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Home My WebLink AboutINVSTMNT RPRT - JAN 07�.._ City of Palm Desert City and Redevelopment Agency Portfolios COMPLIANCE ANALYSIS AND INVESTMENT REPORT January 2007 Paul S. Gibson, C.C.M.T., Treasurer Thomas W. Jeffrey, J.D., M.B.A., Deputy City Treasurer Treasurer's Commentary The Federal Open Market Committee ("FOMC") met on 31 January, and took no action. The Federal Funds Rate remains at 5.25 percent. The FOMC cited firmer economic growth, and signs of stabilization in the housing market as the basis for its decision. While the FOMC remains concerned about inflation, it believes that the economy will expand at a moderate pace over coming quarters. The next FOMC meeting will be on 20-21 March. Most economists are now predicting economic growth of 2.5 - 3.0 percent during the first half of 2007, with inflation at 2.0 percent, and no interest -rate cuts. Housing has reached a temporary bottom; consumer confidence has improved; retail sales are solid; employment is rising; and inflation is stable. Growth in foreign economies, and a weaker dollar should increase foreign demand for U.S. goods and services. Fourth-quarter Gross Domestic Product ("GDP"), however, may be weak. Indeed, there is still the possibility that the U.S. might slip into a recession. Alan Greenspan recently observed that U.S. profit margins are beginning to stabilize, which is an early sign that the economy is in the last stages of a business cycle. Possible surprises in 2007 might include an early rebound in housing due to low interest rates and limited home -price declines; hedge -fund problems that trigger a flight -to -quality and interest -rate cuts; and unexpectedly steep oil -price declines due to increased non -OPEC production, and inadequate OPEC production cuts. Pis 67d*oiv, c.C..M r. Treasurer PORTFOLIO STATISTICS Dollars in Thousands JAN-07 DEC-06 NOV-06 OCT-06 SEP-06 AUG-06 CITY Month -End Book Value*** $ 237,367 $ 159,050 $ 159,790 $ 157,403 $ 162,442 $ 169,367 Month -End Market Value*** $ 237,168 $ 158,939 $ 159,912 $ 157,328 $ 162,291 $ 169,096 Paper Gain (Loss) $ (199) $ (111) $ 122 $ (75) $ (151) $ (271) Prior Year Book Variance $ 89,718 $ 15,863 $ 12,880 $ 8,748 $ 13,361 $ 15,822 Interest Earnings $ 853 $ 650 $ 635 $ 657 $ 662 $ 678 Yield -To -Maturity 5.06% 5.03% 5.01 % 4.99% 4.96% 4.92% Weighted Maturity (Days) 402 495 514 517 449 443 Effective Duration 0.57 0.75 0.80 0.83 0.70 0.72 RDA Month -End Book Value *** $ 235,609 $ 111,068 $ 115,137 $ 116,220 $ 127,042 $ 141,601 Month -End Market Value *** $ 235,493 $ 111,060 $ 115,388 $ 116,302 $ 127,023 $ 141,444 Paper Gain (Loss) $ (116) $ (8) $ 251 $ 82 $ (19) $ (157) Prior Year Book Variance $ 83,830 $ (14,327) $ (6,074) $ (7,023) $ 1,024 $ 2,120 Interest Earnings $ 1,018 $ 465 $ 466 $ 489 $ 530 $ 570 Yield -To -Maturity 5.05% 4.95% 4.95% 4.95% 4.94% 4.85% Weighted Maturity (Days) 305 668 644 638 585 544 Effective Duration 0.49 1.10 1.11 1.14 1.09 0.99 *** Omits SLGSs. Aaeina Interval <1M < 2M < 3M < 6M < 1YR < 2YR < 3YR < 4YR < 5YR > 5YR Total: Ratings AAA AA A Unrated " B Total: City of Palm Desert -- Portfolio Characteristics 31 January 2007 Market Value $ 44,006 2,796 5,504 8,906 18,834 18,913 7,978 2,067 $ 109,004 Market Value $ 128,270 2,955 11,943 39,569 10,111 $ 192,848 General Fund Ageing I 100 .. 80 e p 60 0 40 40 C a 20 8 17 17 7 3 5 ?0 o �� Mnnr, <1M <2M <3M <6M < < < < < > 1YR 2YR 3YR 4YR 5YR 5YR Credit Qualityl B 5% U nrated 21% A AA 6% 2% AAA 66% Sector Market Value Asset Allocation MTNs MMF $ 47,302 Agencies 18% Agencies 37,428 19% MTNs 35,092 LGIP 33,457 LGIP 41k RDA Loan 32,785 MMF 17% LAIF 6,784 25%a CP - Total: $ 192,848 LAIF RDA Loan 4% 17% Month Citv Yield LAIF Yield Variance Feb06 4.31 4.04 0.27 Mar 4.38 4.14 0.23 Apr 4.47 4.30 0.17 May 4.62 4.56 0.05 Jun 4.72 4.70 0.02 Jul 4.86 4.85 0.01 Aug 4.92 4.95 -0.02 Sep 4.96 5.02 -0.07 Oct 4.99 5.10 -0.11 Nov 5.01 5.13 -0.12 Dec 5.03 5.13 -0.09 Jan07 5.06 5.16 -0.10 Performance 5.2 3.8 Feb06 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan07 ■WAIF Yi„id ■COi viF,i(! ' Standard and Poors " LAIF, and City Loan to RDA Page 2 of 8 City of Palm Desert Portfolio Holdings 31 January 2007 Market Ratings Par Value Issuer lCouponj Maturity) Cost I YTM Price I Value Moody'sl S&P Medium -Term Notes $ 3,023,000 AMERICAN HONDA FINANCE 4.25 03/11/08 $ 2,996,360 5.08 98.65 $ 2,982,150 Al A+ $ 3,000,000 BANK ONE 4.13 09/01/07 $ 3,008,005 3.64 99.27 $ 2,977,962 Aa3 A+ $ 2,920,000 BANK OF AMERICA 5.88 02/15/09 $ 2,967,802 5.01 101.21 $ 2,955,271 Aa2 AA- $ 3,000,000 FORD MOTOR CREDIT CORP 7.20 06/15/07 $ 3,014,230 5.75 99.99 $ 2,999,802 131 B $ 2,500,000 FORD MOTOR CREDIT CORP 7.20 06/15/07 $ 2,511,858 5.75 99.99 $ 2,499,835 B1 B $ 4,612,000 FORD MOTOR CREDIT CORP 7.20 06/15/07 $ 4,645,483 5.10 99.99 $ 4,611,695 131 B $ 2,000,000 GENERAL ELECTRIC 3.60 10/15/08 $ 1,956,064 4.99 97.25 $ 1,944,974 Aaa AAA $ 2,035,000 GENERAL ELECTRIC 4.88 10/21/10 $ 1,984,659 5.63 98.77 $ 2,009,988 Aaa AAA $ 1,891,000 GENERAL ELECTRIC 6.88 11/15/10 $ 1,967,704 5.65 105.23 $ 1,989,814 Aaa AAA $ 2,000,000 GENERAL ELECTRIC 6.13 02/22/11 $ 2,032,316 5.67 103.06 $ 2,061,204 Aaa AAA $ 3,000,000 GOLDMAN SACHS 7.20 03/01/07 $ 3,008,838 3.50 100.13 $ 3,004,017 Aa3 A+ $ 3,080,000 WACHOVIA CORP. 3.63 02/17/09 $ 2,998,015 5.02 96.71 $ 2,978,733 Aa3 A+ $ 2,000,000 WAL-MART 6.88 08/10/09 $ 2,089,212 4.93 103.83 $ 2,076,614 Aa2 AA $ 35,061,000 Subtotal $ 35,180,546 5.00 $ 35,092,058 Federal Agencies - Coupon $ 3,000,000 FED HOME LOAN BANK 3.70 08/15/07 $ 2,998,576 3.79 99.16 $ 2,974,688 Aaa AAA $ 3,000,000 FED HOME LOAN BANK 4.38 09/11/09 $ 2,964,690 5.59 98.28 $ 2,948,438 Aaa AAA $ 1,980,000 FED HOME LOAN BANK 4.75 12/12/08 $ 1,975,381 4.87 99.34 $ 1,967,006 Aaa AAA $ 3,000,000 FED HOME LOAN BANK 4.63 09/12/08 $ 2,989,027 5.40 99.19 $ 2,975,625 Aaa AAA $ 2,049,000 FED HOME LOAN BANK 4.00 12/15/09 $ 2,002,933 4.87 97.13 $ 1,990,091 Aaa AAA $ 3,030,000 FED HOME LOAN BANK 4.00 03/10/08 $ 2,997,433 5.02 98.66 $ 2,989,284 Aaa AAA $ 2,033,000 FED HOME LOAN MTG CORP 4.25 07/15/09 $ 2,004,815 4.87 98.06 $ 1,993,611 Aaa AAA $ 2,000,000 FED HOME LOAN MTG CORP 4.13 11/18/09 $ 1,961,749 4.88 97.50 $ 1,949,938 Aaa AAA $ 2,000,000 FED HOME LOAN MTG CORP 4.90 11/03/08 $ 1,994,787 5.06 99.50 $ 1,990,090 Aaa AAA $ 2,062,000 FED HOME LOAN MTG CORP 4.13 07/12/10 $ 1,973,030 5.47 97.03 $ 2,000,784 Aaa AAA $ 2,786,000 FED NAT MTG ASSOC 7.13 03/15/07 $ 2,797,677 3.55 100.22 $ 2,792,094 Aaa AAA $ 3,000,000 FED NAT MTG ASSOC 3.00 08/15/07 $ 2,990,503 3.63 98.78 $ 2,963,438 Aaa AAA $ 2,000,000 FED NAT MTG ASSOC 4.63 10/28/09 $ 1,987,243 4.88 98.81 $ 1,976,250 Aaa AAA $ 2,000,000 FED NAT MTG ASSOC 4.25 08/15/10 $ 1,919,854 5.47 97.38 $ 1,947,500 Aaa AAA $ 33,940,000 Subtotal $ 33,557,697 4.76 $ 33,458,837 Federal Agencies - Callable $ 2,000,000 FED HOME LOAN BANK 4.20 07/18/08 $ 1,981,471 4.88 98.66 $ 1,973,125 Aaa AAA $ 2,000,000 FED HOME LOAN MTG CORP 5.05 08/22/08 $ 1,999,610 5.06 99.81 $ 1,996,260 Aaa AAA $ 4,000,000 Subtotal $ 3,981,082 4.97 $ 3,969,385 Local Government Investment Pool $ 6,783,585 L.A.I.F. 0.00 02/01/07 $ 6,783,585 5.16 100.00 $ 6,783,585 U U $ 6,783,585 Subtotal $ 6,783,585 5.16 $ 6,783,585 "U" = Unrated Page 3 of 8 City of Palm Desert Portfolio Holdings 31 January 2007 Market Ratings Par Value I Issuer ICouponj Maturity Cost I YTM Price I Value IMoody'si S&P� Local Government Investment Pool $ 32,912,714 C.A.M.P. 0.00 02/01/07 $ 32,912,714 5.21 100.00 $ 32,912,714 U AAA $ 544,755 C.A.M.P. (HOUSING) 0.00 02/01/07 $ 544,755 5.21 100.00 $ 544,755 U AAA $ 33,457,469 Subtotal $ 33,457,469 5.21 $ 33,457,469 Money Market Fund $ 47,302,400 WF ADVANTAGE GOVT MMF 0.00 02/01/07 $ 47,302,400 5.13 100.00 $ 47,302,400 Aaa AAA $ 47,302,400 Subtotal 0.00 $ 47,302,400 5.13 $ 47,302,400 City Loan to RDA $ 32,785,480 CITY OF PALM DESERT 0.00 02/01/37 $ 32,785,480 5.16 100.00 $ 32,785,480 U U $ 32,785,480 Subtotal $ 32,785,480 5.16 $ 32,785,480 Total Investments $ 193,329,934 $ 193,048,258 5.06 $ 192,849,214 Cash $ 42,987,275 CITY MAIN CHKG 0.00 02/01/07 $ 42,987,275 0.00 100.00 $ 42,987,275 U U $ 602,337 DESERT WILLOW CHKG 0.00 02/01/07 $ 602,337 0.00 100.00 $ 602,337 U U $ 627,437 MONTEREY 170 CHKG 0.00 02/01/07 $ 627,437 0.00 100.00 $ 627,437 U U $ 101,358 RECREATIONAL FAC CHKG 0.00 02/01/07 $ 101,358 0.00 100.00 $ 101,358 U U $ 44,318,407 $ 44,318,407 $ 44,318,407 Total Investments and Cash $ 237,648,341 $ 237,366,665 % of Portfolio Corporate Issuers (Market Value) AMERICAN HONDA FINANCE 1.26% BANK ONE 1.26% BANK OF AMERICA 1.25% FORD MOTOR CREDIT CORP 4.26% GENERAL ELECTRIC 3.38% GOLDMAN SACHS 1.27% WACHOVIA 1.26% WAL-MART 0.88% $ 237,167,621 "U" = Unrated Page 4 of 8 Palm Desert Redevelopment Agency -- Portfolio Characteristics 31 January 2007 Dollars in Thousands Apeinp Interval Market Value Portfolio Ageing w/o SLGSsI �l < 1 M $ 20,136 1 < 2M 5,962 < 3M - 100 90 < 6M - 80 j < 1 YR 5,909 70 < 2YR 21,692 60 0 50 < 3YR 18,689 I 40 o 30 24 26 23 < 4YR 6,109 a 20 7 10 0 0 7 II�1I n 7 5 0 < 5YR 3,990 0 11 n n I I I I n > 5YR - < 1M < 2M < 3M < 6M < < < < < > Total: $ 82,487 I 1YR 2YR 3YR 4YR 5YR 5YR Credit Quality Qualit Market Value AAA AAA $ 212,752 90% AA 1,961 A 2,017 " Unrated " 18,367 Unr8% Total: $ 235,097 1 % 1 % Sector Market Value Asset Allocation MMF MMF $ 136,928 58% Agencies 58,265 LAIF 18,367 LGIP 17,559 MTNs 3,978 MTNs CP - 2% Agencies LAIF 25% Treasuries - 8% LGIP Total: $ 235,097 7% Month RDA Yield LAIF Yield Variance Performance Feb06 4.26 4.04 0.22 Mar 4.38 4.14 0.24 5.3 Apr 4.50 4.30 0.20 May 4.60 4.56 0.04 Jun 4.69 4.70 -0.01 0 4.8 Jul 4.82 4.85 -0.03 d Aug 4.85 4.95 -0.10 5- 4.3 Sep 4.94 5.02 -0.09 Oct 4.95 5.10 -0.15 3.8 Nov 4.95 5.13 -0.18 Feb06Mar Apr May Jun Jul Aug Sep Oct Nov DecJan07 Dec 4.95 5.13 -0.18 Jan07 5.05 5.16 -0.11 ■ LAIF Yield ■ RDA Yield * Standard and Poors *" LAIF Page 5 of 8 Palm Desert Redevelopment Agency Portfolio Holdings 31 January 2007 I Market Ratings Par Value Issuer Coupon Maturity Cost YTM Price Value Moody'sI S&P Medium -Term Notes $ 2,000,000 FIRST UNION NAT BANK 5.80 12/1/08 $ 2,026,943 5.00 100.83 $ 2,016,516 Aaa A+ $ 2,000,000 WELLS FARGO BANK 4.00 8/15/08 $ 1,972,514 4.96 98.05 $ 1,961,062 Aa1 AA- $ 4,000,000 Subtotal $ 3,999,457 4.98 $ 3,977,578 Federal Agency -- Coupon $ 3,000,000 FED FARM CREDIT BANK 2.63 9/17/07 $ 2,985,433 3.43 98.41 $ 2,952,188 Aaa AAA $ 2,000,000 FED FARM CREDIT BANK 6.45 10/7/09 $ 2,076,167 4.88 103.35 $ 2,066,914 Aaa AAA $ 2,000,000 FED FARM CREDIT BANK 3.63 10/24/08 $ 1,959,507 4.89 97.50 $ 1,950,000 Aaa AAA $ 2,000,000 FED FARM CREDIT BANK 4.75 8/3/09 $ 1,994,509 4.87 99.31 $ 1,986,250 Aaa AAA $ 3,000,000 FED HOME LOAN BANK 3.38 9/14/07 $ 2,998,292 3.82 98.88 $ 2,966,250 Aaa AAA $ 3,970,000 FED HOME LOAN BANK 4.25 9/12/08 $ 3,933,468 4.79 98.63 $ 3,915,413 Aaa AAA $ 3,970,000 FED HOME LOAN BANK 4.25 9/12/08 $ 3,933,468 4.79 98.63 $ 3,915,413 Aaa AAA $ 4,500,000 FED HOME LOAN BANK 4.38 9/11/09 $ 4,447,035 5.59 98.28 $ 4,422,656 Aaa AAA $ 2,000,000 FED HOME LOAN BANK 3.50 11/3/09 $ 1,931,157 4.88 95.91 $ 1,918,125 Aaa AAA $ 4,000,000 FED HOME LOAN BANK 4.63 9/12/08 $ 3,985,369 4.84 99.19 $ 3,967,500 Aaa AAA $ 2,005,000 FED HOME LOAN BANK 3.88 7/24/09 $ 1,959,089 4.89 97.09 $ 1,946,730 Aaa AAA $ 2,000,000 FED HOME LOAN BANK 4.88 3/11/11 $ 1,952,542 5.49 99.34 $ 1,986,875 Aaa AAA $ 2,000,000 FED HOME LOAN BANK 4.88 3/11/11 $ 1,951,909 5.50 99.34 $ 1,986,875 Aaa AAA $ 3,000,000 FED HOME LOAN MTG CORP 4.88 3/15/07 $ 3,005,236 3.38 99.94 $ 2,998,125 Aaa AAA $ 2,049,000 FED HOME LOAN MTG CORP 4.00 12/15/09 $ 2,002,774 4.87 97.13 $ 1,990,091 Aaa AAA $ 2,000,000 FED HOME LOAN MTG CORP 5.00 7/23/08 $ 1,998,121 5.07 99.74 $ 1,994,778 Aaa AAA $ 2,000,000 FED HOME LOAN MTG CORP 6.88 9/15/10 $ 2,085,140 5.54 105.88 $ 2,117,500 Aaa AAA $ 3,734,000 FED HOME LOAN MTG CORP 6.88 9/15/10 $ 3,893,248 5.54 105.88 $ 3,953,373 Aaa AAA $ 2,973,000 FED NAT MTG ASSOC 3.63 3/15/07 $ 2,973,254 3.95 99.78 $ 2,966,497 Aaa AAA $ 4,155,000 FED NAT MTG ASSOC 6.63 9/15/09 $ 4,326,109 4.89 103.69 $ 4,308,216 Aaa AAA $ 2,000,000 FED NAT MTG ASSOC 3.88 11 /17/08 $ 1,966,892 4.87 97.75 $ 1,955,000 Aaa AAA $ 58,356,000 Subtotal $ 58,358,719 4.78 $ 58,264,767 Local Government Investment Pool $ 1,030,425 L.A.I.F. 0.00 2/1/07 $ 1,030,425 5.16 100.00 $ 1,030,425 U U $ 5,554,701 L.A.I.F. (HOUSING) 0.00 2/1/07 $ 5,554,701 5.16 100.00 $ 5,554,701 U U $ 11,781,851 L.A.I.F. BOND PROCEEDS 0.00 2/1/07 $ 11,781,851 5.16 100.00 $ 11,781,851 U U $ 18,366,977 Subtotal $ 18,366,977 5.16 $ 18,366,977 Local Government Investment Pool $ 17,559,278 C.A.M.P. 0.00 2/1/07 $ 17,559,278 5.21 100.00 $ 17,559,278 U AAA $ 17,559,278 Subtotal $ 17,559,278 5.21 $ 17,559,278 Money Market Fund $ 136,928,191 WF ADVANTAGE GOVT MMF 0.00 2/1/07 $ 136,928,191 5.13 100.00 $ 136,928,191 Aaa AAA $ 136,928,191 Subtotal $ 138,928,191 5.13 $ 136,928,191 U = Unrated Page 6 of 8 Palm Desert Redevelopment Agency Portfolio Holdings 31 January 2007 Market Ratings Par Value Issuer Coupon Maturity Cost YTM I Price Value Moody'sI S&P Total Investments $ 235,210,446 $ 235,212,623 5.05 $ 235,096,791 Cash $ 73,678 HOUSING AUTH CHKG 0.00 2/1/07 $ $ 322,995 HOUSING AUTH TRUST 0.00 2/1/07 $ $ 396,673 Subtotal $ Total Investments and Cash 73,678 0.00 100.00 $ 322,995 0.00 100.00 $ 396,673 $ $ 235,607,119 $ 235,609,296 Corporate Issuers FIRST UNION NAT BANK WELLS FARGO BANK % of Portfolio (Market Value) 0.86% 0.83% 73,678 U U 322,995 U U 396,673 $ 235,493,464 U = Unrated Page 7 of 8 STATEMENT OF COMPLIANCE The investment portfolios of the City of Palm Desert ("City") and the Palm Desert Redevelopment Agency ("RDA") are governed by federal, state, and local law. The City Treasurer's "Statement of Investment Policy" is more restrictive than the California Government Code. The Palm Desert Audit, Investment, and Finance Committee and the Palm Desert City Council review the Statement of Investment Policy annually. For the month ended 31 January 2007, the City and the RDA investment portfolios were in compliance with all applicable federal, state, and local laws and regulations. The City Treasury continued to pursue conservative and prudent investment strategies, based upon the stated objectives of safety, liquidity, and yield (in order of priority). Barring unforeseen events, the City Treasury should have sufficient cash to finance the operations of the City of Palm Desert and the Palm Desert Redevelopment Agency over the next six months. In addition, portions of either the City or the RDA portfolio could be liquidated in order to meet any significant, unexpected cash requirements. Bloomberg L.P. and Interactive Data Corporation provided the data and the analytical tools that were used to calculate the market value of all securities in the City and the RDA investment portfolios. State and Local Government Series securities are held in escrow accounts and are therefore not included in this report as assets. All balances are bank balances. Respectfully submitted on 27 February 2007, Pis cidvon, C. C. M r. City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS I California Government Code I City Investment Policy CA Govt Maximum Maximum Quality Maximum Maximum Quality % of City % of RDA Code Investment Category Maturity Limit S&P/Mdys Maturity Limit S&P/Mdys Portfolio Portfolio 53601(a) Palm Desert Bonds 5 Years No Limit Not Authorized (1) 53601(b) U.S. Treasuries 5 Years No Limit 5 Years No Limit I 1 0.0% 0.0% 53601(c) CA State Debt 5 Years No Limit Not Authorized 53601(d) CA Local Agency Debt 5 Years No Limit Not Authorized 53601(e) Federal Agencies 5 Years No Limit 5 Years 30% 6% 19.4% 24.8% 53601(f) Bankers's Acceptances 180 Days 40% 180 Days 40% A-1 & P-1 - - 53601(q) Commercial Paper 270 Days 25% A-1+ or P-1 270 Days 25% A-1+ or P-1 0.0% 0.0% 53601(h) Negotiable CDs 5 Years 30% 5 Years 30% AA- or Aa3 - - 53601(i) Repos 1 Year No Limit 30 Days 20% AAA & Aaa - - 53601(i) Reverse Repos 92 Days 20% Not Authorized 53601(j) Medium -Term Notes 5 Years 30% A 5 Years 30% A IAAA&Aaal 18.2% 1.7% 53601(k) Mutual Funds 90 Days 20% AAA & Aaa 90 Days 20% (2) 24.5% 58.2% 53601(I) Trust Indenture Debt Not Authorized 53601(m) Secured Bank Deposits 5 Years No Limit Not Authorized 53601(k) Local Government AAA & Aaa AAA & AaaI Investment Pools 90 Days 20% or Advisor 90 Day s I 20% 2) ( I or Advisor 1 17.3% I 7.5% 53601(n) Mortgage -Backed 5 Years 20% A (Issuer) & Not Authorized Securities AA (Security LAW No Limit I I No Limit 3.5% 7.8% (1) The City loan to RDA, which is not a bond, has been approved by the Palm Desert City Council. 83.0% 100.0% (2) Maximum limit for mutual funds and local government investment pools, excluding bond proceeds. Certified California Municipal Treasurer Page 8 of 8 CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARYVV\Z DATE: MARCH 1, 2007 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS Please find attached the Compliance Analysis and Investment Reports for January 2007 which were presented and approved at the February meeting of the Audit, Investment and Finance Committee. Please include on the upcoming agenda for review and acceptance by City Council. Please feel free to contact me at Ext. 382 if you have any questions. Thank you. nmo Attachment (as noted) ^ITY COUNCIL ACTION: APPROVED, DENIED )RECEIVED E Pi ied� OTHER VMETI G DATE `7 AYES: NOES: �� p ABSENT: CA P ABSTAIN: A1?)rie. VERIFIED BY:._..__,1�1 Original on File with JCity Clerk's Office Re&W I Fi /J BY RDA ON 3-aa-0"7 VERIFIED BY RJ)dr0 J Original on file with City Clerk's Office G:\Rnanceftamh Ortega\Wpdocs\Investment Committee\Memos\rklasseninvreport.wpd