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HomeMy WebLinkAboutStaff Report 3.B 10/07/2019DATE: TO: FROM: SUBJECT • • • i October 7, 2019 Honorable Mayor and Members of the City Council through City Manager' Corey Garberolio, Finance Director Janine Tedrow, Finance and Accounting Manager Resolution to Receive and File the City Treasurer's Quarterly Report Dated June 30, 2019. 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, 2019. 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 fourth 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 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 annualized return outperformed the benchmark by .02% for the year ended 6/30/19. The average yields on the PFM Managed Account, LAIF and CAMP were 2.30%, 2.57% and 2.48% respectively. PUBLIC OUTREACH This agenda item appeared on a tentative agenda in the previously -published agenda packet, which was publicly noticed through appropriate City communications channels. FINANCIAL IMPACTS The balance of cash and investments as of June 30, 2019 was $142 million. This is up $1 million from the balance at the end of March 31, 2019. The increase is due mainly to tuning of accounts payable payments. The net investment earnings during the quarter ending June 30, 2019 were $747,806. ATTACHMENTS 1. Resolution 2. City Treasurer's Quarterly Report dated June 30, 2019 W ATTACHMENT 1 RESOLUTION TO RECEIVE AND FILE THE CITY TREASURER'S QUARTERLY REPORT DATED JUNE 30, 2019 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, 2019 and directs the City Clerk to file the report. Oy of'Petaluma Quarterly Investinexit Report April I to June 30, 2019 F%% 67 A'I-I'A('IIMFNI'2 ` bis r'epcaI-t- is presented in accordance wilb the City's investinctit policy and the California Governimm Code, Ilie policyand G-ove.rni-nmt C.ode to certify thatsufficient. caslitlow is available for the nextsix months to nicest the expected dem',ind or provide an explanation as to wbYsufficient cash may not be available. The atifiched report oullines the current investments, wcigktud. average and yields of pooled in.vestnwnts, The montl)- end account statement of assets managed I)yPctl)lic Financial ManagemmA, LLC (PIN), the Local AgeyLey J"1Ivc.stjriejiL Rinds (T ATF) quarterly statement, aild the C icy's per-fbi.-Ina-ace stainnary offiortIblio, investments as compared to applicable bQnQb=,.ir.ks are included. Tlic rq)ort also includes the Treasurer's certification ofadequate cash flow. We respectfully submit tlxe quattorly investment report f6r the quarter ending, Rim 30, 2019 0TY OF PETALUMAq (A LIFORNIA CUTTRE ASURERIS QUARTERLY RKPORT For the quartei- ending Jime 0, 2019 Cash activity fol. flic fiscal year: Cash and Investmenk, Beginning oftlit! (IMM -tel., 3/309 S 141,047,S95 Cash Receipts 61,691,723 Cash Dishursurne'l its (60,759,294) Casli all(I investments, End of the. Quartei,, 6/30/19 1.41,980,024 Cast] and Investment Poi-tfolio at June 30, 2019 Percent Fair Market Par Value of vahle* ((Post) PortIblio , anaged by CifyTreasurcr: 111yestiaelits M- Assessment Districts Bomis 237,217 237,217 0.17% Local Agency Investment Kinds (LAI) 62,32 t,430 62,612,490 44.10% CAMT Pool (CA Asset Managemoot .V'rog) 363081,535 36,081,535 25.41% PIN Investments Securities 26,877,490 26,727,583 18.82% Checking Accounts 16,036,106 - " 16,036,106 11,29% Subtotal 1413553,779 1,41,694,932 99.80% 111ye,stlimits Mmiaged by Fiscal Agents: GA MI -I Debt Issue ACCOUntS 276,561, 276,561 0 19% 'I't-tistee Moocy Market Accounts 9,531 8,531 U1% Subtotal 285,092 285,092 0.20% Total OINII and Investments 141,838,870 141,980,024 100.000/4, I certify that this report contains the, tolftl 01' cash and investments at June 30, 2019. `yfie investments are ill conformity with the 11-Im9tment Policy. A copy of the Investaimt Policy is available fJor review in the Finance Department- The City 'freasurcr'q cash management program provides sufficient liquidity to meet expenditure requirements R)r the next six months. 'We I-eSpeCtfUlly SUbmit the quarterly investment roport for the quarter onding June 30, 2019, carq 0'arborojio, �[,mancc Director Dated *Fair inarket valves are furnished by the State of California, J,ocal Agency Invesitnerd flund and California Asset Management Program. S SQc detail attached 5 CITY Of' JIVIA1,111NIA, CALIFORNU CITY TRYASURP'JI'S QUARTERLY REPORT Foi- (fits quar(ur ending June 30, 2(119 In twStmeoffy A-lallareff hjn Otj. Vensurim, As,svismmn District Bond (AD) 2000.01 Sub -Total &w.winnn DINdrids Boud (At)) Ammols LAW LAIF accrued inturcst Sub -Total LAW CAMP Pool-I'mmurds Inveshnent Mcnoy KlIkel Snb-Tohl CAMI'llani Managed Arcomal Feclowl AbAfmoy Ronds/Dismint Nolus Pod Agency ack:rwd interast 115 "1'rc.aattry.]3atrc1s7Pvirtes US 'I'Teanury accrued inicuest Iia b-Totnl PFNJ Seen flfirs jlvj;jnjjgcd Accomil I'll Cbrildrig Accounts: Exthongo-General operating 1'x1ra1ge-1' yroll Thomm lx�e, Char i ty'frust Police Tj%),q Ciieddrip Accounts Tiltal clssh aunt( Trivestments N111nagell by OIC Cl(y 1'rellsorel. Aferiniged by 7ifislizes Fiscal Agents., CAMP -Al',) 23, 24, 25 Accounts Money Mukct Sub-TrAnt CANIV-DOA P"me Accounts, Bank of Now York US Bank MIA American TreoS 8111)-ll'olal 11'rristees rylijacy 6'igilm.1 AuInint ,j,njHj (,,nsjj ant] Investments Nfimagul by Fiscnl Agents TOTAL CAS11 AND INVESTMENTS 44 Sea delpil Mu'lled 237®217.27217,217.22 1,727,73 276,560,71 237,2M22 1,727,73 231,20,22 700x:25 402,059,38 (403,32-3.13) {x2.214.931.35 R,958,30 397,558.75 13) 397,559J5 62,214,93135 785,38%25 — - - ------- ------ - (387,930,50) 62,612,490JO 284,497.53 2,346,00(1,37 6,328,79529 40,551,220,99 15,3211,795,29_ (10,793,481,45) 3(4081,S34.83_ k0q(,,024.02 '7..,508,781,[33 (1,953,008.59) 11,151,797.341 51,&mS5 73,665�82 (78,465.43) 17,035,94 16,301,93Z94 3,319.8,1175 (4,182,684.56) 15,439,02,13 63,849.31 04,020.40 (38,811,66) 89,08'.0-S 26,727,583.0 Sertrtatut 129 317,011,38 13,081,096.4-1 125,658,825,63 10,2.03,904.64 40,864,549.3() (36,577,588.141) 14,555,865.86 5,400,000-00 (5, 1 02,012,3S) 1,398,1514.85 1,817.38 1,8 17.38 80,157. 17 71,12 80,22u() 11,446,086,39 46,264,020.48 (11,674,600.49) 16,036,106,38 140,763,097.77 (58,413,882,0;9) 141,694,932.01 274,832,98 1,727,73 276,560,71 27,1,832.98 1,727,73 276,560,71 700x:25 402,059,38 (403,32-3.13) 42.50 R,958,30 1,941,619,?6 13) 8,199A3 9,664.55 2,344,278,64 284,497.53 2,346,00(1,37 (2,3,J5,,J(2.26)- 14 ,6;17,5!R 61,691,723,29 OV 59,294,94) ----- ----- 141,980,023,WS Acumed interest (534,752.74) GoncTal Lodge'r 14 1,4 It 6 CTFY the PE"FA LUMA, CALIFORNIA CITY'FREASURER'S QUARI'ERI,V REPORT For the quarter curling ,lune 3I1, 21119 Cold VN. Fik- Market Value, LA I V LAII'mortiz,cd cost rate ** 8ec (Ictuil ataclicd 112,214,931.35 62,321,430.25 1,00171179000 Unrealized G'aiIII(Loss) 191,804.43 94,796,05 286,600.48 286,600.48 286,600.48 106,498.90 VA Cost lev I JsTrensury BondlNotc 15,439,092.13 15,630,896,561 Federal Agcncy Bonct/Disoomfl, NoW, 11,151, Ill l.36 11 w2el 6,593,41 corporutc, Nutt; Cc.nific,atc, of' J)Qposit Sub -Total PFM Treasu rer's Invest, Spwuritics 26,590,889,49 26 877 489.97 CAMP Pool Money Markut Fund 36,081,534,83 36,081,53C83 Sub2l'otkil CAMP Treasurer's Investments 62,672,42432 62,959,024.80 Accrued Interest 136,693.99 CAMPTotal hivestment Managed Securities Ifeld 63,095,718.79 CAMP DcbI Issue; Munagod Accoonti 270"1500.71 276,560.71 PFM CAMP Total Treasu re I's Investments 02,948,985,03 63,235,585.51 LA I V LAII'mortiz,cd cost rate ** 8ec (Ictuil ataclicd 112,214,931.35 62,321,430.25 1,00171179000 Unrealized G'aiIII(Loss) 191,804.43 94,796,05 286,600.48 286,600.48 286,600.48 106,498.90 VA I =%ME rmgw.-.m MUM w Y, CA A-) ( � u c: u c u C u (" U to U C U) 0 c 9 (-- Ln n ,n i .- I U) --I lf� -j W --I Ln I M U I Vj Ah U -A U, U-1 --j U) U�l --I U) --j to 1-1� 17, M 17), 73 AD x Q --j C-) ;u "J, --I cy ;a w �q ev ;u M Yll M TI 00 W 1p�l T Y" Y" 11 tl I > W tn i>sl W 41lL UJ to �D W Q, 9 ",A tn c C: c C-- ip to AD N, Ti Ca N) x 17� -< x; 10 A} NJ 7j N CD A- �Q IN 'u CL (D 'Co 1), 4" 0 C'* C) 0 0-� C'T" 0 An Lq VI L, PIA M A C2, A,, PTI E Ln C) C:> AD C) ut L, ji t N, i, I L,,A Q'I U, CA U)Alt t"I Ln p " U) to ;A-, CA AM, M Cas CA Q N, uj !7! to f - I n J- n r�j w uJ A-, W — Lo !�� Lo t7l L, jE� I-0 Palr" izi h3 NJ — N) fli N3 NJ, (ZA C) C,-3 AD C:A ("I C) Ni zF NJ N) N A rIj J'. 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I PUIT01111MICC IILUIIIXr-S, for periods greawl. thrall one year fire, presented on an annualized Wsis. 4, YieW for the Cily is calculutc(I sass the werage of the quarter's three mooch end Yield to MatUrity m Cost, 15 911 i)20'10 Ontillod P'lljo BF'TTY T. YEE California State Cotitroller 1,0CAL A(,iUN(',,'Y INVI'STMI'INT FUND RL"MI"I"I'ANCT ADVX IE Agency Name Account Number As of"07/15/2019, your Local Agency Investment Fund account lits been dircetly credited with the in(crest carned on YOUr deposits for the qUartcr ending 06/30/2019. Earnings Ratio M007028813234525 Interest Rata 2.57 /o Dollar DayTotal $ 5,656,129,125.85 Qwartcr FInd Principal Balance $ x;2,214,`)31.35 OLlarterly Interest Earned $ 397,559.75 manywakw 98-49-650 16 2 R LA) w P -F, 0 9D L" on 00 Lo I C) @ M. OD W w Ij i i4 FM (D F OD W 00 0 :4 -.N Len (D (D N) 11 co W C7 kio m cu csa D) m VI w M = rn LA) w P -F, 0 9D L" on 00 Lo I C) @ M. 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