The URL can be used to link to this page

Home My WebLink AboutStaff Report 3.B 06/20/2016Agenda Item #3.B DATE: June 20, 2016 TO: Honorable Mayor and Members of the City Council through City Manager FROM: William Mushallo, Finance Director Janine Tedrow, Senior Accountant CU -- SUBJECT: Resolution to Receive and File the City Treasurer's Quarterly Report Dated March 31, 2016. RECOMMENDATION It is recommended that the City Council adopt the attached Resolution To Receive and File the City Treasurer's Quarterly Report Dated March 31, 2016. 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 third 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. • 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 .08% coming in at .54% 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 March 31, 2016 was $39,568. 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 March 31, 2016 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 March 31, 2016 was $129.8 million. This is down $4.2 million from the balance at the end of December, 2015. The decrease is due mainly to several large debt service payments during the quarter. The net investment earnings during the quarter ending March 31, 2016 were $174,975. ATTACHMENTS 1. Resolution 2. City Treasurer's Quarterly Report dated March 31, 2016 I ATTACHMENT 1 RESOLUTION TO RECEIVE AND FILE THE CITY TREASURER'S QUARTERLY REPORT DATED MARCH 31, 2016 WHEREAS, the City Investment policy requires the City Treasurer to provide a quarterly investment report to the Council for compliance with the adopted City Investment Policy. NOW, THEREFORE BE IT RESOLVED that the City Council has received the City Treasurer's Quarterly Report dated March 31, 2016 and directs the City Cleric to file the report. 3 City of Petaluma Quarterly Investment Report January 1 to March 31, 2016 .'85$ 9 ATTACHMENT 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 March 31, 2016 CITY OF PETALUMA, CALIFORNIA CITY TREASURER'S QUARTERLY REPORT For the quarter ending March 31, 2016 Cash activity for the fiscal year: Cash and Investments, Beginning of the quarter, 12/31/15 Cash Receipts Cash Disbursements Cash and Investments, End of the Quarter, 3/31/16 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 March 31, 2016 $ 134,023,488 54,131,953 (58,318,985) $ 129,836,456 Percent Fair Market Par Value of Value* (Cost) Portfolio 435,883 435,883 0.34% 44,749,995 44,791,749 34.50% 33,310,549 33,310,549 25.66% 24,306,784 24,273,816 18.70% 250,000 250,000 0.19% 8,459,324 8,459,324 6.52% 111,512,534 111,521,320 85.89% 633,022 633,022 0.49% 17,682,113 17,682,113 13.62% 18,315,135 18,315,135 14.11% Total Cash and Investments 129,827,670 129,836,456 100.00% I certify that this report contains the total amounts of cash and investments at March 31, 2016 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 quarterly investme ort arter ending March 31, 2016 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 CITY OF PETALUMA, CALIFORNIA CITY TREASURER'S QUARTERLY REPORT For the quarter ending March 31, 2016 Investments Managed by City Treasurer: Assessment District Bond (AD) 2000-01 Sub -Total Assessment Districts Bond (AD) Accounts LAIF LAIF accrued interest Sub -Total LAW CAMP Pool -Treasurer's 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 Cheeldng 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 Investments 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 435,882.92 435,882.92 435,882.92 435,882.92 44,698,734.17 41,370.28 44,740,104.45 41,370.28 51,644.21 (41,370.28) 51,644.21 44,740,104.45 93,014.49 (41,370.28) 44,791,748.66 37,730,048.77 10,268,339.17 (14,687,839.32) 33,310,548.62 37,730,048.77 10,268,339.17 (14,687,839.32) 33,310,548.62 4,770,521.04 4,296,062.00 (490,833.93) 8,575,749.11 10,375.45 15,179.33 (12,924.03) 12,630.75 17,771,495.53 1,877,778.58 (4,247,463.15) 15,401,810.96 27,659.95 47,780.33 (47,469.55) 27,970.73 1,653,240.20 8,459,323.83 (1,398,344.75) 254,895.45 4,250.21 1,750.79 (5,241.67) 759.33 24,237,542.38 6,238,551.03 (6,202,277.08) 24,273,816.33 Subtotal 107,143,578.52 16,599,904.69 (20,931,486.68) 102,811,996.53 250,000.00 157.58 (157.58) 250,000.00 250,000.00 157.58 (157.58) 250,000.00 11,211,690.36 28,684,587.57 (32,279,792.79) 7,616,485.14 56,481.29 4,486,568.00 (4,535,159.44) 7,889.85 1,817.38 - 1,817.38 82,689.78 18.77 82,708.55 750,236.35 186.56 750,422.91 12,102,915.16 33,171,360.90 (36,814,952.23) 8,459,323.83 119,496,493.68 49,771,423.17 (57,746,596.49) 111,521,320.36 428,744.41 470.23 429,214.64 662,598.43 634.04 (459,425.03) 203,807.44 1,091,342.84 1,104.27 (459,425.03) 633,022.08 2,246,500.00 2,246,500.00 11,189,151.21 4,359,425.27 (112,963.13) 15,435,613.35 13,435,651.21 4,359,425.27 (112,963.13) 17,682,113.35 Total Cash and Investments Managed by Fiscal Agents 14,526,994.05 4,360,529.54 (572,388.16) 18,315,135.43 TOTAL CASH AND INVESTMENTS ** See detail attached 134,023,487.73 54,131,952.71 (58,318,984.65) 129,836,455.79 Accrued interest (93,005.02) General Ledger 129,743,450.77 X Certifi LAW 44,791,749 34.50% CAMP ] 24,: 18.70% City of Petaluma, California Cash/Investment by Type -March 31, 2016 Total Cash/Investments $129,836,456 Other 435,883 Cash 0.34% 8,459,324 9 18,315,135 14.11% CA Pool Asset Mgmt Prog 33,310,549 25.66% CITY OF PETALUMA, CALIFORNIA CITY TREASURER'S QUARTERLY REPORT For the quarter ending March 31, 2016 Cost vs. Fair Market Value Unrealized Cost FV Gain/(Loss) US Treasury Bond/Note 15,401,810.96 15,453,196.34 51,385.38 Federal Agency Bond/Discount Note Corporate Note Certificate of Deposit 8,575,749.11 254,895.45 - 8,598,553.15 255,034.94 - 22,804.04 139.49 - Sub -Total PFM Treasurer's Invest. Securities 24,232,455.52 24,306,784.43 74,328.91 CAMP Pool Money Market Fund 33,310,548.62 33,310,548.62 - Sub -Total CAMP Treasurer's Investments 57,543,004.14 57,617,333.05 74,328.91 Accrued Interest 41,360.81 CAMP Total Investment Managed Securities Held 57,658,693.86 CAMP Debt Issue Managed Accounts 633,022.08 633,022.08 - PFM CAMP Total Treasurer's Investments Xr 58,176,026.22 58,250,355.13 74,328.91 LAIF LAIF amortized cost rate ** See detail attached 44,740,104.45 44,749,994.70 1.00022106000 9,890.25 US TREASURY NOTES 912828RU6 1,000,000.00 AA+ Aaa 11/27/13 12/03/13 1,008,593.75 0.58 2,940.57 1,001,919.68 1,002,383.00 DTD 11/30/20110.875% 11/30/2016 US TREASURY NOTES 912828RX0 600,000.00 AA+ Aaa 12/05/14 12/09/14 602,250.00 0.69 1,326.92 600,819.90 601,288.80 DTD 01/03/2012 0.875% 12/31/2016 US TREASURY NOTES 912828SM3 850,000.00 AA+ Aaa 10/02/14 10/06/14 854,150.39 0.80 23.22 851,676.62 853,121.20 DTD 03/31/2012 1.000% 03/31/2017 US TREASURY NOTES 912828SM3 1,100,000.00 AA+ Aaa 03/19/14 03/21/14 1,102,535.16 0.92 30.05 1,100,843.13 1,104,039.20 DTD 03/31/2012 1.000% 03/31/2017 US TREASURY NOTES 912828SY7 1,175,000.00 AA+ Aaa 06/02/14 06/03/14 1,168,482.42 0.81 2,467.98 1,172,446.11 1,174,311.45 DTD 05/31/2012 0.625% 05/31/2017 US TREASURY NOTES 912828TG5 160,000.00 AA+ Aaa 02/06/15 02/10/15 158,662.50 0.84 134.07 159,275.89 159,606.24 DTD 07/31/2012 0.500% 07/31/2017 US TREASURY NOTES 912828TG5 215,000.00 AA+ Aaa 07/01/14 07/07/14 212,018.56 0.96 180.15 213,694.02 214,470.89 DTD 07/31/2012 0.500% 0 7/3 1120 17 US TREASURY NOTES 912828TG5 1,350,000.00 AA+ Aaa 02/02/15 02/04/15 1,345,728.52 0.63 1,131.18 1,347,705.41 1,346,677.65 DTD 07/31/2012 0.500% 07/31/2017 US TREASURY NOTES 912828PA2 850,000.00 AA+ Aaa 09/02/14 09/04/14 871,316.41 1.04 43.55 860,478.98 864,676.10 DTD 09/30/2010 1.875% 09/30/2017 US TREASURY NOTES 912828UA6 500,000.00 AA+ Aaa 10/30/14 11/03/14 494,414.06 0.99 1,050.20 496,955.76 499,199.00 DTD 11/30/2012 0.625% 11/30/2017 US TREASURY NOTES 912828UE8 825,000.00 AA+ Aaa 12/01/14 12/03/14 820,971.68 0.91 1,563.87 822,698.94 825,290.40 DTD 12/31/2012 0.750% 12/31/2017 US TREASURY NOTES 912828UU2 475,000.00 AA+ Aaa 03/26/15 03/27/15 471,567.38 0.99 9.73 472,711.70 474,962.95 DTD 04/01/2013 0.750% 03/31/2018 US TREASURY NOTES 912828UZ1 775,000.00 AA+ Aaa 04/28/15 04/30/15 768,763.67 0.90 2,035.97 770,659.36 772,699.03 DTD 04/30/2013 0.625% 04/30/2018 US TREASURY NOTES 912828UZ1 1,000,000.00 AA+ Aaa 05/28/15 05/29/15 990.312.50 0.96 2,627.06 993,076.68 997,031.00 DTD 04/30/2013 0.625% 04/30/2018 Account 531-00 Page 5 PFM Asset Management LLC -Z US TREASURY NOTES DTD 05/31/2013 1.000% 05/31/2018 US TREASURY NOTES DTD 09/30120111.375% 09/30/2018 US TREASURY NOTES DTD 10/31/2013 1.250% 10/31/2018 US TREASURY NOTES DTD 12/02/2013 1.250% 11/30/2018 US TREASURY NOTES DTD 12/31/2013 1.500% 12/31/2018 US TREASURY NOTES DTD 03/31/2014 1.625% 03/31/2019 US TREASURY NOTES DTD 10/31/2013 1.750% 10/31/2020 Security Type Sub -Total FNMA SERIES 2015-M7 ASQ2 DTD 04/01/2015 1.550% 04/01/2018 FNMA SERIES M4 FA DTD 03/01/2015 0.633% 09/01/2018 FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 FNMA SERIES 2015-M10 FA DTD 06/01/2015 0.674% 03/01/2019 FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 FNMA SERIES 2015-M12 FA DTD 09/01/2015 0.767% 04/01/2020 912828VE7 600,000.00 AA+ Aaa 12/28/15 12/30/15 597,023.44 1.21 2,016.39 597,333.10 602,812.80 912828RH5 850,000.00 AA+ Aaa 10/08/15 10/09/15 860,890.63 0.94 31.93 859,161.42 862,019.85 912828WD8 500,000.00 AA+ Aaa 12/28/15 12/30/15 499,335.94 1.30 2,627.06 499,396.33 505,429.50 912828A34 1,100,000.00 AA+ Aaa 11/05/15 11/09/15 1,102,234.38 1.18 4,620.90 1,101,952.91 1,112,246.30 912828A75 325,000.00 AA+ Aaa 12/01/15 12/04/15 327,754.88 1.22 1,232.14 327,467.91 330,852.60 912828C65 875,000.00 AA+ Aaa 03/02/16 03/04/16 890,175.78 1.05 38.85 889,806.22 893,935.88 912828WCO 250,000.00 AA+ Aaa 02/01/16 02/03/16 254,628.91 1.35 1,838.94 254,479.08 256,142.50 15,375,000.00 15,401,810.96 0.93 27,970.73 15,394,559.15 15,453,196.34 3136AN]Y4 110,000.00 AA+ Aaa 04/15/15 04/30/15 111,099.60 0.83 142.08 110,698.84 110,407.67 3136AMTM1 78,982.87 AA+ Aaa 03/12/15 03/31/15 78,962.63 0.38 41.63 78,982.87 78,636.06 3136AOSWI 100,000.00 AA+ Aaa 11/06/15 11/30/15 100,999.99 1.20 158.17 100,872.34 101,159.80 3136ANA93 418,683.49 AA+ Aaa 06/12/15 06/30/15 418,562.33 0.43 235.10 418,683.49 416,992.13 3136AQD00 220,000.00 AA+ Aaa 10/07/15 10/30/15 222,203.06 1.08 301.77 221,930.54 221,481.37 3136AP3Z3 363,838.30 AA+ Aaa 09/10/15 09/30/15 363,707.32 0.54 232.50 363,838.30 362,252.51 14 W PFM Asset Management LLC 0 Account 531-00 Page 6 Security Type Sub -Total 1,291,504.66 1,295,534.93 0.67 1,111.25 1,295,006.38 1,290,929.54 FHLB GLOBAL NOTES 3130A5EP0 475,000.00 AA+ Aaa 05/14/15 05/15/15 474,605.75 0.67 997.83 474,774.52 474,702.18 DTD 05/15/2015 0.625% 05/30/2017 FREDDIE MAC GLOBAL NOTES 3137EADJ5 500,000.00 AA+ Aaa 03/19/15 03/20/15 501,700.00 0.85 875.00 500,960.89 501,806.50 DTD 06/25/2012 1.000% 07/28/2017 FREDDIE MAC GLOBAL NOTES 3137EADJS 710,000.00 AA+ Aaa 08/12/14 08/14/14 709,952.43 1.00 1,242.50 709,978.83 712,565.23 DTD 06/25/2012 1.000% 07/28/2017 FHLB NOTES 3130A7CX1 1,200,000.00 AA+ Aaa 02/17/16 02/18/16 1,199,628.00 0.89 350.00 1,199,647.56 1,202,044.80 DTD 02/18/2016 0.875% 03/19/2018 FNMA NOTE 3135GO361 1,200,000.00 AA+ Aaa 03/02/16 03/04/16 1,197,600.00 0.97 87.50 1,197,684.86 1,202,040.00 DTD 03/04/2016 0.875% 03/28/2018 FNMA BENCHMARK NOTE 3135GOE58 1,300,000.00 AA+ Aaa 08/27/15 09/01/15 1,297,894.00 1.18 6,581.25 1,298,276.89 1,309,062.30 DTD 09/01/2015 1.125% 10/19/2018 FNMA BENCHMARK NOTE 3135GO353 1,200,000.00 AA+ Aaa 02/19/16 02/23/16 1,197,168.00 1.08 1,166.67 1,197,265.76 1,202,654.40 DTD 02/23/2016 1.000% 02/26/2019 FREDDIE MAC NOTES 3137EADZ9 700,000.00 AA+ Aaa 03/30/16 03/31/16 701,666.00 1.05 218.75 701,664.52 702,748.20 DTD 03/21/2016 1.125% 04/15/2019 Security Type Sub -Total 7,285,000.00 7,280,214.18 1.00 11,519.50 7,280,253.83 7,307,623.61 Corporate- TOYOTA MOTOR CREDIT CORP 89236TAL9 255,000.00 AA Aa3 05/14/13 05/17/13 254,895.45 0.81 759.33 254,995.50 255,034.94 DTD 05/17/2013 0.800% 05/17/2016 Security Type Sub -Total 255,000.00 254,895.45 0.81 759.33 254,995.50 255,034.94 Managed Account Sub -Total 24,206,504.66 24,232,455.52 0.93 41,360.81 24,224,814.86 24,306,784.43 Account 531-00 Page 7 10__U=F� PFM Asset Management LLC Money Market Sub -Total Securities Sub -Total Accrued Interest Total Investments Managed Account Detail of Securities Held For the Month Ending March 31, 2016 'MEN7S 531 00 (1511505), „< ; -� S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par Rating Rating Date Date Cost at Cost Interest Cost Value 33,310,548.62 AAAm NR 33,310,548.62 0.00 33,310,548.62 33,310,548.62 33,310,548.62 33,310,548.62 0.00 33,310,548.62 33,310,548.62 $57,517,053.28 $57,543,004.14 0.93% $41,360.81 $57,535,363.48 $57,617,333.05 $41.360.81 $57,658,693.86 ie ' I I Account 531-00 Page 8 PFM Asset Management LLC N Untitled Page BETTY T. YEE California State Controller LOCAL AGENCY INVESTMENT FUND REMITTANCE ADVICE Agency Name Account Number Page 1 of 1 PETALUMA 98-49-650 As of 04/15/2016, your Local Agency Investment Fund account has been directly credited with the interest earned on your deposits for the quarter ending 03/31/2016. Earnings Ratio .00001268659292168 Interest Rate 0.46% Dollar Day Total $ 4,070,770,321.03 Quarter End Principal Balance $ 44,740,104.45 Quarterly Interest Earned $ 51,644.21 http://Iaif.sco.ca.gov/Result.aspx 5/28/2016 13 ��yVEST,yjF wA , 1 Cm �"-4 sy�'t v0 fJr•Uouia�� v State of California Pooled Money Investment Account Market Valuation 3/31/2016 Description , Carrying Gost P)us Accrued Interest Purch. , : Amortized Cost: Fair Value ,, Accrued Interes# United States Treasu : Bills $ 11,410,745,648.58 $ 11,428,324,382.05 $ 11,433,051,500.00 NA Notes $ 19,895,104,458.35 $ 19,894,615,430.08 $ 19,906,919,000.00 $ 27,575,588.00 Federal Agency: SBA $ 652,389,707.86 $ 652,377,032.02 $ 644,595,522.94 $ 830,290.94 MBS-REMICs $ 67,195,956.41 $ 67,195,956.41 $ 71,568,446.72 $ 318,368.46 Debentures $ 980,003,053.62 $ 980,000,442.51 $ 980,561,200.00 $ 1,159,694.90 Debentures FR $ - $ - $ - $ - Discount Notes $ 6,386,297,958.28 $ 6,395,635,458.25 $ 6,396,175,500.00 NA GNMA $ - $ - $ - $ - Supranational Debenture $ 350,136,669.79 $ 350,136,669.79 $ 350,709,000.00 $ 454,512.50 CDs and YCDs FR $ 300,000,000.00 $ 300,000,000.00 $ 300,000,000.00 $ 381,190.56 Bank Notes $ 200,000,000.00 $ 200,000,000.00 $ 200,000,000.00 $ 387,333.33 CDs and YCDs $ 10,550,003,344.94 $ 10,550,003,344.94 $ 10,549,420,471.66 $ 13,218,388.84 Commercial Paper $ 4,692,552,222.25 $ 4,696,239,430.61 $ 4,696,381,138.89 NA Corporate: Bonds FR $ - $ - $ - $ - Bonds $ - $ - $ - $ - Repurchase Agreements $ - $ - $ - $ - Reverse Repurchase $ - $ - $ - $ - Time Deposits $ 5,647,440,000.00 $ 5,647,440,000.00 $ 5,647,440,000.00 NA AB 55 & GF Loans $ 6,030,937,000 00 $ 6,030,937,000.00 $ 6,030,937,000.00 NA TOTAL $ 67,162,806,020.08 $ 67,192,905,146.66 $ 67,207,758,780.21 $ 44,325,367.53 Fair Value Including Accrued Interest $ 67,252,084,147.74 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 (1.00022106). As an example: if an agency has an account balance of $20,000,000.00, then the agency would report it: participation in the LAIF valued at $20,004,421.19 or $20,000,000.00 x1.00022106. of Petaluma Performance Summaries Past Quarter 0.94% 0.90% - - Past 6 Months 0.54%° 0.46% Past Year Past 3 Years 0.77%. Past 5 Years 0.89% 0.75% effective Duration 7:80 years C82 years . Yield on Cost 0.93% 0.74% 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 I Year Treasury Index, On 6/30/11 the benchmark retuned to the Merrill Lynch 1-3 Year Treasury Index. 5, Inception date is 12/31/01,