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HomeMy WebLinkAboutStaff Report 3.B 09/12/2016Agenda Item #3.B a DATE: September 12, 2016 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 June 30, 2016. RECOMMENDATION It is recommended that the City Council adopt the attached Resolution To Receive and File the City Treasurer's Quarterly Report Dated June 30, 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 fourth 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. 0 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 1.43% for the last six months. The City's annualized return outperformed the Index by .02% coming in at 1.45% 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 June 30, 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 June 30, 2016 was $604,337. Payments of $48,473 are budgeted to be paid during FY 2016 -17. FINANCIAL IMPACTS The balance of cash and investments as of June 30, 2016 was $131.7 million. This is up $1.9 million from the balance at the end of March, 2016. The increase is due mainly to the receipt of our semi - annual property tax payment offset by several debt service payments. The net investment earnings during the quarter ending June 30, 2016 were $159,753. TTACHMENTS 1. Resolution 2. City Treasurer's Quarterly Report dated June 30, 2016 a ATTACHMENT 1 RESOLUTION TO RECEIVE AND FILE THE CITY TREASURER'S QUARTERLY REPORT DATED JUNE 30, 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 June 30, 2016 and directs the City Clerk to file the report. City of Petaluma Quarterly Investment Report March 1 to June 30, 2016 rk��.#O ai aPWW%h6, 40 ®r 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 sumrnaty 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 June 30, 2016 q CITY OF PETALUMA, CALIFORNIA CITY TREASURER'S QUARTERLY REPORT For the quarter ending June 30, 2016 Cash activity for the fiscal year: Cash and Investments, Beginning of the quarter, 3/31/16 Cash Receipts Cash Disbursements Cash and Investments, End of the Quarter, 6/30/16 Cash and Investment Portfolio at June 30, 2016 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 Total Cash and Investments $ 129,836,456 55,239,087 (53,340,811) $ 131,734,732 Percent Fair Market Par Value of Value* (Cost) Portfolio 435,883 435,883 0.33% 44,819,574 44,852,687 34.05% 36,266,698 36,266,698 27.53% 24,498,937 24,409,827 18.53% 250,000 250,000 0.19% 11,458,797 11,458,797 8.70% 117,729,889 117,673,892 89.33% 633,527 633,527 0.48% 13,427,314 13,427,314 10.19% 14,060,841 14,060,841 10.67% 131,790,730 131,734,732 100.00% I certify that this report contains the total amounts of cash and investments at June 30, 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 quarter xAxes gort arter ending June 30, 2016 illiain 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 CITY OF PETALUMA, CALIFORNIA CITY TREASURER'S QUARTERLY REPORT For the quarter ending June 30, 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 LAIF 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: Umpqua Bank Sub -Total Certificate of Deposits Checldng Accounts: Exchange- General Operating Exchange- Payroll Thomas Lee Charity Trust Police Trust Citibank Sub -Total Checldng 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 114arket Account 435,882.92 435,882.92 435,882.92 - 435,882.92 44,740,104.45 51,644.21 44,791,748.66 51,644.21 60,938.22 (51,644.21) 60,938.22 44,791,748.66 112,582.43 (51,644.21) 44,852,686.88 33,310,548.62 8,859,783.29 (5,903,634.19) 36,266,697.72 33,310,548.62 8,859,783.29 (5,903,634.19) 36,266,697.72 8,575,749.11 3,364,739.81 (29,874.84) 11,910,614.08 12,630.75 24,761.03 (13,168.19) 24,223.59 15,401,810.96 1,522,968.75 (4,475,575.20) 12,449,204.51 27,970.73 44,460.75 (46,646.75) 25,784.73 254,895.45 11,458,797.13 (254,895.45) - 759.33 260.67 (1,020.00) 24,273,816.33 4,957,191.01 (4,821,180.43) 24,409,826.91 Subtotal 102,811,996.53 13,929,556.73 (10,776,458.83) 105,965,094.43 250,000.00 154.16 (154.16) 250,000.00 250,000.00 154.16 (154.16) 250,000.00 7,616,485.14 32,182,909.97 (29,182,877.57) 10,616,517.54 7,889.85 5,198,490.00 (5,199,246.01) 7,133.84 1,817.38 - 1,817.38 82,708.55 10.31 82,718.86 750,422.91 186.60 750,609.51 8,459,323.83 37,381,596.88 (34,382,123,58) 11,458,797.13 111,521,320.36 51,311,307.77 (45,158,736.57) 117,673,891.56 429,214.64 518.36 429,733.00 203,807.44 249.15 (263.09) 203,793.50 633,022.08 767.51 (263.09) 633,526.50 2,246,500.00 652,525.00 (652,525.00) 2,246,500.00 15,435,613.35 3,274,487.39 (7,529,286.38) 11,180,814.36 17,682,113.35 3,927,012.39 (8,181,811.38) 13,427,314.36 Total Cash and Investments Managed by Fiscal Agents 18,315,135.43 3,927,779.90 (8,182,074.47) 14,060,840.86 TOTAL CASH AND INVESTMENTS 129,836,455.79 55,239,087.67 (53,340,811.04) 131,734,732.42 ** See detail attached Accrued interest (110,946.54) General Ledger 131,623,785.88 C�3 4-1 Le N � M O � O � M M 4� ^j h 6/? I oj W �I CCS r C r Ud M o � � M � O au 0 a 00 � o � N � M N O O U r- t oo ll:� o U O 00 � d' M � 0 o l O r` O � O dt 06 ti' r-I N U CITY OF PETALUMA, CALIFORNIA CITY TREASURER'S QUARTERLY REPORT For the quarter ending June 30, 2016 Cost vs. Fair Market Value Unrealized Cost FV Gain /(Loss) US Treasury Bond/Note 12,449,204.51 12,527,875.01 78,670.50 Federal Agency Bond/Discount Note 11,910,614.08 11,971,062.20 60,448.12 Corporate Note - - - Certificate of Deposit - - - Sub -Total PFM Treasurer's Invest. Securities 24,359,818.59 24,498,937.21 139,118.62 CAMP Pool Money Market Fund 36,266,697.72 36,266,697.72 Sub -Total CAMP Treasurer's Investments 60,626,516.31 60,765,634.93 139,118.62 Accrued Interest 50,008.32 CAMP Total Investment Managed Securities Held 60,815,643.25 CAMP Debt Issue Managed Accounts 633,526.50 633,526.50 PFM CAMP Total Treasurer's Investments * 61,260,042.81 61,399,161.43 139,118.62 LAIF LAIF amortized cost rate ** See detail attached 44,791,748.66 44,819,574.28 27,825.62 1.00062122200 06 ID N M C C W 41 C O N L �O TW i U V/ O .N G 0 0 U .a R3 G FJ Ln O N U) ri 00 O N O) O W U) 0) O O M O O O O O O 'V U) N U) U7 O Ul q) 0 U) U) U1 U) O Ln fV M co N .--1 +-� O +-� U) N N M d' tD O CY N N 'cF' M m L. O rn rn m rn d m W tD 1l o C, lt) N m Ln V .-1 rn d- M tD o O N N o O o O c> o i ID Cr ID tD O p '.. 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L'"L M L""L M J �. (,� m J\ (� O w O 0 (L LTA O p p o ! op] m o 2 Q ppo Z W o Q ppo Z p Q Cp) Z p p°Q � D 0 � cp CQ) = m CL]=, S N A D g 0) ai t- LL in t- W 0 W. cl I- LL 0 ui f� LL LL 0 I- LL Q F- LL n I- LL 0 h LL 0 I- LL, o iA U I 5 eW ® ru fu W N m C � � Q 43 7 I � f � L � � U � U fC ij U L.7 � w � 0 n Ln to ca z d N U •L B m C Q. 0 V C m U m U N h ri N e M ChA n W lD tD N w M O O N n n VD N N M N a^i ID N O M H .0 0 d A d O m M M o W O R fR O O O O L6 O M N O O O N M O O O 4 LM M r01 N\ O c0 O M M M Ln O 4& a d t 6 d ~ d U u V) B Lo N M m O O i!, C m N 7 N� a+ i Untitled Page BETTY T. YEE California State Controller LOCAL AGENCY INVESTMENT FUND REMITTANCE ADVICE Agency Name Account Number Page 1 of 1 PETALUMA As of 07/15/2016, your Local Agency Investment Fund account has been directly credited with the interest earned on your deposits for the quarter ending 06/30/2016. Earnings Ratio .00001495296852820 Interest Rate 0.55% Dollar Day Total $ 4,075,326,109.12 Quarter End Principal Balance $ 44,791,748.66 Quarterly Interest Earned $ 60,938.22 lhtt-n -Hl ai£sco.ca. aov /Result.aspx 8/22/2016 15 1* 1* 1* 2* 2* 2* 2* 1* 1* 1* etrwursr,� w State of California Pooled Money Investment Account Market Valuation 613012016 " Car in Cost Plus' Description Accrued Interest Purcli: Amortized. Cost' Fatr Value Accrued Interest United States Treasury: Bills $ 12,202,776,744.48 $ 12,223,991,747.38 $ 12,233,011,000.00 NA Notes $ 21,650,061,435.88 $ 21,643,492,715.88 $ 21,679,913,000.00 $ 32,803,585.50 Federal Agency: SBA $ 711,503,679.54 $ 711,488,193.35 $ 705,336,310.09 $ 903,583.96 MBS- REMICs $ 59,658,122.97 $ 59,658,122.97 $ 63,529,777.27 $ 282,224.56 Debentures $ 1,105,155,621.62 $ 1,105,073,677.18 $ 1,106,209,500.00 $ 1,544,500.15 Debentures FR $ - $ - $ - $ ' Discount Notes $ 8,126,877,847.14 $ 8,133,238,361.10 $ 8,135,019,000.00 NA GNMA $ - $ - $ - $ ' Supranational Debenture $ 599,982,831.85 $ 599,982,831.85 $ 601,736,500.00 $ 1,126,943.50 CDs and YCDs FR $ 400,000,000.00 $ 400,000,000.00 $ 400,000,000.00 $ 611,288.61 Bank Notes $ 800,000,000.00 $ 800,000,000.00 $ 799,735,907.64 $ 752,749.99 CDs and YCDs $ 16,175,007,758.81 $ 16,175,001,869.92 $ 16,174,127,406.71 $ 16,474,277.76 Commercial Paper $ 7,486,127,569.47 $ 7,492,070,527.88 $ 7,492,217,111.12 NA Corporate: Bonds*FR $ - $ - $ $ ' Bonds $ - $ - $ - $ - Repurchase Agreements $ - $ - $ - $ - Reverse Repurchase $ - $ - $ - $ ' Time Deposits $ 5,549,440,000.00 $ 5,549,440,000.00 $ 5,549,440,000.00 NA AB 55 & GF Loans $ 502,313,000.00 $ 502,313,000.00 $ 502,313,000.00 NA TOTAL $ 75,368,904,611.76 $ 75,395,751,047.51 $ 75,442,588,512.83 1 $ 54,499,154.03 Fair Value Including Accrued Interest $ 75,497,087,666.86 * Governmental Accounting Standards Board (GASB) Statement #72 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 (1.000621222). 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 $20,012,424.43 or $20,000,000.00 x 1.000621222. 1 V� of Petaluma Performance Summaries Past Quarter 0.50% 0.53% Past 6 Months 1.45% 1.43% Past Year 1.39% 1.31% Past 3 Years 1.04% 0.98% Past 5 Years 0.86% 0.82% Effective Duration 1.82 years 1.83 years Yield on Cost 0.95% 0.60% 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.