HomeMy WebLinkAboutResolution 2022-104 N.C.S. 06/06/2022 DocuSign Envelope ID:AE38B657-EABC-4ADB-9476-5EF6DFF40078
Resolution No. 2022-104 N.C.S.
of the City of Petaluma, California
REGARDING RECEIPT AND FILING OF THE CITY TREASURER'S QUARTERLY REPORT
DATED MARCH 31, 2022
WHEREAS, the City of Petaluma Investment policy approved by the City Council pursuant to Resolution
no. 2021-106 N.C.S. adopted June 21, 2021 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, 2022; and
WHEREAS, this action is exempt from the requirements of the California Environmental Quality Act
(CEQA)in accordance with CEQA Guidelines Section 15378,as approving the City's investment policy does not
meet CEQA's definition of a"project,"because the action does not have the potential for resulting in either a direct
physical change in the environment or a reasonably foreseeable indirect physical change in the environment, it is a
fiscal activity which does not involve commitment to any specific project, and because the action constitutes
organizational or administrative activities of governments that will not result in direct or indirect physical changes
in the environment.
NOW, THEREFORE,BE IT RESOLVED by the City Council of the City of Petaluma as follows:
1. Declares the above recitals to be true and correct and are incorporated into this resolution as findings of the
City Council.
2. The City Council has received and approves the City Treasurer's Quarterly Report dated March 31, 2022,
attached hereto as Exhibit A.
3. Finds that this action is exempt from the requirements of the California Environmental Quality Act (CEQA)
in accordance with CEQA Guidelines Section 15378,as approving the City's investment policy does not meet
CEQA's definition of a"project,"because the action does not have the potential for resulting in either a direct
physical change in the environment or a reasonably foreseeable indirect physical change in the environment,
it is a fiscal activity which does not involve commitment to any specific project, and because the action
constitutes organizational or administrative activities of governments that will not result in direct or indirect
physical changes in the environment.
4. The City Council directs the City Clerk to file the quarterly Treasurer's Report dated March 31, 2022 in the
official City records.
Resolution No. 2022-104 N.C.S. Page 1
DocuSign Envelope ID:AE38B657-EABC-4ADB-9476-5EF6DFF40078
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 Council of Approved as to
the City of Petaluma at a Regular meeting on the 6'day of June 2022,by the following Docu fined€grm:
vote: �Q,
rty Attorney
AYES: Mayor Barrett,Vice Mayor Pocekay,Barnacle,Fischer,Healy,King,McDonnell
NOES: None
ABSENT: None
ABSTAIN: None
DocuSigned by: F
ocuSigned by:
ATTEST:
G � ,VY Sa. bad{{
City er Mayor
Resolution No. 2022-104 N.C.S. Page 2
DocuSign Envelope ID:AE38B657-EABC-4ADB-9476-5EF6DFF40078
EXHIBIT A
City of Petaluma
Quarterly Investment Report
January 1 to March 31 , 2022
r
Qr
A
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 How 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 F inancial 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, 2022.
DocuSign Envelope ID:AE38B657-EABC-4ADB-9476-5EF6DFF40078
CITY OF PETALUMA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending March 31, 2022
Cash activity for the fiscal ,year:
Cash and investments,Beginning of the quarter, I/I/22 $ 191,006,637
Cash Receipts 43,527,633
Cash Disbursements (40,389,631)
Cash and Investments,End of the Quarter,3/31/22 $ 194,144,639
Cash and Investment Portfolio at March 31, 2022
Percent
Fair Market Par Value of
Value* (Cost) Portfolio
Investments Managed by City Treasurer:
Local Agency Investment Funds(LAIF) 68,639,929 69,475,372 35.79%
CAMP Pool (CA Asset Management Prog) 39,865,960 39,865,960 20.53%
PFM Investments Securities ** 37,020,037 38,242,967 19.70%
Checking Accounts 26,530,058 26,530,058 13.67%
Subtotal 172,055,985 174,114,357 89.68%
Investments Managed by Fiscal Agents:
Trustee Money Market Accounts 20,030,282 20,030,282 10.32%
Subtotal 20,030,282 20,030,282 10.32%
Total Cash and Investments 192,086,266 194,144,639 100.00%
I certify that this report contains the total amounts of cash and investments at March 31, 2022
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 31,2022
5/24/22
Corey arberolio, 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
DocuSign Envelope ID:AE38B657-EABC-4ADB-9476-5EF6DFF40078
CITY Oh PUALUMA,CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending March 31,2022
Beginning End of
Investments/Financial Institute of Quarter Increase*^ Decrease Quarter
lareslarenls Itleaaged nl'L'10'Treasurer:
LAID 69,380,724.19 39,942.10 69,420,666.29
LAID accrued interest 39,942.10 54,705.29 (39,942,10) 54,705.29
Sub-Total LAW 69,420,666.29 94,647.39 (39,942.10) 69,475,371.58
CAMP Pool-Treasurer's Investment Money Market 40,092,471.04 3,195,860.98 (3,422,371.83) 39,865,960.19
Sub-Total CAMP Pool Managed Account 40,092,471.04 3,195,860.98 (3,422,371.83) 39,865,960.19
Federal Agency Bonds/Discount Notes 10,693,553.40 (908,780.09) 9.784.773.31
Fed Agency accrued interest 11,919.17 17,187.46 (19,545.19) 9,561.44
US Treasury Bonds/Notes 27,203,529.35 3,405,441.40 (2,204,619.15) 28,404,351.60
US Treasury accrued interest 38,168.97 40,358.17 (34,246.27) 44,280.87
Sub-Total PFM Securities Managed Account** 37,947,170.99 3,462,987.03 (3,167,190.70) 38,242,967.22
Sublotal 147,460,308.22 6,753,495.40 (6,629,504,63) 147,584,298.99
Checking Accounts:
Exchange-General Operating 23,367,143.52 29,703,974.44 (27,553,867.05) 25,517,250.91
Exchange-Payroll 67,279.77 7,070,000.00 (6,206,259.02) 931,019.75
exchange-Savings - - - -
Thomas Lee Charity Trust 1,277.38 - 1277.38
Police Trust 80,495.66 14.09 - 80,509.75
Sub-Total Checking Accounts 23,516,195.33 36,773,988.53 (33,760.126.07) 26,530,057.79
Total Cash and Investments Managed by the City Treasurer 170,976,503.55 43,527,483.93 (40,389,630.70) 174,114,3.56.78
larrsnrents Alanaged Gr Trustees Fiscal Agents:
Bunk of New York 20,022,115.55 147.76 20,022,263.31
US Bank First American Treas 8,018.34 0.12 8,018.46
Sub-Total Trustees Money Market Account 20,030,133.89 147.88 20,030,281.77
Total Cash and Investments Mannged by Fiscal Agents 20,030,133.89 147.98 20,030,281.77
TOTAL CASH AND INVF.STMF,NTS 191,006,637.44 43,527,631.81 (40,389,630.70) 194,144,638.55
See delmll nuachcd Accrued interest (108,547.60)
General Ledger 194,036,090,95
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DocuSign Envelope ID:AE38B657-EABC-4ADB-9476-5EF6DFF40078
CITY OF PETALUMA,CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending March 31,2022
Cost vs.Fair Market Value
Unrealized
Cost FV Gain/(Loss)
US Treasury Bond/Note 28,404,351.60 27,436,393.76 (967,957.84)
Federal Agency Bond/Discount Note 9,784,773.31 9,583,643.53 (201,129.78)
Corporate Note - -
Certificate of Deposit - -
Sub-Total PFM Treasurer's Invest.Securities 38,189,124.91 37,020,037.29 (1,169,087.62)
CAMP Pool Money Market fund 39,865,960.19 39,865,960.19 -
Sub-Total CAMP Treasurer's Investments 78,055,085.10 76,885,997.48 (1,169,087.62)
Accrued Interest 53,842.31
CAMP Total Investment Managed Securities Held** 76,939,839.79
LAIF 69,420,666.29 68,639,929.40 (780,736.89)
LAIF amortized cost rate 0.98975353800
**See detail attached
DocuSign Envelope ID:AE38B657-EABC-4ADB-9476-5EF6DFF40078
City of Petaluma Performance Summaries
Returns as of BAML 1-3 Year Treasury
March 31, 2022 City of Petaluma Index
Past Quarter -2.24% -2.34%
Past 6 Months -2.75% -2.86%
Past Year -2.68% -2.84%
Past 3 Years 0.99% 0.88%
Past 5 Years 1.18% 1.07%
Yield to Maturity 0.51% -
Notcs;
I. 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. Perfonnance 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.
DocuSign Envelope ID:AE38B657-EABC-4ADB-9476-5EF6DFF40078
at iucZ,a,aa rive Untitled Page
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California State Controller
LOCAL AGENCY INVESTMENT FUND
REMITTANCE ADVICE
Agency Name
PETALUMA
Account Number 98-49-650
As of 04/15/2022, your Local Agency Investment Fund account has been directly credited
with the interest earned on your deposits for the quarter ending 03/31/2022.
Earnings Ratio .00000875657176851
Interest Rate 0.32%
Dollar Day Total $ 6,247,340,718.80
Quarter End Principal Balance $ 69,420,666.29
Quarterly Interest Earned $ 54,705.29
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DocuSign Envelope ID:AE38B657-EABC-4ADB-9476-5EF6DFF40078
\NUESl41F2 State of California
Pooled Money Investment Account
Market Valuation
r�FF�Y'�IDUIDI��r\��o 3/31/2022
Carrying Cost Plus
Description Accrued Interest Purch. Amortized Cost Fair Value Accrued Interest
United States Treasury:
Bills $ 46,438,364,881.91 $ 46,462,802,161.83 $ 46,366,792,000.00 NA
Notes $ 91,137,412,378.62 $ 91,123,228,383.84 $ 89,180,593,000.00 $ 117,562,034.00
Federal Agency:
SBA $ 329,037,520.12 $ 329,037,520.12 $ 329,497,596.82 $ 138,923.93
MBS-REMICs $ 5,703,902.13 $ 5,703,902.13 $ 5,844,529.41 $ 25 924.77
Debentures $ 8,923,276,985.63 $ 8,922,590,857.86 $ 8,805,155,700.00 $ 8,519,115.80
Debentures FR $ - $ - $ - $ -
Debentures CL $ 700,000,000.00 $ 700,000,000.00 $ 672,254,000.00 $ 905,027.00
Discount Notes $ 24,949,939,687.37 $ 24,960,712,979.03 $ 24,906,670,000.00 NA
Su ranational Debentures $ 2,065,258,478.33 $ 2,065,258,478.33 $ 2,004,805,500.00 $ 5,592,972.00
Su ranational Debentures FR $ - $ - $ - $ -
CDs and YCDs FR $ - $ - $ - $ -
Bank Notes $ - $ - $ -
CDs and YCDs $ 15,335,000,000.00 $ 15,335,000,000.00 $ 15,320,961,230.66 $ 9,972,225.03
Commercial Paper $ 12,697,608,013.77 $ 12,705,537,708.34 $ 12,693,180,684.70 NA
Corporate:
Bonds FR $ - $ - $ - $ -
Bonds $ 424,349,911.03 $ 424,107,855.47 $ 409,797,860.00 $ 1,877,396.95
Repurchase Agreements $ - $ - $ - $ -
Reverse Repurchase $ - $ - $ - $ -
Time Deposits $ 4,135,000,000.00 $ 4,135,000,000.00 $ 4,135,000,000.00 NA
PMIA&GF Loans $ 756,663,000.00 $ 756,663,000.00 $ 756,663,000.00 NA
TOTAL $ 207,897,614,758.91 $ 207,925,642,846.95 $ 205,587,215,101.59 $ 144,593,619.48
Fair Value Including Accrued Interest $ 205,731,808,721.07
Repurchase Agreements,Time Deposits, PMIA&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(0.988753538).
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$19,775,070,77 or$20,000,000.00 x 0.988753538.
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