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HomeMy WebLinkAboutStaff Report 3.B 07/02/2018ALU zs5$ DATE: July 2, 2018 TO: FROM: SUBJECT: Honorable Mayor and Members of the City Council through City Manager Corey Garberolio, Finance Director A,% Janine Tedrow,. Senior Accountant Resolution to Receive and File the City Treasurer's Quarterly Report Dated March 31, 2018. RECOMMENDATION It is recommended that the City Council adopt the attached Resolution To Receive and File the City Treasurer's Quarterly Report Dated March 31, 2018. 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 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 third 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 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 3/31/18. The average yields on the PFM Managed Account, LAIF and CAMP were 1.37%, 1.51% and 1.62% respectively. FINANCIAL IMPACTS The balance of cash and investments as of March 31, 2018 was $131 million. This is down $12 million from the balance at the end of December 31, 2017. The decrease is due mainly to a prepayment toward the PERS unfunded liability as well as a payment related to the Rainer Project. The net investment earnings during the quarter ending March 31, 2018 were $450,500. ATTACHMENTS 1. Resolution 2. City Treasurer's Quarterly Report dated March 31, 2018 ATTACHMENT 1 RESOLUTION TO RECEIVE AND FILE THE CITY TREASURER'S QUARTERLY REPORT DATED MARCH 31, 2018 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 March 31, 2018 and directs the City Clerk to file the report. I City of Petaluma Quarterly Investment Report January 1 to March 31, 2018 .18 5 $ 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 March 31, 2018. CITY OF PETALUMA, CALIFORNIA CITY TREASURER'S QUARTERLY REPORT For the quarter ending March 31, 2018 Cash activity for the fiscal year: Cash and Investments, Beginning of the quarter, 12/31/17 $ 143,039,377 Cash Receipts 68,814,572 Cash Disbursements (80,404,753) Cash and Investments, End of the Quarter, 3/31/18 $ 131,449,196 Cash and Investment Portfolio at March 31, 2018 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 0.23% 60,460,239 60,834,963 46.28% 29,653,688 29,653,688 22.56% 25,120,999 25,545,410 19.43% 250,000 250,000 0.19% 14,403,382 14,403,382 10.96% 130,195,698 130,994,834 99.65% 437,328 437,328 0.33% 17,035 17,035 0.01% 454,362 454,362 0.35% 130,650,060 131,449,196 100.00% I certify that this report contains the total amounts of cash and investments at March 31, 2018. 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 March 31, 2018. Corey Ggr*roifo, 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 a CITY OF PETALUMA, CALIFORNIA CITY TREASURER'S QUARTERLY REPORT For the quarter ending March 31, 2018 Investments Managed by 00, Treasurer.- reasurer:Assessment AssessmentDistrict Bond (AD) 2000-01 307,390.26 1,632.56 307,390.26 Sub -Total Assessment Districts Bond (AD) Accounts 307,390.26 - 307,390.26 LAIF 60,426,008.49 183,451.11 60,609,459.60 LAIF accrued interest 183,451.11 225,503.83 (183,451.11) 225,503.83 Sub -Total LAIF 60,609,459.60 408,954.94 (183,451.11) 60,834,963.43 CAMP Pool -Treasurer's Investment Money Market 25,630,396.36 18,289,618.04 (14,266,326.90) 29,653,687.50 Sub -Total CAMP Pool Managed Account 25,630,396.36 18,289,618.04 (145266,326.90) 29,653,687.50 Federal Agency Bonds/Discount Notes 12,286,725.55 788,969.73 (1,139,080.03) 11,936,615.25 . Fed Agency accrued interest 33,513.01 39,589.96 (41,873.43) 31,229.54 US Treasury Bonds/Notes 12,996,738.68 1,167,230.47 (631,279.69) 13,532,689.46 US Treasury accrued interest 33,932.72 66,372.61 (55,429.09) 44,876.24 Sub -Total PFM Securities Managed Account *x 25,350,909.96 2,062,162.77 (1,867,662.24) 25,545,410.49 Subtotal 111,898,156.18 20,760,735.75 (16,317,440.25) 116,341,451.68 Certificate of Deposits: Umpqua Bank 250,000.00 585.61 (585.61) 250,000.00 Sub -Total Certificate of Deposits 250,000.00 585.61 (585.61) 250,000.00 Checldng Accounts: Exchange -General Operating 25,625,777.10 42,221,237.45 (53,532,065.37) 14,314,949.18 Exchange -Payroll 6,653.12 5,818,414.00 (5,818,442.83) 6,624.29 Thomas Lee Charity Trust 1,817.38 - 1,817.38 Police Trust 79,971.67 19.72 79,991.39 Sub -Total Checking Accounts 25,714,219.27 48,039,671.17 (59,350,508.20) 14,403,382.24 Total Cash and Investments Managed by the City Treasurer 137,862,375.45 68,800,992.53 (75,668,534.06) 130,994,833.92 Investments Managed by Trustees Fiscal Agents: CAMP -AD 23, 24,25 Accounts Money Market 435,695.00 1,632.56 437,327.56 Sub -Total CANIP-Debt Issue Accounts 435,695.00 1,632.56 437,327.56 Bank of New York 26.24 160.63 186.87 US Bank First American Treas 4,741,280.29 11,786.48 (4,736,218.99) 16,847.78 Sub -Total Trustees Money Market Account 4,741,306.53 11,947.11 (4,736,218.99) 17,034.65 Total Cash and Investments Managed by Fiscal Agents 5,177,001.53 13,579.67 (4,736,218.99) 454,362.21 TOTAL CASH AND INVESTMENTS 143,039,376.98 68,814,572.20 (80,4049753.05) 131,449,196.13 ** See detail attached Accrued interest (301,609.61) General Ledger 131,147,586.52 A CITY OF PETALUMA, CALIFORNIA CITY TREASURER'S QUARTERLY REPORT For the quarter ending March 31, 2018 Cost vs. Fair Market Value LAIF LAIF amortized cost rate ** See detail attached 60,609,459.60 60,460,239.17 (149,220.43) 0.99753800100 Cost FV Unrealized Gain/(Loss) US Treasury Bond/Note Federal Agency Bond/Discount Note Corporate Note Certificate of Deposit 13,532,689.46 11,936,615.25 - 13,340,533.65 11,780,465.07 - - (192,155.81) (156,150.18) - - Sub -Total PFM Treasurer's Invest. Securities 25,469,304.71 25,120,998.72 (348,305.99) CAMP Pool Money Market Fund 29,653,687.50 29,653,687.50 - Sub -Total CAMP Treasurer's Investments 55,122,992.21 54,774,686.22 (348,305.99) Accrued Interest 76,105.78 CAMP Total Investment Managed Securities Held 54,850,792.00 CAMP Debt Issue Managed Accounts 437,327.56 437;327.56 - PFM CAMP Total Treasurer's Investments xY 55,560,319.77 55,212,013.78 (348,305.99) LAIF LAIF amortized cost rate ** See detail attached 60,609,459.60 60,460,239.17 (149,220.43) 0.99753800100 iW r -I C1 N � M � 14 .--1 v M 6A i 4-0 C V rCC3 V c 0 r UT bn 0 s. A� 00 00 W M N N O O a F'" M 6) U � c M N 00 ao� U 00 O N ti M s U L cm L Q) C 'D C W C O LU 0 U- r13 Ln O 00 V' Ln O O O O O Ln to O 00 (D Ql d, LU N L Ob 0 0) 0Y o 0) O V) n n r" Ln .-! Lr) O V' 00 n V" co Ln kq '-i M O o N O7 10 N N o) N O Ln V' Cl? 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Ln l0 N J J 4J Q1 S d? m 2 41 QD LL- CL CL 5/22/2018 Untitled Page BETTY T. YEE California State Controller LOCAL AGENCY INVESTMENT FUND REMITTANCE ADVICE Agency Name PETALUMA Account Number 98-49-650 As of 04/13/2018, your Local Agency Investment Fund account has been directly credited with the interest earned on your deposits for the quarter ending 03/31/2018. Earnings Ratio .00004135534904993 Interest Rate 1.51% Dollar Day Total $ 5,452,833,401.79 Quarter End Principal Balance $ 60,609,459.60 Quarterly Interest Earned $ 225,503.83 http://Iaif.sco.ca.gov/Result.aspx 1 /1 1* All V, State of California W Pooled Money Investment Account v O Market Valuation N9�FTy'tiUUIDt��`��0 3/31/2018 United States Treasury: $ - $ - $ - $ - Bonds $ - $ - $ Bills $ 13,168,305,302.64 $ 13,234,864,134.73 $ 13,222,380,000.00 $ NA Notes $ 20,061,143,353.89 $ 20,057,667,338.99 $ 19,930,705,000.00 $ 47,380,533.00 Time Deposits $ 5,031,740,000.00 $ 5,031,740,000.00 $ 5,031,740,000.00 NA AB 55 & GF Loans Federal Agency: 716,647,000.00 $ 716,647,000.00 $ 716,647,000.00 NA SBA $ 867,145,314.00 $ 867,088,008.74 $ 856,981,629.70 $ 1,270,724.33 MBS-REMICs $ 31,003,570.83 $ 31,003,570.83 $ 31,753,574.99 $ 145,081.69 Debentures $ 1,363,946,135.19 $ 1,363,919,399.07 $ 1,353,611,900.00 $ 2,644,921.75 Debentures FR $ - $ - $ - $ - Debentures CL $ 350,000,000.00 $ 350,000,000.00 $ 345,893,500.00 $ 689,278.50 Discount Notes $ 10,376,049,638.66 $ 10,419,274,485.93 $ 10,413,696,000.00 NA Supranational Debentures $ 449,199,891.07 $ 449,199,891.07 $ 446,463,500.00 $ 687,154.00 Supranational Debentures FR $ 50,000,000.00 $ 50,000,000.00 $ 50,061,500.00 $ 189,741.67 CDs and YCDs FR $ 425,000,000.00 $ 425,000,000.00 $ 425,000,000.00 $ 1,320,201.70 Bank Notes $ 900,000,000.00 $ 900,000,000.00 $ 898,914,388.05 $ 3,624,888.87 CDs and YCDs $ 13,925,000,000.00 $ 13,925,000,000.00 $ 13,916,261,691.08 $ 47,875,722.25 Commercial Paper $ 7,257,225,888.87 $ 7,279,648,291.66 $ 7,276,043,749.97 NA Bonds FR $ - $ - $ - $ - Bonds $ - $ - $ - $ - Repurchase Agreements $ - $ - $ - $ - Reverse Repurchase $ - $ - $ - $ - Time Deposits $ 5,031,740,000.00 $ 5,031,740,000.00 $ 5,031,740,000.00 NA AB 55 & GF Loans $ 716,647,000.00 $ 716,647,000.00 $ 716,647,000.00 NA TOTAL $ 74,972,406,095.15 1 $ 75,101,052,121.02 $ 74,916,153,433.79 $ 105,828,247.76 Fair Value Including Accrued Interest $ 75,021,981,681.55 * 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 (0.997538001). 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 $19,950,760.03 or $20,000,000.00 x 0.997538001. of Petaluma Performance Summaries Past Quarter -0.11% -0.13% Past 6 Months -0.34% -0.38% Past Year 0.17% 0.03% Past 3 Years 0.53% 0.40% Past 5 Years 0.61% 0.52% Yield to Maturity 1.37% - 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.