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Home My WebLink AboutResolution 2020-087 N.C.S. 06/15/2020Resolution No. 2020-087 N.C.S. of the City of Petaluma, California RESOLUTION REGARDING RECEIPT AND FILING OF THE CITY TREASURER'S QUARTERLY REPORT DATED MARCH 31, 2020 WHEREAS, the City of Petaluma Investment policy approved by the City Council pursuant to Resolution No. 2019-075 N.C.S. adopted June 3, 2019 requires the City Treasurer to provide a quarterly investment report to the City Council for compliance with the adopted City Investment Policy; and WHEREAS, the City Treasurer has provided for City Council review a quarterly Treasurer's report dated March 31, 2020; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Petaluma as follows: The City Council has received and approves the City Treasurer's Quarterly Report dated March 31, 2020 2. The City Council directs the City Clerk to file the quarterly Treasurer's Report dated March 31, 2020 in the official City records. Under the power and authority conferred upon this Council by the Charter of said City. REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to Council of the City of Petaluma at a Regular meeting on the 15th day of June 2020, fore by the following vote: City Attorney AYES: Mayor Barrett; Vice Mayor Fischer; Healy; Kearney; King; McDonnell; Miller NOES: None ABSENT: None ABSTAIN: None ATTEST: f p +g ATTEST: City Clerk Mayor Resolution No. 2020-087 N.C.S. Page I Exhibit A QuarterlyCity of Petaluma January I to March 31, 2020 W% ®r 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 respectfitlly submit the quarterly investment report for the quarter ending March 31, 2020. Resolution No. 2020-087 N.C.S. Page 2 CITY OF PETALUMA, CALIFORNIA CITY TREASURER'S QUARTERLY REPORT For the quarter ending March 31, 2020 Cash activity for the fiscal year: Cash and Investments, Beginning of the quarter, 1/1/20 $ 153,772,600 Cash Receipts 43,833,594 Cash Disbursements (39,416,511) Cash and Investments, End of the Quarter-, 3/31/20 $ 158,189,683 Cash and Investment Portfolio at March 31, 2020 Investments Managed by City Treasurer: Assessment Districts Bonds Local Agency Investment Funds (LAIF) CAMP Pool (CA Asset Management Prog) PFM Investments Securities ** Checking Accounts Subtotal Percent Fair Market Par Value of Value* (Cost) Portfolio 162,771 162,771 0.10% 68,871,473 68,699,987 43.43% 40,178,822 40,178,822 25.40% 27,373,533 26,728,711 16.90% 22,069,523 22,069,523 13.95% 158,656,122 157,839,813 99.78% Investments Managed by Fiscal Agents: CAMP Debt Issue Accounts 280,680 280,680 0.18% Trustee Money Market Accounts 69,190 69,190 0.04% Subtotal 349,870 349,870 0.22% Total Cash and Investments 159,005,992 158,189,683 100.00% I certify that this report contains the total amounts of cash and investments at March 31, 2020. 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, 2020. — DAV�nZ6,AA-SL \ 1,11)q, Corey Director Dated *Fair market values are furnished by the State of California, Local Agency Investment Fund and California Asset Management Program. ** See detail attached Resolution No. 2020-087 N.C.S. Page 3 CITY OF PETALUMA, CALIFORNIA CITY TREASURER'S QUARTERLY REPORT For the quarter ending March 31, 2020 Investments Afanaged by Cite Treasurer. Assessment District Bond (AD) 2000-01 162,770.64 24,050,813.35 (25,119,103.84) 162,770.64 Sub -Total Assessment Districts Bond (AD) Accounts 162,770.64 6,300,000.00 (6,502,452.99) 162,770.64 LAID 62,998,164.60 5,361,905.93 8,596.86 68,360,070.53 LAIF accrued interest 361,906.95 339,916.02 (361,906.95) 339,916.02 Sub -Total LAIF 63,360,071.55 5,701,821.95 (361,906.95) 68,699,986.55 CAMP Pool -Treasurer's Investment Money Market 39,727,663.25 4,044,895.71 (3,593,736.96) 40,178,822.00 Sub -Total CAMP Pool Managed Account 39,727,663.25 4,044,895.71 (3,593,736,96) 40,178,822.00 Federal Agency Bonds/Discount Notes 10 202,367.20 1,155,217.69 (1,387,485.35) 9,970,099.54 Fed Agency accrued interest 40,365.62 56,652.25 (53,811.28) 43 206.59 US Treasury Bonds/Notes 16,482,066.75 2,422,773.44 (2,258,171.88) 16,646,668.31 US Treasury accrued interest 101,087.11 99,990.93 (132,341.98) 68,736,06 Sub -Total PRM Securities Mannged Account 26,825,886.68 3,734,634.31 (3,831,810.49) 26,728,710.50 Subtotal 130,076,392.12 13,481,351.97 (7,787,454.40) 135,770,289.69 Checldng Accounts: Exchange -General Operating 22,363,240.86 24,050,813.35 (25,119,103.84) 21,294,950.37 Exchange -Payroll 894,828.74 6,300,000.00 (6,502,452.99) 692,375.75 Thomas Lee Charity Trust 1,817.38 - 8,596.86 1,817.38 Police Trust 80,342.38 36.96 226.80 80,379.34 Sub -Total Checldng Accounts 23,340,229.36 30,350,850.31 (31,621,556.83) 22,069,522.84 Total Cash and Investments Managed by the City Treasurer 153,416,621.48 43,832,202.28 (39,409,011,23) 157,839,812.53 Investments Managed by Trustees Fiscal Agents: CAMP -AD 23, 24, 25 Accounts Money Market 279,515.37 1,164.96 - 280,680.33 Sub -Total CAMP -Debt Issue Accounts 279,515.37 1,164.96 - 280,680.33 Bank ofNeuv York 67,866.33 204.48 (7,500,00) 60,570.81 US Bank First American Treas 8,596.86 22.32 8,619.18 Sub -Total Trustees Money Market Account 76,463.19 226.80 (7,500.00) 69,189.99 Total Cash and Investments Managed by Fiscal Agents 355,978.56 1,391.76 (7,500.00) 349,870.32 TOTAL CASH AND INVESTMENTS 153,772,600.04 43,833,594.04 (39,416,511.23) 158,189,682.85 �+ See detail attached Accrued interest (451,858.67) General Ledger 157,737,824.18 Resolution No. 2020-087 N.C.S. Page 4 O W �t O Resolution No. 2020-087 N.C.S. Page 5 1 -Fun Imo^► I� v 00 W Page 5 CITY OF PETALUMA, CALIFORNIA CITY TREASURER'S QUARTERLY REPORT For the quarter ending March 31, 2020 Cost vs. Fair- Market Value Sub -Total CAMP Tieasurer-'s Investments 66,795,589.85 67,552,354.88 756,765.03 Accrued Interest 111,942.65 CAMP Total Investment Managed Securities Held 67,664,297.53 CAMP Debt Issue Managed Accounts 280,680.33 280,680.33 - PFM CAMP Total Treasurer's Investments " 67,076,270.18 67,833,035.21 756,765.03 LAIF 68,360,070.53 68,871,473.24 511,402.71 LAIF amortized cost rate 1.00748101500 ** See detail attached Resolution No. 2020-087 N.C.S. Page 6 Unrealized Cost FV Gain/(Loss) US Treasury Bond/Note 16,646,668.31 17,207,006.89 560,338.58 Federal Agency Bond/Discount Note 9,970,099.54 10,166,525.99 196,426.45 Corporate Note - - - Certificate of Deposit - - Sub -Total PFM Treasurer's Invest. Securities 26,616,767.85 27,373,532.88 756,765.03 CAMP Pool Money Market Fund 40,178,822.00 40,178,822.00 - Sub -Total CAMP Tieasurer-'s Investments 66,795,589.85 67,552,354.88 756,765.03 Accrued Interest 111,942.65 CAMP Total Investment Managed Securities Held 67,664,297.53 CAMP Debt Issue Managed Accounts 280,680.33 280,680.33 - PFM CAMP Total Treasurer's Investments " 67,076,270.18 67,833,035.21 756,765.03 LAIF 68,360,070.53 68,871,473.24 511,402.71 LAIF amortized cost rate 1.00748101500 ** See detail attached Resolution No. 2020-087 N.C.S. Page 6 of Petaluma Performance Summaries Returns as of March 31, 2020 Past Quarter Past 6 Months Past Year Past 3 Years Past 5 Years City of Petaluma 2.43% 2,91% 5.03% 2.64% 1.86% BAML 1-3 Year Treasury Index 2.81% 3.33% 5.42% 2.70% 1.85% Yield to Maturity 2.15% - Notes: 1. ICE Bank of America Merrill Lynch (BAML) Indices provided by Bloomberg Financial Markets. 2. CAMP Cash Reserve Pool holdings excluded fi-om 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. Resolution No. 2020-087 N.C.S. Page 7 4/26/2020 Untitled Page BETTY T. YEE California State Controller LOCAL AGENCY INVESTMENT FUND REMITTANCE ADVICE Agency Name Account Number As of 04/15/2020, your Local Agency Investment Fund account has been directly credited with the interest earned on your deposits for the quarter ending 03/31/2020. Earnings Ratio .00005535460693046 Interest Rate 2.03% Dollar Day Total $ 6,140,699,806.61 Quarter End Principal Balance $ 68,360,070.53 Quarterly Interest Earned $ 339,916.02 PETALUMA 98-49-650 https://Iaif.sco.ca.gov/Result.aspx Resolution No. 2020-087 N.C.S. Page 81/1 1* 2* 2* 2* 2* 1* o��NvtsryFyTState w t CD a �9�Frr'UDmD��'��Q o California PooledMoney Investment Account Market Valuation 3/31/2020 Description Carrying Cost Plus Accrued Interest Purch. Amortized Cost Fair Value Accrued Interest United States Treasury: Bilis $ 12,823,871,548.59 $ 12,920,450,177.77 $ 12,994,847,000.00 NA Notes $ 33,119,951,799.65 $ 33,113,778,380.29 $ 33,687,518,000.00 $ 140,637,607.00 Federal Agency: SBA $ 525,135,261.64 $ 525,135,261.64 $ 522,232,337.71 $ 880,056.18 MBS-REMICs $ 18,063,052.24 $ 18,063,052.24 $ 19,088,647.00 $ 84,337.25 Debentures $ 2,105,162,090.64 $ 2,105,042,298.98 $ 2,132,896,450.00 $ 10,524,714.25 Debentures FR $ - $ - $ - $ - Debentures CL $ 925,000,000.00 $ 925,000,000.00 $ 929,988,750.00 $ 3,544,917.00 Discount Notes $ 17,515,361,340.24 $ 17,575,787,257.02 $ 17,620,985,750.00 NA Supranational Debentures $ 714,280,614.68 $ 714,249,336.90 $ 721,116,650.00 $ 2,940,049.25 Supranational Debentures FR $ 200,158,861.65 $ 200,158,861.65 $ 200,117,030.04 $ 608,243.35 CDs and YCDs FR $ 300,000,000.00 $ 300,000,000.00 $ 299,053,000.00 $ 292,521.92 Bank Notes $ 500,000,000.00 $ 500,000,000.00 $ 500,078,465.32 $ 4,119,416.67 CDs and YCDs $ 13,300,000,000.00 $ 13,300,000,000.00 $ 13,305,153,219.71 $ 66,002,000.01 Commercial Paper $ 10,115,069,047.16 $ 10,145,768,286.22 $ 10,145,738,569.17 NA Corporate: Bonds FR $ - $ - $ - $ - Bonds $ - $ - $ - $ - Repurchase Agreements $ - $ - $ - $ - Reverse Repurchase $ - $ - $ - $ - Time Deposits $ 5,331,990,000.00 $ 5,331,990,000.00 $ 5,331,990,000.00 NA AB 55 & GF Loans $ 624,194,000.00 $ 624,194,000.00 $ 624,194,000.00 NA TOTAL $ 98,118,237 616.49 $ 98,299,616,912.71 1 $ 99,034,997,868.95 $ 229,633,862.88 Fair Value Including Accrued Interest $ 99,264,631,731.83 * 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 (1.007481015). 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 $20,149,620.31 or $20,000,000.00 x 1.007481015. Resolution No. 2020-087 N.C.S. Page 9 ® Ln g t0 O H Ol Ln N LA Z N O (V E (D 10 O I0 1-4 O <Y O ® e eyeyy O t0 00 M 0 N N w i.� 0 1-1 ® N N OO 01` N *--t 0^1 ONO �1 s ,� to rn N 0) N m N o Lel of N n N w N U C w m O d' 0 O O d' O (. O (D O O a. m 1 U) } Y O' o N f'n n CD w O n CD n n N C N Cf N 'O 41 Ln Ln Ln a M M m a N R p N .N N N N C 4; tm G G LNp 'G Y ~ 0 0 fl. U. N W O �L� Q L (CO N 41 C C C C C E O � 1 .0 U- MN N � H m 4- C o C N LO r .. 0 (O w o l�0 d: Ui U t00 01 Ln U- I LO rn m d r� 0) d in (A �o Ln L o v m Ln m a v0 0 0 0 0 0 0 O, aEn —1 f Ln g t0 O T fLi N n O1 O M O 0 ko 0) LA Z �00�- ni 4, ? ^ p Ln E (D cis 7 O Ln Ln Ln {J Ln N .1 CD w i.� U y w O O O O O O O G EA U C w � > m Q } Y O' o N f'n n CD w O n n n n N C N Cf N 'O 41 Ln Ln Ln a M M m M N R p N .N N N N M tm G G LNp 'G Y ~ 0 0 fl. U. N o O �L� Q L (CO N ® C C C C E .0 U- MN N � H m N LO (O (0 (O w m U U U U IwL L =5 > L4U f Ln g t0 O T fLi N n O1 O M O 0 ko 0) LA Z �00�- ni 4, ? ^ p Ln E (D cis 7 O U N ^ O 0 LNn 0 V W LLQ 0 0 LO E (D ++ 0 0 0 0 0 0 0 ,� E (D N Ln Ln Ln L�r Ln N .1 CD w i.� U y w O O O O O O O G EA U U N Cf N 'O 41 Ln Ln Ln to vii�L ,� R p N N N N N M tm G G LNp 'G Y ~ 0 0 o O o o O �L� C L 13 w O a o w s U O 0. Resolution No. 2020-087 N.C.S. O Ln O N o N N 00 o Ln ri O Page 10 0 M9 H N H N H N H N H N H N H N O H N O H N O H N O N N O N N O N N O N N O O N H O N CO O N In N O N H O N H n o Ln C. 00 N O O O O M M M (1) M l0 CD H m CD H 00 0 H 00 C) H H C) 11� N H V; n o Ln ct O H .-i H o 1 a N Obi (Mn M p M M n Ln W ri N m m H n n ON Ln W OO LO_ '1 o W Ln F0 N +^ n N 70 z00 H O14 Z� H N O CO, z Cb M M m Ln O V M ) } o LY ` LD V' 0 LD O n N C+1 Ln N H Ln 10 to Ln co t0 1-1 00 ri O V' O) w V' L=!Q� H (Qn� p H Ln V' O H 0) lD lA f� lNc1[.� a 0 F='' H n Ln Ln fd 4 0\0 co W )�-' O W O O H q = p p q P E � P H E 7 a Q Resolution No. 2020-087 N.C.S. t3 ! .moi Vp' N N o 0) O Ln N Vim' C) W N ti M 06 o n [n t` .-� L[i M M n n V' n LO n rn V' n to }' n M N Ln Ln n i O N M O Cn t0 i� C; N l0 m O 00 (7) 'N O U V' V' in 00 co 00 Ln W O L!1 7 Ln N V� p0 e G m V' 1� a' o o V' 14 m 00 d' l0 0) V' lfl (, UI h 1� H h l0 M V1 N In 6 Q H H (U U9 ? 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C. 1n o 0 o to o 0 o O 14: to o n o O t0 a to N C] CD to N w I- O to LO to Wm co H m w t0 V' O 0) co fV to Oo O n O O n N O t0 O qo I ®L rm � mN � cl' to to cY I } H G 3 'L rn co co rn m m m rn o m rn rn o two tin ry�ry to NN �-t w 1-1 tko H N to to H N H H M n to 00) (p H o O O .-t ��---111 O o O O O O O V®/ 7 I ® � Q1 Oo 00 Ot CO co O, Ot O Ot Ol Ol O O11-1 N O rri O .m-i O N LO c H E `O H O O O rH-I �N-i O O O o O O O ®f O m rI A C m m m m m m m m m m m m m (N{ G m m m m m m m m m m m m m m d ¢ Q ¢ Q ¢ d Q Q Q ¢ Q Q U vi U can, e Qd ad ad ad ad ri to to C) o o C) o C) o O o 0 0 0 tm m' L M O O O O O O O O O O O O � tm of A o 0 0 o d o 0 0 0 0 0 0 (p to 0 0 o O o C. 0 0 C. o O O o 030 Ci 0 Ci 0 0 o O o 0 0 0 o o to o a o 0 0 o to o tri OH N O O In M to O N to t\ t H ^ to t, to to to N M to [Y to to d' 0 I w IcLLI ni M g m m 10 w n H w a a a U �' °tom' m Eg a M M M O M MLO M M M M 11 U M m M m m m m M m m M M M V..) _ gg 3 4a 41 " •@ H H (nH (/] H (n O o O {FI'J O Ftl_1 O {F1'J O O O t00 C3 fad O IW' (OV N N N O N O N O N N N Z N 4 i O C N H N O H H H i+ p H Q H Z H H O H \ � \ tNo \ ((nn � ((nn � � � � t\ _ N to X t\ O X O H H H X t0 X Ot X N d o 0 o Z o Z Z H Z H o o Q o Z o Z C) o o Z O (D 1 L 0 Q Q Q o0 Q Q o d 7 U p c 0 0 o m o m 0 CO o 0 0 o N o p0 0 0 9 a 1/t U N In O In O o to In t-t O Z In in In to al rn 1 ,• h to Z h Z o Z O N N Q N z N n Z h \ o ,cl m t\ d oo d o Q o to to �ii 6 H ¢ H m ¢ Ii i m ,� N (A tV N OJ 'I O to M N N 9H C) O N O N N t0 rn Z as O m w °i w ao w 00 0 0t 0 Cn U o w N w N O rn w o U o z o o o E o z o Z o o o o z o E o >` ¢ W` O` O '; O W w` d` O` O w O Vi Y-- H Q H IL 00 S H S H Q lD T H O H N J O J H J H H � H J H J O J O O N 0. N \ \ — \ \ \ Y H i" i N w C, t0 O �¢y o H H w H ¢N m � t0 q to H Ol N 7® - to ri D o o o r-i Cit ri Z o Z o tai o w o twr_ 0 2 0 [[[j o vin �� in Ui o �� 81 W� U LL� � � �� a Resolution No. 2020-087 N.C.S. Page 15 0 4. M U m e � o � a o v 0 En O N U p, dl A C) W 'e m o U d) Pi n O 00 o N N uMi � M n M o N O O N O N N 00 00 t0 0 tD N In o to fV o ee O I ri ri 0 O N O N O LE RE H � o F- O O N N U 4 i > En ? "' a o b 49 Resolution No. 2020-087 N.C.S. J Page 16