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Home My WebLink AboutStaff Report 2409-3509CITY OF PALO ALTO CITY COUNCIL Special Meeting Monday, October 07, 2024 Council Chambers & Hybrid 5:30 PM Agenda Item 19.City of Palo Alto Monthly Investment Activity Report August 2024 (Unaudited) City Council Staff Report Report Type: INFORMATION REPORTS Lead Department: Administrative Services Meeting Date: October 7, 2024 Report #:2409-3509 TITLE City of Palo Alto Monthly Investment Activity Report August 2024 (Unaudited) ATTACHMENTS Attachment A: 2024 08 (August) Monthly Investment Activity Report APPROVED BY: Lauren Lai CITY OF PALO ALTO MONTHLY INVESTMENT ACTIVITY REPORT August 2024 (Unaudited) TO: Honorable City Council Report Posted at the City’s Website: www.cityofpaloalto.org/investmentreporting Above Link on Council Agenda of October 7, 2024 ______________________________________________________________________ The City’s Investment Policy1 (Policy) and California Government Code Section 53607 requires that a report of transactions (investments, reinvestment, sold, and exchanged securities) be made available to the Council on a monthly basis. The attached list of transactions (Attachment A) also includes, though not required by the Policy or the government code, security maturities and cash movement activity in the City’s two liquid operating cash pool accounts (Local Agency Investment Fund or LAIF and Fidelity accounts). Liquid cash are available on a daily basis but are invested by the two entities in a range of securities (e.g., treasuries, federal agencies, commercial paper, corporate bonds, time deposits, loans, and certificate of deposits/bank notes). This reporting requirement is separate and distinct from the quarterly investment report submitted under California Government Code Section 53646 that includes portfolio composition, a detailed list of all securities, performance compared to the Policy, overall compliance with the Policy, and the City’s ability to meet expenditure requirements over the next six months. Prepared by: _______________________ Tarun Narayan Mgr. Treasury, Debt & Investments ________________ Date Approved by: _______________________ Christine Paras Asst. Director ASD _________________ Date ______________________ Lauren Lai Chief Financial Officer _________________ Date 1 https://www.cityofpaloalto.org/files/assets/public/v/1/administrative‐services/investment‐policies/adopted‐investment‐policy‐1‐39‐asd.pdf Docusign Envelope ID: 16047D34-49BA-4D30-8166-3931DB63266A 9/2/2024 9/3/2024 9/10/2024 City of Palo Alto Activity Report City of Palo Alto Administration Svcs. Dept. 250 Hamilton Ave., 4th FloorPalo Alto, CA 94301 (650)329-2362Sorted By Safekeeper August 1, 2024 - August 31, 2024 Current Rate Transaction Date BalanceBeginning Balance Ending Par Value Percent of Portfolio Par Value CUSIP Investment # Issuer Purchases or Deposits Redemptions or Withdrawals Safekeeper: Union Bank of California Negotiable Certificates of Deposits Preferred Bank LA California2047 NCD 0.002.000 08/16/2024 245,000.00740367HP5 Washington Federal2049 NCD 0.002.050 08/23/2024 245,000.00938828BJ8 Merchants State Bank2059 NCD 0.001.800 03/05/2020 245,000.00589227AG2 Firstier Bank2061 NCD 0.001.950 11/23/2021 245,000.0033766LAJ7 Celtic Bank2063 NCD 0.001.850 12/03/2019 245,000.0015118RRH2 Century Next Bank2074 NCD 0.001.700 08/30/2024 245,000.00156634AY3 1,470,000.0014,340,000.00 12,870,000.00Subtotal and Balance 0.00 Corporate Medium Term Bonds 15,500,000.00 15,500,000.00Subtotal and Balance Federal Agency Bonds Federal Agricultural Mortgage1867 0.002.250 08/23/2024 1,000,000.003132X0WL1 Federal Agricultural Mortgage1893 0.002.625 08/01/2024 1,000,000.003130H0AU7 Federal Agricultural Mortgage1901 0.002.625 08/01/2024 1,500,000.003130H0AU7 Fed. Home Loan Mortgage Corp.2999 Call 0.006.000 08/21/2024 1,500,000.003134H1TP8 5,000,000.00160,908,000.00 155,908,000.00Subtotal and Balance 0.00 Treasury Securities (Notes) 3,000,000.00 3,000,000.00Subtotal and Balance Municipal Bonds Burlingame School District1548 MUN 0.006.238 08/01/2024 120,000.00121457EQ4 Fremon Union High School Distr1646 MUN 0.006.080 08/01/2024 240,000.00357172VA0 County of Santa Clara1899 MUN 0.002.680 08/01/2024 1,460,000.00801546PJ5 Orchard School District1910 MUN 0.003.125 08/01/2024 40,000.00685585FD8 State of Tennessee2001 MUN 0.003.728 08/01/2024 205,000.00880541QU4 City of Napa Solid Waste2055 MUN 0.002.200 08/01/2024 595,000.00630337AL7 Antelope Valley Community Coll2069 MUN 0.003.026 08/01/2024 500,000.0003667PFN7 San Rafael City High Sch Distr2150 MUN 0.001.965 08/01/2024 1,755,000.00799289MR1 4,915,000.00112,477,833.13 107,562,833.13Subtotal and Balance 0.00 Portfolio CPA AP Run Date: 09/02/2024 - 21:49 DA (PRF_DA) 7.3.11 Report Ver. 7.3.11 Attachment ADocusign Envelope ID: 16047D34-49BA-4D30-8166-3931DB63266A Current Rate Transaction Date BalanceBeginning Balance Ending Par Value Page 2 Percent of Portfolio Par Value August 1, 2024 - August 31, 2024 Activity Report City of Palo Alto CUSIP Investment #Issuer Purchases or Deposits Redemptions or Withdrawals Safekeeper: Union Bank of California Supranationals (World Bank) Bonds 26,500,000.00 26,500,000.00Subtotal and Balance 0.00 11,385,000.00332,725,833.13 321,340,833.1355.296%Safekeeper Subtotal Safekeeper: U.S. Bank Negotiable Certificates of Deposits Workers Fed Credit Union2749 NCD 0.005.100 08/14/2024 249,000.0098138MAX8 Machias Savings Bank2819 NCD 0.004.600 08/09/2024 249,000.00554479EK7 Wahoo State Bank2894 NCD 0.005.000 08/15/2024 249,000.00930584AC1 Bridgewater Bank Bloom MN2900 NCD 0.005.000 08/26/2024 249,000.00108622NQ0 Bankwell Bank2908 NCD 0.005.200 08/24/2024 249,000.0006654BFE6 First Capital Bank3005 NCD 0.005.150 08/15/2024 249,000.0031944ACD1 Southern States Bank3014 NCD 0.005.100 08/22/2024 249,000.00843879FP7 1,743,000.0031,872,000.00 30,129,000.00Subtotal and Balance 0.00 Corporate Medium Term Bonds 12,530,000.00 12,530,000.00Subtotal and Balance Federal Agency Bonds Federal Farm Credit Bank .2884 Call 0.005.800 08/21/2024 1,000,000.003133EPHA6 Federal Farm Credit Bank .2887 Call 0.005.800 08/21/2024 1,000,000.003133EPHA6 Federal Farm Credit Bank .2888 Call 0.006.080 08/08/2024 2,000,000.003133EPHJ7 Federal Home Loan Bank2902 Call 0.006.000 08/21/2024 32,258.073130AVYF3 Federal Home Loan Bank2980 Call 0.006.000 08/15/2024 1,000,000.003130AYYH3 5,032,258.0735,204,594.59 30,172,336.52Subtotal and Balance 0.00 Treasury Securities (Notes) 2,500,000.00 2,500,000.00Subtotal and Balance Municipal Bonds San Mateo Foster City SCH Dist2591 MUN 0.006.000 08/01/2024 375,000.00799055ME5 Foothill-De Anza Comm Clg Dist2699 MUN 0.000.575 08/01/2024 1,230,000.00345102PF8 City of Los Angeles Fin Author2947 MUN 0.007.488 08/01/2024 75,000.0054473ENT7 Upper Santa Clara Valley Water2982 MUN 0.000.827 08/01/2024 415,000.00916544ET2 2,095,000.00135,000,908.30 132,905,908.30Subtotal and Balance 0.00 Portfolio CPA AP Run Date: 09/02/2024 - 21:49 DA (PRF_DA) 7.3.11 Report Ver. 7.3.11 Docusign Envelope ID: 16047D34-49BA-4D30-8166-3931DB63266A Current Rate Transaction Date BalanceBeginning Balance Ending Par Value Page 3 Percent of Portfolio Par Value August 1, 2024 - August 31, 2024 Activity Report City of Palo Alto CUSIP Investment #Issuer Purchases or Deposits Redemptions or Withdrawals Safekeeper: U.S. Bank Supranationals (World Bank) Bonds 23,500,000.00 23,500,000.00Subtotal and Balance 0.00 8,870,258.07240,607,502.89 231,737,244.8239.877%Safekeeper Subtotal Safekeeper: Not applicable - Cash/Managed Pool Accounts LAIF & Fidelity Cash Accounts Fidelity Investments158 6,145,428.365.150 0.00SYS158 Local Agency Investment Fund159 24,100,000.004.600 19,200,000.00SYS159 19,200,000.0017,000,950.43 28,046,378.79Subtotal and Balance 30,245,428.36 30,245,428.36 19,200,000.0017,000,950.43 28,046,378.794.826%Safekeeper Subtotal 590,334,286.45 581,124,456.74Total39,455,258.0730,245,428.36100.000% Portfolio CPA AP Run Date: 09/02/2024 - 21:49 DA (PRF_DA) 7.3.11 Report Ver. 7.3.11 Docusign Envelope ID: 16047D34-49BA-4D30-8166-3931DB63266A