HomeMy WebLinkAboutStaff Report 3.B 12/05/2016DATE: December 5, 2016
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, 2016.
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, 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 June 20, 2016 which delegated investment
authority to the City Treasurer for the Fiscal Year 2016 -17. 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
earrings 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 2016 -2017.
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 .42% for the last six months. The
City's annualized return outperformed the Index by .04% coming in at .46% for the last six
months.
Per the City's Interfund Loan Policy, the Treasurer's report no longer lists all inter -fund loans
currently in place; however, this information is available upon request.
FINANCIAL IMPACTS
The balance of cash and investments as of September 30, 2016 was $135.3 million. This is up
$3.6 million from the balance at the end of June, 2016. The increase is due mainly to the receipt
of our fiscal year end property tax payment. The net investment earnings during the quarter
ending September 30, 2016 were $210,209.
ATTACHMENTS
1. Resolution
2. City Treasurer's Quarterly Report dated September 30, 2016
I
ATTACHMENT 1
RESOLUTION TO RECEIVE AND FILE THE CITY TREASURER'S QUARTERLY
REPORT DATED SEPTEMBER 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 September 30, 2016 and directs the City Cleric to file the
report.
i
City of Petaluma
Quarterly Investment Report
July 1 to September 30, 2016
r
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 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, 2016.
CITY OF PETALUMA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending September 30, 2016
Cash activity for the fiscal year:
Cash and Investments, Beginning of the quarter, 6/30/16
Cash Receipts
Cash Disbursements
Cash and Investments, End of the Quarter, 9/30/16
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
September 30, 2016
$ 131,734,732
51,624,110
(48,000,815)
$ 135,358,027
Percent
Fair Market Par Value of
Value* (Cost) Portfolio
373,535
373,535
0.28%
49,867,943
49,926,289
36.88%
36,251,663
36,251,663
26.78%
24,553,709
24,554,743
18.14%
250,000
250,000
0.18%
10,139,925
10,139,925
7.49%
121,436,775
121,496,155
89.76%
430,396 430,396 0.32%
13,431,476 13,431,476 9.92%
13,861,872 13,861,872 10.24%
Total Cash and Investments 135,298,647 135,358,027 100.00%
I certify that this report contains the total amounts of cash and investments at September 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 quarterly investme rt er ending September 30, 2016
W"I M-110
illiam Mushallo, Finance Director
*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 September 30, 2016
Investments Managed by City Treasurer:
429,733.00
663.05
430,396.05
Assessment District Bond (AD) 2000 -01
435,882.92
14.45
(62,347.84)
373,535.08
Sub -Total Assessment Districts Bond (AD) Accounts
435,882.92
677.50
(62,347.84)
373,535.08
LAIF
44,791,748.66
5,060,938.22
49,852,686.88
LAIF accrued interest
60,938.22
73,602.32
(60,938.22)
73,602.32
Sub -Total LAIF
44,852,686,88
5,134,540.54
(60,938.22)
49,9265289.20
CAMP Pool- Treasurers Investment Money Market
36,266,697.72
7,165,037.63
(7,180,072.45)
36,251,662.90
Sub -Total CAMP Pool Managed Account
36,266,697.72
7,165,037.63
(7,180,072.45)
36,251,662.90
Federal Agency Bonds/DiscountNotes
11,910,614.08
6,299,192.79
(494,894.49)
17,714,912.38
Fed Agency accrued interest
24,223.59
53,441.18
(41,174.40)
36,490.37
US Treasury Bonds/Notes
12,449,204.51
870,154.30
(6,528,533.80)
6,790,825.01
US Treasury accrued interest
25,784.73
11,934.92
(25,204.67)
12,514.98
Sub -Total PFM Securities Managed Account **
24,409,826.91
7,234,723.19
(7,089,807.36)
24,554,742.74
Subtotal
105,965,094.43
19,534,301.36
(14,393,165.87)
111,106,229.92
Certificate of Deposits:
Umpqua Bank
250,000.00
157.58
(157.58)
250,000.00
Sub -Total Certificate of Deposits
250,000.00
157.58
(157.58)
250,000.00
Checking Accounts:
Exchange - General Operating
10,616,517.54
26,508,203.23
(27,827,112.93)
9,297,607.84
Exchange- Payroll
7,133.84
5,576,409.00
(5,576,570.63)
6,972.21
Thomas Lee Charity Trust
1,817.38
-
1,817.38
Police Trust
82,718.86
10.42
82,729.28
Citibank
750,609.51
188.70
750,798.21
Sub -Total Checking Accounts
11,458,797.13
32,084,811.35
(33,403,683.56)
10,139,924.92
Total Cash and Investments Managed by the City Treasurer
117,673,891.56
51,619,270.29
(47,797,007.01)
121,496,154.84
Investments Managed by Trustees Fiscal Agents:
CAMP -AD 23, 24, 25 Accounts Money Market
429,733.00
663.05
430,396.05
CAMP- 2003 COP, 2007 TAB, 2011 TAB
203,793.50
14.45
(203,807.95)
0.00
Sub -Total CAMP -Debt Issue Accounts **
633,526.50
677.50
(203,807.95)
430,396.05
Bank of New York
2,246,500.00
-
2,246,500.00
US Bank First American Treas
11,180,814.36
4,161.51
11,184,975.87
Sub -Total Trustees Money Market Account
13,427,314.36
4,161.51
13,431,475.87
Total Cash and Investments N /anaged by Fiscal Agents
14,060,840.86
45839.01
(203,807.95)
13,861,871.92
TOTAL CASH AND INVESTN ENTS
131,734,732.42
51,624,109.30
(48,000,814.96)
135,358,026.76
** See detail attached
Accrued interest
(122,607.67)
General Ledger
135,235,419.09
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CITY OF PETALUMA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending September 30, 2016
Cost vs. Fair Market Value
Unrealized
Cost FV
US Treasury Bond/Note 6,790,825.01 6,812,607.36 21,782.35
Federal Agency Bond/Discount Note 17,714,912.38 17,741,101.16 26,188.78
Corporate Note - - -
Certificate of Deposit - - -
Sub -Total PFM Treasurer's Invest. Securities 24,505,737.39 24,553,708.52 47,971.13
CAMP Pool Money Market Fund 36,251,662.90 36,251,662.90 -
Sub -Total CAMP Treasurer's Investments 60,757,400.29 60,805,371.42 47,971.13
Accrued Interest 49,005.35
CAMP Total Investment Managed Securities Held 60,854,376.77
CAMP Debt Issue Managed Accounts 430,396.05 430,396.05 -
PFM CAMP Total Treasurer's Investments ** 61,187,796.34 61,235,767.47 47,971.13
LAIF 49,852,686.88 49,867,943.40 15,256.52
LAIF amortized cost rate 1.00030603200
** See detail attached
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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 10/14/2016, your Local Agency Investment Fund account has been directly credited
with the interest earned on your deposits for the quarter ending 09/30/2016.
Earnings Ratio .00001651908048883
Interest Rate 0.60%
Dollar Day Total $ 4,455,594,057.88
Quarter End Principal Balance $ 49,852,686.88
Quarterly Interest Earned $ 73,602.32
http : / /Iaif.sco.ca.gov /Result.aspx 11/13/2016 j�j
1*
1*
1*
2*
2*
2*
2*
1*
1*
1*
god,- A %%VesryF� State of California
W y'� Pooled Money Investment Account
Market Valuation
913012016
United States Treasury:
Bills
$
11,401,506,250.08
$
11,424,324,705.67
$
11,428,957,500.00
NA
Notes
$
20,045,572,538.49
$
20,043,793,876.45
$
20,060,297,000.00
$
28,241,781.50
Federal Agency:
SBA
$
720,861,955.68
$
720,861,955.68
$
713,031,386.07
$
457,100.69
MBS- REMICs
$
54,197,494.37
$
54,197,494.37
$
57,380,084.72
$
255,981.62
Debentures
$
874,936,111.43
$
874,932,465.60
$
875,566,000.00
$
1,420,035.50
Debentures FR
$
-
$
-
$
-
$
-
Discount Notes
$
7,676,506,236.05
$
7,687,765,499.99
$
7,691,065,000.00
NA
GNMA
$
-
$
-
$
-
$
-
Supranational Debenture
$
349,980,433.20
$
349,980,433.20
$
350,734,500.00
$
653,124.50
CDs and YCDs FR
$
400,000,000.00
$
400,000,000.00
$
400,000,000.00
$
656,791.92
Bank Notes
$
800,000,000.00
$
800,000,000.00
$
800,059,819.97
$
2,270,333.35
CDs and YCDs
$
12,600,028,335.66
$
12,600,009,446.78
$
12,600,111,931.68
$
22,649,236.08
Commercial Paper
$
7,333,219,055.55
$
7,341,231,833.25
$
7,340,803,513.90
NA
Corporate:
Bonds FR
$
-
$
$
$
-
Bonds
$
-
$
$
-
$
-
Repurchase Agreements
$
-
$
$
-
$
-
Reverse Repurchase
$
$
-
$
-
$
-
Time Deposits
$
5,222,440,000.00
$
5,222,440,000.00
$
5,222,440,000.00
NA
AB 55 & GF Loans
$
803,510,000.00
$
803,510,000.00
$
803,510,000.00
NA
TOTAL
$
68,282,758,410.51
$
68,323,047,710.99
$
68,343,956,736.34
$
56,604,385.16
Fair Value Including Accrued Interest $ 68,400,561,121.50
* 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 (1.000306032).
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 $20,006,120.64 or $20,000,000.00 x 1.000306032.
1�
City of Petaluma Performance Summaries
Past Quarter
-0.04%
-0.11%
Past 6 Months
0.46%
0.42%
Past Year
1.00%
0.88%
Past 3 Years
0.92%
0.85%
Past 5 Years
0.81%
0.70%
Effective Duration
1.82 years
1.83 years
Yield
0.95%
0.78%
Notes:
1. Bank of America Merrill Lynch (BAML) 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.
6. Yield for the City is calculated as the Yield to Maturity at Cost. The Yield for the City's Treasury
benchmark is calculated as the Yield to Maturity at Market.