,105,611 $ 93,965 $ 78,7 99 CITY HELD INVESTMENT DATA: DISTRIBUTION OF CITY INVESTMENTS: WEIGHTED AVERAGE DAYS TO MATURITY: Local Agency Investment Fund (LAIF) 78.37% BEGINNING OF QUARTER: 48 Days Brokered Certificates of Deposit 21.60% END OF QUARTER: 97 Days Collateralized Savings/Safekeeping Accounts 0.03%