HomeMy WebLinkAboutStaff Report 3.B 09/11/2017Agenda Item #3.B
,
DATE: September 11, 2017
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, 2017.
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, 2017.
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
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 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 .17% for the quarter ended June 30,
2017. The City's quarterly return outperformed the Index by .06% coming in at .23% for the last
quarter. In addition to the above mentioned investment earnings for the portfolio managed by
PFM, the City also has funds in the State of California's LAIF (Local Agency Investment fund)
and CAMP (California Asset Management Pool). These investments provide liquidity of funds
for cash flow purposes, and interest earnings are reported separately. The annualized returns for
the last quarter on LAIF and CAMP were .92% and 1.05 %, respectively.
Per the City's Interfund Loan Policy, the Treasurer's report no longer lists all interfund loans
currently in place; however, this information is available upon request.
FINANCIAL IMPACTS
The balance of cash and investments as of June 30, 2017 was $135 million. This is up $2 million
from the balance at the end of March 31, 2017. The increase is due mainly to the receipt of our
semi - annual property tax payment. The net investment earnings during the quarter ending June
30, 2017 were $288,929.
ATTACHMENTS
1. Resolution
2. City Treasurer's Quarterly Report dated June 30, 2017
ATTACHMENT 1
RESOLUTION TO RECEIVE AND FILE THE CITY TREASURER'S QUARTERLY
REPORT DATED JUNE 30, 2017
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, 2017 and directs the City Clerk to file the report.
City of Petaluma
Quarterly Investment Report
April 1 to June 30, 2017
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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 June 30, 2017.
CITY OF PETALUMA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending June 30, 2017
Cash activity for the fiscal year:
Cash and Investments, Beginning of the quarter, 3/31/17
Cash Receipts
Cash Disbursements
Cash and Investments, End of the Quarter, 6/30/17
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
Total Cash and Investments
June 30, 2017
$ 133,048,140
121,935,610
(119,851,540)
$ 135,132,210
Percent
Fair Market Par Value of
Value* (Cost) Portfolio
373,535
373,535
0.28%
60,060,753
60,262,903
44.60%
35,454,173
35,454,173
26.24%
25,083,352
25,236,784
18.68%
250,000
250,000
0.19%
8,327,705
8,327,705
6.16%
129,549,517
129,905,099
96.13%
433,119
433,119 0.32%
4,793,991
4,793,991 3.55%
5,227,110
5,227,110 3.87%
134,776,628 135,132,210 100.00%
I certify that this report contains the total amounts of cash and investments at June 30, 2017.
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
Mushallo, Finance Director
ending June 30, 2017.
Dated
I
*Fair market values are furnished by the State of California, Local Agency Investment Fund and California Asset
Management Program.
** See detail attached
CITY OF PETALUNIA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter epding June 30, 2017
Investments Managed by C10, Treasurer:
Assessment District Bond (AD) 2000 -01
373,535.08
1,073.10
373,535.08
Sub -Total Assessment Districts Bond (AD) Accounts
373,535.08
-
-
373,535.08
LAIF
60,011,330.92
1 13,113.53
(27,001,647.98)
60,124,444.45
LAIF accrued interest
113,113.53
138,458.93
(113,113.53)
138,458.93
Sub -Total LAIF
60,124,444.45
251,572.46
(113,113.53)
60,262,903.38
CAMP Pool - Treasurer's Investment Money Market
32,059,517.20
11,763,480.31
(8,368,824.87)
35,454,172.64
Sub -Total CAMP Pool Managed Account
329059,517.20
11,763,480.31
(8,368,824.87)
35,454,172.64
Federal Agency Bonds/DiscountNotes
16,800,683.87
885,314.31
(2,694,327.83)
14,991,670.35
Fed Agency accrued interest
35,235.71
42,676.21
(45,602.29)
32,309.63
US Treasury Bonds/Notes
8,129,504.31
2,751,796.87
(689,777.34)
10,191,523.84
US Treasury accrued interest
22,320.95
47,697.81
(48,739.04)
21,279.72
Sub -Total PFM Securities Managed Account **
24,987,744.84
3,727,485.20
(3,4789446.50)
25,236,783.54
Subtotal
117,545,241.57
15,742,537.97
(11,960,384.90)
121,327,394.64
Certificate of Deposits:
Umpqua Bank
250,000.00
65.07
(65.07)
250,000.00
Sub -Total Certificate of Deposits
250,000.00
65.07
(65.07)
2509000.00
Checking Accounts:
Exchange - General Operating
6,626,965.93
37,152,706.05
(35,540,711.45)
8,238,960.53
Exchange - Payroll
6,979.02
4,799,571.62
(4,799,566.63)
6,984.01
Thomas Lee Charity Trust
1,817.38
-
1,817.38
Police Trust
79,930.94
11.73
79,942.67
Sub -Total Checking Accounts
6,715,693.27
41,952,289.40
(40,340,278.08)
8,327,704.59
Total Cash and Investments Managed by the City Treasurer
124,5109934.84
57,694,892.44
(52,300,728.05)
129,905,099.23
Investments Managed by Trustees Fiscal Agents:
CAMP -AD 23, 24, 25 Accounts Money Market
432,046.16
1,073.10
433,119.26
Sub -Total CAMP -Debt Issue Accounts
432,046.16
1,073.10
-
433,119.26
Bank of New York
2,246,500.00
24,795,317.55
(27,001,647.98)
40,169.57
US Bank First American Treas
5,858,658.97
39,444,326.83
(40,549,164.20)
4,753,821.60
Sub -Total Trustees Money Market Account
8,105,158.97
64,239,644.38
(67,550,812.18)
4,793,991.17
Total Cash and Investments Managed by Fiscal Agents
8,537,205.13
64,240,717.48
(67,550,812.18)
5,227,110.43
TOTAL CASH AND INVESTMENTS
133,048,139.97
121,935,609.92
(119,851,540.23)
135,132,209.66
** See detail attached
Accrued interest
(192,048.28)
General Ledger
134,940,161.38
V_
CITY OF PETALUMA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending June 30, 2017
Cost vs. Fair Market Value
Unrealized
Cost FV Gain /(Loss)
US Treasury Bond/Note 10,191,523.84 10,179,132.00 (12,391.84)
Federal Agency Bond/Discount Note 14,991,670.35 14,904,220.31 (87,450.04)
Corporate Note - - -
Certificate of Deposit
Sub -Total PFM Treasurer's Invest. Securities
25,183,194.19
25,083,352.31 (99,841.88)
CAMP Pool Money Market Fund
35,454,172.64
35,454,172.64 -
Sub -Total CAMP Treasurer's Investments
60,637,366.83
60,537,524.95 (99,841.88)
Accrued Interest
53,589.35
CAMP Total Investment Managed Securities Held
60,591,114.30
CAMP Debt Issue Managed Accounts
433,119.26
433,119.26 -
PFM CAMP Total Treasurer's Investments xx
61,070,486.09
60,970,644.21 (99,841.88)
LAIF 60,124,444.45 60,060,752.88 (63,691.57)
LAIF amortized cost rate 0.99894067100
** 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
98 -49 -650
As of 07/14/2017, your Local Agency Investment Fund account has been directly credited
with the interest earned on your deposits for the quarter ending 06/30/2017.
Earnings Ratio .00002531309414880
Interest Rate 0.92%
Dollar Day Total $ 5,469,853,969.06
Quarter End Principal Balance $ 60,124,444.45
Quarterly Interest Earned $ 138,458.93
http : / /Iaif.sco.ca.gov /Result.aspx 8/17/2017
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State of California
Pooled Money Investment Account
Market Valuation
6130/2017
Carryang Cost Plus
Description Accrued Interest Pureh
'
Am9rtized Cost `'
:Fair Ualue Accruetl Interest
United States Treasury:
Bills
$
13,692,767,254.60
$
13,728,751,205.31
$
13,719,815,500.00
NA
Notes
$
19,630,327,075.06
$
19,625,299,421.83
$
19,577,358,000.00
$
41,280,649.00
Federal Agency:
SBA
$
882,589,733.26
$
882,570,192.18
$
872,312,288.85
$
926,565.11
MBS- REMICs
$
38,996,383.12
$
38,996,383.12
$
40,714,810.85
$
182,997.66
Debentures
$
1,239,486,796.46
$
1,239,125,268.67
$
1,235,188,600.00
$
2,639,104.30
Debentures FR
$
-
$
-
$
-
$
-
Debentures CL
$
150,000,000.00
$
150,000,000.00
$
149,687,000.00
$
77,152.50
Discount Notes
$
11,150,617,374.66
$
11,169,310,958.04
$
11,165,630,000.00
NA
GNMA
$
-
$
-
$
-
$
-
Supranational Debentures
$
349,845,968.23
$
349,845,968.23
$
348,153,000.00
$
891,562.00
Supranational Debentures FR
$
50,000,000.00
$
50,000,000.00
$
50,080,000.00
$
137,713.46
CDs and YCDs FR
$
625,000,000.00
$
625,000,000.00
$
625,000,000.00
$
1,178,642.35
Bank Notes
$
600,000,000.00
$
600,000,000.00
$
599,802,348.48
$
1,899,500.00
CDs and YCDs
$
14,675,000,000.00
$
14,675,000,000.00
$
14,669,085,986.46
$
28,253,569.48
Commercial Paper
$
8,224,098,486.16
$
8,237,153,416.71
$
8,235,998,611.13
NA
Corporate:
Bonds FR
$
$
$
$
Bonds
$
$
$
$
Repurchase Agreements
$
$
$
$
Reverse Repurchase
$
$
$
$
Time Deposits
$
5,604,740,000.00
$
5,604,740,000.00
$
5,604,740,000.00
NA
AB 55 & GF Loans
$
645,650,000.00
$
645,650,000.00
$
645,650,000.00
NA
TOTAL
$
77,559,119,071.55
$
77,621,442,814.09
$
77,539,216,145.77
$
77,467,455.86
Fair Value Including Accrued Interest $ 77,616,683,601.63
* 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 (0.998940671).
As an example: if an agency has an account balance of $20,000,000.00, then the agency would report its
participation in the LAW valued at $19,978,813.41 or $20,000,000.00 x 0.998940671.
City of Petaluma Performance Summaries
Past Quarter
0.23 %
0.17 % -
Past 6 Months
0.51%
0.43 %°
Past Year
0.14 %°
-0.11%
Past 3 Years
0.80%
0.69%
Past 5 Years
0.72%
0.63%
Effective Duration
1.81 'years
1.82 years
Yield
1.15%
1.40%
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.
6-