City Council Agenda
|
Memo to: |
Manteca City Council |
|
|
|
|
From: |
Matthew Boring, Finance Director |
|
|
|
|
Prepared by: |
Melissa Munoz, Assistant Finance Director |
|
|
|
|
Date: |
August 18, 2026 |
|
|
|
|
Subject: |
Receive and File the Quarterly Investment Report and Adopt a Resolution Approving Updates to the City’s Investment Policy |
Recommendation:
title
Adopt a resolution approving updates to the City’s Investment Policy and receive and file the quarterly investment report for the period ending June 30, 2026
body
Background:
The attached investment report (Attachment 1) provides an overview of the City’s investments as of June 30, 2026. This report was prepared by the City’s investment advisor, PFM Asset Management, who assists with the management of the City’s investment portfolio. The City’s strategy is to maintain sufficient cash to manage day-to-day activities and to utilize PFM to focus on longer-term investment activities.
All funds have been invested in compliance with California Government Code sections 53601 et seq. and with the Investment Policy approved by the City Council in August 2025.
This report also includes a consolidated summary of all the City’s liquid assets as of June 30, on page 07. A summary comparing the past two quarters of balances has also been provided below:
|
Cash Trustee/Agent |
Balance on 3/31/26 |
Balance on 6/30/26 |
% Change |
|
PFM |
$274,611,783 |
$276,984,229 |
0.86% |
|
LAIF |
$54,396,472 |
$54,929,535 |
0.98% |
|
CAMP Pool |
$77,334,753 |
$78,063,718 |
0.94% |
|
JP Morgan Chase |
$0 |
$15,018,533 |
|
|
Wells Fargo |
$71,660,153 |
$77,217,559 |
7.76% |
|
TOTAL |
$478,003,161 |
$502,213,574 |
5.06% |
I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the next six-months’ estimated expenditures.
The investment of City funds is governed by California Government Code Sections 53600-53647 which provides that the legislative body shall approve the investment policy. The City’s Investment Policy was last reviewed and approved by the City Council in August 2025.
PFM Asset Management has recently completed a review of the City’s Investment Policy. There are recommend changes to the policy resulting from changes to the code by Senate Bills (SB) 595 and 858. The attached policy has been updated to reflect these recommended changes.
Fiscal Impact:
No fiscal impact.
Documents Attached:
Attachment 1 - Investment Report June 30, 2026
Attachment 2 - Resolution Approving Updates to the Investment Policy
Attachment 3 - Exhibit A - Investment Policy - 2026 Updates