HomeMy WebLinkAboutResolution 2023-145 N.C.S. 09/18/2023 DocuSign Envelope ID:8873FB56-63FF-4ECB-B209-7F1F70CE9CE5
Resolution No. 2023-145 N.C.S.
of the City of Petaluma, California
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PETALUMA REGARDING RECEIPT
AND FILING OF THE CITY TREASURER'S QUARTERLY REPORT DATED JUNE 30, 2023
WHEREAS, the City of Petaluma Investment policy approved by the City Council pursuant to Resolution no.
2022-103 N.C.S. adopted June 6, 2022 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, 2023; 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,
2023, 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, 2023 in
the official City records.
Resolution No. 2023-145 N.C.S. Page 1
DocuSign Envelope ID:8873FB56-63FF-4ECB-B209-7F1F70CE9CE5
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 18'day of September DocuSigned:
2023,by the following vote:
5EF85Al1 A 4F3A4T[D ey
AYES: McDonnell,Barnacle,Cader Thompson,Healy,Nau,Pocekay, Shribbs
NOES: None
ABSENT: None
ABSTAIN: None
DocuSigned by: DocuSigned by:
ATTEST:
CityBerpkzseaasz... Mayor
Resolution No. 2023-145 N.C.S. Page 2
DocuSign Envelope ID:8873FB56-63FF-4ECB-B209-7F1 F70CE9CE5
EXHIBIT A
CITY TREASURER'S QUARTERLY REPORT
Resolution No. 2023-145 N.C.S. Page 3
DocuSign Envelope ID:8873FB56-63FF-4ECB-B209-7F1F70CE9CE5
Exhibit A
City of Petaluma
Quarterly ]Investment Report
April 1 to June 30, 2023
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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
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 30,2023.
DocuSign Envelope ID:8873FB56-63FF-4ECB-B209-7F1 F70CE9CE5
CITY OF PETALUMA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending June 30, 2023
Cash activity for the fiscal year:
Cash and Investments,Beginning of the quarter,4/1/23 $ 208,328,310
Cash Receipts 112,821,981
Cash Disbursements (104,712,785)
Cash and Investments,End of the Quarter, 6/30/23 $ 216,437,505
Cash and Investment Portfolio at June 30, 2023
Percent
Fair Market Par Value of
Value* (Cost) Portfolio
Investments Managed by City Treasurer:
Local Agency Investment Funds (LAIF) 69,607,998 71,235,264 32.91%
CAMP Pool (CA Asset Management Prog) 48,180,068 48,180,068 22.26%
PFM Investments Securities ** 65,335,347 67,111,712 31.01%
Checking Accounts 11,850,829 11,850,829 5.48%
Subtotal 194,974,241 198,377,873 91.66%
Investments Managed by Fiscal Agents:
Trustee Money Market Accounts 18,059,632 18,059,632 8.34%
Subtotal 18,059,632 18,059,632 8.34%
Total Cash and Investments 213,033,874 216,437,505 100.00%
I certify that this report contains the total amounts of cash and investments at June 30, 2023
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, 2023
Corey Car ro .o, 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:8873FB56-63FF-4ECB-B209-7F1F70CE9CE5
CITY OF PETALUMA,CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending June 30,2023
Beginning End of
Inveshnents/Financial Institute of Quarter Increase*A Decrease Quarter
Investments Managed by Citi,Treasurer:
LAIF 70,207,139.53 473,184.79 70,680,324.32
LAIF accrued interest 473,184.79 554,939.58 (473,184.79) 554,939.58
Sub-Total LAIF 70,680,324.32 1,028,124.37 (473,184.79) 71,235,263.90
CAMP Pool-Treasurer's Investment Money Market 50,042,056.92 17,573,349.39 (19,435,338.16) 48,180,068.15
Sub-Total CAMP Pool Managed Account 50,042,056.92 17,573,349.39 (19,435,338.16) 48,1809068.15
Federal Agency Bonds/Discount Notes 12,275,584.58 2,841,770.47 (1,535,008.93) 13,582,346.12
Fed Agency accrued interest 28,582.84 94,264.89 (59,339.87) 63,507.86
US Treasury Bonds/Notes 41,898,324.27 16,235,458.01 (4,940,019.55) 53,193,762.73
US Treasury accrued interest 233,384.79 319,238.20 (280,527.58) 272,095.41
Sub-Total PFM Securities Managed Account** 54,435,876.48 19,490,731.57 (6,814,895.93) 67,111,712.11
Subtotal 1759158,257.72 38,092,205.33 (26,7239418.88) 186,527,044.16
Checking Accounts:
Exchange-General Operating 9,212,747.57 56,596,620.61 (54,751,950.58) 11,057,417.60
Exchange-Payroll 3,471,844.28 8,400,000.00 (11,159,155.70) 712,688.58
Exchange-Savings - -
Thomas Lee Charity Trust - - -
Police Trust 80,651.39 71.39 80,722.78
Sub-Total Checking Accounts 12,765,243.24 64,996,692.00 (65,911,106.28) 119850,828.96
Total Cash and Investments Managed by the City Treasurer 187,923,500.96 103,088,897.33 (92,634,525.16) 198,377,873.12
Inveshnents Managed by Trustees Fiscal Agents:
Bank of New York 20,396,103.44 7,895,425.47 (10,241,097.76) 18,050,431.15
US Bank First American Trcas 8,705.79 1,837,657.74 (1,837,162.38) 9,201.15
Sub-Total Trustees Money Market Account 20,404,809.23 9,733,083.21 (12,078,260.14) 18,059,632.30
Total Cash and Investments Managed by Fiscal Agents 20,404,809.23 9,733,083.21 (12,078,260.14) 18,059,632.30
TOTAL CASH AND INVESTMENTS 208,328,310.19 112,821,980.54 (104,7129785.30) 216,437,505.42
•*See detail attached Accrued interest (890,542,85)
General Ledger 215,546,962.58
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DocuSign Envelope ID:8873FB56-63FF-4ECB-B209-7F1F70CE9CE5
CITY OF PETALUMA,CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending June 30,2023
Cost vs.Fair Market Value
Unrealized
Cost FV Gain/(Loss)--
US Treasury Bond/Note 53,193,762.73 51,938,160.14 (1,255,602.59)
Federal Agency Bond/Discount Note 13,582,346.12 13,397,186.51 (185,159.61)
Corporate Note - -
Certificate of Deposit - -
Sub-Total PFM Treasurer's Invest.Securities 66,776,108.85 65,335,346.65 (1,440,762.20)
CAMP Pool Money Market Fund 48,180,068.15 48,180,068.15 -
Sub-Total CAMP Treasurer's Investments 114,956,177.00 113,515,414.80 (1,440,762.20)
Accrued Interest 335,603.30
CAMP Total Investment Managed Securities Held** 113,851,018.10
LAIF 70,680,324.32 69,607,997.71 (1,072,326.61)
LAIF amortized cost rate 0.98482849900
**See detail attached
DocuSign Envelope ID:8873FB56-63FF-4ECB-B209-7F1 F70CE9CE5
City of Petaluma Performance Summaries
Returns as of BAML 1-3 Year Treasury
June 30, 2023 City of Petaluma Index
Past Quarter -0.38% -0.57%
Past 6 Months 1.20% 0.97%
Past Year 0.50% 0.13%
Past 3 Years -0.79% -1.05%
Past 5 Years 1.10% 0.95%
Yield to Maturity 3.09% -
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.
DocuSign Envelope ID:8873FB56-63FF-4ECB-B209-7F1F70CE9CE5
917/23,5:28 PM Untitled Page
MALIA M. COHEN
California State Controller
LOCAL AGENCY INVESTMENT FUND
REMITTANCE ADVICE
Agency Name PETALUMA
Account Number 98-49-650
As of 07/14/2023,your Local Agency Investment Fund account has been directly credited
with the interest earned on your deposits for the quarter ending 06/30/2023.
Earnings Ratio .00008636172883763
Interest Rate 3.15%
Dollar Day Total $ 6,425,758,110.85
Quarter End Principal Balance $ 70,680,324.32
Quarterly Interest Earned $ 554,939.58
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DocuSign Envelope ID:8873FB56-63FF-4ECB-B209-7F1 F70CE9CE5
kNvEST4�yq State of California
W N, o Pooled Money Investment Account
C. � O4
1*1 Market Valuation
�ryv� 6/30/2023
Carrying Cost Plus
Description Accrued Interest Purch. Amortized Cost Fair Value Accrued Interest
United States Treasury:
Bills $ 26,007,755,477.17 $ 26,399,578,085.33 $ 26,373,531,500.00 NA
Notes $ 86,519,529,543.76 $ 86,509,828,710.82 $ 84,164,502,000.00 $ 284,909,808.50
Federal Agency:
SBA $ 304,224,258.70 $ 304,224,258.70 $ 303,681,095.57 $ 1,346,489.58
MBS-REMICs $ 2,861,107.99 $ 2,861,107.99 $ 2,796,239.71 $ 12,733.34
Debentures $ 8,945,771,764.62 $ 8,944,151,139.64 $ 8,759,821,400.00 $ 55,422,809.00
Debentures FIR $ - $ - $ - $ -
Debentures CL $ 1,700,000,000.00 $ 1,700,000,000.00 $ 1,647,748,000.00 $ 10,856,492.50
Discount Notes $ 24,944,635,104.19 $ 25,263,483,034.62 $ 25,266,731,500.00 NA
Supranational Debentures $ 2,922,770,687.63 $ 2,922,770,687.63 $ 2,850,780,700.00 $ 18,059,340.40
Supranational Debentures FIR $ - $ - $ - $ -
CDs and YCDs FIR $ - $ - $ - $ -
Bank Notes $ 200,000,000.00 $ 200,000,000.00 $ 199,864,525.38 $ 4,632,083.33
CDs and YCDs $ 13,200,000,000.00 $ 13,200,000,000.00 $ 13,189,091,719.79 $ 224,912,305.57
Commercial Paper $ 7,730,447,541.69 $ 7,808,541,430.55 $ 7,803,585,652.74 NA
Corporate:
Bonds FIR $ - $ - $ - $ -
Bonds $ 463,858,804.42 $ 463,789,526.64 $ 438,964,830.00 $ 3,327,576.53
Repurchase Agreements $ - $ - $ - $ -
Reverse Repurchase $ - $ - $ - $ -
Time Deposits $ 5,082,000,000.00 $ 5,082,000,000.00 $ 5,082,000,000.00 NA
PMIA&GF Loans $ 358,954,000.00 $ 358,954,000.00 $ 358,954,000.00 NA
TOTAL $ 178,382,808,290.17 $ 179,160,181,981.92 $ 176,442,053,163.19 $ 603,479,638.75
Fair Value Including Accrued Interest $ 177,045,532,801.94
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(0.984828499).
As an examole:if.an agency has an account balance of$20,000,000.00, then thd,ragencywould report its .
participation'',,in the LAW valued at$19,696,569.99 or$20,000,000.00 x 0.984828499.
DocuSign Envelope ID:8873FB56-63FF-4ECB-B209-7F1 F70CE9CE5
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