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Home My WebLink AboutStaff Report 3.B 04/21/2008CITY OF PET�A7LUMA, CALIFORNIA AGENDA BILL Anenda Title: Receive and file December 31, 2007 Quarterly Treasurer's Report 3.13 April 21, 2008 Meeting Date: April 21, 2008 Meeting Time: ® 3:00 PM ❑ 7:00 PM Category: ❑ Presentation M Consent Calendar ❑ Public Hearing ❑ Unfinished Business ❑ New Business Deaartment: Administrative Services Cost of Proposal: N/A Amount Budgeted: N/A Director: SteveQt frmichael / l — Attachments to Agenda Packet Item: Resolution Piling Quarterly Treasurer's Report December 31, 2007 Treasurer's Report Summary Statement: Contact Person: Phone Number: Cinde Rubaloff 778-4357 Account Number: N/A Name of Fund: N/A 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 December 31, 2007 Treasurer's Report R viewed by drain. Svcss D,iwa Reviewed by City Attornev: AnDroved by City Manager: " \ Z^l Date: ��?� Ob Date: 0j Date: 7--"2(-eejj Rev. # 1 Date Last Revised: File: s:/accountant/cinde/word/tr/agenda bill RESOLUTION TO REVIEW AND FILE THE DECEMBER 31, 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 -December, 2007 Total Cash/Investments $99,143,116 LAIF $22.759.270- 22.96% Federal Agency/Corp Securities $24,659,283 24.87% w Cather $821,675 .83% Cash $1,878.652 �o CAMP -$19,999,326 20.17% Fiscal Agents $29,024,914 29.28% CITY OF PETALUMA, CA CITY TREASURER'S QUARTERLY REPORT For the quarter ending December, 2007 Cash Activity for the Quarter: Cash and Investments, beginning of the quarter $ 97,440,402 Cash Receipts 46,973,701 Cash Disbursements (45,270,987) Cash and Investments, end of the quarter $ 99,143,116 Cash and Investment Portfolio at December 31, 2007 Percent Fair Par Value of Current Value* (Cost) Portfolio Annual Yield Investments Managed by City Treasurer: AD 2000-2001 Bond 821,675 821,675 0.83% 6.00% Local Agency Investment Fund 22,774,726 22,759,270 22.96% L96% CA Asset Management Prog 19,999,326 19,999,326 20.17% 4.82% CAMP/Fed Agency/Corp Securities 24,959,398 24,659,283 24.87% 4.83% Sweep Accounts 3,099,603 3,099,603 3.11% 2.82% Subtotal 71,654,727 71,339,156 71.96% Investments Managed by Trustees: CA Asset Management Prog 28,971,709 28,971,709 29.22% 4.82% Trustee Money Market Accounts 53,202 53,202 0.05% 3.72% Subtotal 29,024,910 29,024,910 29.28% Checking Accounts (1,220,951) (1,220,951) -1.23% Total Cash and Investments $ 99,458,686 $ 99,143,116 100.009% Cash = Sweep Account plus Checking Accounts 1,878,652 Fair values were furnished by the State of California, Local Agency Investments and CAMP. I certify that this report contains the total amounts of cash and investments at December 31, 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 Treasuret'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 CITY OF PETALUMA, CA CITY TREASURER'S QUARTERLY REPORT For the quarter ending December, 2007 Investments Managed by Trustees: CAMP -AD accounts Beginning 6,019.94 - End 485,738.90 of Quarter Receipts" Transfers Disbursements _ of Quarter Investments Managed by City Treasurer: 52.78 CAMP -debt issue accounts 32,057,391.01 362,933.82 AD 2000-2001 Bond 821,674.80 - - - 821,674.80 LAIF 7,427,868.04 - 15,097,628.24 - 22,525,496.28 LAIF accrued interest 97,628.24 233,773.51 (97,628.24) - 233,773.51 CAMP AD accounts 405,713.75 5,091.64 - - 410,805.39 CAMP -Treasurer's Investments 19,318,132.88 174,969.61 104,380.74 (8,962.90) 19,588,520.33 Federal Agency Bonds/Notes 20,800,526.13 95,871.50 (8,818,164.65) - 12,078,232.98 Fed Agency accrued interest 244,491.24 173,167.34 (267,181.08) - 150,477.50 US Treasury Bonds/Notes 4,309 215.44 29,214.25 (756,273.43) - 3,582,156.26 US Treasury accrued interest 47,902.77 44,593.77 (60,622.31) - 31,874 23 Corporate Notes 9,223,544.00 9,087.50 (541,407.50) - 8,691,224.00 Corporate Notes accrued interest 81,060.61 104,98957 (60,731.77) - 125,318.41 Exchange Bank Sweep/Blackrock 1,949,961.22 15,677.73 1,133,963.80 - 3,099,602.75 Subtotal 64,727,719.12 886,436.42 5,733,963.80 (8,962.90) 71,339,156.44 Investments Managed by Trustees: CAMP -AD accounts 479,718.96 6,019.94 - - 485,738.90 US Bank -AD Accounts 19,562.53 698.79 (20,208.54) - 52.78 CAMP -debt issue accounts 32,057,391.01 362,933.82 (3,934,354.85) - 28,485,969.98 US Bank First American Treas 117,127.73 1,182.65 1,700.008.94 (1,765,581.09) 52,738.23 Wells Fargo Govern MM 287.57 44.97 171,689.31 (171,976.88) 44.97 Union Bank Blackrock 455.69 389.08 450,575.17 (451,054.37) 365.57 Subtotal 32,674,543.49 371,269.25 (1,632,289.97) (2,388,612.34) 29,024,910.43 Checking Accounts: Exchange -General Operating (22866.71) 45,706,290.76 (9,085,043.83) (37,877,707.37) (1,279,327.15) Exchange-Paryoll 19,984.61 - 4,983,370.00 (4,983,36727) 19,987.34 Thomas Lee 1,227.53 - - - 1.227.53 Police Trust 39,793.91 9,704.32 - (12,337.14) 37,161.09 Subtotal 38,139.34 45,715,995.08 (4,101,673.83) (42,873,411.78) (1,220,951.19) Total Cash and Investments $ 97,440,401.95 $ 46,973,700.75 $ - $ (45,270,987.02) $ 99,143,115.68 ^ includes gain/loss on maturity/disposal { accrual basis 5 CITY OF PETALUMA, CA CITY TREASURER'S QUARTERLY REPORT For the quarter ending December, 2007 Reconciliation of Cash Disbursements: Accounts Payable Cash Disbursements October, 2007 15,597,217.10 Accounts Payable Cash Disbursements November, 2007 15,135,884.86 Accounts Payable Cash Disbursements December, 2007 9,517,446.52 Disbursements to Trustee - Recorded as a transfer on page two (2,387,845.57) Trustee Disbursements for Debt Service 2,388,590.48 Payroll Cash Disbursements October, 2007 1,605,799.45 Payroll Cash Disbursements November, 2007 1,636,093.50 Payroll Cash Disbursements December, 2007 1,741,474.32 Baric/Trustee Fees/Cost of Issuance 23,989.22 Police Trust Cash Disbursements 12,337.14 Thomas Lee Charity Cash Disbursements - 45,270,987.02 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 1 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 September, 2007 December, 2007 December, 2006 $ 97,440,402 $ 99,143,116 $ 64,743,765 $ 1,303,845 $ 2,561,685 $ 1,257,504 5.08% 4.73% 5.01% 4.57% 2.99% 4.97% 5.02% 4.86% 4.82% 3.99% 3.10% 4.86% b CITY OF PETALUMA, CA CITY TREASURER'S QUARTERLY REPORT For the quarter ending December, 2007 Interfund Loans Amount Loan To Loan From Purpose 36,000 Parks Rec Grant Fund General Fund Cash flow 66,500 Police Grant Fund General Fund Cash flow 22,000 General Government CIP Fund General Fund Cash flow 242,000 Airport Fund General Fund Cash flow 725,400 Ambulance Fund General Fund Cash flow 87,000 Marina Fund General Fund Cash flow 170,000 Transit Fund General Fund Cash flow 1.348,900 9/30 interest YTD interest Repayment Schedule 483 1,119 when grant revenue received - - when grant revenue received 295 1,090 when additional impact fee revenue received - - when FAA grant received 7.045 14,009 06-07 budget expense> revenue 925 1,680 06-07 budget expense> revenue - - when TDA funds received 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 Securities Feld: 12511505 CAMP-CITYOF PETALUAIA(531-00) (Excluding Cash) MONTH ENDED: December 31, 2007 SECURITY TYPE MATURI'T'Y 5&P TRADE SETTLE ORIGINAL YTM ACCRUED AMORTIZED DIARKET CUSIP DESCRIPTION PAR COUPON DATE RATING DATE DATE COST AT COST INTEREST COST VALUE CORPORATE NOTE 61746BALO MORGAN STANLEY GLOBAL NOTES 1,000,000 3.875 01/15/09 AA- 03/28/07 04/02/07 981,210.00 4.984 17,868.06 988,909.43 989,714.00 5901881P4 MERRILL LYNCH &CO GLOBAL SRN 1,000,000 6.000 02/17/09 A+ 05/30/07 06/01/07 1,011,280.00 5.296 22,333.33 1,007,603,26 1,008,165.00 929903AD4 WACHOVIA CORPORATION GLOBAL 1,000,000 3.625 02/17/09 AA- 04/13/07 04/17/07 973,930.00 5.130 13,493.06 983,726.22 979,305.00 4042QOAN9 HSBC BANK USA GLOBAL SR BANK N 750,000 3.875 09/15/09 AA- 08/28/07 08/31/07 733,455.00 5.026 8,557.29 736,069.42 742,986.00 949746JJ I WELLS FARGO COMPANY GLOBAL S 1,000,000 4.200 01/15/10 AA+ 09/14/07 09/19/07 980,980.00 5.076 19,366.67 983,231.92 993,682.00 172967CU3 CITIGROUP INC GLOBAL SR NOTES 800,000 4.125 02/22/10 AA 05/03/07 05/08/07 780,784.00 5.057 11,825.00 785,055.58 786,293.60 55263ECL7 MBNA CORP (BAC) SR MTN 1,000,000 5.000 05/04/10 AA 05/09/07 05/15/07 997,780.00 5.081 7,916.67 998,237.49 1,007,712.00 060505BU7 BANK OF AMERICA CORP GLOBAL S 1,000,000 4.500 08/01/10 AA 08/24/07 08/29/07 977,830.00 5.328 18,750.00 980,262.06 1,000,490.00 36962G2S2 GENERAL ELEC CAP CORP GLOBAL? 1,250,000 5.000 12/01/10 AAA 10/17/07 10/18/07 1,253,975.00 4.686 5,208.33 1,253,827.00 1,271,971.25 8,800,000 8,691;224.00 5.093 125,318.41 8,716,922.38 8,782,)18.85 FED ACY BOND/NOTE 3134A4VH4 FHLMC GLOBAL REFERENCE NOTES 360,000 4.625 12/19/08 AAA 01/03/06 01/06/06 359,263.08 4.699 555.00 359,750.46 361,912.50 3134A4VH4 FHLMC GLOBAL REFERENCE NOTES 1,175,000 4.625 12/19/08 AAA 01/26/06 01/31/06 1,171,566.65 4.728 1,811.46 1,173,817.28 1,181,242.19 31359MEK5 FNNIA GLOBAL BENCHMARK NOTES 1,000,000 5.250 01/15/09 AAA 01/25/06 01/27/06 1,014,997.00 4.702 24,208.33 1,005,493.34 1,012,812.50 3133XFEQ5 FHLB TAP BONDS 1,000,000 5.250 03/13/09 AAA 04/06/07 04/10/07 1,004,640.00 4.992 15,750.00 1,002,966.51 1,015,937.50 31359MEVI FNMA GLOBAL BENCHMARK NOTES 1,000,000 6.375 06/15/09 AAA 06/06/06 06/07/06 1,031,115.00 5.248 2,833.33 1,015,597.23 1,038,125.00 3134A4USI FHLMC GLOBAL REFERENCE NOTES 1,000,000 4.250 07/15/09 AAA 07/18/06 07/21/06 967,538.00 5.443 19,597.22 982,616.67 1,009,375.00 31359NI EY5 FNMA GLOBAL BENCHMARK NOTES 750,000 6.625 09/15/09 AAA 07/13/06 07/14/06 775,197.75 5.453 14,630.21 764,121.06 787,265.63 3 133 1 X4N9 FFCB BONDS 1,000,000 4.375 09/26/09 AAA 09/27/07 09/28/07 999,490.00 4.402 11,302.08 999,553.74 1,013,125.00 3137EABB4 FI-ILNIC GLOBAL NOTES 1,250,000 4.125 11/30/09 AAA 12/27/07 12/31/07 1,258,312.50 3.759 7,447.92 1,258,301.20 1,262,500.00 31359M6B4 FNMA NOTES (CALLABLE) 1,740,000 5.200 03/26/10 AAA 04/19/07 04/23/07 1,73 7,3 90.00 5.254 23,876.67 1,738,028.69 1,745,43750 3133XFLE4 FI-ILB TAP BONDS 750,000 5.250 06/11/10 AAA 08/30/07 09/05/07 760,803.00 4.686 2,187.50 759,663.21 778,593.75 31398AEE8 FNMA GLOBAL NOTES (CALLABLE) 1,000,000 5.500 07/09/10 AAA 07/06/07 07/09/07 997,920.00 5.576 26,277.78 998,228.91 1,012,812.50 12,025,000 12,078,232.98 4.912 150,477.50 12,05 8,13 8,50 12,219,139.07 US TSY BOND/NOTE ' 912628FX3 US TREASURY NOTES 300,000 4.625 11/15/09 TSY 12/01/06 12/05/06 300,867.19 4.518 1,791.55 300,568.71 308,648.40 912828FX3 US TREASURY NOTES 500,000 4.625 11/15/09 TSY 12/08/06 12/12/06 500,742.19 4.569 2,985.92 500,496.43 514,414.00 91282BEDS US TREASURY NOTES 500,000 4.125 08/15/10 TSY 12/14/07 12/19/07 510,722.66 3.274 7,790.42 510,589.67 513,320.50 91282BEGI US TREASURY NOTES 1,000,000 3.875 09/15/10 TSY 09/27/07 09/28/07 995,390.63 4.041 11,497.25 995,782.57 1,021,328.00 912828E15 US TREASURY NOTES 750,000 4.250 10/15/10 TSY 10/31/07 11/05/07 758,027.34 3.861 6,793.03 757,627.19 773,964.75 912828EQ9 US TREASURY NOTES 500,000 4.375 12/15/10 TSY 12/10/07 12/14/07 516,406.25 3.220 1,016.05 516,148.73 518,594,00 3,550,000 3,582,156.26 3.893 31,874.22 3,581,213.30 3,650,269,65 TOTAL SECURITIES $24,375,000 $24,351,613.24 4.826 % $307,670.13 $24,356,274.18 $24,651,727.57 B -I