HomeMy WebLinkAboutStaff Report 3.B 12/03/20180N a
DATE: December 3, 2018
TO: Honorable Mayor and Members of the City Council through City Manager
FROM: Corey Garberolio, Finance Director
Janine Tedrow, Finance and Accounting D4anager
SUBJECT: Resolution to Receive and File the City Treasurer's Quarterly Report Dated
September 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 September 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 4, 2018 which delegated investment
authority to the City Treasurer for the Fiscal Year 2018-19. 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 first quarterly report for Fiscal Year 2018-2019.
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 .09% for the quarter ended 9/30/18. The average yields on the PFM Managed
Account, LAIF and CAMP were 1.71 %, 2.16% and 2.14% respectively.
FINANCIAL IMPACTS
The balance of cash and investments as of September 30, 2018 was $128 million. This is down
$1 million from the balance at the end of June 30, 2018. The decrease is due mainly to the receipt
of property tax revenue in the prior quarter. The net investment earnings during the quarter ending
September 30, 2018 were $569,115.
ATTACHMENTS
1. Resolution
2. City Treasurer's Quarterly Report dated September 30, 2018
z
ATTACHMENT 1
RESOLUTION TO RECEIVE AND FILE THE CITY TREASURER'S QUARTERLY
REPORT DATED SEPTEMBER 30, 2018
WHEREAS, the City Investment policy requires the City Treasurer to provide a quarterly
investment report to the Council for compliance with the adopted City Investment Policy.
NOW, THEREFORE BE IT RESOLVED that the City Council has received the City
Treasurer's Quarterly Report dated September 30, 2018 and directs the City Clerk to file the report.
3
City of Petaluma
Quarterly Investment Report
July 1 to September 30, 2018
-185$
EV,
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 September 30, 2018.
q
CITY OF PETALUMA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending September 30, 2018
Cash activity for the fiscal year:
Cash and Investments, Beginning of the quarter, 6/30/18
Cash Receipts
Cash Disbursements
Cash and Investments, End of the Quarter, 9/30/18
Cash and Investment Portfolio at September 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
$ 128,613,909
40,493,919
(41,228,486)
$ 127,879,342
Percent
Fair Market Par Value of
Value* (Cost) Portfolio
237,217
237,217
0.19%
60,991,139
61,455,736
48.06%
29,593,091
29,593,091
23.14%
25,594,500
26,028,067
20.35%
250,000
250,000
0.20%
10,034,800
10,034,800
7.85%
126,700,746
127,598,912
99.78%
271,442
271,442
0.21%
8,988
8,988
0.01%
280,431
280,431
0.22%
Total Cash and Investments 126,981,177 127,879,342 100.00%
I certify that this report contains the total amounts of cash and investments at September 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 September 30, 2018.
Corey GE4eroli�, Finance Director
I( I3/I�'
Dated
*Fair market values are furnished by the State of California, Local Agency Investment Fund and California Asset
Management Program.
** See detail attached
5
CITY OF PETALUMA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending September 30, 2018
In vestmentsDlanaged by City Treasurer:
Assessment District Bond (AD) 2000-01
307,390.26
1,750.40
(70,173.04)
237,217.22
Sub -Total Assessment Districts Bond (AD) Accounts
307,390.26
-
(70,173.04)
237,217.22
LAW
60,834,963.43
288,666.51
61,123,629.94
LAW accrued interest
288,666.51
332,106.38
(288,666.51)
332,106.38
Sub -Total LAIF
61,123,629.94
620,772.89
(288,666.51)
61,455,736.32
CAMP Pool -Treasurers Investment Money Market
29,564,489.51
3,438,008.79
(3,409,407.58)
29,593,090.72
Sub -Total CAMP Pool Managed Account
29,564,489.51
3,438,008.79
(3,409,407.58)
29,593,090.72
Federal Agency Bonds/Discount Notes
11,784,859.50
1,251,807.31
(1,773,641.89)
11,263,024.92
Fed Agency accrued interest
35,328.16
72,294.25
(67,376.91)
40,245.50
US TreasuryBonds/Notes
13,967,979.50
1,988,615.24
(1,284,589.84)
14,672,004.90
US Treasury accrued interest
38,947.42
52,974.71
(39,131.22)
52,790.91
Sub -Total PFM Securities Managed Account xK
25,827,114.58
3,365,691.51
(3,164,739.86)
26,028,066.23
Subtotal
116,822,624.29
7,424,473.19
(6,932,986.99)
117,314,110.49
Certificate of Deposits:
Umpqua Bank
250,000.00
598.63
(598.63)
250,000.00
Sub -Total Certificate of Deposits
250,000.00
598.63
(598.63)
250,000.00
Checking Accounts:
Exchange -General Operating
10,589,067.27
26,767,035.64
(28,141,527.67)
9,214,575.24
Exchange -Payroll
421,968.21
6,300,000.00
(5,983,611.35)
738,356.86
Thomas Lee Charity Trust
1,817.38
-
1,817.38
Police Trust
80,016.33
34.28
80,050.61
Sub -Total Checking Accounts
11,092,869.19
33,067,069.92
(34,125,139.02)
10,034,800.09
Total Cash and Investments Managed by the City Treasurer
128,165,493.48
40,492,141.74
(41,058,724.64)
127,598,910.58
Investments Alanaged by Trustees Fiscal Agents:
CAMP -AD 23, 24, 25 Accounts Money Market
439,453.61
1,750.40
(169,761.65)
271,442.36
Sub -Total CAMP -Debt Issue Accounts
439,453.61
1,750.40
(169,761.65)
271,442.36
Bank of New York
933.75
-
933.75
US Bank First American Treas
8,027.86
26.85
8,054.71
Sub -Total Trustees Money Market Account
8,961.61
26.85
8,988.46
Total Cash and Investments Managed by Fiscal Agents
448,415.22
1,777.25
(169,761.65)
280,430.82
TOTAL CASH AND INVESTMENTS
128,613,908.70
40,493,918.99
(41,228,486.29)
127,879,341.40
See detail attached
Accrued interest
(425,142,79)
General Ledger
127,454,198.61
a
CITY OF PETALUMA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending September 30, 2018
Cost vs. Fair Market Value
Unrealized
Cost FV Gain/(Loss:
US Treasury Bond/Note
14,672,004.90
14,464,325.65 (207,679.25)
Federal Agency Bond/Discount Note
11,263,024.92
11,130,174.01 (132,850.91)
Corporate Note
-
- -
Certificate of Deposit
-
- -
Sub -Total PFM Treasurer's Invest. Securities
25,935,029.82
25,594,499.66 (340,530.16)
CAMP Pool Money Market Fund
29,593,090.72
29,593,090.72 -
Sub -Total CAMP Treasurer's Investments 55,528,120.54 55,187,590.38 (340,530.16)
Accrued Interest 93,036.41
CAMP Total Investment Managed Securities Held 55,280,626.79
CAMP Debt Issue Managed Accounts 271,442.36 271,442.36 -
PFM CAMP Total Treasurer's Investments x* 55,799,562.90 55,459,032.74 (340,530.16)
LAIF 61,123,629.94 60,991,138.60 (132,491.34)
LAIF amortized cost rate 0.99783240400
** See detail attached
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10/16/2018 Untitled Page
BETTY T. YEE
California State Controller
LOCAL AGENCY INVESTMENT FUND
REMITTANCE ADVICE
Agency Name PETALUMA
Account Number 98-49-650
As of 10/15/2018, your Local Agency Investment Fund account has been directly credited
with the interest earned on your deposits for the quarter ending 09/30/2018.
Earnings Ratio .00005909460836489
Interest Rate 2.16%
Dollar Day Total $ 5,619,909,956.36
Quarter End Principal Balance $ . 61,123,629.94
Quarterly Interest Earned $ 332,106.38
http://laif.sco.ca.gov/Result.aspx 1/1
2*
2*
2*
2*
�O��y�NVESry�y9
o
C3 y
N9F�Y'1/pUID11V �`�~0
State of California
Pooled Money Investment Account
Market Valuation
9/30/2018
Description
Carrying Cost Plus
Accrued Interest Purch,
Amortized Cost
Fair Value
Accrued Interest
United States Treasury:
Bills
$
16,170,833,546.22
$
16,296,335,127.01
$
16,285,062,500.00
NA
Notes
$
27,467,752,638.26
$
27,461,025,460.04
$
27,325,385,500.00
$
89,821,892.00
Federal Agency:
SBA
$
780,001,209.85
$
780,001,209.85
$
771,570,823.84
$
1,469,354.69
MBS-REMICs
$
27,050,783.12
$
27,050,783.12
$
27,393,077.56
$
126,471.34
Debentures
$
2,397,593,922.31
$
2,397,424,286.90
$
2,382,272,150.00
$
7,989,582.70
Debentures FR
$
-
$
-
$
-
$
-
Debentures CL
$
200,000,000.00
$
200,000,000.00
$
196,871,500.00
$
-
Discount Notes
$
11,141,336,347.31
$
11,204,143,319.80
$
11,197,252,500.00
NA
Supranational Debentures
$
489,118,743.08
$
489,118,743.08
$
486,290,300.00
$
1,903,918.00
Supranational Debentures FR
$
100,344,087.56
$
100,344,087.56
$
100,706,084.34
$
542,330.04
CDs and YCDs FR
$
525,000,000.00
$
525,000,000.00
$
525,000,000.00
$
2,309,472.31
Bank Notes
$
1,000,000,000.00
$
1,000,000,000.00
$
999,336,863.17
$
7,979,666.68
CDs and YCDs
$
15,300,000,000.00
$
15,300,000,000.00
$
15,293,041,253.62
$
87,416,041.66
Commercial Paper
$
6,396,625,430.50
$
6,422,115,291.71
$
6,421,592,005.55
NA
Corporate:
Bonds FR
$
-
$
-
$
-
$
-
Bonds
$
-
$
-
$
-
$
-
Repurchase Agreements
$
-
$
-
$
-
$
-
Reverse Repurchase
$
-
$
-
$
-
$
-
Time Deposits
$
5,022,740,000.00
$
5,022,740,000.00
$
5,022,740,000.00
NA
AB 55 & GF Loans
$
790,994,000.00
$
790,994,000.00
$
790,994,000.00
NA
TOTAL
$
87,809,390,708.21
$
88,016,292,309.07
$
87,825,508,558.08
$
199,558,729.42
Fair Value Including Accrued Interest $ 88,025,067,287.50
* 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 (0.997832404).
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 $19,956,648.08 or $20,000,000.00 x 0.997832404.
NO
City of Petaluma Performance Summaries
Past Quarter
0.28%
0.19%
Past 6 Months
0.53%
0.42%
Past Year
0.19%
0.04%
Past 3 Years
0.55%
0.38%
Past 5 Years
0.68%
0.56%
Yield to Maturity 1.71% -
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.
1-1