HomeMy WebLinkAboutStaff Report 3.B 09/10/2018•
0MMINTIAly
DATE: September 10, 2018
TO: Honorable Mayor and Members of the City Council through City Manager
FROM: Corey Garberolio, Finance Director
Janine Tedrow, Senior Accountant
SUBJECT: Resolution to Receive and File the City Treasurer's Quarterly Report Dated
June 30, 2018.
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, 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 201748. 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 fourth 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 .03% for the quarter ended 6/30/18. The average yields on the
PFM Managed Account, LAIF and CAMP were 1.54%, 1.90% and 2.05% respectively.
FINANCIAL IMPACTS
The balance of cash and investments as of June 30, 2018 was $129 million. This is down $2
million from the balance at the end of March 31, 2018. The decrease is due mainly to debt
service payments made during the quarter. The net investment earnings during the quarter ending
June 30, 2018 were $488,599.
ATTACHMENTS
1. Resolution
2. City Treasurer's Quarterly Report dated June 30, 2018
ATTACHMENT 1
RESOLUTION TO RECEIVE AND FILE THE CITY TREASURER'S QUARTERLY
REPORT DATED JUNE 30, 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 June 30, 2018 and directs the City Clerk to file the report.
I
City of Petaluma
Quarterly Investment Report
April 1 to June 30, 2018
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GIV
ATTACHMENT
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, 2018.
CITY OF PETALUMA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending June 30, 2018
Cash activity for the fiscal year:
Cash and Investments, Beginning of the quarter, 3/31/18
Cash Receipts
Cash Disbursements
Cash and Investments, End of the Quarter, 6/30/18
Cash and Investment Portfolio at June 30, 2018
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
$ 131,449,196
46,618,552
(49,453,839)
$ 128,613,909
Percent
Fair Market Par Value of
Value* (Cost) Portfolio
307,390
307,390
0.24%
60,721,012
61,123,630
47.52%
29,564,490
29,564,490
22.99%
25,403,246
25,827,115
20.08%
250,000
250,000
0.19%
11,092,869
11,092,869
8.62%
127,339,007 128,165,493 99.65%
439,454
439,454 0.34%
8,962
8,962 0.01%
448,415
448,415 0.35%
127,787,422 128, 613,909 100.00%
I certify that this report contains the total amounts of cash and investments at June 30, 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 June 30, 2018.
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 June 30, 2018
Investments himtaged by City Treasurer:
Assessment District Bond (AD) 2000-01
307,390.26
2,126.05
307,390.26
Sub -Total Assessment Districts Bond (AD) Accounts
307,390.26
-
307,390.26
LAIF
60,609,459.60
225,503.83
(402,659.38)
60,834,963.43
LAIF accrued interest
225,503.83
288,666.51
(225,503.83)
288,666.51
Sub -Total LAIF
60,834,963.43
514,170.34
(225,503.83)
61,123,629.94
CAMP Pool -Treasurer's Investment Money Market
29,653,687.50
4,197,543.54
(4,286,741.53)
29,564,489.51
Sub -Total CAMP Pool Managed Account
29,653,687.50
4,197,543.54
(4,286,741.53)
29,564,489.51
Federal Agency Bonds/Discount Notes
11,936,615.25
2,567,474.26
(2,719,230.01)
11,784,859.50
Fed Agency accrued interest
31,229.54
56,219.36
(52,120.74)
35,328.16
US Treasury Bonds/Notes
13,532,689.46
1,704,939.46
(1,269,649.42)
13,967,979.50
US Treasury accrued interest
44,876.24
37,566.99
(43,495.81)
38,947.42
Sub -Total PFM Securities Managed Account *x
25,545,410.49
4,366,200.07
(4,084,495.98)
25,827,114.58
Subtotal
116,341,451.68
9,077,913.95
(8,596,741.34)
116,822,624.29
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
Checking Accounts:
Exchange -General Operating
14,314,949.18
29,751,370.38
(33,477,252.29)
10,589,067.27
Exchange -Payroll
6,624.29
5,400,000.00
(4,984,656.08)
421,968.21
Thomas Lee Charity Trust
1,817.38
-
1,817.38
Police Trust
79,991.39
24.94
80,016.33
Sub -Total Checking Accounts
14,403,382.24
35,151,395.32
(38,461,908.37)
11,092,869.19
Total Cash and Investments Managed by the City Treasurer
130,994,833.92
44,229,894.88
(47,059,235.32)
128,165,493.48
Investments Managed by Trustees Fiscal Agents:
CAMP -AD 23, 24, 25 Accounts Money Market
437,327.56
2,126.05
439,453.61
Sub -Total CAMP -Debt Issue Accounts
437,327.56
2,126.05
439,453.61
Bank of New York
186.87
403,406.26
(402,659.38)
933.75
US Bank First American Treas
16,847.78
1,983,124.43
(1,991,944.35)
8,027.86
Sub -Total Trustees Money Market Account
17,034.65
2,386,530.69
(2,394,603.73)
8,961.61
Total Cash and Investments Managed by Fiscal Agents
454,362.21
2,388,656.74
(2,394,603.73)
448,415.22
TOTAL CASH AND INVESTMENTS
131,449,196.13
46,618,551.62
(49,453,839.05)
128,613,908.70
** See detail attached
Accrued interest
(362,942.09)
General Ledger
128,250,966.61
CITY OF PETALUMA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending June 30, 2018
Cost vs. Fair Market Value
Unrealized
Cost FV Gain/(Loss)
US Treasury Bond/Note 13,967,979.50 13,761,982.73 (205,996.77)
Federal Agency Bond/Discount Note 11,784,859.50 11,641,263.75 (143,595.75)
Corporate Note - - -
Certificate of Deposit - -
Sub -Total PFM Treasurer's Invest. Securities 25,752,839.00 25,403,246.48 (349,592.52)
CAMP Pool Money Market Fund 29,564,489.51 29,564,489.51 -
Sub -Total CAMP Treasurer's Investments 55,317,328.51 54,967,735.99 (349,592.52)
Accrued Interest 74,275.58
CAMP Total Investment Managed Securities Held 55,042,011.57
CAMP Debt Issue Managed Accounts 439,453.61 439,453.61 -
PFM CAMP Total Treasurer's Investments ** 55,756,782.12 55,407,189.60 (349,592.52)
LAIF 60,834,963.43 60,721,011.57 (113,951.86)
LAIF amortized cost rate 0.99812686900
** See detail attached
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8/15/2018 Untitled Page
BETTY T. YEE
California State Controller
LOCAL AGENCY INVESTMENT FUND
REMITTANCE ADVICE
Agency Name
PETALUMA
Account Number 98-49-650
As of 07/13/2018, your Local Agency Investment Fund account has been directly credited
with the interest earned on your deposits for the quarter ending 06/30/2018.
Earnings Ratio .00005216919081336
Interest Rate 1.90%
Dollar Day Total $ 5,533,275,626.17
Quarter End Principal Balance $ 60,834,963.43
Quarterly Interest Earned $ 288,666.51
http://Iaif.sco.ca.gov/Result.aspx 1 /1
2*
2*
2*
2*
go��y�%VEST,y�29
a
a
State of California
Pooled Money Investment Account
Market Valuation
6/30/2018
.
Description :
Car in -i:' t Mus
Accrued lnteres#',P.urch.
Amortized Cost
Fair Vaiue'. "
Accrued interest
United States Treasury:
Bills
$
15,515,706,740.80
$
15,606,139,290.87
$
15,596,583,000.00
NA
Notes
$
26,759,493,974.77
$
26,750,630,461.92
$
26,629,882,500.00
$
73,723,356.00
Federal Agency:
SBA
$
825,001,427.53
$
825,001,427.53
$
815,954,863.84
$
1,381,409.64
MBS-REMICs
$
29,303,504.33
$
29,303,504.33
$
29,847,169.21
$
136,825.25
Debentures
$
1,998,416,070.50
$
1,997,919,837.87
$
1,986,861,900.00
$
5,758,745.15
Debentures FR
$
-
$
-
$
-
$
-
Debentures CL
$
300,000,000.00
$
300,000,000.00
$
295,668,000.00
$
1,921,709.00
Discount Notes
$
12,856,645,347.11
$
12,904,163,694.26
$
12,899,708,000.00
NA
Supranational Debentures
$
589,036,885.09
$
589,036,885.09
$
586,421,000.00
$
1,950,779.00
Supranational Debentures FR
$
100,530,876.06
$
100,375,183.89
$
100,699,984.77
$
536,523.90
CDs and YCDs FR
$
425,000,000.00
$
425,000,000.00
$
425,000,000.00
$
1,694,459.24
Bank Notes
$
900,000,000.00
$
900,000,000.00
$
899,729,548.85
$
5,764,500.01
CDs and YCDs
$
15,400,000,000.00
$
15,400,000,000.00
$
15,394,663,524.14
$
58,042,847.26
Commercial Paper
$
7,498,660,819.38
$
7,521,101,541.69
$
7,521,009,486.12
NA
Corporate:
Bonds FR
$
-
$
-
$
-
$
-
Bonds
$
-
$
-
$
-
$
-
Repurchase Agreements
$
-
$
-
$
-
$
-
Reverse Repurchase
$
-
$
-
$
-
$
-
Time Deposits
$
4,882,240,000.00
$
4,882,240,000.00
$
4,882,240,000.00
NA
AB 55 & GF Loans
$
733,964,000.00
$
733,964,000.00
$
733,964,000.00
NA
TOTAL
$
88,813,999,645.57
$
88,964,875,827.45
1 $
88,798,232,976.93
$
150,911,154.45
Fair Value Including Accrued Interest $ 88,949,144,131.38
* 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 (0.998126869).
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 $19,962,537.38 or $20,000,000.00 x 0.998126869.
E1
City of Petaluma Performance Summaries
Past Quarter
0.25%
0.22%
Past 6 Months
0.14%
0.09%
Past Year
0.18%
0.08%
Past 3 Years
0.57%
0.42%
Past 5 Years
0.69%
0.58%
Yield to Maturity
1.54%
-
Notes:
1. ICE 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.