11-10-2015 CC RPT 18 - Laserfiche WebLink

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City 9f Arts &Innovation City Council Memorandum TO: HONORABLE MAYOR AND CITY COUNCIL DATE: NOVEMBER 10, 2015 FROM: FINANCE DEPARTMENT WARD: ALL SUBJECT: MONTHLY INVESTMENT AND DEBT REPORTS AND DELEGATION OF INVESTMENT RESPONSIBILITY — AUGUST 2015 ISSUES: The items for City Council consideration are 1) receipt of the monthly investment and debt reports, and 2) delegation of authority to the Chief Financial Officer /Treasurer of the City to invest and reinvest funds or to sell or exchange purchased securities. RECOMMENDATIONS: That the City Council: 1. Receive the attached monthly investment and debt reports; and 2. Delegate investment responsibility to the City's Chief Financial Officer /Treasurer for a period of up to one year. BACKGROUND: Throughout the year, the Finance Department undertakes a comprehensive analysis of revenue and expenditures for the City's major funds in order to monitor budget versus actual data and identify any positive or negative trends. This information is presented each month from September through May, and is superseded in June by the annual audit and then suspended until the first quarter of the following fiscal year is complete in September. Additionally, this report includes the Monthly Investment Report (Attachment "A ") and the Monthly Debt Report (Attachment "B "), which highlight the City's portfolio of investments and its outstanding debts, respectively. Monthly Financial Report Status Monthly financial reporting has been suspended until September 30, 2015, as is the case each year. The City's financial report as of June 30, 2015, is the Comprehensive Annual Financial Report, which will be provided to the Finance Committee and subsequently the City Council in December and January, respectively. Financial reporting begins with September 30 because there is insufficient information prior to the conclusion of the first quarter of the fiscal year with which to make meaningful financial projections.