City Council Regular Meeting


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  8.D.       
Meeting Date: 09/16/2020  
From: Haroon Noori

RECOMMENDATION
Receive the report.
DISCUSSION
Article 19, Section (K) of the City Charter requires that a quarterly statement of all funds in the treasury be submitted to the Council.  The Treasurer’s report allows the Council and public to verify that the City’s funds are invested in a safe and prudent manner, and that such investments comply with City policy and state law.  The Treasurer’s Report is different from a budget report, as its purpose is to report on cash balances.

This report reflects the City’s balances as of June 30, 2020 and shows that cash and investments held citywide, with a market value of $28,447,258.84.  All investments are in government securities, certificates of deposit (CD), or other approved investment vehicles.  The maturity dates are laddered, to ensure liquidity.  All bank balances are insured.  The City does not actively trade either certificates of deposits or federal agency securities but holds investments in the portfolio to maturity.
 
Date Description Rate Dollar Amount/
Face Value
Activity
04/24/2020 Synchrony Bk Retail Program Book, Certificate of Deposit 1.90% $247,000 Maturity
06/19/2020 BMW Bk North Amer Salt Lake City, Utah, Certificate of Deposit 2.10% $247,000 Maturity
04/20/2020 Federal Home Ln Mtg Corp Reference, Government Security 1.38% $171,000 Maturity
         
05/08/2020 HSBC BK USA National Association, Certificate of Deposit 1.00% $248,000 Purchase
05/06/2020 Federal Home Ln Mtg Corp Reference, Government Security 0.60% $170,000 Purchase

Notes:
The average yield on the City’s portfolio for the reported quarter is 1.67%.  This represents a yield rate that is .15% less than the prior quarter and 0.17% less the same quarter in the prior year.
OPTIONS
N/A - This is an informational report.
FINANCIAL IMPACT:
There is no fiscal impact.  This is informational only.
  
GOAL ALIGNMENT: Financial Stability: Develop a strategic plan to better address current and future City expenditure and revenue, provide high quality muni services.
Attachments
Fourth Quarter Treasurer's Report


    

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