DATE: September 25, 2024
TO: Honorable Mayor and City Councilmembers
FROM: City Treasurer's Office
TITLE: CITY TREASURER'S REPORT - QUARTER ENDED JUNE 30, 2024
RECOMMENDATION
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The City Treasurer and staff recommend that the City Council accept the City Treasurer's Report for the quarter ended June 30, 2024.
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BACKGROUND AND ANALYSIS
The City's Investment Policy requires the City Treasurer to submit a quarterly investment report to the City Council which provides full disclosure of the City's investment activities.
The goal of the City Treasurer's Office is to make investments in conformity with the investment policy adopted by the City Council on June 26, 2024. The quarterly City Treasurer's report is intended to provide an awareness of the activity and performance of the City's investment portfolio.
As of June 30, 2024, the City had $41,104,223 in its operating account, $1,000,000 in LAIF, and $37,257,817 in California Asset Management Program (CAMP). In June, the City worked with its Investment Strategist to close the Enhanced Cash account, as we will be managing liquidity needs with funds in our CAMP and LAIF accounts. The City has adequate funds to meet its cash flow requirements for the next six months.
The book value of the City's investment portfolio at the quarter ended June 30, 2024, was $550,681,943 (book value is the cost of the security plus any amortization or accumulation of premiums or discounts). The June 30, 2024, portfolio book value increased by $39 million (or 7 percent) over the June 30, 2023, portfolio book value. As shown in the following table, the book value of the City's primary investment portfolio has increased by $5.6 million from the prior quarter ended March 31, 2024. As of June 30, 2024, the average purchase yield to maturity was 3.30 percent for this account.
City of Oceanside
Rolling Quarterly Comparison
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
Bo...
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