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From YouTube: Finance Standing Subcommittee | Oct 11 2021
Description
City of Palm Springs City Council Finance Standing Subcommittee Meeting, held October 11th, 2021
A
Thank
you
so
we'll
hereby
call
the
special
meeting
for
the
city
of
palm
springs.
City
council
finance
standing
subcommittee
today
is
monday
october
11th,
it's
301
pm.
This
meeting
is
being
held
pursuant
to
the
executive
orders
for
the
brown
act
allowing
this
meeting
to
be
virtual
on
zoom.
A
We
noticed
a
link
for
public
participation
and
we
also
allowed
public
comment
to
be
submitted
ahead
of
time,
and
we
also
have
an
item
on
this
agenda
for
public
comment
now.
So
with
that,
the
first
item
on
the
agenda
is
public
comment.
Pursuant
to
the
brown
act,
public
comment
is
limited
only
to
the
items
that
appear
on
the
notice
and
agenda
of
special
meetings.
So
is
there
any
public
comment
now?
A
If
you
have
public
comment
and
you're
on
zoom,
you
can
use
the
raised
hand
feature
at
the
bottom
of
your
screen
or
you
could
physically
raise
your
hand
and
we
will
call
on
you
and
if
you're
on
the
phone,
you
can
press
star
9
to
raise
your
hand
on
zoom.
A
B
C
What
we'd
like
to
do
today
is
first
just
go
through
kind
of
give
a
brief
economic
update,
kind
of
a
review
of
coming
some
of
the
economic
detail,
especially
leading
indicators
that
we
review
and
we're
going
to
go
through
the
city's
portfolio,
as
well
as
the
process
as
nancy
had
mentioned
and,
like
mia
said,
if
there's
any
questions,
please
feel
free
to
you
know,
interject
or
raise
your
hand,
we
kind
of
like
to
keep
these
interactive
as
we
go
through
the
presentation
itself,
so,
first
off
with
the
economic
update
and
kind
of,
as
we
view
the
overall
economy
as
we
move
into
the
fourth
quarter
of
2021,
the
theme
from
the
economy
continues
to
be
so
goes
the
virus
so
goes.
C
The
economic
activity
we
have
seen,
especially
during
the
summer
and
now
into
early
fall
the
impact
that
the
delta
variant
has
had
definitely
having
some
challenges
and
disruptions
in
economic
activity.
In
a
sense,
what
we've
seen
is
some
labor
market
disruptions
that
as
well
as
continued
supply
chain
disruptions.
Overall,
though,
the
economy
continues
to
move
in
that
path
of
full
recovery,
getting
back
to
pre-pandemic
levels.
In
fact,
gdp
has
actually
already
recovered
two
pre-pandemic
levels.
We
still
have
accommodated
fed
the
fed
continued
their
accommodative
policy
at
their
september
meeting.
C
However,
they
did
indicate
that
we
could
start
seeing
a
change
to
policy
specifically
related
to
their
asset
purchases.
They
make
on
a
monthly
basis
that
I'll
get
into
in
a
little
bit
more
detail,
and
with
that,
what
we've
seen
is
the
yield
curve
has
steepened.
I
know
as
of
this
report,
there
was
details
for
as
of
august
31st,
but
over
the
past
couple
weeks
we
have
seen
the
yield
curve
steepen
as
we
move
into
the
end
of
2021..
C
Now,
one
of
the
big
themes
we
have
seen,
especially
relative
the
economy,
especially
the
impact
from
the
overall
delta
variant,
is
recent
impacts
from
the
overall
employment
report.
On
friday,
we
received
the
september
non-farm
payroll
report.
Now
this
as
of
the
production
of
this
report,
this
is
only
showing
the
data.
As
of
august,
in
august,
we
had
an
unemployment
rate
of
5.2
percent
represented
by
the
u3.
C
You
can
see
that
chart
in
the
upper
right-hand
corner,
but
what
we
saw
in
september,
there
was
an
expectation
that
we
would
get
around
500
000,
new
jobs
and
unfortunately,
around
120
000
came
in
the
unemployment
rate
did
drop,
though
down
to
4.8.
So
it's
the
first
time
since
the
pandemic,
we've
seen
the
unemployment
rate
drop
below
5.
C
The
participation
rate,
though,
did
uptick
a
little
bit
to
61.6
percent,
but
it's
still
below
the
pre-pandemic
level
of
63.4.
C
So
what
we've
seen
the
past
two
non-farm
payroll
numbers
in
august
and
september,
is
they
have
not
meet
expectations.
So
we've
still
seen
some
challenges
relative,
the
overall
labor
force.
There
was
an
expectation
we
would
see
some
positive
numbers
of
september
due
to
the
fact
that
the
enhanced
unemployment
benefits
from
the
american
rescue
plan
expired
in
september.
But
that
not
has.
That
has
not
been
the
case.
So
even
though
that
number
is
still
positive.
C
Moving
in
that
positive
direction,
especially
that
august
number
of
235
000
pre-pandemic
levels,
that
would
have
been
a
great
number
for
the
non-farm
payrolls
numbers.
But,
however,
we're
still
seeing
that
disconnect
that
exists
relative
to
the
labor
force,
as
well
as
to
the
amount
of
job
openings.
One
of
the
things
we
are
seeing
is
average
hourly.
C
Earnings
on
a
year-over-year
basis
have
ticks
higher,
as
it
mentioned
here
in
the
in
the
dialogue
at
the
bottom
of
the
page,
up
to
4.3
percent
from
4.1
percent
and
there's
a
little
just
challenging
with
that,
because
the
impact
that
it
could
have
on
overall
inflation
relative
to
wage
inflation.
So
the
fed
has
two
mandates:
full
employment
and
stable
prices,
and,
as
we've
seen,
one
of
the
biggest
themes
over
the
past
over
the
summer
has
been
inflation
and
the
inflation
numbers.
C
And
if
we
do
continue
to
see
some
challenges
from
the
labor
force,
and
we
actually
start
to
see
an
uptick
in
wage
inflation
that
could
actually
make
inflation
be
a
little
bit
more
sticky
than
the
relative
dialogue
we've
been
receiving
from
the
fed
as
they've
been
indicating.
Let's
see
that
inflation
was
definitely
going
to
be
transitory,
so
one
of
the
things
we
have
seen
is
inflation
numbers.
You
can
see
here
with
cpi
up
5.4
in
august.
C
It
was
at
five
point
three
percent,
so
we
saw
a
little
bit
of
pricing
pressures
ease
a
little
bit,
and
especially
with
pce
coming
in
at
four
point.
Two
percent
for
the
month
of
august
as
well
was
was
not
ready
for
the
for
the
production
of
this
report,
but
one
of
the
challenges
we
have
seen
from
inflation
with
those
increased
pricing
numbers
is
representative
of
the
fact
of
that
base
case.
So,
comparing
to
where
prices
were
in
2020
to
where
we
were
in
2021
has
definitely
seen
increases
in
cpi.
C
One
of
the
biggest
drivers
of
that
earlier
in
the
summer
was
actually
used.
Car
prices,
as
rental
car
companies
had
to
restock
their
fleets.
So
there
has
been
some
evidence
of
some
transitory
impacts
to
inflation,
but
especially
with
the
recent
uptick
in
covid
with
the
delta
variant,
especially
globally,
there
has
been
some
supply
chain
challenges
and
disruptions
and,
as
the
fed
has
already
adjusted
themselves,
their
expectation
for
inflation.
C
For
the
end
of
the
year,
where
their
target
was
around
three
percent
and
now
adjusting
that
up
to
around
3.7
percent
for
the
whole
year
of
2021,
there
continues
to
be
some
challenges
relative
to
pricing
pressures
and
as
we
move
into
the
end
of
2021,
one
of
the
things
we
are
definitely
going
to
look
at
is
whether
or
not
these
pricing
pressures
ease
the
fed
has
indicated
they
believe
they
will.
C
now
from
the
consumer
standpoint,
one
of
the
biggest
reasons
why
we
look
at
the
consumer
is
because
70
of
our
gdp
comes
from
consumption.
What
we've
seen
here
is
actually,
as
of
this
report.
We
saw
an
uptick
in
retail
sales
in
august.
I
know
this
is
only
showing
july
where
it
was
up
15.1
percent.
It
was
interesting
because
the
numbers
for
august
were
expected
to
decline,
especially
from
the
impact
from
the
delta
variant,
but
when
we
remove
vehicles,
gas
and
gas,
retail
sales
were
actually
up.
C
Two
percent,
but
what's
interesting
with
the
consumer,
is
actually
the
change
in
behavior
that
we're
starting
to
see,
and
we
want
to
see
if
this
trend
continues,
especially
the
impact
from
the
delta
variant
earlier
in
the
year,
especially
in
the
spring.
In
the
summer,
what
we
saw
was
the
consumer
was
modifying
their
behavior
from
actually
going
and
purchasing
services
instead
of
purchasing
goods.
So
how
I
view
this?
Is
they
weren't
sitting
at
home,
ordering
stuff
off
amazon
people
were
going
out?
They
were
going
to
restaurants,
they
were
going
on
vacation,
they
were
staying
in
hotels.
C
They
were
going
out
to
baseball
games,
however,
that
changed
in
august
we
saw
that
change
move
a
little
bit
where
all
of
a
sudden,
the
consumer
had
an
increase
in
purchasing
goods
versus
purchasing
services.
Now
that
could
be
a
byproduct
of
in
a
sense,
individuals
or
kids,
going
back
to
school,
doing
some
ordering
some
supplies
for
school
or
definitely
the
impact
from
the
delta
variant.
We
did
see
especially
changes
in
airline
tickets,
as
a
lot
of
some
of
the
airlines
indicated
that
there
was
actually
some
cancellations
of
trips
definitely
impacted
by
from
the
virus.
C
So
we
continue
to
see
the
impact
of
the
virus,
and
you
can
actually
look
at
that
from
the
consumer
confidence
index
we
actually
saw
for
september.
Consumer
confidence
actually
dropped
for
a
third
straight
month,
definitely
impacted
by
the
delta
variant
to
deepen
optimism
that
we've
seen,
but
it
is
still
at
historical,
high
levels
and
the
back
to
back
drops
could
actually
suggest
just
to
curtail
in
spending
as
we
move
into
the
rest
of
2021,
the
leading
economic
indicators.
C
What
we've
actually
seen
these
definitely
depict
the
economy
is
actually
in
good
health
and
the
contributors
such
as
jobless
claims,
manufacturing
and
building
permits
are
best
definitely
driving
forces,
but
the
app
the
economy
is
actually
suggesting
from
the
lei
that
we
are
rapidly
rising
trajectory
and
even
the
chicago
fed
national
activity
index
anytime,
that
that
number
is
above
zero.
That
definitely
signifies.
We
are
an
above
trend:
economic
growth,
one
of
the
biggest
drivers
that
we've
seen
for
economic
indicators
over
the
past
18
months
has
been
housing.
C
It's
been
a
bulworth
through
the
entire
pandemic
itself
in
q2
of
this
year
across
the
nation,
home
prices
increased
by
23,
and
that
was
the
highest
increase
we've
seen
on
record.
So
what
we
continue
to
see
is
home
prices
on
a
year
year
basis
up
19.
C
What
we're
seeing
is
that
the
the
dialogue
around
housing
and
the
challenge
that
exists
is
supply
supply
supply.
There
is
not
enough
housing
to
actually
meet
the
current
demand
that
exists.
The
wall
street
journal
came
out
with
an
article
about
two
months
ago,
showing
that
the
united
states
as
a
whole
is
deficient
by
five
and
a
half
million
homes
based
off
of
current
demands.
So
I
know
that's
a
theme
we
generally
hear
about
in
california,
but
that
is
something
that
is
a
theme
down
that
is
national.
C
What
I
find
interesting
is
the
fact
that
seven
out
of
ten
homes
that
are
actually
sold
in
california
are
sold
above
asking
and
we're
actually
seeing
right
now
is
that
there's
only
about
1.9
months
of
inventory
available
on
the
market,
so
there's
still
that
increased
demand,
we
did
see
a
drop
in
sales
for
the
first
time
there
was
double
digits,
the
first
time
in
14
months,
so
I'm
not
sure
if
we're
actually
going
to
see
it
like
again,
if
that
trend
continues,
but
housing
prices,
especially
with
low
interest
rates
right
now,
and
that
tight
supply
are
definitely
going
to
help
support
prices.
C
Moving
forward,
as
I
mentioned
before,
manufacturing
is
definitely
strong.
The
ism
numbers
came
in
at
about
59.9
for
the
month
of
september
anytime.
That
number
is
above
50,
as
you
see
that
chart
in
the
upper
left-hand
corner.
That's
representative
of
the
fact
that
that
sector
of
the
economy
is
continue
to
expanding
and
generally
it's
supporting.
We
see
continued
growth
for
both
of
these
sectors.
C
You
know
the
chip,
shortages
and
the
supply
chain
disruptions
definitely
can
cause
some
challenges
in
the
near
term
relative
to
the
industrial
production
gdp
that
we've
actually
seen
here
came
in
at
6.6
for
the
second
quarter.
What
we
have
seen
recently
from
gdp
numbers
is
first,
they
are
back
to
pre-pandemic
levels
or
sorry,
they're,
actually
better
than
pre-pandemic
levels.
So
it's
one
of
those
areas
from
the
economic
data
that
actually
continues
to
improve.
However,
what
we've
seen
especially
due
to
the
delta
variant,
is
a
re-establishment
of
growth
for
2021
and
2022..
C
What
we're
looking
at
right
now
is
for
2021
growth
has
declined,
it's
expecting
around
5.9
percent
earlier
in
the
year
earlier
in
the
summer,
we're
expecting
around
six
and
a
half
percent,
but
5.9
is
still
very
strong
and
will
be
the
highest
gdp
numbers
we've
seen
since
1984
and
as
well
for
2022
looking
around
4.2
percent,
but
these
are
definitely
better
than
those
long-term
trends.
We
have
seen
pre-pandemic
of
1.8
from
a
growth
perspective.
C
Now
before
I
get
into
the
city's
portfolio,
I'd
like
to
review
first
off
the
fed,
as
well
as
the
current
yield
curve.
So,
first
off
the
fed
back
in
march
of
2020,
as
you
can
see
by
that
chart
in
the
upper
right
hand,
corner
the
fed
dropped
the
federal
funds
rate
all
the
way
to
that
zero-bound
range
in
response
to
the
pandemic.
Prior
to
the
september
meeting,
they
had
given
us
the
expectation
that
they
don't
plan
on
raising
the
federal
funds
rate
until
2023.
C
C
C
We're
expecting
them
to
be
very
deliberate
in
a
sense,
stop
and
complete
the
reduction
of
their
asset
purchases
by
the
summer
of
2022
and
we're
hoping
to
get
a
little
bit
more
guidance
from
the
fed
with
the
release
of
their
minutes
next
week
from
that
announcement.
From
that
expectation,
what
we
have
actually
seen
is
interest
rates
have
steepened.
The
yield
curve
has
steepened
over
the
past
couple
of
weeks.
First
of
all,
I
want
to
point
to
that
chart
in
the
upper
left
hand,
corner
you'll
notice.
C
If
we
look
at
the
solid
green
lines,
the
ten-year
treasury
note,
the
dotted
gray
line
is
the
five-year
treasury
note
and
the
magenta
line
is
the
two-year
treasury
note.
What
we
saw
earlier
in
this
year
is
yield
curves
increased
in
the
first
quarter
in
response
to
growth,
expectations
for
2021,
as
well
as
inflation
expectations,
and
then
the
yield
curve
flattened
as
we
came
into
the
beginning
of
the
summer
and
throughout
the
summer,
mostly
due
to
the
impact
of
the
delta
variant.
C
Now
we
have
seen
an
increase
as
well
in
yields
over
the
past
couple
weeks.
Now
it's
not
representative
of
this
chart
in
the
right-hand
corner,
but
what
we
can
actually
see
here
in
the
chart
in
the
upper
right-hand
corner.
C
In
a
sense
it's
showing
the
steepness
of
the
yield
curve
compared
to
where
we
were
a
year
ago
that
dotted
magenta
line
is
yield
the
yield
curve
as
of
august
of
2020,
and
we
can
compare
that
to
that
solid
green
line
in
august
of
2021
you'll
notice
that
solid
green
line
is
flattened
a
little
bit
from
where
we
were
in
may
again
in
response
to
that
delta
variant.
But
it
has
since
then
changed
and
we've
seen
a
steepening,
and
we
do
expect
the
yield
curve
to
steepen
as
we
move
into
the
rest
of
2021..
C
That's
important
for
two
reasons.
One
year
bond,
fixed
income
portfolios
have
an
inverse
reaction
or
an
inverse
movement
to
interest
rate
movements.
So
if
interest
rates
go
up,
the
value
of
a
fixed
income
portfolio
goes
down.
If
interest
rates
go
down,
the
value
of
a
fixed
income
portfolio
goes
up,
so
we
could
actually
see
some
negative
returns
from
a
monthly
basis,
but
overall,
it's
a
benefit
because
we
are
being
able
to
invest
at
higher
yields.
C
You'll
notice,
in
a
sense
that
that
two
to
three
year
mark
is
where
the
yield
curve
steepens
and
with
our
ability
for
the
city's
portfolio
to
make
asset
purchases
in
around
all
the
way
up
to
five
years.
The
city
is
definitely
going
to
benefit
from
the
increasing
yields,
as
we
actually
are
able
to
allocate
new
investments
on
that
longer
end
of
the
curve,
and
that's
the
opportunity
that
we're
looking
at
right
now.
C
So
as
we
move
into
the
rest
of
2021,
the
theme
for
the
economy
is
we
continue
to
prove
in
that
positive
direction.
Moving
back
to
pre-pandemic
levels,
you
know
so
goes
the
economy
or,
as
the
virus
continues
to
go
so
goes
the
economy.
We
are
starting
to
see
some
of
those
numbers
drop,
but
as
we
move
into
the
winter
again
with
what
could
be
unexpected
from
the
virus
we'll
see,
but
we'll
continue
moving
that
positive
direction,
especially
with
activity
from
the
fed
looking
to
start
to
adjust
their
accommodated
policy
moving
into
2022..
C
A
C
You
mayor
so
moving
forward
as
look
at
the
objectives
for
the
city's
portfolio.
The
effect
objectives
are
to
provide
safety
of
principle
for
preservation
of
capital,
provide
adequate
liquidity
to
meet
all
the
requirements
and
then
third
earn
a
commensurate
rate
of
return.
C
C
Now,
to
review
the
portfolio
characteristics
for
the
city
for
the
chan
for
the
channel,
chandler
managed
portfolio.
What
I'm
going
to
focus
on
is
that
column
in
the
center.
As
you
can
see,
the
average
maturity
for
the
portfolio
is
1.59
years.
Our
duration
is
1.53,
the
purchase
yield
is
0.50
or
50
basis
points.
The
market
yield
is
21
basis
points,
we've
got
an
average
credit
quality
of
double
a
plus
and
a
total
market
value
of
just
over
132
million.
C
A
couple
things
I'd
like
to
point
out
here:
first
you'll
notice
that
purchase
yield
is
greater
than
the
market
yield.
What
that
means
is
if,
on
august
31st,
we
went
out
and
actually
made
purchases
or
actually
went
out
and
purchased
all
the
securities
in
the
city's
portfolio.
At
that
time,
the
yield
we
would
get
would
be
21
basis
points.
However,
we
have
a
purchase
yield
of
50
basis
points.
What
that
means
is
we've
got
unrealized
embedded
gains
in
the
city's
portfolio.
So
that's
a
positive
one.
C
Other
thing
I'd
just
like
to
comment
on
you'll
notice,
the
difference
between
the
statistics
of
the
benchmark
versus
the
statistics
of
the
portfolio,
we're
being
very
tactical
about
bringing
the
portfolio
up
to
the
and
in
line
with
the
benchmark,
and
that's
something
that
we
continue
to
work
on
with
staff
with
continue
to
where,
as
we
get
additional
purchases,
we
will
continue
to
move
the
portfolio,
its
duration
and
average
maturity
to
be
in
line
with
the
benchmark.
But
again
that's
a
very
tactical
process.
C
Now
the
sector
distribution,
as
you
can
see
here,
here's
the
breakdown
on
the
focus
on
the
donut
on
the
left.
You
can
see
here
that
just
over
45
percent
of
the
city's
portfolios
and
us
treasuries
35
in
agency
bonds,
11
and
a
half
percent
in
corporate
bonds,
3.8
percent
in
supernationals,
with
the
remaining
around
in
negotiable
cds,
money
market
fund
and
one
asset-backed
security
position
here
you
can
see-
is
the
listing
of
all
of
the
issuers
in
the
city's
portfolio
you'll
notice.
C
The
majority
of
those
are
in
u.s
government
debt
or
with
those
with
the
implied
backing
of
the
u.s
government
and
well-diversified
portfolio.
We
continue
to
diversify
the
portfolio
with
new
assets
being
placed
into
the
portfolio
and
at
this
time
we
do
not
have
any
concerns
with
any
of
the
positions
in
this
portfolio.
Also,
we
follow
a
guidance
in
working
with
staff,
making
sure
that
we
are
investing
following
the
social
responsible,
investing
format.
We
have
a
target
list
of
approved
issuers
and
we
follow
that
very
diligently.
C
One
thing
that
staff
did
ask
me
to
point
out,
though,
is
the
purchase
that
we
made
of
the
toyota
asset-backed
securities
back
in
earlier.
In
the
summer.
Back
on
june
14th,
we
actually
purchased
toyota
toyota
motor
green
bonds,
the
asset
back
securities
on
behalf
of
the
city.
What
these
are
the
toyota
auto
receivables
for
in
what
they
are
they're,
simply
their
auto
loans
for
very,
very
high
credit
quality
individuals.
We
purchased
about
1.25
million.
You
can
see
here.
C
The
credit
rating
is
aaa
we're
able
to
purchase
this
at
a
yield
of
0.26
percent
and
the
benefit
for
this
is
because
of
the
fact
we
are
purchasing
the
toyota
motor
credit,
green
bonds,
and
since
this
is
a
green
bond
and
what
they
are,
they
are
auto
loans
for
individuals
to
be
able
to
purchase
environmentally
friendly
vehicles.
So
it's
those
auto
loans
for
individuals
that
are
going
up,
purchasing,
priuses
or
other
of
those
electronic
vehicles
as
well.
C
Now
our
quality
distribution-
and
this
is
based
off
of
smp.
You
can
see
here
that,
as
of
831,
the
portfolio
81.8
percent
of
this
is
in
double
a
rated
by
s
p.
If
this
was
rated
by
moody's
or
finch,
you
would
see
that
all
as
triple
a
the
reason.
It's
double
a
is
because,
back
in
2011,
the
s
p
downgraded
the
united
states
government
to
double
a
from
aaa
you'll
notice.
There
are
certain
percentages
that
are
not
rated.
Those
are
actually
other
the
cds
and
most
likely
the
asset-backed
security
position.
C
However,
the
asset
back
security
position
is
rated
by
moody's
and
or
finch,
so
it
is
in
compliance
with
the
city's
investment
policy,
the
duration
distribution.
Here
you
can
see
our
term
structure
built
out
for
the
portfolio
comparatively
to
benchmark
and
again,
as
I
mentioned
before,
we
will
continue
to
build
this
out
to
get
the
portfolio
to
be
in
more
in
line
with
the
benchmark,
taking
advantage
of
opportunities.
C
We
see,
as
I
mentioned
before,
in
that
three
to
four
and
four
to
five
year
mark
and
as
we
meet
in
the
next
three
months,
you'll
definitely
see
an
adjustment,
an
increase
in
those
areas,
as
we
continue
to
allocate
funds
for
the
city
now
the
investment
performance
for
the
past
three
months.
As
you
can
see
here
the
last
three
months,
the
portfolio
for
the
city
returned
0.02
compared
to
that
benchmark
at
0.7
percent
and
since
inception,
which
is
331.21
0.10
percent
competitively
a
benchmark
of
0.40.
C
And
the
portfolio
characteristics
for
the
reporting
account.
So
what
this
is
based
off
of
of
this
is
the
assets
that
are
in
life
and
all
the
other
local
government
investment
pools.
You
can
see
the
purchase
yield
of
0.15
with
a
total
market
value
of
just
over
140
million,
and
you
can
see
here
the
breakdown
between
leif,
as
well
as
with
the
local
government,
investment
pool,
cal
trust,
and
here
you
can
actually
see
that
breakdown
again
between
caltrust
and
lathe
and
then
for
the
entire
city's
portfolio.
C
The
consolidated
amount
you
can
see
here
as
of
831
average
maturity
of
0.77
years,
the
average
purchase
yield
is
0.32
market
yield
of
0.18
average
credit
quality,
double
a
and
the
total
market
value
just
under
272
million
and
then
finally,
the
sector
distribution
from
the
consolidated
report.
You'll
notice
here
that
the
local
government
investment
pool
in
cal
trust
represents
34.4
percent
leif,
represents
17
treasuries,
22
agencies,
17
and
the
corporate
allocation
of
5.6.
C
C
You
can
see
that
right
here
of
342
000,
the
better
gain
in
the
city,
unrealized
gain
in
the
city's
portfolio
and
then
finally,
what
we
have
here
is
the
leif
and
cal
trust
reports
and
then
all
the
transactions
that
occurred
over
the
past
three
months
from
june
july
and
august,
and
I
can
answer
any
questions
regarding
the
city's
portfolio
or
any
aspects
that
I
did
not
cover.
Let
me
go
over
in
more
detail.
D
Meet
on
a
bi-weekly
basis
and
go
over
all
these
and
we're
really
working
towards
moving
the
money
from
we
have
quite
a
bit
in
cal
trust
in
life,
but
we
don't
want
to
rush
it
and
just
go:
buy
things
out
of
proportion,
so
mia
and
chris
have
been
working
diligently
with
me
every
other
week.
You
know
going
through
how
much
we
buy.
D
Or
comments,
oh,
you
guys
have
been
doing.
You
guys
have
been
doing
a
great
job
and
no
questions
at
this
time.
Other
than
support
of
what
I've
heard
great
and
I
will
be
present
on
the
zoom
in
just
a
couple
of
minutes.
Would
you
like
us
to
wait
for
you?
D
No,
you
go.
You
keep
proceeding,
but
I'm
almost
there.
Okay!
Well,
I
think
they're
doing
I'm
really
impressed
they're
doing
a
great
job.
Chandler
asked
management
management
and
we
have
a
great
working
relationship,
and
so,
if
we
don't
have
any
other
questions
or
comments,
we'll
see
you
next
quarter,
I
don't
know
evelyn.
Is
there
anything
I
have
to
do
before
signing
off.
D
No
ma'am
I'll
end
the
meeting
as
soon
as
it
is
adjourned.