HomeMy WebLinkAboutStaff Report 3.B 12/07/2015DATE: December 7, 2015
Agenda Item #3.B
TO: Honorable Mayor and Members of the City Council through City Manager
FROM: William Mushallo, Finance Director
Janine Tedrow, Senior Accountant
SUBJECT: Resolution to Receive and File the City Treasurer's Quarterly Report Dated
September 30, 2015.
RECOMMENDATION
It is recommended that the City Council adopt the attached resolution to receive and file the City
Treasurer's Quarterly Report dated September 30, 2015.
BACKGROUND
Pursuant to the City's Investment Policy and Government Code, the City Council annually
delegates authority to the City Treasurer to invest or reinvest City funds. The City Council
approved the City of Petaluma Investment Policy on July 6, 2015 which delegated investment
authority to the City Treasurer for the Fiscal Year 2015 -16. The City Treasurer is required to
provide a quarterly investment report to the Council that includes the status of the investment
portfolio. The attached reports outline the current investments, the weighted average and yields
of pooled investments, investments managed by Public Financial Management (PFM), and
earnings received by investments in the Local Agency Investment Fund (LAIF). The reports
also include the Treasurer's certification of adequate cash flow. This is the first quarterly report
for Fiscal Year 2015 -2016.
DISCUSSION
It is the policy of the City of Petaluma to manage public funds in a manner consistent with the
laws of the State of California pertaining to the investment of public funds. Three primary goals
of the City are to safeguard the principal of funds under its control; meet the City's daily cash
flow requirements; and achieve a reasonable rate of return with the maximum amount of security
possible. The attached City Treasurer's Quarterly Report contains information on the City's cash
activity and ending balances in all City accounts. Each report also:
• Summarizes total beginning balances of all cash and investments, and total quarterly
activity and ending balances.
Provides quarterly activity and ending balances in the City's cash equivalent accounts
and information about trustee account activities and ending balances.
Provides information on investment portfolio activity, security type, maturity and value,
and book and fair value.
i Compares the City's quarterly investment earnings with the City's benchmark.
The City's benchmark for investment earnings is the Merrill Lynch 1 -3 year US Treasury index
as provided by Bloomberg Financial Markets. That rate was .46% for the last six months. The
City's annualized return outperformed the Index by .01% coming in at .47% for the last six
months.
The Treasurer's report also calls for the listing of all inter -fund loans currently in place. They
are listed below:
Pursuant to Resolution No. 2013 -013 N.C.S., the City Council approved an inter -fund loan
not -to- exceed amount of $544,000 from Community Facilities Impact Fee to fund the energy
efficiency improvements at the Swim Center, Cavanaugh Center, Airport, Senior Center,
Corporation Yard and Fire Stations 1, 2 and 3. The loan will be paid back upon receipt of
reimbursement from PG &E, through the On -Bill Financing Program. The loan balance at
September 30, 2015 was $39,568.
Pursuant to Resolution No. 2011 -091 N.C.S., the City Council approved an inter -fund loan
not -to- exceed amount of $600,000 from the Risk Management Fund to the Payran UST Site
Remediation Project. The loan is to be paid back in full within 5 years of the initial transfer.
The loan balance at September 30, 2015 was $9,015. The General Fund will pay this balance
in full during FY 2015 -16.
Pursuant to Resolution No. 2012 -105 N.C.S., the City Council approved an inter -fund loan
from Storm Drainage Impact Fee to Storm Water Utility not -to- exceed amount of $800,000.
This loan is to be paid back in full within 12 years. The loan balance at September 30, 2015
was $652,810. Payments of $48,473 are budgeted to be paid during FY 2015 -16,
FINANCIAL IMPACTS
The balance of cash and investments as of September 30, 2015 was $125.5 million. This is up
$2 million from the balance at the end of June 2015. The increase is due to the proceeds from
the sale of Park Lane. The net investment earnings during the quarter ending September 30, 2015
were $40,878.
The required action is to receive and file the City Treasurer's Quarterly Report.
N
ATTACHMENTS
1. Resolution
2. City Treasurer's Quarterly Report dated September 30, 2015
3
ATTACHMENT 1
RESOLUTION TO RECEIVE AND FILE THE CITY TREASURER'S QUARTERLY
REPORT DATED SEPTEMBER 30, 2015
WHEREAS, the City Investment policy requires the City Treasurer to provide a quarterly
investment report to the Council for compliance with the adopted City Investment Policy.
NOW, THEREFORE BE IT RESOLVED that the City Council has received the City
Treasurer's Quarterly Report dated September 30, 2015 and directs the City Clerk to file the
report.
M
City of Petaluma
Quarterly Investment Report
July 1 to September 30, 2015
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ATTACHMENT 2
This report is presented in accordance with the City's investment policy and the California
Government Code. The policy and Government Code requires the Treasurer to certify
that sufficient cash flow is available for the next six months to meet the expected demand
or provide an explanation as to why sufficient cash may not be available. The attached
report outlines the current investments, weighted average and yields of pooled investments.
The month end account statement of assets managed by Public Financial Management, LLC
(PFM), the Local Agency Investment Funds (LAIF) quarterly statement, and the City's
performance summary of portfolio investments as compared to applicable benchmarks
are included. The report also includes the Treasurer's certification of adequate cash flow.
We respectfully submit the quarterly investment report for the quarter ending September 30, 2015
N
CITY OF PETALUMA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending September 30, 2015
Cash activity for the fiscal year:
Cash and Investments, Beginning of the quarter, 6/30/2015
Cash Receipts
Cash Disbursements
Cash and Investments, End of the Quarter, 9/30/2015
Cash and Investment Portfolio at
Investments Managed by City Treasurer:
Assessment Districts Bonds
Local Agency Investment Funds (LAIF)
CAMP Pool (CA Asset Management Prog)
PFM Investments Securities **
Certificate of Deposits
Checking Accounts
Subtotal
Investments Managed by Fiscal Agents:
CAMP Debt Issue Accounts
Trustee Money Market Accounts
Subtotal
September 30, 2015
$ 123,492,404
42,266,726
(40,230,008)
$ 125,529,122
Percent
Fair Market Par Value of
Value* (Cost) Portfolio
435,883
435,883
0.35%
44,689,332
44,698,734
35.61%
32,862,341
32,862,341
26.18%
24,085,495
24,144,108
19.23%
250,000
250,000
0.20%
7,959,015
7,959,015
6.34%
110,282,066
110,350,081
87.91%
1,090,865
14,088,177
1,090,865 0.87%
14,088,177 11.22%
15,179,041
15,179,041 12.09%
Total Cash and Investments 125,461,108 125,529,122 100.00%
I certify that this report contains the total amounts of cash and investments at September 30, 2015
The investments are in conformity with the Investment Policy. A copy of the Investment Policy is
available for review in the Finance Department. The City Treasurer's cash management program provides
sufficient liquidity to meet expenditure requirements for the next six months.
We respectfully submit the quarte m i m:�he quarter ending September 30, 2015
William Mushallo, Finance Director Dated
*Fair market values are furnished by the State of California, Local Agency Investment Fund and California Asset
Management Program.
** See detail attached
(P
CITY OF PETALUMA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending September 30, 2015
Investments Managed by City Treasurer:
Assessment District Bond (AD) 2000 -01
Sub -Total Assessment Districts Bond (AD) Accounts
LAIF
LAW accrued interest
Sub -Total LAIF
CAMP Pool - Treasurers Investment Money Market
Sub -Total CAMP Pool Managed Account
Federal Agency Bonds/Discount Notes
Fed Agency accrued interest
US Treasury Bonds/Notes
US Treasury accrued interest
Corporate Notes
Corporate Notes accrued interest
Certificate of Deposit
Certificate of Deposit accrued interest
Sub -Total PFM Securities Managed Account **
Certificate of Deposits:
Circle Bank
Sub -Total Certificate of Deposits
Checking Accounts:
Exchange - General Operating
Exchange - Payroll
Thomas Lee Charity Trust
Police Trust
Citibank
Sub -Total Checking Accounts
Total Cash and Investments Managed by the City Treasurer
hrvestments Managed by Trustees Fiscal Agents:
CAMP -AD 23, 24, 25 Accounts Money Market
CAMP- 2003 COP, 2007 TAB, 2011 TAB
Sub -Total CAMP -Debt Issue Accounts **
Bank of New York
US Bank First American Treas
Sub -Total Trustees Money Market Account
Total Cash and Investments Managed by Fiscal Agents
494,651.74 (58,768.81) 435,882.93
494,651.74 (58,768.81) 435,882.93
44,631,223.97 31,549.23 44,662,773.20
31,549.23 35,960.97 (31,549.23) 35,960.97
44,662,773.20 67,510.20 (315549.23) 44,698,734.17
26,655,541.50 9,112,943.09 (2,906,143.34) 32,862,341.25
26,655,541.50 9,112,943.09 (2,906,143.34) 32,862,341.25
4,638,743.33
1,667,921.75
(1,882,481.75)
4,424,183.33
11,043.46
11,993.91
(18,17101)
4,864.36
17,501,118.56
1,166,068.14
(1,159,253.91)
17,507,932.79
22,788.23
50,036.70
(41,314.88)
31,510.05
2,172,998.80
7,959,015.01
2,172,998.80
5,896.35
4,298.12
(7,576.25)
2,618.22
24,352,588.73 2,900,318.62 (3,108,799.80) 24,144,107.55
Subtotal 96,165,555.17 12,080,771.91 (6,105,261.18) 102,141,065.90
250,000.00 157.59 (157.59) 250,000.00
250,000.00 157.59 (157.59) 250,000.00
12,438,252.08
24,036,865.96 (29,378,571.76)
7,096,546.28
7,935.74
4,745,706.00 (4,745,702.60)
7,939.14
1,817.38
-
1,817.38
102,652.01
12.94
102,664.95
750,047.26
750,047.26
12,550,657.21
29,532,632.16 (34,124,274.36)
7,959,015.01
108,966,212.38 41,613,561.66 (40,229,693.13) 110,350,080.91
428,435.07 121.49 428,556.56
662,420.66 202.39 (314.96) 662,308.09
1,090,855.73 323.88 (314.96) 1,090,864.65
2,246,500.00 652,525.00 2,899,025.00
11,188,835.64 316.15 11,189,151.79
13,435,335.64 652,841.15 14,088,176.79
14,526,191.37 653,165.03 (314.96) 15,179,041.44
TOTAL CASH AND INVESTMENTS 123,492,403.75 42,266,726.69 (40,230,008.09) 125,529,122.35
*� See detail attached Accrued interest (74,953.60)
General Ledger 125,454,168.75
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CITY OF PETALUMA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending September 30, 2015
Cost vs. Fair Market Value
Unrealized
Cost FV Gain /(Loss)
US Treasury Bond/Note 17,507,932.79 16,240,025.46 (1,267,907.33)
Federal Agency B ond/Discount Note
Corporate Note
Certificate of Deposit
4,424,183.33
2,172,998.80
-
5,666,899.98
2,178,570.02
-
1,242,716.65
5,571.22
-
Sub -Total PFM Treasurer's Invest. Securities
24,105,114.92
24,085,495.46
(19,619.46)
CAMP Pool Money Market Fund
32,862,341.25
32,862,341.25
-
Sub -Total CAMP Treasurer's Investments
56,967,456.17
56,947,836.71
(19,619.46)
Accrued Interest
38,992.63
CAMP Total Investment Managed Securities Held
56,986,829.34
CAMP Debt Issue Managed Accounts
1,090,864.65
1,090,864.65
-
PFM CAMP Total Treasurer's Investments *'
58,058,320.82
58,038,701.36
(19,619.46)
LAIF
LAIF amortized cost rate
** See detail attached
44,662,773.20 44,689,331.74 26,558.54
1.00059464595
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Untitled Page
t.
BETTY T. YEE
California State Controller
LOCAL AGENCY INVESTMENT FUND
REMITTANCE ADVICE
Agency Name
Page 1 of 1
PETALUMA
Account Number 98 -49 -650
As of 10/15/2015, your Local Agency Investment Fund account has been directly credited
with the interest earned on your deposits for the quarter ending 09/30/2015.
Earnings Ratio 00000875275068308
Interest Rate 0.32%
Dollar Day Total $ 4,108,533,445.18
Quarter End Principal Balance $ 44,662,773.20
Quarterly Interest Earned $ 35,960.97
http : / /laif.sco.ca.gov/Result.aspx 11/10/2015
1 `'fi
�o����xvrsry�t9 State of California
o Pooled Money Investment Account
Y Market Valuation
9/3012015
z C�rr�rng Cost Plus
_�-�� �DescT�pt�on _ - Aoci'uedrinferest'l ' urch „r Amo�t►zect Cosi
Fair Value-
Accrueci�nte�'estr
United States Treasury:
Bills
$ 12,871,664,593.62
$ 12,883,160,576,35
$ 12,891,502,500,00
NA
Notes
$ 21,753,246,738.90
$ 21,752,488,853.94
$ 21,783,297,000,00
$ 27,448,187.50
Federal Agency:
SBA
$ 602,701,636.28
$ 602,693,367.65
$ 596,900,482.69
$ 522,669.38
MBS- REMICs
$ 80,585,488.85
$ 80,585,488.85
$ 86,209,374.07
$ 382,602.35
Debentures
$ 1,364,527,837.95
$ 1,364,526,185.17
$ 1,365,823,350.00
$ 1,384,349.30
Debentures FR
$ -
$ -
$ -
$ -
Discount Notes
$ 7,086,977,374.95
$ 7,092,738,013.84
$ 7,093,404,000.00
NA
GNMA
$ -
$ "
$ -
$
Supranational Debentures
$ 350,165,819.35
$ 350,165,819.35
$ 350,950,000.00
$ 454,512.50
CDs and YCDs FR
$ -
$ -
$ -
$ -
Bank Notes
$ 600,000,000.00
$ 600,000,000.00
$ 600,018,032.38
$ 456,888,90
CDs and YCDs
$ 12,875,010,933.58
$ 12,875,010,933.58
$ 12,872,759,172.35
$ 8,756,708.37
Commercial Paper
$ 2,822,034,319.49
$ 2,823,728,763.90
$ 2,823,785,298.62
NA
Corporate:
Bonds FR
$
$ "
$ -
$
Bonds
$
$ -
$ -
$
Repurchase Agreements
Reverse Repurchase
$ -
$
$ -
$
$
$ "
$ -
$ -
Time De osits
$ 5,628,540,000.00
$ 5,628,540,000.00
$ 5,628,540,000.00
NA
AB 55 & GF Loans
$ 458,557,202.41
$ 458,557,202.41
$ 458,557,202.41
NA
TOTAL
$ 66,494,01 1,945.38
$ 66,512,195,205.04
$ 66,551,746,412.52
$ 39,405,918.30
Fair Value Including Accrued Interest $ 66,591,152,330.82
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 fair value divided by the amortized cost (1.000694646).
As an example: if an agency has an account balance of $20,000,000.00, then the agency would report its
participation in the LAIF valued at $20,011,892.92 or $20,000,000.00 x1.000594646.
of Petaluma Performance Summaries
Past Quarter
0.34%
0.31%
Past 6 Months
0.47%
0.46%
Past Year
1.19%
1.,16 %.
Past 3. Years
0.71%
0,67%
Past 5 Years
0,84%
0.70%
Effective Duration
1,63, years.,
179 years
Yield on Cost
0.82 %°
Notes:
1, Merrill Lynch Indices provided by Bloomberg Financial Markets,
2, CAMP Cash Reserve Pool holdings excluded from performance, yield and duration calculations.
3. Performance numbers for periods greater than one year are presented on an annualized basis.
4. The City's Treasury benchmark was the Merrill Lynch 1 -3 Year Index from inception to 6/30/12, Then
the benchmark switched to the Merrill Lynch 1 Year Treasury Index. On 6/30/11 the benchmark
returned to the Merrill Lynch 1 -3 Year Treasury Index.
5. Inception date is 12/31/01.
L