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HomeMy WebLinkAboutStaff Report 3.A 04/21/2008CITY O��F-vvPETALUUMA, CALIFORNIA AGENDA BILL Agenda Title: Receive and file September 30, 2007 Quarterly Treasurer's Report &A April 21, 2008 Meeting Date: April 21, 2008 Meeting Time: © 3:00 PM ❑ 7:00 PM Category: ❑ Presentation ® Consent Calendar ❑ Public Hearing ❑ Unfinished Business ❑ New Business Department: I Director: I Contact Person: Phone Number: Administrative Services I Steven Cannichael I Cinde Rubaloff 778-4357 Cost of Proposal: Account Number: N/A N/A Amount Budgeted: Name of Fund: N/A N/A Attachments to Agenda Packet Item: Resolution Filing Quarterly Treasurer's Report September 30, 2007 Treasurer's Report Summary Statement: State law requires all local agencies to file reports on the status of their investment portfolio with their City Council and City Manager, which was done January 22, 2007. The Administrative Services Director/City Treasurer provides the City Council with a quarterly Treasurer's Report that shows the market value and the cost of all cash and investments held by the City of Petaluma, along with a schedule that shows the monthly activity of receipts, transfers and disbursements. The Quarterly Treasurer's report is presented to the City Council at a regularly scheduled public meeting. State law also requires that the City Treasurer submit an annual Statement of Investment Policy to the City Council. The City's investment practices comply with the approved City Investment Policy and with the requirements of State law. Recommended Citv Council Action/Suggested Motion: Approve resolution to receive and file September 30, 2007 Treasurer's Report Reviewed by Admin? Svcs. Dir: Reviewed by City Attornev: Approved by City Manager: /Date: Date: Date: -z o- v ` Rev. # Date Last Revised: File: s:/accountanUcinde/word/tr/agenda bill RESOLUTION TO REVIEW AND FILE THE SEPTEMBER 30, 2007 QUARTERLY CITY TREASURER'S REPORT WHEREAS, State Law requires that the City Council review the City's attached 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 said report and directs the City Cleric to file it. 2 City of Petaluma, California Cash/Investment by Type -September, 2007 Total Cash/Investments $97,440,402 Federal Agency/Corp Securities $34,706,740 35.62% W Other $821,675 .84% Cash $1,988,101 CAMP -$19,721,847 20.24% Fiscal Agents - $32,674,543 33.53% CITY OF PETALUMA, CA CITY TREASURER'S QUARTERLY REPORT For the quarter ending September, 2007 Cash Activity for the Quarter: Cash and Investments, beginning of the quarter Cash Receipts Cash Disbursements Cash and Investments, end of the quarter Cash and Investment Portfolio at September 30, 2007 Investments Managed by Trustees: CA Asset Management Prog Trustee Money Market Accounts Subtotal Checking Accounts Total Cash and Investments 32,537,110 137,434 32,674,543 38,139 32,537,110 137,434 32,674,543 38,139 S 97,662,808 S 97,440,402 Cash = Sweep Account plus Checking Accounts 1,988,101 Fair values were furnished by the State of California, Local Agency Investments and CAMP. .1339% 0.14% 33.53% 0.04% 100.00% S 96,929,351 42,336,037 (41,824,986) $ 97,440,402 Current Annual Yield I certify that this report contains the total amounts of cash and investments at September 30, 2007. The investments are in conformity with the Investment Policy as stated in Resolution Number 2004-020NCS, dated January 24, 2005. 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. * adjusted to FV quarterly Steven Carmichael, Administrative Services Director 6.00% 5.24% 5.19% 5.10% 3.65% 5.19% 4.45% 11 Percent Fair Par Value of Value* (Cost) Portfolio Investments Managed by City Treasurer: AD 2000-2001 Bond 821,675 821,675 0.84% Local Agency Investment Fund 7,529,662 7,525,496 7.72% CA Asset Management Prog 19,723.847 19,723,847 20.24% CAMP/Fed Agency/Corp Securities 34,924,981 34,706,740 35.62% Sweep Accounts 1,949,961 1,949,961 2.00% Subtotal 64,950,125 64,727,719 66.43% Investments Managed by Trustees: CA Asset Management Prog Trustee Money Market Accounts Subtotal Checking Accounts Total Cash and Investments 32,537,110 137,434 32,674,543 38,139 32,537,110 137,434 32,674,543 38,139 S 97,662,808 S 97,440,402 Cash = Sweep Account plus Checking Accounts 1,988,101 Fair values were furnished by the State of California, Local Agency Investments and CAMP. .1339% 0.14% 33.53% 0.04% 100.00% S 96,929,351 42,336,037 (41,824,986) $ 97,440,402 Current Annual Yield I certify that this report contains the total amounts of cash and investments at September 30, 2007. The investments are in conformity with the Investment Policy as stated in Resolution Number 2004-020NCS, dated January 24, 2005. 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. * adjusted to FV quarterly Steven Carmichael, Administrative Services Director 6.00% 5.24% 5.19% 5.10% 3.65% 5.19% 4.45% 11 CITY OF PETALUMA, CA CITY TREASURER'S QUARTERLY REPORT For the quarter ending September, 2007 Investments Managed by Trustees: CAMP -AD accounts Beginning 6,819.22 (63,633.60) - End US Bank -AD Accounts of Quarter Receipts*A Transfers Disbursements of Quarter Investments Managed by City Treasurer: 31,640,853.00 416,538.01 - - 32,057,391.01 AD 2000-2001 Bond 858,292.37 - - (36,617.57) 821,674.80 LAIF 7,427,868.04 - - - 7,427,868.04 LAIF accrued interest - 97,628 24 - - 97,628 24 CAMP AD accounts 400,442.10 5,271.65 - - 405,713.75 CAMP -Treasurer's Investments 20,293,560.04 322,214.12 (1,284,264.80) (13,376.48) 19,318,132.88 Federal Agency Bonds/Notes 21,044,150.63 (L517.50) (242,107.00) - 20,800,526.13 Fed Agency accrued interest 271,497.53 275,955.24 (302,961.53) - 244,491.24 US TreasuryBonds/Notes 4,818,102.15 (3,437.50) (505,449.21) - 4,309,215.44 US Treasury accrued interest 42,079.74 42,873.20 (37,050.17) - 47,902.77 Corporate Notes 6,531,279.00 - 2,692,265.00 - 9,223,544.00 Corporate Notes accrued interest 110,011.64 88181.26 (117,13229) - 81,060.61 Commercial Paper - 3,300.00 (3,300.00) - - Exchange Bank Sweep/Blackrock 3,677,526.78 21,788.41 (1,749,353.97) - 1,949,961.22 Subtotal 65,474,810.02 852,257.12 (1,549,353.97) (49,994.05) 64,727,719.12 Investments Managed by Trustees: CAMP -AD accounts 536,533.34 6,819.22 (63,633.60) - 479,718.96 US Bank -AD Accounts 29,80927 40759 483,430.67 (494,085.00) 19,562.53 CAMP -debt issue accounts 31,640,853.00 416,538.01 - - 32,057,391.01 US Bank First American Treas 117,927.64 2,460.20 303,399.38 (306,659.51) 117,127.71 Wells Fargo Govern MTvI 284.10 3.47 - - 287.57 Union Bank Blackrock 450.44 5.54 - (0.29) 455.69 Subtotal 32,325,857.79 426,234.03 723,196.45 (800,744.80) 32,674,543.47 Checking Accounts: Exchange -General Operating (930,75753) 41,055,346.79 (4,878,102.48) (35,269,35149) (21866.71) WF -Payroll (3,479.97) - - 3,479.97 (0.00) Exchange -Payroll 20,005.11 - 5,704,260.00 (5,704,280.50) 19,984.61 Thomas Lee 1,227.53 - - - 1,227.53 Police Trust 41,687.79 2,198.89 - (4,092.77) 39,793.91 Subtotal (871,317.07) 41,057,545.68 826,157.52 (40,974,246.79) 38,139.34 Total Cash and Investments $ 96,929,350.74 $ 42,336,036.83 $ - S (41,824,985.64) $ 97,440,401.93 ^ includes gain/loss on maturity/disposal accrual basis S CITY OF PETALUMA, CA CITY TREASURER'S QUARTERLY REPORT For the quarter ending September, 2007 Reconciliation of Cash Disbursements: Accounts Payable Cash Disbursements July, 2007 13,677,674.17 Accounts Payable Cash Disbursements August, 2007 10,919,237.67 Accounts Payable Cash Disbursements September, 2007 11,380,972.03 Accounts Payable Cash Disbursements after September, 2007 Prior Quarter's Timing Items - Disbursements to Trustee - Recorded as a transfer on page two (723,196.45) Trustee Disbursements for Debt Service 834,101.95 Payroll Cash Disbursements July, 2007 1,674,715.57 Payroll Cash Disbursements August, 2007 2,429,980.39 Payroll Cash Disbursements September, 2007 1,596,104.57 Payroll Cash Disbursements after September, 2007 Prior Quarter's Payroll Timing Items - Bank/Trustee Fees/Cost of Issuance 31,302.97 Police Trust Cash Disbursements 4,092.77 Thomas Lee Charity Cash Disbursements - 41,824,985.64 Comparison of Current Investments to Prior Quarter/Prior Year (including gain/loss disposal): Cash and Investments at the end of the quarter Interest Received or Accrued from July I Estimated Average Interest Rate Short-term Invest US T-bill 91 day Yield Monthly Yield to Maturity Mid -Term Portfolio Monthly Yield Merrill Lynch 1-3 Year UST Index June, 2007 September, 2007 September, 2006 S 96,929,351 S 97,440,402 S 55,948,507 S 3,150,156 S 1,303,845 S 645,482 5.10% 5.08% 4.97% 4.77% 4.57% 4.93% 5.27% 5.02% 4.67 4.94% 3.99% 4.74 6 CITY OF PETALUMA, CA CITY TREASURER'S QUARTERLY REPORT For the quarter ending September, 2007 Interfund Loans: Purpose Amount Loan To 48,000 Parks Rec Grant Fund 77,800 Public Facilities Impact Fee Fund 60.000 General Government CIP Fund 78.500 Police Grant Fund 525,400 Ambulance Fund 69,000 Marina Fund 858,700 - Loan From Purpose General Fund Cash flow General Fund Cash flow General Fund Cash flow General Fund Cash flow General Fund Cash flow General Fund Cash flow 9/30 interest YTD interest Repayment Schedule 636 636 when grant revenue received 899 899 when additional impact fee revenue received 795 795 when additional impact fee revenue received - - when grant revenue received 6.964 6,964 06-07 budget expense> revenue 755 755 06-07 budgetexpense> revenue Interfund loan interest calculation assumes that repayments are made the first day of the quarter and loans are made the last day of the quarter. Detail of c (Excluding Cash) 12511505 CAAIP-CITY OF PETALUAIA(531-00) SECURITY TYPE CUSIP DESCRIPTION CORPORATE NOTE FFCB GLOBAL DESIGNATED BONDS 36962GB78 GENERAL ELEC CAP CORP GLOBAL? 61746BALO MORGAN STANLEY NOTE (MAKE W 590188JP4 MERRILL LYNCH & CO GLOBAL NO 929903AD4 WACI-IOVIA BANK CORPORATE NO 931142BE2 WAL-MART STORES GLOBAL NOTES 4042QOAN9 HSBC USA GLOBAL NOTES 9497461.11 WELLS FARGO CO GLOBAL NOTES 172967CU3 CITIGROUP INC GLOBAL NOTES 55263ECL7 MBNA CORP 060505BU7 BANK OI° AMERICA CORP GLOBAL N FED AGY BOND/NOTE 3137EAAC3 Fl-ILMC GLOBAL REFERENCE NOTES 31331S2L6 FFCB GLOBAL DESIGNATED BONDS 3134A4V114 PI ILNIC GLOBAL REFERENCE NOTES 3134A4VH4 FHLMC GLOBAL REFERENCE NOTES 313591VIEK5 FNMA GLOBAL BENCHMARK NOTES 3133XFEQ5 FHLB TAP ISSUE 31359NIEV I FNMA GLOBAL BENCHMARK NOTES 3134A4US I FHLMC GLOBAL REFERENCE NOTES 31359NIEY5 FNMA GLOBAL BENCHMARK NOTES 31331X4N9 FFCB NOTES 3133XGYT5 FHLB'I'AP ISSUE 3133XJLW6 FHLB NOTES (CALLABLE) 3133XJUS5 FHLB TAP NOTES 31359NI604 FNMA NOTES (CALLABLE) 3136FSJS5 FNMA NOTES (CALLABLE) 3133XFLE4 FHLB TAP ISSUE 31398AEE8 FNMA NOTES (CALLABLE) US TSV BOND/NO'T'E 912828FV7 US TREASURY NOTES 912828ELD US TREASURY NOTES 912828EV8 US TREASURY NOTES 912828FX3 US TREASURY NOTES 912828FX3 US TREASURY NOTES MONTH ENDED: September 30, 2007 MATURITY S&P TRADE SETTLE ORIGINAL YTM1I ACCRUED AMORTIZED MARKET PAR COUPON DATE RATING DATE DATE COST AT COST INTEREST COST VALUE 500,000 3.500 05/01/08 AAA 10/31/05 11/03/05 484,820.00 4.806 7,291.67 496,292.78 495,383.50 1,000,000 3,875 01/15/09 AA- 03/28/07 04/02/07 981,210.00 4.984 8,180.56 986,334.02 984,893.00 1,000,000 6.000 02/17/09 AA- 05/30/07 06/01/07 1,011,280.00 5.296 7,333.33 1,009,230.88 1,012,250.00 1,000,000 3.625 02/17/09 AA- 04/13/07 04/17/07 973,930.00 5.130 4,430.56 980,238.73 981,770.00 1,250,000 6.875 08/10/09 AA 04/02/07 04/05/07 1,301,475.00 4.990 12,174.48 1,291,302.16 1,292,113.75 750,000 3.875 09/15/09 AA- 08/28/07 08/31/07 733,455.00 5.026 1,291.67 734,115.30 735,419.25 1,000,000 4.200 01/15/10 AA+ 09/14/07 09/19/07 980,980.00 5.076 8,866.67 981,244.93 983,256.00 800,000 4.125 02/22/10 AA 05/03/07 05/08/07 780,784.00 5.057 3,575.00 783,410.68 785,735.20 1,000,000 5.000 05/04/10 AA 05/09/07 05/15/07 997,780.00 5.081 20,416.67 998,057.31 999,245.00 1,000,000 4.500 08/01/10 AA 08/24/07 08/29/07 977,830.00 5.328 7,500.00 978,467.92 990,001.00 9,300,000 9,223,544.00 5.091 81,060.61 9,23 8,694.7 1 91260,066.70 1,250,000 5.125 04/18/08 AAA 06/01/06 06/02/06 1,245,978.75 5.303 29,006.08 1,248,811.54 1,251,562.50 1,500,000 4.250 10/10/08 AAA 11/30/05 12/05/05 1,482,330.00 4.695 30,281.25 1,493,399.40 1,495,781.25 860,000 4.625 12/19/08 AAA 01/03/06 01/06/06 858,239.58 4.699 11,269.58 859,254.57 861,075.00 1,175,000 4.625 12/19/08 AAA 01/26/06 01/31/06 1,171,566.65 4.728 15,397.40 1,173,521.16 1,176,468.75 1,000,000 5.250 01/15/09 AAA 01/25/06 01/27/06 1,014,997.00 4.702 11,083.33 1,006,771.53 1,009,062.50 1,000,000 5.250 03/13/09 AAA 04/06/07 04/10/07 1,004,640.00 4.992 2,625.00 1,003,565.68 1,010,937.50 1,000,000 6.375 06/15/09 AAA 06/06/06 06/07/06 1,03 Ij 15.00 5.248 18,770.83 1,018,150.20 1,031,562.50 1,000,000 4.250 07/15/09 AAA 07/18/06 07/21/06 967,538.00 5.443 8,972.22 979,937.42 997,187.50 750,000 6.625 09/15/09 AAA 07/13/06 07/14/06 775,197.75 5.453 2,208.33 766,094.54 780,937.50 1,000,000 4.375 09/28/09 AAA 09/27/07 09/28/07 999,490.00 4.402 364.58 999,492.06 999,687.50 2,165,000 5.000 12/11/09 AAA 01/11/07 01/16/07 2,164,480.40 5.007 33,076.39 2,164,681.01 2,191,385.94 1,000,000 5.300 01/22/10 AAA 01/26/07 01/29/07 996,960.00 5.411 10,158.33 997,615.92 1,002,18750 2,000,000 5.000 03/12/10 AAA 05/30/07 06/01/07 1,994,120.00 5.109 5,277.78 1,995,049.22 2,026,250.00 1,740,000 5.200 03/26/10 AAA 04/19/07 04/23/07 1,737,390.00 5.254 1,256.67 1,737,821.05 1,742,025.58 1,600,000 5.350 04/12/10 AAA 05/22/07 05/23/07 1,597,760.00 5.401 40,184.44 1,598,098.54 1,600,500.00 750,000 5.250 06/11/10 AAA 08/30/07 09/05/07 760,803.00 4.686 12,03 1.25 760,551.01 765,234.38 1,000,000 5.500 07/09/10 AAA 07/06/07 07/09/07 997,920.00 5.576 12,527.78 998,067.27 1,009,687.50 20,790,000 20,800,526.13 5.075 244,491.24 20,800,882.12 20,951,533.40 250,000 4.875 10/31/08 TSY 11/09/06 11/13/06 250,556.64 4.754 5,100.20 250,315.30 252,187.50 765,000 4.375 11/15/08 TSY 11/30/05 12105/05 764,432.23 4.401 12,641.73 764,782.25 767,988.09 1,000,000 4.500 02/15/09 TSY 02/10/06 02/15/06 995,781.25 4.652 5,747.28 997,999)4 1,006,797.00 800,000 4.625 11/15/09 TSY 12/01/06 12/05/06 802,312.50 4.518 13,975.54 801,711.01 810,375.20 500,000 4.625 11/15/09 TSY 12/08/06 12/12/06 500,742.19 4.569 8,734.71 500,560.05 506,484.50 w Detail of Securities Held: 12511505 C131P-CITroFPETAL UAJA(531-00) (Excluding Cash) MONTH ENDED: September 30, 2007 SECURITY TYPE CUSIP DESCRIPTION 91282BEGI US TREASURY NOTES TOTAL SECURITIES o oMMo,a,E„��.rAfl� 1,bo�� TRADE SETTLE o Er�oflM COUPON DATE RATING u r,uo is vss sz : ❑eMuc so,e, , ■ ruvn � Dceuenu Essan¢co i<vi one ❑u:ec„monmsnm sn=ns ❑ MPIMMaSIEfl[nE�RCM,liflY5ia,01YNIW 47,902.76 4,310,771.05 4,339,926.29 ul.,o 9,NM1EV iS,LE91 o m�,Eosrnssmensenv o v„o�ov�l,�oflo ❑ wn siaiiui ,a+v� sil eei iio ,Po oz $34,405,0110 Issuers by Market Value ORIGINAL MATURITY S&P TRADE SETTLE PAR COUPON DATE RATING DATE DATE 1,000,000 3.875 09/15/10 TSY 09/27/07 09/28/07 4,315,000 995,403.00 996,094.00 4,309,215.44 $34,405,0110 Issuers by Market Value ORIGINAL Y'EAI ACCRUED AMORTIZED MARKET COST AT COST INTEREST COST VALUE 995,390.63 4.041 1,703.30 995,403.00 996,094.00 4,309,215.44 4.439 47,902.76 4,310,771.05 4,339,926.29 $34,333,285.57 4.99996 $373,454,61 $34,350,347.88 $34,551,526.39 Ratings by Market Value ❑ AA $4.067.895 110% 10 AA- 83714.332 108% E] AA« S983.25628% E3 AAA 321,446,917 621% LI TSY 84339926 125% Talnl $34,551,5261009% R_2