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Home My WebLink AboutStaff Report 2410-3599CITY OF PALO ALTO CITY COUNCIL Special Meeting Monday, October 21, 2024 Council Chambers & Hybrid 5:30 PM Agenda Item 17.City of Palo Alto Monthly Investment Activity Report for September 2024 (Unaudited) City Council Staff Report Report Type: INFORMATION REPORTS Lead Department: Administrative Services Meeting Date: October 21, 2024 Report #:2410-3599 TITLE City of Palo Alto Monthly Investment Activity Report for September 2024 (Unaudited) ATTACHMENTS Attachment A: Monthly Investment Activity Report - September 2024 APPROVED BY: Lauren Lai CITY OF PALO ALTO MONTHLY INVESTMENT ACTIVITY REPORT September 2024 (Unaudited) TO: Honorable City Council Report Posted at the City’s Website: www.cityofpaloalto.org/ investmentreporting Above Link on Council Agenda of October 21, 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: 4EE164D6-F6A3-4DB8-9FB3-24C0B14D3B0E 10/3/2024 10/4/2024 10/7/2024 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 September 1, 2024 - September 30, 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 First Farmers Bank & Trust2076 NCD 0.001.750 09/04/2024 245,000.00320165JK0 Capital One Bank USA NA2089 NCD 0.001.900 09/05/2024 245,000.0014042TCP0 Sallie Mae Bank2102 NCD 0.001.900 09/18/2024 245,000.007954504D4 Flagstar Bank FSB2414 NCD 0.000.400 09/30/2024 249,000.0033847E4E4 984,000.0012,870,000.00 11,886,000.00Subtotal and Balance 0.00 Corporate Medium Term Bonds 15,500,000.00 15,500,000.00Subtotal and Balance Federal Agency Bonds Tennessee Valley Authority1519 0.002.875 09/16/2024 750,000.00880591ER9 750,000.00155,908,000.00 155,158,000.00Subtotal and Balance 0.00 Treasury Securities (Notes) 3,000,000.00 3,000,000.00Subtotal and Balance Municipal Bonds San Mateo Cnty Comm. College D2521 MUN 0.000.500 09/02/2024 2,000,000.00799038NP5 Rancho Santiago Comm College D2522 MUN 0.000.634 09/02/2024 450,000.00752147HH4 San Mateo Cnty Comm. College D2523 MUN 0.000.500 09/02/2024 1,500,000.00799038NP5 3,950,000.00107,562,833.13 103,612,833.13Subtotal and Balance 0.00 Supranationals (World Bank) Bonds 26,500,000.00 26,500,000.00Subtotal and Balance 0.00 5,684,000.00321,340,833.13 315,656,833.1353.040%Safekeeper Subtotal Safekeeper: U.S. Bank Negotiable Certificates of Deposits First Technology Federal Credi2845 NCD 0.005.350 09/24/2024 249,000.0033715LET3 Customers Bank2848 NCD 0.005.300 09/23/2024 249,000.0023204HNL8 Comerica Bank Texas2856 NCD 0.005.250 09/30/2024 249,000.00200339FB0 Portfolio CPA AP Run Date: 10/02/2024 - 23:37 DA (PRF_DA) 7.3.11 Report Ver. 7.3.11 Attachment ADocusign Envelope ID: 4EE164D6-F6A3-4DB8-9FB3-24C0B14D3B0E Current Rate Transaction Date BalanceBeginning Balance Ending Par Value Page 2 Percent of Portfolio Par Value September 1, 2024 - September 30, 2024 Activity Report City of Palo Alto CUSIP Investment #Issuer Purchases or Deposits Redemptions or Withdrawals Safekeeper: U.S. Bank Negotiable Certificates of Deposits Elements Financial FCU2915 NCD 0.005.350 09/20/2024 249,000.0028619WAH6 Y-12 Federal Credit Union Bank2929 NCD 0.005.250 09/29/2024 249,000.0098426AAC1 BankFirst Norfolk3028 NCD 249,000.003.600 09/30/2024 0.0006644QAF8 Exchange State Bank3029 NCD 249,000.004.600 09/19/2024 0.00301485AN8 Webster Five Cents Savings3030 NCD 250,000.004.550 09/19/2024 0.0094789PCJ1 Peoples Bank - Pratt KS3031 NCD 249,000.004.550 09/23/2024 0.00710649AD6 Community Choice Credit Union3032 NCD 249,000.004.000 09/30/2024 0.0020368QAD8 Cornerstone Community FCU3033 NCD 249,000.004.250 09/30/2024 0.0021923MAA9 1,245,000.0030,129,000.00 30,379,000.00Subtotal and Balance 1,495,000.00 Corporate Medium Term Bonds Apple, Inc.3027 MTN 1,000,000.002.200 09/19/2024 0.00037833DP2 0.0012,530,000.00 13,530,000.00Subtotal and Balance 1,000,000.00 Federal Agency Bonds Federal Farm Credit Bank .2789 Call 0.005.900 09/12/2024 1,500,000.003133EN5S5 Federal Farm Credit Bank .2865 Call 0.005.840 09/12/2024 1,000,000.003133EPFB6 Federal Farm Credit Bank .2880 Call 0.005.840 09/12/2024 1,000,000.003133EPFB6 Federal Farm Credit Bank .2935 Call 0.005.850 09/27/2024 1,000,000.003133EPX75 Federal Home Loan Bank2963 Call 0.006.000 09/14/2024 1,500,000.003130AYV45 Federal Home Loan Bank3017 Call 0.006.000 09/13/2024 1,500,000.003130B0DM8 Federal Home Loan Bank3025 Call 1,000,000.005.250 09/25/2024 0.003130B2RP2 7,500,000.0030,172,336.52 23,672,336.52Subtotal and Balance 1,000,000.00 Treasury Securities (Notes) U.S. Treasury2701 TB 0.004.250 09/30/2024 1,000,000.0091282CFN6 1,000,000.002,500,000.00 1,500,000.00Subtotal and Balance 0.00 Municipal Bonds San Francisco Cmnty Facs Dist2571 MUN 0.003.108 09/02/2024 300,000.0079772ECF4 City of Los Angeles2800 MUN 0.002.840 09/02/2024 310,000.00544351KT5 610,000.00132,905,908.30 132,295,908.30Subtotal and Balance 0.00 Supranationals (World Bank) Bonds Intl Bk Recon & Development2735 IBRD 0.004.500 09/30/2024 2,000,000.0045906M3K5 Intl Bk Recon & Development2744 IBRD 0.004.500 09/30/2024 1,500,000.0045906M3K5 Inter-American Dev. Bank3026 IADB 1,000,000.003.900 09/19/2024 0.0045818WFV3 Portfolio CPA AP Run Date: 10/02/2024 - 23:37 DA (PRF_DA) 7.3.11 Report Ver. 7.3.11 Docusign Envelope ID: 4EE164D6-F6A3-4DB8-9FB3-24C0B14D3B0E Current Rate Transaction Date BalanceBeginning Balance Ending Par Value Page 3 Percent of Portfolio Par Value September 1, 2024 - September 30, 2024 Activity Report City of Palo Alto CUSIP Investment #Issuer Purchases or Deposits Redemptions or Withdrawals Safekeeper: U.S. Bank Supranationals (World Bank) Bonds Intl Bk Recon & Development3034 IBRD 1,000,000.004.625 09/24/2024 0.00459058KW2 3,500,000.0023,500,000.00 22,000,000.00Subtotal and Balance 2,000,000.00 5,495,000.00 13,855,000.00231,737,244.82 223,377,244.8237.534%Safekeeper Subtotal Safekeeper: Not applicable - Cash/Managed Pool Accounts LAIF & Fidelity Cash Accounts Fidelity Investments158 46,084.564.810 0.00SYS158 Local Agency Investment Fund159 33,900,000.004.570 5,900,000.00SYS159 5,900,000.0028,046,378.79 56,092,463.35Subtotal and Balance 33,946,084.56 33,946,084.56 5,900,000.0028,046,378.79 56,092,463.359.425%Safekeeper Subtotal 581,124,456.74 595,126,541.30Total25,439,000.0039,441,084.56100.000% Portfolio CPA AP Run Date: 10/02/2024 - 23:37 DA (PRF_DA) 7.3.11 Report Ver. 7.3.11 Docusign Envelope ID: 4EE164D6-F6A3-4DB8-9FB3-24C0B14D3B0E