city of Chula Vista

File #: 14-0644    Name: Investment Report
Type: Consent Item Status: Passed
In control: City Council
On agenda: 11/18/2014 Final action: 11/18/2014
Title: INVESTMENT REPORT FOR THE QUARTER ENDED SEPTEMBER 30, 2014
Sponsors: Phil Davis
Attachments: 1. Item 8 - Investment Report Attachment 09-30-2014
Title
INVESTMENT REPORT FOR THE QUARTER ENDED SEPTEMBER 30, 2014
 
Body
RECOMMENDED ACTION
Recommended Action
Council accept the report.
 
Body
SUMMARY
Transmitted herewith is the City's investment report for the quarter ended September 30, 2014.  A separate information memo was distributed to the City Council in October to meet the reporting requirements set forth in the California Government Code Sections 53600 et seq. and the City of Chula Vista Investment Policy.
 
ENVIRONMENTAL REVIEW
The Development Services Director has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that the activity is not a "Project" in accordance with Section 15378(b)(5) of the State CEQA Guidelines because it involves only acceptance of the Quarterly Investment Report; therefore it is an organizational or administrative activity of government that will not result in a direct or indirect physical change in the environment; therefore, pursuant to
Section 15060(c)(3) of the State CEQA Guidelines the activity is not subject to CEQA. Thus, no environmental review is necessary.
 
BOARD/COMMISSION RECOMMENDATION
Not Applicable
 
DISCUSSION
The total cash and investment portfolio held by the City as of September 30, 2014 was $217,141,209.  For the quarter ended September 30, 2014, the earned interest yield was 0.68%, which is unchanged from the previous quarter.  The weighted average maturity as of September 30, 2014 was 1.69 years which is a decrease from the previous quarter's 1.88 years and is within the Council Policy of less than 5.0 years.  The weighted average maturity remains sufficiently liquid to enable the City to meet all operating requirements that might be reasonably anticipated.
 
DECISION-MAKER CONFLICT
Staff has reviewed the decision contemplated by this action and has determined that it is not site specific and consequently, the 500-foot rule found in California Code of Regulations section 18704.2 (a)(1), is not applicable to this decision.  Staff is not independently aware, and has not been informed by any City Council member, of any other fact that may constitute a basis for a decision maker conflict of interest in this matter.
 
LINK TO STRATEGIC GOALS
The City's Strategic Plan has five major goals: Operational Excellence, Economic Vitality, Healthy Community, Strong and Secure Neighborhoods and a Connected Community.  The investment portfolio supports the Operational Excellence goal as it seeks to maintain the safety and liquidity of the City's cash while contributing investment earnings to the bottom line.
 
CURRENT YEAR FISCAL IMPACT
Considering the projected timing of cash receipts and disbursements and the structure of the Pooled Investment Portfolio, the City should be able to comfortably meet overall cash flow needs over the next six months. There is no direct fiscal impact by this action.
 
ONGOING FISCAL IMPACT
There is no ongoing fiscal impact by this action.
 
ATTACHMENTS
Investment Report for the Quarter Ended September 30, 2014
 
Staff Contact:  Phillip Davis, Assistant Director, Finance Department