HomeMy WebLinkAboutAgenda Bill 2B 07/19/2010.~
,4 ~~.v~.dcv It~wv #2.3
DATE: July 19, 2010
TO: ~ Honorable Mayor and Members of the City Council through City Manager
i
FROiM: Sandra Sato; Interim Finance Director/City Treasurer
SUBIJECT: Adopt Resolutions: 1) Resolution to Review and File the City Treasurer's Report Dated
December 31, 2009 and; 2) Resolution to Amend the Interfund Loan Policy
It is~recommended that the City Council adopt a Resolution to Review and File the City
Treasurer's Report dated. December 31, 2009 and a Resolution to amend the Interfund Loan
Policy.
1
BACKGROUND:
In c I mpliance with. the City Investment Policy the Finance- Director/City Treasurer provides
quarterly reports to the Council that include the detail of the City's cash,. investments and
investment earnings. The Council is also required to review the investments for compliance with
the adopted City Investment Policy. Preparation of these reports was delayed in fiscal year
.2009.-10 due to employee turnover, vacancies in .critical positions and a corresponding backlog of
work in the Finance Department. A report for the quarter ending September 30, 20:09 was
provided to Council on June 21, 20.10. As stated at that :meeting, the reports for the rest of the
2009 10 fiscal year should be completed in the next few rrionths and will. be completed thereafter
on a timely basis. In addition to review of'the Treasurer's Report, it is also recommended that
the Interfund Loan Policy be amended retroactively to July 1, 2009.
DISCUSSION:
Quarterly City Treasurer's -Reports contain information on the City's cash activity and ending
balances in alI City checking accounts. The report summarizes total beginning balances of all
cash and investments,, total. quarterly activity and total ending balances. The report also provides
quarterly activity and ;ending.. balances in the City's cash equivalent accounts and' information
about, trustee accounts" activities and ending balances. Investment portfolio activity, security
type, maturity 'and value, both book and fair value are also included. Finally, a comparison of
the City's quarterly investment earnings with the City's benchmark. is also presented as part of
the report.
Agenda;;Revew:
Dept. Drector_~~.City Attorney Finance Director" City Manager
As discussed at he meeting of June 21, 2010, the Finance Department has a backlog of work
which made it necessary to prioritize the workload to prepare Treasurers' .Reports. Accordingly,
it was not. possible for the Interfund Loan Report to be done on a quarterly basis for this year, nor
are the resources available to prepare this report on a quarterly basis for the current fiscal year.
In terms of the Interfund Loan Policy and practice, it is important to note that all cash is pooled
for investment purposes and on any •given day the cash could be overdrawn. However, the way
the current policy was implemented in the past is that all overdrawn cash balances at the end of
the period are reported. as Interfund loans, regardless of whether they are "Short-Term" or "Long
Term" as defined by the Interfund Loan Policy. Staff then determines which funds are loaning
money to the funds which have an overdrawn cash balance on the last day of each quarter.
These loans are then reversed. on the first day of the view quarter. Interest allocation must also be
completed before the Interfund Loan Report can be completed. This extra work delays the
completion of the Treasurer's Report. Overdrawn or negative cash balances on all. other days are
not reported in this manner and it would not be feasible for staff to indentify these funds on a
daily basis.
Due 'to the fact that the General. Fund will be operating with a $5;000 reserve during FY 2010-11,
it is expected that cash flow into the General Fund during several months of the fiscal year, will
not be sufficient to fully cover. cash outflows. This situation. occurs because property tax
revenues are received twice a year in. December and April and'the cash. inflows do not match the
outflows. In the past, a 15% reserve amply covered the .cash .:flow needs of the General Fund.
The General Fund will not have enough cash to meet its needs at various times during the fiscal
year, nor is the General Fund Reserve sufficient to cover the cash shortages in other funds, as it
has in the past. The amount of the overdrafts could easily exceed the $200,000 which is defined
as "Long Term Loans" in the current policy and requires formalization.
The ~ current reporting requirements add little to aid the Public's understanding of City
accounting, nor does such support the City's effort to account for these loans. Current
requirements demand a considerable commitment of time, however, from a Finance Department
that is already impacted by layoffs, turnover and furloughs. By amending the attached policy,
interfund loans can be handled differently and within the existing resources, without sacrificing
accountability for interfund loans.
Al!1 interfund loans, including those interfund loans defined in the current policy as "Short-Term
Interfund, Loans''are reported as part of the CAFR (Comprehensive Annual Financial Report).
Providing.: this information on an annual -basis is consistent with the practice in many other
governmental -agencies where ,overdrawn cash is accounted for by simply averaging the cash
balances. for the quarter and °allocating a "negative .interest" or interest earnings to each fund
based on the averag"e cash balance over the quarter. This provides full and complete
accountability without the necessity of reporting formal loans for one day per quarter.
Borrowing from the pooled. cash and repaying based upon- the earnings in the pooled cash is the
most feasible alternative. Under this method all funds will be fairly accounted for either by
being allocated an interest charge based upon the negative cash balance or being allocated
interest based upon the positive cash balance. In the event a formal loan needs to be made for a
specific projector purpose this would be done on an as needed basis and Council approval would
be obtained for the re-payment plan.
Therefore, it is recommended that the amended Policy read as follows:
Short-Term Interfund Loans
From time to time cash balances in the pooled cash will be overdrawn due to timing differences.
The Treasurer is authorized to allow these overdrafts as long as they represent short term cash
flow issues which can reasonably be expected to be covered from revenues or other resources in
the fscal year in which the overdraft occurs. AlI overdrawn cash balances at June 30th will be
reported and accounted 'for in the. CAFR (Comprehensive Annual Financial Report) in
accordance with GAAP (Generally Accepted Accounting Principles)...
The quarterly interest on the pool will be allocated as .interest earnings or charged as interest
expense m the event of overdrawn. balances on all funds based upon the average cash balance for
each~fund over the quarter.
Long-Term Interfund Loans
1
In rare instances when it becomes necessary to create a long term interfund loan for a specific
purpose or project, the Council will approve a formal loan agreement between the two funds
which will contains terms for repaying the .loan with interest. If for some .reason the payments
cannot. be made on schedule this shall. be reported to the Council on a timely basis. Otherwise
these loans will be reported on annually in the CAFR.
Gen I ral Parameters
The ;second paragraph: "The City Council will review all nterfund loans that exceed $200,000.
A status report will be included with the Quarterly Treasurer's Report".
The only change proposed. to this .section is the deletion of the second paragraph as all long term
loans will be approved by the Council and reported on once a .year. If "the payments cannot be
paid, as per the payment schedule approved by the City Council, the City Council will be
notified.
FINANCIAL IMPACTS:
None
3
ATTACHMENTS
1. Resolution to Review and File the City Treasurer's Report dated December 31, 2009
2. Resolution ao Amend the Interfund Loan Policy
3. City Treasurer's Report Dated December3l, 2009
4'. Current Interfund Loan Policy
y.
ATTACHMENT 1
RESOLUTION TO REVIEW AND FILE. THE CITY'S TREASURER' S REPORT DATED
DECEMBER 31,.2009
WHEREAS, the City Investment Policy .requires that the City Council review the City's
Treasurer's Report on a quarterly basis for compliance with the adopted City Investment Policy.
NOW, THEREFORE BE IT RESOLVED that the City Council has reviewed the report dated
December 31, 2009 and directs the City Clerk to file it.
.~
ATTACHMENT 2
RESOLUTION ~TO AMEND THE. INTERFUND LOAN POLICY
WHEREAS, the Interfund loans can be handled in a more efficient manner without reducing
accountability, and
WHEREAS, the City pools cash for investment purposes, and
WHEREAS, at various tinges of the year due to timing in cash receipts and reimbursements from
granfs various funds will need to overdraw their cash balance and this overdraft or interfund loan can be
covered by the pool, and
WHEREAS, efficiency can be improved without impacting accountability by modifying the
Interfund Loan Policy reporting requirements to eliminate quarterly reports of interfund loans and
requiring the reporting of interfund loans to be included in the' CAFR (Comprehensive Annual Financial
Report) as required by GAAP (Generally Accepted Accounting Principles).
NOW, THEREFORE BE IT RESOLVED that the City Council has reviewed the Interfund Loan
Policy hereby amends the Interfund Loan Policy as follows:
1. Short-Term Interfund Loans
From time to time cash balances in the pooled cash will be overdrawn due to timing
differences. The Treasurer is authorized. to allow these overdrafts as long as they
represent short term cash flow issues which can. reasonably be expected to be covered
from revenues or other resources in the fiscal year in which the overdraft occurs. All
overdrawn cash balances at June 30th will be reported and ,accounted for in the CAFR
(Comprehensive Annual Financial Report) in accordance with GAAP (Generally
Accepted Accounting Principles).
The quarterly interest on the pool will be allocated as interest earnings or charged as
interest expense in the, event of overdrawn balances on all funds based upon the average
cash balance for each fund over the quarter.
2. Long-Term Interfund Loans
In rare instances when it becomes necessary to create a long term interfund loan for a
specific purpose or project,. the Council will approve a formal .loan agreement between
the> two funds which w~ll contains terms for repaying the loan with interest. If for some
.reason the payments cannot be made on schedule this shall be reported to the Council on
~a timely basis. Otherwise these loans'will be reported on annually in the CAFR.
3. General Parameters
Delete the second paragraph: "The City Council. will review all interfund loans that
exceed $200,000. A status report will be included with the Quarterly Treasurer's
Report".
4. EffectiV,e .Date: The amendments to the Interfund Loan Policy shall take effective
retroactive to July 1, 2009.
pity Of ~etalu~a.
Quarterly ~nvestr~e~t ~Zep~~rt
~cto~er 1, 2009 - I~ecem.ber 31, 2009
~~,
ATTACHMENT3
This report, is presented in accordance with the .City's.investment policy anal fhe California
Government ,Code. The polic}~ and Govenunent Code requires the. Treasurer to certify
that sufficient cash flow is.available for the next sib months to meet the expected demand
or provide ail explanatoi7 as to why sufficient cash may not be available, Thee attached
re~~ort outlines. the current investments,. weighted average and yields of pooled nvestn7cnts.
The month end account statement of assets managed by Public Financial .Management, LLC.
(PF1VI), the Local Agency Investment Funds (LA1F) quarterly statement, and the.Cty's
performance summary of portfolio investments as compared to applicable benchmarks
are included. The report also includes the Treasurer's certification of adeduate cash flow.
We respectfully submit the quai~erly investment report for the quarter ending December, 2009.
I
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C~'g'Y ®~' P~TA><,LTIVIA, CA
~~TX 'I'~~ASgJ)f2E)E2'S Q><JAI2T'~RI.Y RESORT
Eor the quarter e~diing Decein~er, 2®09
Cash activity for the fiscal year:
Cash and Investments, Beginning of the Fiscal Year, 10/1 /09
Cash Receipts
Cash Disbursements
Cash and Investments, End of the)E+'iscal Year, 12/31/09
$ 100,488,495
74,018,918
(64,930,487)
$ 109,576,926
Cash and Investment Portfolio at December 31, 2009
Percent
Fair Par Value of
Value* (C'ost) Portfolio
Investments Managed by City Treasurer:
Assessment Districts Bonds
Local Agency Investment Funds (LAIF)
CAMP Pool (CA Asset Management:Prog)
PFIYI Investments Securities **
Subtotal
Investments 1Vlanaged by 1F'iscal Agents:
CAMP Debt Issue Accounts
Trustee Money Market Accounts
Subtotal
Checking Accounts
Total Cash and Investments
741,602 741.,602 0.68%
22,272,587 22,251,509 20.31%
31.,011,800 31.,011,800 28.30%
24,744,239 24,742,908 22.58%
78,770,228 78;747,818 71.87%
28,200,51 S 28,200,515 25.74%
20,266 20,266 0.02%
28,220,781 28,220,781 25.75%
2,608,327 2,608,327 2.38%
109,599,336 109;576,926 100.00%
I certify that .this report. contains the total amow~ts of cash and investments at December 31, 2009
The investments are inconformity-with the Investment Policy. A copy of the "Investment Policy is
available for review in the Fnance::Department. The City Treasurer's cash management program provides
sufficient liquidity to meet expenditure requirements for the nest six months.
sue, ~,,. ~. S~
Sandra Sato, interim Finance Director
*Fair values :furnished by the State of California, Local Agency Investments and California Asset
Management Program, and are adjusted annually.
** See detail on pages 8-14.
Page 2 of 18 9
City of Petaluma, California
-- --- C'as°h/Investment:by=~'ype-December,-2009 - - - -
'Total Cashiinvestents $109,576,926
Cash
$2,608,327
2.3 8%
~_
'~~
--~ CAMP POOL
~, $31,Oll,800
28.30%
,,
;.
,.
$24;742,908
22.58% ~,
~,\
Fscal Agents
~- ° $28,220,781
25.75%
Other
$741,6.
.6$%
LAIF
$22,251,SOR ~``
20.31%
d
~, _
PFM Managed Invest~nents~,,
Page 3 of 18
~.
Q
CITY OFPETALUMA, CA
CITS' TREASURER'S QUARTERLY IEEORT
For the quarter entlingDecember, 2009
Beginning. End of
hrvestments) Financial Institute of Quarter Increase*^ Decrease Month
InvestmentsManaged by City Treasurer:
Assessment District Bond (AD)'2000-O1
Sub-Total~Assessment Districts Bond (AD) Accounts
LAIF
LA1F accrued' interest
i
Sub-Total iLA1F
i
CAMP Pool-Treasurer's Investment Money;6larket
CAMP Pool Managed Account Sub-Total
I~ederal Agency Bonds/IYotas
Fed Agency accrued interest
US Treasury Bonds/Notes_
US Treasury accrued interest
US 'Treasury Bill
US Gov. Support Corp Debt
US Gov. Support Corp Debt interest
Corporate Notes
Corporate Notes accrued interest
PFM Securities Managed Account Sub-Total **
Subtotal
Investments MManaged by'i'rustees Fiscal Agents:
I
CAMP-AD23, 24, 25 Accounts Money Market
CAMP-PFA 2002 ARR Accounts
CAMP-2001 B Water Rev, 2003 COP, 2007 TAB
CAMP-Detitlssne Accounts Sub-Total **
US Batik-ARR Accounts
US Bank First American Treas
Wells Fargo Govem MM
Union Bank Blackrock
Sub-Total'Crustees Money Market Account
Subtotal
Checking Accounts:
Exchange-General' Qperati ng
Exchange-Payroll
Thomas Lee
Police Tntst .
.Subtotal
Total Cash and Im~estments
I
^ includes gain/Inss nn maturity/disposal
* accrual basis
741;602.43 - 741,602.43
741;602:43 - - 741,602.43
22,167,51790 50,130.37 22,217,648.27
130.37 33.560:3.1 (50.130.3
21,489,10.14_ 22,756,654;19 (13,234,36421). 31,011,800.'12
21,489;510:14. ~ 22,756,654.19 (13,234;364.21) 31,011,800.12
9,803,058.43 4,753,487.00 (4,774;515.60) 9,782,029.33
96,324.20 6;046.85. (49,389.98) 52,981.07
6;660,394.53 3,990;546.88 (2,028,710:94) S;622,230.47
38;161.23 1,250:26 (20,034.66) 19,376.83
1;498,913.54 820:9'3 (1,499,734.47) -
1,702,560.40 21,680.00 (521,370.00) 1;202,870.40
16,52:22 4,340.6'3 .(18,664.58) 2;22827
4;986,561.50.
46,199:67 35,625.00 (7,18Z~0) 4,986,561.50
74,629.17
24,848,717:72 8,813,797:55 (8,919,607.73) 24,942,907.54
69,297;478.56 31,6.54;442.42 (22,204,102.31) 78;747;81.8.67
424,763:95 292.77 425,056.72
=166,307.38 321.39 466,628`77
27;290,020.65 18;808.76 - 27,30S,S29'4 t
,28,181,091.98 19,422.92 - 28,200,514:90
17,020.39 17,020.39
3;238.19 1;644,060.02 (1,644,060.03) 3,238.13
2:73 154;184:57 (154,186.88) 0.42
2.73 456;758.46 (468,214.53) 6:66
6.02
2,947,811.70 34,67;929;33 {35;796;719.30). 1;809;021.73
7,998.87 5;432,112.00 (4,663;203;83) 776,907:04.
2,067.38. 2,067.35
20,322.58 '832 - 20;330.90
2,978,200.53 40,090,049:65 (40;459,923.13) 2,603;327.05
1(10;488,495.}1 74,018,918.04 (04,930;486:88) 109,576;926.29
Page 4 of T$ ~ f
CITY ®1+ PETA[,UMA, CA
C9'I'Y TREASURER'S QUAE2TEQ2LYI2EPORT
For the quarter ending December, 2009
Costvs. Fair Market Value
Cosy FV Gain/(Loss)
US Treasury BondMote 8,622,230.47 8,612,451.87 (9,77$.60)
w/o acc int
US Treasury Biill - - -
w/o acc int Ii
Federal Agency 13ond/Note 9,782;029.83 9,787,314.08 5,284.25
w/o acc int '
US Gov Support Copp Debt ~ 1,202,870.40 1,230,312.21 27,441.81
w/o acc int ~
Corporate Note 4,986,561.50 5,114,161.10 127,599.60
w/o acc int
Sub-'Total PFNI Treasurer's, nvest. Securities 24,593;692'.20 24,744,239.2b 150,547.06
CA1V1P Pool Money Market Fund 31,011,800.12 31,011,800.12
Sub-Total CAMP Treasurer's Investments 55;605,x92.32 55,75b,039.38 150,547.Ob
Accrued 'Interest 149,215.34
CAlV1P Totaf Investment 1Vlanaged Securities held ~ 55,905,2'54.72
i
CAMP Debt Issue Managed Accounts 28,181.,091.98 28,200,514.90 19,422.92
PF1VI CAMP Total Treasurer's :Investments ** 83;786,584.30 83,95b,554.28 1699b9.98
w/o Accrued Interest
LAIF
LA1F amortized cost rate
** See detail on pages 7 - 14.
22,251,508.58 22,272,587.10 21,078.52
1..00094728500
Page s ot~ ~ s ~~
Consolidated-Sumrv~ary-Statement -- ---
CITY' OF PETA.LUNIA
Cash Dividends Closing Current
Portfolio Holdings and Income' Market Value Yield
CAMP Pool 10,882.28 59,212,315.02 0.23
CAMP Managed Account 60,399:45 .24,744,239.26 * N/A
Total $71,281.73 $83,956,554.28
Not Applicable
Account statement
- -For-.the-Month Ending December 31;.2009
~y _ :.~i ''' _i~~'ti~Ts't~f~.r~Yr .~I. ~,~ ~ ~? ' ~ T~}) 4 -._.,t` ~_ ~--Pt L~" ~Y ~
Investment Type Closing. Market Value Percent
Corporate Note 5,114,161.10 6:09
Federal Agency Bond /Note 9,787,314.08 SIs66
Money Market Fund 59;212,315.02 70:52
U.S. Government Supported. Corporate Debt 1,230,312.21 1.47
U,S. Treasury Bond /Note 8,612,451.87 10.26
Total
$83,956,554.28 100.00%
.-~.- f ^'~ --r T ti ; -. i ~._ ~c .tic-~,Jt r-Z. 1~%.- ~i??r..il -,-~*3s ..-~~ ~3a~c-•.~-5r f - ~ _ -a't"~~_ ~~_ '. Ytr~-~__ .1 .
X19" ~~ o~~~ '.6 .~~ - 1k,:.r' `.1" _ _ ~ . _ ~T' r -. ~ .:,r ~_ ~ ~7i f• ~ ~. - _ *_.
- c r -'1-~-~ t7 rl'~F~ :'t - .~ ~~ - ~~ ~' _Y ' f'ti' c. ~~ - ~~``~- [~ Jf t al ~ ~. "S S~
Jar. ~ : }. 2'~~ ~ - ~?--- - - .v J ~',, s f Y C
- ?. ,..L; Irt ~t`F/p4~'411f- -]~« .. !~-; A: ] ,I'~r~..41.«>`~''~,.'~"~.f'4"s~.~"`"~'{t~ R Y_ .i dh~'.,'~`~rt''.+,
Portfiolio Holdings Closing Market Value Percent
Under 30 days 60,213,186.02 71.71
31 to 60 days 802,909.60 0.96
61 to 90 days :0.00 0.00
91 to 1'80 days ;1,013;670.00 1.21
181 days to 1-year 1;020,918.00 1.22
1 to 2 years 10,207,131.46 12.16
'2 to 3 years 10,698,739.20 12.74
3 to 4 years 0.00 0.00
4 to 5 years 0.00 0.00
Over 5 years 0.00 0.00
Corporate Note.
US TSY Bontl /Note 6:09%
10.26%~ -- Fed Agy'Bond /
US Govt Supported ~~_ ~~ Note
Corp Debt ~ 11.66°~0
1.49%
~~'
'~` (~ir~
,~
Total $83,956,554.28 100.00%
Weighted Average Days to Maturity 197
Mny Mkt Fund
9oaz°r°
Summary Page 1
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~-ccount Statement
-=` ---' COnSOllflat~(I ~tlntotl~6'y-St~teni~nt-- ---.For..the Month Ending ,December 31,.2009
CITY OF PETALUf~~ik
Account Opening Market Purchases % Redemptions /Sales/ Unsettled Change in• Closing Market Cash Dividends
Number Account Name Value Deposits Maturities Trades Value: Value and`Income
19-100 2003 COP RESERVE- 457,933.93 - 98.59 0,00 0.00 0.00 458;082.52'> 9dS9
] 1~_ 2003 COP CAPITALIZ~_! 1'JTER-: i 1,638.51 0.35 0.00 0.00 0.00 ] • ,' 0.35'
19-104 CRRD 2004 AD24 AND AD25 220;484.70 0.00 O.Oi; 0.00 0.00 220,484.70 47.46
19-106 CRRD 2004 AD2• '." ',S'25 40,609.00 56.20 0.0~ 0.00 0.00 40,665.20 8.Z4
19-108 PLDL 2007 TA6 26;183;528:70 > 5,636.4- 0.00 0.00 0.00" > 26,189,165.17 ' 5,636.47
19=80 2001 AD#23'REGWOOD $USINESS 130;954OU O;OU O:OG ;0:00 0.00 130,954:00. 28.19
PARK -
19-81 2001 AD#23REDWOOD BUSINESS 32;917:5w 35.2; ~ ~~~C -.1~~ `..D~:' -?,952.82' x7.09
PARK
19-q2 WTR REV BND O1 S~~,L00.83 142.03 O,n~'~ b.Up ,;.cG 659,942.86 i;_ 03
1 -''_ PFA 2002 REV'RFD ENDS ...466,528.3-} 100,43 i ~i_ 0.00 ' 0.00 966,628J7 1~'i,43
531-00 TREASURER'S INVESTMENTS 44;693,443.u3 21,273,961.92 (10,026,089.85) 0,00 (185;275.72) 55,756,039.38 b5,212.38
Total $72,887,888.58 $21,280,031.27 ($10,026,089.85) $0.00 ($185,275.72) $83,956,554.28 $71,281.73
__ _ AGC®iAi1~ S$d~~C9'1e19$~- TI'~19SaC~lO1S-56A11'1i99~P'y-- -- --For. the_Month Ending December 31, 2009
CITI' ~~F PETALUNiA - -~~'.E,~SURER'S IIV~IES i P~~iEf~~TS - 5?1-00
_. _ _
Opening. Market Value 19,691,254.01
Purchases 16,553,024.42
Redemptions (5,232,478.31)
Unsettled Trades 0.00
Change ih Value 0.00
Closing Mlarket Value - $31,011,800.12
Cash Dividends and Income 4;812,93
Opening Market Value 25,002,189.02
Purchases ,4,720,937:50
Redemptions (4,793,611.54)
Unsettled Trades 0.00
Change in Value (1;85,275.72)
Closing Market Value
Cash Dividends and Income
$24,744,239.26
60,399.45
~~ ~ ..
December 31, 2009 November,30,'2004
CAMP Pool
31,011,800,1.2
19,691,254.01
CAMP Managed Account
24,744,239.26
25,002189.02
Total $55,256,039.38' $44;693,443.03
CAMP Managed
Account ~.~
44.38%
~ ~
w ~.~
=~'F y f<-- JY y
/ 1- ~di
~_, ,~ ~_ ,
~` ~r. ~
2 -
~~~~ ~
rte. - -~
_ ',;ter
•S .
- CAMP'Pool
55.62%
`
--
Managed-Account Slumrv9ary-Statement - -For-the-Month-Ending December-31,•2009
CITY OF Pf=Try! I-_If~~1A - T~-E,~S R~R'S INVFST~~~IEh!TS - 531-00 - (1~51~5~5)
U
~~ ~ll~ _ ~1 , a r Lei-~[_
'~r-~~. -~~i~ •~ 1_ ~; ~- ~ ~
1s-1- _:'~„~.~._,T~~° ~_,,.~`P~
__:s~: .7r _ • L ~ iF~T~ _J u~Ti~7T~ ~C«q`
~ ~Xr,~'- .-5 ~~'`~d'~4 ~^7'~'~'±~I ~i7jjlcx~~`'' a•;3,ti~j'I
Vdt .. ~- t~ L.+-, ~ ~ _'~l ~ w. ~i,+kr - yy~r~-;~y_. ~' :~*~,`,~?~''~ ~}.i~"; 3 A~i-.. .
,~-. A_~. ti" _ L?3 ~~f-tiT±~+h'~-.,`y- --~-y -
Opening Market Val~re $19,691,254.01 Opening Market Value $25,002,189.02 Opening Market Value $44,693;443:03
Purchases 16,553,024.42 Maturities/Calls 0.00
Redemptions (5,232,478.31) Principal Dispositions (4,793,611.54)
Principal Acquisitions 4,720,937.50
Unsettled Trades 0.00
Change in Current Value (185,275.72)
Closing Market Value $31,011,800.12 Closing MarketValue $24,744,239.26 Closing Market Value $55,756,039.38
Dividend 4;812.93
_ o~ _ ~.~~~- ~ .,.mot ~ryr~- ~`1- r. ,, ~ Y~~, ~ ~
~~ ~ ..~.~' A' :rI~ .~' ~ L"'F-~L. ~'!r--~~-~,'v~~ ITT - ,~~' , * a~, =}C ~~ ~ ~~~~^~ _ _ ai. `.'~ Xi~k~.7.~~ 1-'^ .s.~~` ~i.~.'f l..-: ~ ~.~
Interest/Coupons Received 48,281.63 Closing Cash Balance $0.00
Less Purchased Interest Related to InterestJCoupons ~ (3,186.56)
Plus Net Realized Gains/Losses 15;304.38
Total Cash Basis Earnings $60,399.45
T-,
~21 I ~ I~r 1~~- ~~~~S~i ~Z 1+~-• .~"K ~ ~~- ~ I'w.r,y ~Yl .~~ ~ ~~:1 • f Y -. ~ ~..
~~ Y1~ ["'j(%'_# ~y,• ~~
Ending Amortized Value of Securities 24,560,342.56 55;572,142.68
Ending Accrued Interest 149,215.34 149;215.34
Plus: Proceeds from Sales 4,816,087.33 10,048,565.64
Plus Proceeds of Maturities/Calls/Principal Payments 0.00 0:00
Plus Coupons Received 25;805.84 25,805.84
Less Cost of New Purchases (4,724,124.06) (21,277,148.48)
Less Beginning Amortized Value of Securities (24,601,891.54} (44,293,145.55)
Less Beginning Accrued Interest (139,298.44) (139,298.44)
Dividends 0.00 4,812.93
Total Accrual Basis Earnings $86,137.03 $90,949.96
:.- - .-~ _
. ~ - Ii1 r. ~:~Y~~
r
- - - - ~.... - ~~r
_~.ii~Y--.3
_ ,ar, - - - .-.mil
Maturities/Calls 0.00
Sale Proceeds 4,816,087.33
Coupon/Interest Income 25,805.84.
Principal Payments 0.00
Security Purchases (4,724,124.06)
Net Cash Contribution (117,769.11)
Reconciling Transactions 0.00
~ ..~=
~ =~
~ ~ ;~
o fv
N
00
Account 531-00 Page 2
- - - ' - POt$f®Ii0-SilliStl9~i'y~di9t1-S$~$1St9CS :For the Month. Ending-December 31,-2009
CITY OF PE~~r~~.LUP~~IA -TREASURER'S I~~IVE STME(~J I S - 531-G0 - (12511500
-_f„~~ ~_- 'M. .~ ]~~ ~-~ ""'-
_L F `.~'r t"'`~ .~ 4.rF.~ Z- ~ Li
T.-~~ A'. ~.-K L: ~ ~ ~'-, -- •is#~'A.. a-.. :. je ~. - - r ~
~~3 ~~ V ~_ry~~yJ. ~: .~_
1. fi- YN ~~. i..51 ~~ ti~-
f
1`I ~.'.! ri_w ~}. ev. - A ~i'.•~7' ~.-+t~` h-: '
x `•~V i~1'~a+ ~q
_!w ~~- _ - -._F 7T'~L-. ~! ~h~
yy~~~I
k•:;.
Description - Par Value MarkefValue Percent
U:S. Treasury Bond /Note 8,600,000.00 8,612,451.87 15.45
U.S. Government Supported Corporate 1,190,000.00 1,230,312.21 2.21.
Debt
Federal. Agency Bond /Note 9,585;000.00 9,787,314.0$ 17:55
Corporate Note 5,050;000:00 5,114,161:10 9.17
Managed Account,5ub-Total 24,425;000:00 24;744,239.26 44.38%
Accrued Interest - 149,215.34
Total Portfolio 24,425;000.00 24,893;454.60
CAMP Pool 31,011;800:12 _31,011,800.12 55.62.
Totallnvestments 55,436;800.12 55,905;254.72 100.00°Jo
Unsettled Trades
0.00 0.00
~.. ..y~... Ar -.. ~ i ~"t._t~"~! j~_~ft~~~ t L- ._.Jt - 1f~,' "r .~~. ~~r~°~-r'~: f''.~4 j . .~
60.67%
18.31%
1.83%
0 - 6 Months 6 - 12 Months 1 - 2 Years
19.19°i
0.00% 0.00% 0.00%
2- 3 Years 3- 4 Years 4- 5 Years Over 5 Years
Corporate Note
US TSY Bond /Note 9.17%
15.45%~ ,: Fed Agy Bond /
US Govt Supported Note
Corp. Debt. ~ F f 17.55%
2.21% ~ i fy1
~' ~i
Mny'Mkt Fund
55.62%
Yield'to Maturity at Cost
2.31%
Yield to Maturity at Market 1,38%
Duration to Worst 1.74
Weighted Ayerage'Days to Maturity 669
~ ~ Account 531-00 Page 3
~ ~~_ ~ 3
F-•
o ~. ' ..
o ,~
00
----Nianaget6-ACG~uo'o$ ~SSUer-51111'011'i~l'y -----.For_the_Month_Ending..,December,31,,2009
CITY OF PE r ALU~1A - TR.EASU~tER'S Ili\/EST4~1ENT5 - 531-00 - (12511505
~_ _~~w ~~~~. ~ J ~_~ Y ~ J(!1'.. J. :~~~~
M ~~ •II aY11F~~~~` ~'^$ ~ 1 J-a
Market Value
Issuer of Holdings Percent
BANK OF AMERICA CORP 2,034,588.00 3.65
CAMP Pool 31,011,800.12 55.61
CITIGROUP INC 1,410;609.01 2.53
FANNIE MAE 3,504,203.13 6.28
FEDERAL FARM CREDIT BANKS 833;837.50 1.50
FEDERAL HOME LOAN.BANKS 4,741,189:07 8.50
FREDDIE MAC 708;084.38 1:27
GENERAL ELECTRIC CO 1,275,792:50 2:29
REGIONS BANK 622;612.80 1.12
UNITED STATES TREASURY 8,612;451.87 15.45
WELLS FARGO & COMPANY 1,000,871.00 1.80
Total $55,756,039.38 100.00%
~5~~~y~ , .~:,. "'mss,...'' ~ ~ ~ ,,° .~~' ~~4-:~~j`~ :~ ~*..
1 +l.r~ } _ ~ A W
TSY 5.09%
15.45% AA+
~ 2.29%
r'
! ., \ IAA-
k 1.80%
AAA
z
~~ ~1 19.76%
-,
~_
~. f
55.61%
Account 531-00 Pa e 4
~ ~, t 9
fD ~-- ~ x. ~, _
N~
~.-
0
N
00
-~ - ~a118Jet0`-A000tili'~ D@~10 Of ~eClli'I~i~B-Held -------- ----For_the_Month_Ending_December_31,_2009
CI~~Y Of= PETf~LiJ~-i . - i ~:i=~~,SURE?'S I~~~VEST~~IENTS - 5~1-00 - (1511505)
Security Type%f7escription S8cP Moody's Trade .Settle Original YTM Accrued Amortized Market
Dafed Date/GouponJiNaturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value
US>TP.EASUF.i fJ~~ ~'_
DTDO]/31/20090.8, ~ Ot/31/20~'.
US TREASURY NOTE'_~
DTD 05/31/2006 4.8,= il'~
US TREASURY NOTE=
DTD;11/30/2009 OJ ~ '~vll
L - ~ r L,5 JRY NOTES
DTD 03/15/2009 1.375% 03/1S/20L
US TREASURY NOTES
DTD 03/15/2009 1.375°/u , ~01~
U5 TREASURY NOTES.
DTD OS/15/2009 1.375% 05/15/2012
US TREASURY NOTES
DTD',12/15/2009 1.125%,12/15/2012
~,~~,"7 ~,.,;S,ODD:00 TSY TSY OS/~O;o_ ...., _;U9 1,:;1.',.;2tr:76 ri,~ _-~h.;~f 1naF „~1~ t,0~8,265.~
9128~~~:rr.-~ 880,000.00 TSY TSY 05/29/08 05/30/08 928,365.62 2.95 3;771r?~ ~ '~ 266.;; 929,740.24
1,^. ~-1f1~_'' T,.., T`~Y . ~;~;a 1.,,,,.,~~ .75 P;318.5~3 1 ~ _..-~ `_,9Si.00
9128: F:,~~ ~~ '.~~~~ ISi TSY i 11'~~~-~~ 03/16/09 ; +- ~:~00.00 1.50 3,281.ii 797,783.79 ~-,812.80
9128: F~~~ ..-~ ~i ~,~_ TS'r --, ~_ 1;;11 ~~; ~ 1 ',_,_ 13 L-_
912828KP4 675,OOD.00 TSY TSY 05/29/09 06/04/09 673,022.46, 1.48
912828M83 2,000,DOC '~ ~_ T;- 12/~-'('~? 1='!30/OE 1 ~?+~1'~.'~~ ~_,57
9. ~_. ~ 1,20-},228.12 1,202,719.20'
1,205.02 673;403.67 675,000.00
~ .:~.i+~? „974,265.? ,i,,
Security-Type Sub-Total 8,600,0.00.00 8,622,230:47 1.39 19,376.83 8;596,363.49 8;613;451.87
till- - _ - - '.ice. .~_.~
La 'y ~ - _ ~'F .• ~~ ~ a rF~~..
-:.f. -4,~,L4..~~~ ~ s, .•:fyF_ _~
- 1r+~Y-X ~'y~ ,M.. .~ ~y. _ ...~~1.~~'4•~
_~ ~.T~ Ll f ~~' .x C:«-
-. `~.. ~,.. _ _ _Q~ •y f~~~
~ 'R'+,~ ~ ~ «~}`
~ J~
CI•TIGROUP INC (FDIC) GCOBAC;NOTE 17313UAA9 590,000.00 .AAA Aaa 03/24/09 03/25/09 603;92840 2.01 1,036.60 599702:64 607 x),41'
.DTD 12/09/2008 2.85% 12/09/201-1„
REGIGiv~ 6AWr: ~rvi~}uwoALNOTE, '~^'E ~ - `~0 _ AAA Aaa 12/~SiUo llilliUo - ~.~Ci _,_, 1 i 1.5' S'Z.O°_, 622 ~ _,
DTD1ZJ11/2008 3.250'/0 12/09/2011 ~ _ _
Security Type Sub-Total 1.190.000.00 1,202,870.40 2.65 2,228.27 1,199,334.67 1,23Q312:21
-F, iii-; '~- ~.i : tr',r~r" ~
~'`'-~I,_~. -L9 ~_~ ~'' - ~ , ±4 ,i
,t h ~.. +; '~,C v .,t{y~y(_:ytitf~?~~;~~{~~~'*- ~~^~'•. ~ a*~
[
~
-
~ _. ,
~-''. 'r k~
- ~ - -
'.t
',~i~*~-"'.yF :+~`
^i v ~ ~~~
~..~-~{'f`.~i,~.•
~". - r .'~. 7;. "~1 r~~ a;.,.ti-"~'.,-
_ _ t '•1 r,. t- ^ -
.~.. t • -
~-• 1 ~ ?
+1.~ #L ~ rV- ti
z' "_"
~}
- 1~?T-C.. q~~-.
J 3[ X - +'
.
rl'
. ;
*, "
-ter t
+3.
Y - -',..r '1 - t"_ti'i
FNMA GLOBAL BENCHMARK NOTES. 31359MM26 500,000.00 AAA Aaa 04/03/08 04/08/08 532,003.50 2.90 5,409.72 .513;993.76 52.8,125.00
DTD 04/21/2006 5.125% 04/15/2011
FHLB NOTES 3133XTXH ~ 1,000,00( .~ AAA Aaa 08/20/09 08/21/09 1,006,620.00 1.28 6,95L39 1,005,397,:'-~ 1,009,687.50
DTD;06/]2/2009 11625%:07/27/20' ',
~:~~"-- Account 531-00 Page 5
n~
O
--~,
h-'
Do
,:
"` .For. the Month Ending Decemt-er 31,.2U09
_ _ M~In~get!-Accourot Detai9-of-Secur-6ties-H~Id-- -
CITY OF PEI,a.LU~~i;°~ - TfZtASUREfZ'S 1"'VcSTi~~fvTS - 531-DO - (1?511505)
Security TypeJ•Description S&P Moody's Trade .Settle Original: YTM Accrued Amortized Market
Dated DateJGouponJ,Matur;ity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value
FNMA NOTES CALLABLE) 3136FJCc2 1;22S;GUU:uU AAA Aaa Ll/09/u9 11/10/09 1;214,87`/.60 1.26 4,'21u:94 1r2G4~888.17 ir219i2S1.81
DTD'09/22/2009 1.250% 09/22/2011
FNMA-GLOBAL BENCHf~IARKNOTES 31359ML50 1,375,000.00 AAA ~ Aaa 12/09/08 12!12/08 1,-178,525.13 2,68 9,-143.58 1,442,187:-1! 1,482,421:88'
DTD'11(23/2001 5.375"/0 l l/15/ZO' 1
FNh1A NOTES 31398AZN5 275;000.00 .AAA- Aaa 10/08/09 10/09/09 274,334:50 1.12 290.28 274,404.62 274,398.44
DTD 1'0/09/20D9 1.000%.11/23/2011 -
FHLB fJOTES'' 3133XVR52 500,000.00 AAA = 18/0 11/23/04 500,115:OC 7.99 41.67 500,108;44 497,968.75'
DTD' 11/ 16%2D09 1;000"/0 12/28/20ll
FHLB NOTES (CALLABLE) 3133XUFA6 560',000.00 AAA Aaa 07/23/09 07/27/09 560,000:00 1.80 4,312.00 560:000.00 560,525.00
DTD 07/27/2009 1.800% 01/27/2012
FFC6 BONDS -31331GNQ8 820',000:00 AAA- -Aaa -02/19,09 02/24!09 B].9,983.60 `2.25' ;,433.75 819,983:60 833,837.50
DTD 02/24/2009 2 250°/ 04/24/2012
FHLB NOTES (CALLABLE) 3133XVJA0 750,000.00 AAA Aaa 12/23/09 12/29/09 750,000.00 1.62 2,166.67 750.000.!: = 746,489.38
DTD 10/27/2009 1.625% 04/27/2012.
FHLMCGLOBALNOTES ?l~~i-~ C~ 705,000.00. AAA C== ~ nai2q/no '~o/~ninq 711$,]1F.10 1.5E. ~aR.33 707,838:'r? 7!?g,GB-}.3&''
DTD'05(21/2009 1'750% 06/15%2012
.FHLB NOTES ~ - >:!~ 1 ~~5,000.00 AAA Aaa 07/22/09 07/23/09 1,223,309.50 l.r•_ ~°.68 1,223,550.47 1,226,148.44
DTD 07/23/2009 1.75 __ _'!'1._
FHLB GLOBAL BONC_ ~~ ~3~r'1G5 = i .r~r~ ,,, _~ a_,a G9/22/09 :09/23/09 70;,1 ~~.~''0 1 ~~_', ~ TS 699,423.16 EGG ~ '-.00
DTD 10%05/20074.6_', ~'.;1~
Security Type Sub-Total 9,555,000.00 9,782,029.83 1.82 52,951.07 9,721,775.33 9,757,314.08
~~, S 1-K _
WELLS FARGO & COMPANY GLOBAL 5R 949746771 1,000,000.00 AA- Ai 09/Y4/07 09/19/07 980;980.00' 5.08 19,366.67 999;667.83 3,000;8.71.00
NOTES
DTD 12/06/2004 4.200% 01/15/2010
CITIGROUP INC GLOBAL SR NOTES 1T967CU. 800,000.00 A A; 05/03/07 'QS/08i07 780,784.00 5,06 1 . ~_ _!7 '298,969.98 802,90y.60;
DTD02/2ZjZ0054.125%OZ/22/207.6
~ ,~ ~ Account 531-00 Page 5
~- 1~~~~Z ,~~~;~~ t ~~~~~~~~~~~;~~~~~t 13:1..(.:
w~ ..
0
00
' ` __.Eor_the Month .Ending .December 31,_2009
-- Managed-Account Detai6-of-Seculrities Held - .
CITY ~~F ~''~TALUP~ia - TREASURER.'S Ii~~lESTME"~1T5 - 531-00 - (1~5115U5)
Security Type/Description S8P Moody's Trade Settle Original YTM Accrued Amortized Market
bated Date/coupon/Maturity CUSIP Par Rating Rating Date Date Cost at,Cost Interest Cost Value
~- s.~_ ~-~"-G"`^`~ ~~ ;.z-_~._ .,~_~-t~. ~r~c~~ ~.~t*~-.=~ '~~w~s:~-.r.- '.~~r~ :_.. -~ - ,1~ ,,_ -,:,~~~ _ .. r .~;-:;._ - ,-:w~..~z-~r~~
MBNA.GORP (BAC) SR MTN 55Z63EC~7 ..1,000,000.00 A A2 05/09/07 05/15/07 997,780.00 5.08 7,916.67 '999,730.68 1,013',670.00
DTD 05/09/2005 5:000% 05/04/2010
BANK OF AMERICA CORP GLOBAL'SR NOTES 060505BU% 1,000,000:00 ;, AZ 08/24/0 ' 08/29/07 977;E_~_.u~7 ` ','. 18,750.00 ' -5;313.60 1,020,918.00:.
DTD 07/26/200 ~' ~; , 08/01/201 "
GENERAL ELEC CAP COkP GLOBAL NOTES 36962G4E1 1,250;000.00 AA+ Aa2 08/12/09 08/17/09 1,249;187.50 3.52 16;770.83 :1;249,286.98 1,275,792.50
DTD 08/13/2009 3.500% 08/13/2012
Security Type Sub-Total .5,050,000.00 4,986;561'.50 4.74 74;629.17 5;042,969.07. 5,114,161.10
Managed•Account'Sub-Total 24;425,000.00 24,593,692.20 '2.31 149,215:34 24,560,342.56 24,744,239.26
CAMP'Pool ;1,011,800.12 AAAin NR 31,011,8D0.12 00 1,011,800. L' 31,011;800.12:
Money Market Sub-Total 31,011,800.12 31,011,800.12 0.00 31,011,80Q12 31,011,8.00.12
Securities Sub-Total $55,436,800:12 $55;605,492.32 2.31% $149,215:34 , $55;756;039:38
.$55,572 142.68
Accrued Interest $149,215.:34
Total Investments .
$55,905,254.72 _
,,
~ `t
v -
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~ ..
Account 531-00 Page 7
City off Petaluma Performance Summaries
Hnnualize:l ~etrrrns as of
Deeernr;er 3'1, 2G~9 City of Petaluma s'~~tt_ ~'-3 'l~;;~~ UST Index
-~ -
' P7s ~ i!:~orth~ ~ . ~ .
i ,
~ as[ Y~~a~ ' ~~'~:•
Fait ~_ ~~fe.ar -_';,, ';
,, '~ ~~ ~ -.,i
1~2~. Y~tEfrS ~~ .: ~:,o
F~'~~'. ,_ Yc~ _ _4S ,_, =l i~3 _
i~~ce I~ ,_cr,~ti~r~ ~,~~~ ~ ~~,,_
~~1~3~t}N(` l~Ur2t:4f1 ~l. ~ ~.c5~
r. ~ ~I
1 _E~C~ 31. ~~~ar~CP. ~_.r ~ ~ ~ e,
~.~$,o
°Notes:
' l .,Merrill Lynch Indices provided by'Bloomberg Financial:Markets.
• "2. CAMP Cash Reserve Pool holdings excluded from performance, yield and duration calculations. '
;3. Performance. numbers are presented'on.an annualized basis.
~• 4 4. Inception date is l2/31/Ol. .
i
~ ~~
Page 15 of 18
Untitled' Page .
. _ _,,
4. -, -
.;a, -,.
~,
• .~ ;-
t• <,
Yj: •f'
`,,,
J~~1~1 ~~~~AN~
California State Controller
LOCAL AGENCY INVEST1VIEhTT FUND
REMITTANCE ADVICE
Page 1 of 1~
Agency Name PETALUMA
Account Number 98-49-650
- As of 01/15/2010, your Loca_ 1 Agency Investment Fund account has. been directly credited
with the interest earned on your deposits for the quarter ending 12/3'1/2009.
Earnings Ratio .00001657120783286
Interest Rate 0..60%
Dollar Day Total $ 2,043,320,826.94
Quarter End Principal Balance ~ $ 22,217,637.52
Quarterly Interest Earned $ 33.,860.29
i
http://laif.sco.ca. govLResult.aspY
~~
Page 16 of 18
4/21/2010
Agency Name PETALUMA CONIIVINTY DEVELOP COMMN
Account Number 65-49-001
i
As of Ol /15/2010, your. Local Agency Investment Fund account has been directly .credited
with -the interest earned on your deposits for the quarter ending 12/31 /2009.
Earnings Ratio .000016571.20783286
Interest Rate ~ 0.60%
Dollar. Day Total $ 988.72
Quarter End .Principal. Balance $ 10.75
Quarterly Interest Earned. $ .02
T
Page 17 of 18
http://lai£sco.ca.gov/Restlf.aspY 5/3/2010
(Revised)
~OO~t'~ ®~~:~/ ~B'~,V~S~91'8~93$ ACCCD~9B1~
Market Valua~io~
~ ~13`'i'/20~'9
DescroPtion Carrying Cost Plus
Accrued Interest Purc>h:
ArTror"tined Cast
Fair ~fafue
Accnied lc~t~rest
..
United States Treasu -
Bills ~ $ 18;180,532,754:95 $ 18,202',021;798;70 $ 18;210;321.;950,00 NA
Notes $ 6;963,540;150.24 $ 6;962,594;433:06 ~ $ 6,967,024,000:00 $' 8;938,953:83
Federal A enc
SBA $ 555,758;748:19 $ 555,749,,180:58 ' $ 546;479,189:67 $ 594,632.84
MBS-REMICs $ 891;287;839:18 $ 891,287;839:18 $ 933;016,165:51' $ 4,235,617.00
Debentures $ 1,610,214,125.73 _$ 1,610,214;125:73 $ 1,622,739;980:00 $C 5;509,071.88
Debentures FR $ 1,939,9.48;015;82 $ 1,939,948,095:82 $ 1;940;239;500.00 $ 281.,822.80
Discorinf Notes $ 8;312,516,085:84 $ 8;319;293;088.71 $ 8,324,225;500.00 NA
FHLMC PG $ - $ - $ - $ -
GNMA~ $ 105,784.31 $ 105,784:31 $ 117;914.35 $ 1,042.17
IBRD Deb FR $ 300;000;000.00 $ 300,000,000.00 $ 300,456,000.00 $ 283,181.08
CDs and YCDs FR $ - $ - $ - $ -
Bank'Notes $ - $ - $ - $ -
CDs and YCDs ' $ 6,465,063;285:92 $ 6;465;053;952459 $ 6,465,264,691;25 $ 1,833;418;04
Commercial Fa er $ 5;046;651,763:39 $ 5;048,166,933:93 $ 5,048,376,783:63 NA
Cor orate:
Bonds~FR $ 188,887,715:04_ $' 188;887,715:04 :$ 188,680,551:28 $ 69,149:73
Bonds $ $ - $ - $ -
Re urchase A reements $ - $ - $ - NA
Reverse~Re urchase $ - $' - $ - $ -
Time De osits $ 4,375,8Q0,000:00 $ 4,375;8001000:00• $ 4,375,800,000:00 NA
NOWAccount $ - $ - $ - NA
I AB^55 & GF Loans $ 12,346,812,173.81 $ 12,346,812,173:81 $ 12,346,812,173.81 NA
TOTAL _ $ 67;1.77,11.8;442.42 $ 67;205,855;041;47 ~$ 67;269,554,399;50, $ 21,746;889.37
Fair Value Includirig Accrued .Interest $ 67,291,301,288.87
Repurchase Agreements; Time Deposits, AB 55 & General Fund loans; and
Reverse Repurchase agreements are carried at portfolio booK value (carrying cost)..
The. value of-each participating.dollar equals the fairvalue divided.by°the amortized.cosf (1.000947825).
As 'an example: if an, ;agency has an account balance. of $20,OOO;OOO.QO, then the agency would report its
participation in the LAIF valued at $20,018,956.49 or $20,000,000.00 x'1.000947825.
as
Page 18 of 18
CITY OF PETALUMA; CALIFORNIA ' ATTACHMENT 4
MEMORANDUM
.Finance Department, II English Street, Petaluma, CA 94952
707-778-4352 Fax 707-778-4428 E-mail: , r~7~rnce~.),ci:petalurrt~r. ca us
DATE: June 27, 2000.
TO: ~ Frederick Stouder, City Manager
FROM: Paula M: Cornyn, Interim Finance Director
T: Interfund Loan Policy
The revised policy for Interfund Loans is based'. upon the discussion at the June 2'6;2000 Council meeting.
Short-'d'erma Interfund.Loans
A shortterm is a period up"to ix months. These cash shortages would be;covered at the erd of each
quarter(by borrov~iing from a similar:type of fund and the borrowing fund will pay~iriterestonthe amount
borrowed, The interest would' lie ;paid :quarterly at. the rate that is earned .on fihe"City Treasurer's
. ~ . ..
'Investment Portfolio: An example would be a cash,shortage in the~Cgmmunity Development Block
C'rrayit (CDBG) Fund, which is .funded liy a reimbursement grant: The 'CDBG Fund' could :borrow
temporarily from the HOIVIEBEGIN Urant Programs Fund and;repay as soon as.the CDBG grant money
`has been received. The Finance Director•would be authorized to initiate' and repay these:loans up to-a
,;-'cap°of $200;000.
I;ong=Tei-an ,Interfund Loans
•A long'term,is a period of one year or more. These cash shortages would be covered at the end of.the
:.,. . ,
~~quarter`by borrowing from a similar type of fiand and repayment would include interest: A Promissory
~Note'.(Note) would be executed by the'City Treasurer and authorized by the City Manager. The Note
~..
would designate the lending. fund„ the interest:rate, the total amount to be borrowed, repayment terms.
and any,other conditions that would. be .appropriate. Examples would be the cash shortages in the. Airport
OperationsFund~:and~ the Marina Fund that 'have already existed for over one year:
General Parameters,
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The process that is used'to .identifya lender fund will include an analysis of the cash needs of that. fund, -
The,Adopted Budget and the five years Capital Improvement Plan will be used to identify future cash
needs before an interfund.loan is inifiated. There willbe fixed terms for. repayment of long-term.;interfimd
•, oars. The .Promissory Note: will disclose the. maximum time period for, repayment. It is the intent that
interfundlo~ans will be repaid within five years to a maximum offifteen years. The shortest time period •
possible will. be chosen. Interest will not be charges if any-law restricts the Borrowing fund frompaying
it~
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The City Council wii review all interfund loans in amounts that exceed $200,000. A status report on all
iriterfund;loans will be included with the Quarterly Treasurer's Report.
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There will no '1 ~"
t be any loans from the Low and 1Vloderate Income Housing Fund: (,~
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