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HomeMy WebLinkAboutStaff Report 3.B 04/02/2018E TO: Honorable Mayor and Members of the City Council through City Manager FROM: Corey Garberolio, Acting Finance Director Janine Tedrow, Senior Accountant 1-/y SUBJECT: Resolution to Receive and File the City Treasurer's Quarterly Report Dated December 31, 2017. • OIL It is recommended that the City Council adopt the attached Resolution To Receive and File the City Treasurer's Quarterly Report Dated December 31, 2017. 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 in California Asset Management Pool (CAMP), 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 second quarterly report for Fiscal Year 2017-2018. 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 investments managed by PFM is the Merrill Lynch 1-3 year US Treasury index as provided by Bloomberg Financial Markets. The City's quarterly return outperformed the benchmark by .02% for the quarter ended 12131/17. The average yields on the PFM Managed Account, LAW and CAMP were 1.28%,1.20% and 1.29% respectively. The balance of cash and investments as of December 31, 2017 was $143 million. This is up $17 million from the balance at the end of September 30, 2017. The increase is due mainly to the receipt of property tax revenue in the current quarter. The net investment earnings during the quarter ending December 31, 2017 were $328,247. 1. Resolution 2. City Treasurer's Quarterly Report dated December 31, 2017 ATTACHMENT I RESOLUTION TO RECEIVE AND FILE THE CITY TREASURER'S QUARTERLY REPORT DATED DECEMBER 31,2017 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 December 31, 2017 and directs the City Clerk to file the report. I ATTACHMENT 2 City of Petaluma Quarterly Investment Report October I to December 3 1 1 2017 • 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 December 31, 2017. I CITY OF PETALUMA, CALIFORNIA CITY TREASURER'S QUARTERLY REPORT For the quarter ending December 31, 2017 Cash activity for the fiscal year: Cash and Investments, Beginning of the quarter, 9/30/17 Cash Receipts Cash Disbursements Cash and Investments, End of the Quarter, 12/31/17 $ 125,754,082 59,982,189 (42,696,895) $ 143,039,377 Cash and Investment Portfolio at December 31, 2017 Percent Fair Market 'Par Value of Value* (Cost) Portfolio 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 307,390 307,390 0.21% 60,310,808 60,609,460 42.37% 25,630,396 25,630,396 17.92% 25,040,956 25,350,910 17.72% 250,000 250,000 0.17% 25,714,219 25,714,219 17.98% 137,253,770 137,862,375 96.38% 435,695 435,695 0.30% 4,741,307 4,741,307 3.31% 5,177,002 5,177,002 3.62% 142,430,772 143,039,377 100.00% I certify that this report contains the total amounts of cash and investments at December. 31, 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 December 31, 2017. Corey Finance Director Dated *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 December 31, 2017 Investments Managed by City Treasurer: Assessment District Bond (AD) 2000-01 Sub -Total Assessment Districts Bond (AD) Accounts LAIF LAIF accrued interest Sub -Total LAHT CAMP Pool -Treasurers Investment Money Market Sub -Total CAMP Pool Managed Account Federal Agency Bonds/Discount Notes Fed Agency accrued interest US Treasury Bonds/Notes US Treasury accrued interest Sub -Total PFM Securities Managed Account ** Certificate of Deposits: Umpqua Bank Sub -Total Certificate of Deposits Checking Accounts: Exchange -General Operating Exchange -Payroll_ Thomas Lee Charity Trust Police Trust Sub -Total Checking Accounts Total Cash and Investments Managed by the City Treasurer Investments Managed by Trustees Fiscal Agents: CAMP -AD 23, 24, 25 Accounts Money Market Sub -Total CAMP -Debt Issue Accounts Bank of New York US Bank First American Treas Sub -Total Trustees Money Market Account Total Cash and Investments Managed by Fiscal Agents TOTAL CASH AND INVESTMENTS ** See detail attached 307,390.26 307,390.26 307,390.26 307,390.26 60,262,903:38 163,105.11 60,426;008:49 163,105.11 183,45LlI (163,105.11) 183,451.11 60,426,008.49 346,556.22 (163,105.11) 60,609,459.60 30,585,064.28 3;030,284.33 (7,984,952.25) 25,630;396.36 30,585,064.28 3,030,284.33 (7,984,952.25) 25,630,396.36 14,232,290.04 724,33192 (2;669,897.41) 12,286,725.55 36,659.63 38,993.52 (42;140.14) 33;513.01 10;954,209.38 2,217,125:98 (174,596.68) 12,996,738.68 35,332:68 55,684.04 (57,084.00) 33;932.72 25,258,491.73 3;036,136.46 (2,943,718.23) 25;350,90936 Subtotal 116,576,954.76 6,412,977.01 (11,091,775.59) 111,898,156.18 250,000.00 400.01 (400.01) 250;000.00 250,000.00 400.01 (400.01) 250,000.00 3,603,367:27 45,649,172.74 (23;626,762.91) 25,625,777.10 6,667.49 5,292,389.32 (5:292,403.69) 6,653.12 1,817:38 - - 1,817.38 79,954.75 16.92 - 79,97L67 3,691,806.89 50,941,578.98 (28,919,166.60) 25,714,219.27 120,518,761.65 57,354,956.00 (40,011,342.20) 137,862,375.45 434;358.19 1,336.81 435,695.00 434,358.19 1,336.81 - 435,695.00 40,169.57 304,231.52 (344,374.85) 2624 4,760,792.79 2,321,664.97 (2,341,177.47) 4,741,280.29 4,800,962.36 2,625,896.49 (2,685,552.32) 4;741,306.53 5,235,320.55 2,627,233.30 (2,685,552.32) 5,177,001.53 125,754,082.20 59,982,189.30 (42,696,894.52) 143,039,376.98 Accrued interest (250,896.84) General Ledger 142,788,480A4 Sub -Total CAMP Treasurers Investments 50,913,860.59 50,671,352.72 (242,507.87) Accrued Interest 67,445.73 CAMP Total Investment Managed Securities Held 50,738,798.45 CAMP Debt Issue Managed Accounts 435,695.00 435,695.00 PFM CAMP Total Treasurer's Investments 51,349,555.59 51,107,047.72 (242,507.87) LAIF 60,426,008.49 60,310,808.06 (115,200.43) LAIF amortized cost rate 0.99809352900 ** See detail attached I CITY OF PETALUMA, CALIFORNIA CITY TREASURER'S QUARTERLY REPORT For the quarter ending December 31, 2017 Cost vs. Fair Market Value Unrealized Cost FV Gain/(Loss) US Treasury Bond/Note 12,996,738.68 12,881,145.28 (115,593.40) Federal Agency Bond/Discount Note 12,286,725.55 12,159,811.08 (126,914A7) Corporate Note Certificate of Deposit Sub -Total PFM Treasurer's Invest. Securities 25,283,464.23 25,040,956.36 (242,507.87) CAMP Pool Money Market Fund 25,630,396.36 25,630,396.36 Sub -Total CAMP Treasurers Investments 50,913,860.59 50,671,352.72 (242,507.87) Accrued Interest 67,445.73 CAMP Total Investment Managed Securities Held 50,738,798.45 CAMP Debt Issue Managed Accounts 435,695.00 435,695.00 PFM CAMP Total Treasurer's Investments 51,349,555.59 51,107,047.72 (242,507.87) LAIF 60,426,008.49 60,310,808.06 (115,200.43) LAIF amortized cost rate 0.99809352900 ** See detail attached I m � La .11 I M. G LO O co Ln CD CD C) Ln CD L� C� C� N ko — r" CA..a, CD CD N q--! CV) R -R k� OI,, r" C� C� 00 co 1,, 10 rl rq et m qko 00 00 0) - co m rIlz R R LO C, (n N C) rq co I- ko Wko v4 W to Wr, LLJ r4 0 m LA LO 0 Ln z LO to N. 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L E 0 Untitled Page � 1801NOWIfflym Agency Name Page I of I PETALUMA Account Number 98-49-650 As of 01/12/2018, your Local Agency Investment Fund account has been directly credited with the interest earned on your deposits for the quarter ending 12/31/2017. Earnings Ratio .00003301121703481 Interest Rate 1.20% Dollar Day Total $ 5,557,235,519.76 Quarter End Principal Balance $ 60,426,008.49 Quarterly Interest Earned $ 18.3,451.11 http://Iaifsco.ca.gov/Result.aspx 2/21/2018 14 2- 2* 2* 2* �yJOESt h tate of California Pooled n y Investment Account Market Valuation 12/31/2017 Description" +Carryring c+st Plus, Accrued interest F!urch; 'Arriortized Cost . l=air Value Acrized Triter sf United States Treasury: Bills $ 15,798,555,512.89 $ 15,873;337,714.44 $ 15,860,404,500.00 NA Notes $ 20,668,927,462.54 $ 20,663,056,666.82 $ 20,567,396,500.00 $ 51,205,126;00 Federal Agency: SBA $ 863,151,176.21 $ 863,121,107.49 $ 854,212,976.72 $ 1,085,497.30 MBS-REMICs $ 32,120,879.43 $ 32,120,879.43 $ 33,135,054.84 $ 150,303.41 Debentures $ 1,378,587,035.45 $ 1,378;560,299.33 $ 1,370,297,200.00 $ 3,311,85025 Debentures FR $ - $ - $ - $ Debentures GL $ 250,000,000.00 $ 250,000,000.00 $ 247,477;500.00 $ 1,374,735.50 Discount Notes $ 8,395,522,888.62 $ 8;418,489,291.59 $ 8,414,180,500.00 NA GNMA $ - $ - $ - $ - Supranational Debentures $ 450,210,930.52 $ 450,113,708.30 $ 447,618,000.00 $ 1,441,215.00 Supranational Debentures FR $ 50,000,000.00 $ 50,000,000.00 $ 50,063,000.00 $ 162,067.78 CDs and YCDs FR $ 525,000;000.00 $ 525,000,000.00: $ 525,000,000.00 $ 1,499,171,12 Bank Notes $ 600;000,000.00 $ 600,000;000.00 $ 599,619,554.09 $ 2,337,722,21 CDs andYCDs- $ 11,225;000,000.00 $ 11,225,000,000.00 $ 11,219,981,017.33 $ 22,812,888.95 Commercial Paper $ 7;261,281,569.44 $ 7,273,970,472.21 $ 7,271,584,361.13 NA Corporate: Bonds FR $ - $ - $ - $ Bonds $ - $ - $ - $ Repurchase Agreements $ - $ - $ - $ Reverse Repurchase $ - $ - $ - $ Time Deposits $ 5,307,240,000.00 $ 5,307,240,000.00 $ 5,307,240,000.00 NA AB 55 & GF Loans $ 1,466,657,000.00 $ 1,466,657,000.00 $ 1,466,657,000.00 NA TOTAL $ 74,272,254,455.10 1 $ 74;376,667,139.61 $ 74,234,870,164.11 1 $ 85;380;577.52 Fair Value Including Accrued Interest $ 74,320,250,741.63 * 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 (0.998093529). 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 $19,961,870.58 or $20,000,000.00 x 0.998093529. City of Petaluma Performance Summaries Notes: 1. Bank of America Merrill Lynch (BAML) Indices provided by Bloomberg Financial Markets. 2. CAMP Cash Reserve Pool holdings excluded from performance and yield calculations. 3. Performance numbers for periods greater than one year are presented on an annualized basis. 4. Yield for the City is calculated as the average of the quarter's three month end Yield to Maturity at Cost.