Title
Consider a resolution accepting the City's Quarterly Financial and Investment Report for the quarter ended March 31, 2016.
Body
The attached report provides a summary of the City’s investments and financial highlights for the quarter ending March 31, 2016. The financial summary is a new addition for this fiscal year and has two components. The first page provides quarterly revenue and economic highlights and will be updated each time for the most recent quarter. The second page is a summary of annual budget and city financial facts that will stay consistent quarter to quarter for each fiscal year. The second report is the City's quarterly investment report. Investing and reporting are governed by the City’s investment policy and General Government Code Chapter 2256 - referred to as the Public Funds Investment Act (PFIA). This quarterly report is prepared by the City's investment advisor, Valley View Consulting, LLC. in close coordination with city staff. Section 2256.023 of the PFIA states that a written report of investments be submitted to the governing body at least quarterly. This report meets those requirements and is also available on the City’s website. The investment activity during the quarter was in compliance with the City’s investment policy and the PFIA.
Recommended Action
Staff recommends approval.