HomeMy WebLinkAboutStaff Report 3.A 12/18/2017Agenda Item #3.A
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DATE: December 18, 2017
TO: Honorable Mayor and Members of the City Council through City Manager
:�,- FROM: William Mushallo, Finance Directs `�p
Janine Tedrow, Senior Accountan � -- -
SUBJECT: Resolution to Receive and File the City Treasurer's Quarterly Report Dated
September 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 September 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 19, 2017 which delegated investment
authority to the City Treasurer for the Fiscal Year 2017 -18. 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 first quarterly report
for Fiscal Year 2017 -2018.
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 .24% for the quarter ended
September 30, 2017. The City's quarterly return outperformed the Index by .03% coming in at
.27% 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 1.07% and
1.15 %, 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 September 30, 2017 was $126 million. This is down
$9 million from the balance at the end of June 30, 2017. The decrease is due mainly to the
receipt of property tax revenue in the prior quarter as well as several large one time payments
made during the quarter ended September 30, 2017. The net investment earnings during the
quarter ending September 30, 2017 were $322,446.
ATTACHMENTS
1. Resolution
2. City Treasurer's Quarterly Report dated September 30, 2017
a
ATTACHMENT 1
RESOLUTION TO RECEIVE AND FILE THE CITY TREASURER'S QUARTERLY
REPORT DATED SEPTEMBER 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 September 30, 2017 and directs the City Clerk to file the
report.
3
City of Petaluma
Quarterly Investment Report
July 1 to September 30, 2017
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9
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, 2017.
CITY OF PETALUMA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending September 30, 2017
Cash activity for the fiscal year:
Cash and Investments, Beginning of the quarter, 6/30/17
Cash Receipts
Cash Disbursements
Cash and Investments, End of the Quarter, 9/30/17
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
September 30, 2017
Fair Market Par Value
Value* (Cost)
$ 135,132,210
70,883,841
(80,261,968)
$ 125,754,082
Percent
of
Portfolio
307,390
307,390
0.24%
60,205,176
60,426,008
48.05%
30,585,064
30,585,064
24.32%
25,074,876
25,258,492
20.09%
250,000
250,000
0.20%
3,691,807
3,691,807
2.94%
120,114,313
120,518,762
95.84%
434,358
4,800,962
434,358
4,800,962
0.35%
3.82%
5,235,321
5,235,321
4.16%
125,349,634 125,754,082 100.00%
I certify that this report contains the total amounts of cash and investments at September 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 quarterly investment report for the quarter ending September 30, 2017.
William Mushallo, Finance Director Datec
*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, 2017
Investments Managed by City Treasurer:
433,119.26
1,238.93
434,358.19
Assessment District Bond (AD) 2000 -01
373,535.08
1,238.93
(66,144.82)
307,390.26
Sub -Total Assessment Districts Bond (AD) Accounts
373,535.08
-
(66,144.82)
307,390.26
LAIF
60,124,444.45
138,458.93
(29,806,043.65)
60,262,903.38
LAIF accrued interest
138,458.93
163,105.11
(138,458.93)
163,105.11
Sub -Total LAIF
60,262,903.38
301,564.04
(138,458.93)
60,426,008.49
CAMP Pool- Treasurees Investment Money Market
35,454,172.64
3,132,229.46
(8,001,337.82)
30,585,064.28
Sub -Total CAMP Pool Managed Account
35,454,172.64
3,132,229.46
(8,001,337.82)
30,585,064.28
Federal Agency Bonds/Discount Notes
14,991,670.35
927,587.85
(1,686,968.16)
14,232,290.04
Fed Agency accrued interest
32,309.63
42,090.29
(37,740.29)
36,659.63
US Treasury Bonds/Notes
10,191,523.84
2,050,583.98
(1,287,898.44)
10,954,209.38
US Treasury accrued interest
21,279.72
33,603.59
(19,550.63)
35,332.68
Sub -Total PFM Securities Managed Account x*
25,236,783.54
3,053,865.71
(3,032,157.52)
25,258,491.73
Subtotal
121,327,394.64
6,487,659.21
(11,238,099.09)
116,576,954.76
Certificate of Deposits:
Umpqua Bank
250,000.00
60.95
(60.95)
250,000.00
Sub -Total Certificate of Deposits
250,000.00
60.95
(60.95)
250,000.00
Checking Accounts:
Exchange - General Operating
8,238,960.53
28,675,963.91
(33,311,557.17)
3,603,367.27
Exchange - Payroll
6,984.01
5,905,891.00
(5,906,207.52)
6,667.49
Thomas Lee Charity Trust
1,817.38
-
1,817.38
Police Trust
79,942.67
12.08
79,954.75
Sub -Total Checking Accounts
8,327,704.59
34,581,866.99
(39,217,764.69)
3,691,806.89
Total Cash and Investments Managed by the City Treasurer
129,905,099.23
41,069,587.15
(50,455,924.73)
120,518,761.65
Investments Managed by Trustees Fiscal Agents:
CAMP -AD 23, 24, 25 Accounts Money Market
433,119.26
1,238.93
434,358.19
Sub -Total CA1VIP -Debt Issue Accounts
433,119.26
1,238.93
434,358.19
Bank of New York
40,169.57
-
40,169.57
US Bank First American Treas
4,753,821.60
29,813,014.84
(29,806,043.65)
4,760,792.79
Sub -Total Trustees Money Market Account
4,793,991.17
29,813,014.84
(29,806,043.65)
4,800,962.36
Total Cash and Investments Managed by Fiscal Agents
5,227,110.43
29,814,253.77
(29,806,043.65)
5,235,320.55
TOTAL CASH AND INVESTMENTS
135,132,209.66
70,883,840.92
(80,261,968.38)
125,754,082.20
** See detail attached
Accrued interest
(235,097.42)
General Ledger
125,518,984.78
m
CITY OF PETALUMA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending September 30, 2017
Cost vs. Fair Market Value
Sub -Total CAMP Treasurer's Investments 55,771,563.70 55,659,940.35 (111,623.35)
Accrued Interest 71,992.31
CAMP Total Investment Managed Securities Held 55,731,932.66
CAMP Debt Issue Managed Accounts 434,358.19 434,358.19 -
PFM CAMP Total Treasurer's Investments ** 56,205,921.89 56,094,298.54 (111,623.35)
LAIF
LAIF amortized cost rate
** See detail attached
60,262,903.38 60,205,175.80 (57,727.58)
0.99904207100
Unrealized
Cost
FV
Gain /(Loss)
US Treasury Bond/Note
10,954,209.38
10,924,704.58
(29,504.80)
Federal Agency Bond/Discount Note
14,232,290.04
14,150,171.49
(82,118.55)
Corporate Note
-
-
Certificate of Deposit
-
-
-
Sub -Total PFM Treasurer's Invest. Securities
25,186,499.42
25,074,876.07
(111,623.35)
CAMP Pool Money Market Fund
30,585,064.28
30,585,064.28
-
Sub -Total CAMP Treasurer's Investments 55,771,563.70 55,659,940.35 (111,623.35)
Accrued Interest 71,992.31
CAMP Total Investment Managed Securities Held 55,731,932.66
CAMP Debt Issue Managed Accounts 434,358.19 434,358.19 -
PFM CAMP Total Treasurer's Investments ** 56,205,921.89 56,094,298.54 (111,623.35)
LAIF
LAIF amortized cost rate
** See detail attached
60,262,903.38 60,205,175.80 (57,727.58)
0.99904207100
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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 10/13/2017, your Local Agency Investment Fund account has been directly credited
with the interest earned on your deposits for the quarter ending 09/30/2017.
Earnings Ratio .00002942867511750
Interest Rate . 1.07%
Dollar Day Total $ 5,542,387,144.87
Quarter End Principal Balance $ 60,262,903.38
Quarterly Interest Earned $ 163,105.11
http : / /Iaif.sco.ca.gov/Result.aspx 11/1/2017
1*
1*
1*
1*
2*
2*
2*
2*
1*
1*
1*
Wo�0 "IV ESTy�y9� State of California
o Pooled Money Investment Account
Market Valuation
�F�r• �
trau m�t'� 9130/2017
Description
Carrying Cost P.,lus "
Accrued1nterest Purch: `Amoitized Cost -.
°FairUaiue
Accrued Interest
United States Treasury:
Bills
$ 14,674,811,264.34
$ 14,728,634,539.67
$ 14,723,448,000.00
NA
Notes
$ 18,827,121,137.72
$ 18,825,793,811.24
$
18,779,355,000.00
$
35,404,702.50
Federal Agency:
SBA
$ 882,001,016.40
$ 882,001,016.40
$
872,264,699.96
$
1,109,845.38
MBS- REMICs
$ 36,639,144.19
$ 36,639,144.19
$
38,144,662.40
$
171,758.71
Debentures
$ 1,328,997,141.66
$ 1,328,621,620.83
$
1,324,530,000.00
$
2,307,558.75
Debentures FR
$ -
$ -
$
-
$
-
Debentures CL
$ 250,000,000.00
$ 250,000,000.00
$
249,152,500.00
$
732,860.50
Discount Notes
$ 9,694,389,458.06
$ 9,721,523,694.20
$
9,720,621,000.00
NA
GNMA
$ -
$ -
$
-
$
-
Supranational Debentures
$ 450,315,184.02
$ 450,217,961.80
$
448,745,000.00
$
1,053,298.00
Supranational Debentures FR
$ 50,000,000.00
$ 50,000,000.00
$
50,075,500.00
$
155,944.44
CDs and YCDs FR
$ 625,000,000.00
$ 625,000,000.00
$
625,000,000.00
$
1,539,891.61
Bank Notes
$ 700,000,000.00
$ 700,000,000.00
$
699,891,966.88
$
3,317,666.66
CDs and YCDs
$ 12,325,000,000.00
$ 12,325,000,000.00
$ 12,323,151,274.56
$
32,191,583.30
Commercial Paper
$ 6,177,895,486.11
$ 6,189,905,611.10
$
6,189,559,750.03
NA
Corporate:
Bonds FR
$ -
$
$
$
Bonds
$ -
$
$
$
Repurchase Agreements
$ -
$
$
$
Reverse Repurchase
$ -
$
$
$
Time Deposits
$ 5,636,740,000.00
$ 5,636,740,000.00
$
5,636,740,000.00
NA
AB 55 & GF Loans
$ 695,865,000.00
$ 695,865,000.00
$
695,865,000.00
NA
TOTAL
$ 72,354,774,832.50
$ 72,445,942,399.43
$ 72,376,544,353.83
$
77,985,109.85
Fair Value Including Accrued Interest $ 72,454,529,463.68
* 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 (0.999042071).
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 $19,980,841.43 or $20,000,000.00 x 0.999042071.
City of Petaluma Performance Summaries
Past Quarter
0.27%
0.24% '
Past 6 Months
0.51%
0.41%
Past Year
0.45%
0.24%
Past 3 Years
0.88%
0.76%
Past 5 Years
0.72 %
0.63%
Effective Duration
1.81 years
1.81 years
Yield
1.22%
1.47%
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.
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