HomeMy WebLinkAboutResolution 2022-150 N.C.S. 09/19/2022 DocuSign Envelope ID: E5259EB4-04A9-406C-9B49-86701290EB04
Resolution No. 2022-150 N.C.S.
of the City of Petaluma, California
REGARDING RECEIPT AND FILING OF THE CITY TREASURER'S QUARTERLY REPORT
DATED JUNE 30, 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
June 30, 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 June 30, 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 June 30, 2022 in the
official City records.
Resolution No. 2022-150 N.C.S. Page 1
DocuSign Envelope ID:E5259EB4-04A9-406C-9B49-86701290EB04
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 19'day of September DocuSigned i#prm:
2022,by the following vote: 1�
ity Attorney
AYES: Barrett,Barnacle,Fischer,King,McDonnell,Pocekay
NOES: None
ABSENT: Healy
ABSTAIN: None
Signed by: DocuSigned by:
ATTEST: li"�12+�
City Clerk soa�ozEseaai azE... Mayor
Resolution No. 2022-150 N.C.S. Page 2
DocuSign Envelope ID: E5259EB4-04A9-406C-9B49-86701290EB04
Exhibit A
City of Petaluma
Quarterly Investment Report
April 1 to June 30, 2022,
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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
l
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, 2022.
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II
DocuSign Envelope ID: E5259EB4-04A9-406C-9B49-86701290EB04
CITY OF PF T AILUMA, CALIFORIWA
CITY TREASURE,R'S QUARTERLY REPORT
F oi- the qua>i-tei- ending June 30, 2022
Cash activity for the fiscal year:
Cash and Investments,Beginning of the quarter,4/1/22 $ 194,144,638
Cash Receipts 79,304,684
Cash Disbursements (75,528,415)
Cash and Investments,End of the Quarter, 6/30/22 $ 197,920,907
Cash and Investment Portfolio at June 30, 2022
Percent
Fair Market Par Value of
Value* (Cost) Portfolio
Investments Managed by City Treasurer:
Local Agency Investment Funds(LAIF) 68,580,905 69,605,444 35.17%
CAMP Pool(CA Asset Management Prog) 48,712,483 48,712,483 24.61%
PFM Investments Securities ** 38,088,779 39,473,815 19.94%
Checking Accounts 20,096,061 20,096,061 10.15%
Subtotal 175,478,227 177,887,803 89.88%
Investments Managed by Fiscal Agents:
Trustee Money Market Accounts 20,033,104 20,033,104 10.12%
Subtotal 20,033,104 20,033,104 10.12%
Total Cash and Investments 195,511,331 197,920,907 100.00%
I certify that this report contains the total amounts of cash and investments at June 30, 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 June 30, 2022
9/7/22
Corey Gar ero io, 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: E5259EB4-04A9-406C-9B49-86701290EB04
CITY OF PETALUtM A,CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending June 30,2022
Beginning End of
Investments/Financial Institute of Quarter Increase*A Decrease Quarter
Investutents Managed by City Treasurer:
LAIF 69,420,666.29 54,705.29 69,475,371.58
LAW accrued interest 54,705.29 130,072.44 (54,705.29) 130,072,44
Sub-Total LAIF 69,475,371.58 184,777.73 (54,705.29) 69,605,444.02
CAMP Pool-Treasurers Investment Money Market 39,865,960.19 14,794,183.36 (5,947,660.69) 48,712,482.86
Sub-Total CAMP Pool Managed Account 39,865,960.19 14,794,183.36 (5,947,660.69) 48,7129482.86
Federal Agency Bonds/Discount Notes 9,784,773.31 746,766.76 (710,136.62) 9,821,403.45
Fed Agency accrued interest 9,561.44 17,570.14 (17,734.32) 9,397.26
US Treasury Bonds/Notes 28,404,351.60 5,166,875.00 (3,965,576.17) 29,605,650.43
US Treasury accrued interest 44,280.87 55,748.54 (62,665.65) 37,363.76
Sub-Total PFM Securities Managed Account 38,242,967.22 5,986,960.44 (4,756,112.76) 39,473,814.90
Subtotal 147,584,298.99 20,965,921.53 (10,758,478.74) 157,791,741.78
Checking Accounts:
Exchange-General Operating 25,517,250.91 41,544,031.61 (48,806,965.94) 18,254,316.58
Exchange-Payroll 931,019.75 7,200,000.00 (6,371,076.69) 1,759,943.06
Exchange-Savings - _ _ -
Thomas Lee Charity Trust 1,277.38 - 1,277.38
Police Trust 80,509.75 14.25 80,524.00
Sub-Total Checking Accounts 26,530,057.79 48,744,045.86 (55,178,042.63) 20,0969061.02
Total Cash and Investments Managed by the City Treasurer 174,114,356.78 699709,967.39 (65,936,521.37) 177,887,802.80
Investutents Managed by Trustees Fiscal Agents:
Bank of New York. 20,022,263,31 7,727,964.21 (7,725,143.76) 20,025,083.76
US Bank First American Treas 8,018.46 1,866,752.06 (1,866,750.13) 8,020.39
Sub-Total Trustees Money Market Account 20,030,281.77 9,594,716.27 (9,591,893.89) 2090339104.15
Total Cash and Investments Managed by Fiscal Agents 20,030,281.77 9,594,716.27 (9,591,893.89) 20,033,104.15
TOTAL CASH AND INVESTMENTS 194,144,638.55 79,304,683.66 (75,528,415.26) 197,920,906.95
**See detail attached Accrued interest (176,833.46)
General Ledger 197,744,073.49
DocuSign Envelope ID: E5259EB4-04A9-406C-9B49-86701290EB04
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DocuSign Envelope ID: E5259EB4-04A9-406C-9B49-86701290EB04
CITY OF PETALUMA,CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending June 30,2022
Cost vs.Fair Market Value
Unrealized
Cost FV Gain/(Loss)
US TreasuryBond/Note 29,605,650.43 28,513,823.63 (1,091,826.80)
Federal Agency Bond/Discount Note 9,821,403.45 9,574,954.87 (246,448.58)
Corporate Note
Certificate of Deposit
Sub-Total PFM Treasurer's Invest.Securities 39,427,053.88 38,088,778.50 (1,338,275.38)
CAMP Pool Money Market Fund 48,712,482.86 48,712,482.86 -
Sub-Total CAMP Treasurer's Investments 88,139,536.74 86,801,261.36 (1,338,275.38)
Accrued Interest 46,761.02
CAMP Total Investment Managed Securities Held** 86,848,022.38
LAIF 69,475,371.58 68,580,904.93 (894,466.65)
LAIF amortized cost rate 0.98712541400
**See detail attached
DocuSign Envelope ID: E5259EB4-04A9-406C-9B49-86701290EB04
City of Petaluma Performance Summaries
Returns as of BAML 1-3 Year Treasury
June 30, 2022 City of Petaluma Index
Past Quarter -0.44% -0.50%
Past 6 Months -2.67% -2.84%
Past Year -3.12% -3.30%
Past 3 Years 0.37% 0.24%
Past 5 Years 1.04%
Yield to Maturity 0.71% -
Notes:
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. 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.
DocuSign Envelope ID: E5259EB4-04A9-406C-9B49-86701290EB04
Wb/ZZ, I:vu FM Untitled Page
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BETTY T. YEE
California State Controller
LOCAL AGENCY INVESTMENT FUND
REMITTANCE ADVICE
Agency Name
PETALUMA
Account Number 98-49-650
As of 07/15/2022,your Local Agency Investment Fund account has been directly credited
with the interest earned on your deposits for the quarter ending 06/30/2022.
Earnings Ratio .00002057622201151
Interest Rate 0.75%
Dollar Day Total $ 6,321,492,939.72
Quarter End Principal Balance $ 69,475,371.58
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Quarterly Interest Earned $ 130,072.44 j
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https://Iaif.sco.ca.gov/Result.aspx /�
DocuSign Envelope ID: E5259EB4-04A9-406C-9B49-86701290EB04
%NVEsryFy State of California
w 90 Pooled Money Investment Account
CD
y Market Valuation
6/30/2022
9,r. v0
`�'•uauio���'
Carrying Cost Plus
Description Accrued Interest Purch. Amortized Cost Fair Value Accrued Interest
United States Treasury:
Bills $ 54,848,665,577.86 $ 54,942,932,200.87 $ 54,781,856,500.00 NA
Notes $ 104,643,095,916.36 $ 104,593,661,357.83 $ 102,160,461,000.00 $ 245,265,780.00
Federal Agency:
SBA $ 307,350,707.85 $ 307,350,707.85 $ 308,985,118.38 $ 193,926.96
MBS-REMICs $ 4,692,696.64 $ 4,692,696.64 $ 4,761,517.29 $ 21,218.19
Debentures $ 9,362,179,022.09 $ 9,361,738,008.20 $ 9,198,083,200.00 $ 10,102,007.55
Debentures FR $ - $ - $ - $
Debentures CL $ 2,350,000,000.00 $ 2,350,000,000.00 $ 2,333,288,000.00 $ 4,963,026.00
Discount Notes $ 30,059,675,770.69 $ 30,110,253,965.21 $ 30,001,238,500.00 NA
Supranational Debentures $ 2,211,832,920.27 $ 2,211,832,920.27 $ 2,141,709,500.00 $ 5,074,333.50
Supranational Debentures FR $ - $ - $ - $ _
CDs and YCDs FR $ - $ - $ - $ -
Bank Notes $ 100,000,000.00 $ 100,000,000.00 $ 100,127,240.39 $ 8,333.33
CDs and YCDs $ 13,285,000,000.00 $ 13,285,000,000.00 $ 13,259,760,785.79 $ 28,932,798.53
Commercial Paper $ 11,523,629,687.36 $ 11,549,363,979.09 $ 11,525,497,727.72 NA
Corporate:
Bonds FR $ - $ - $ - $ -
Bonds $ 492,674,729.32 $ 492,342,145.99 $ 473,145,680.00 $ 3,245,257.95
Repurchase Agreements $ - $ - $ - $ -
Reverse Repurchase $ - $ - $ - $
Time Deposits $ 4,453,000,000.00 $ 4,453,000,000.00 $ 4,453,000,000.00 NA
PMIA&GF Loans $ 828,153,000.00 $ 828,153,000.00 $ 828,153,000.00 NA
TOTAL $ 234,469,950,028.44 $ 234,590,320,981.95 $ 231,570,067,769.57 $ 297,806,682.01
Fair Value Including Accrued Interest $ 231,867,874,451.58
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(0.987125414).
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$19,742,508.28 or$20,000,000.00 x 0.987125414.
DocuSign Envelope ID: E5259EB4-04A9-406C-9B49-86701290EB04
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