HomeMy WebLinkAboutStaff Report 09/19/2011 3.A A Items #3.A
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1850
DATE: September 19, 2011
TO: Honorable Mayor and Members of the City Council through City Manager
FROM: William Mushallo, Finance Director /City Treasurer
SUBJECT: Resolution to Receive and File the City Treasurer's Report for the Period Ending
June 30, 2011
RECOMMENDATION
It is recommended that the City Council adopt the attached Resolution to Receive and File the
City Treasurer's Report dated June 30, 2011.
BACKGROUND
Pursuant to the Government Code, the City Council delegates the authority to invest or to
reinvest funds to the City Treasurer for a one -year period. The City Council approved the City
of Petaluma Investment Policy on May 27, 2010 which delegated investment authority to the
City Treasurer for the Fiscal Year 2010-2011. The City Treasurer is required to provide a
quarterly investment report to the Council that includes the status of the investment portfolio.
This is the fourth quarterly report for the Fiscal Year 2010 - 2011.
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; safeguard the
principal of funds under its control, meet the daily cash flow requirements and to achieve a
reasonable rate of return with the maximum security. The attached quarterly Treasurer's Report
contains information on the City's cash activity and ending balances in all City accounts. The
report :
® 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
O Provides information on investment portfolio activity, security type, maturity and value,
and book and fair value
Agenda Review:
City Attorney Finance Di ector City Manager
® Compares the City's quarterly investment earnings with the City's benchmark
FINANCIAL IMPACTS
The required action is to receive and file the Treasurer's Report. There is not a financial impact.
ATTACHMENTS
1. Resolution to Receive and File the City Treasurer's Report dated. June 30, 2011.
2. City Treasurer's Report Dated June 30, 2011
z
ATTACHMENT 1
RESOLUTION TO RECEIVE AND FILE THE CITY TREASURER'S REPORT DATED
JUNE 30, 2011
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 report
dated June 30, 2011 and directs the City Clerk to file it.
3
City of etaluna
Quarterly Investment Report
April 1, 2011 - June 30 2011
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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 (LATE) 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, 2011
4-
CITY OF'PETALU1VMA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending June 30, 2011
Cash activity for the fiscal year:
Cash and Investments, Beginning of the quarter, 4/1/2011 $ 106,205,722
Cash Receipts 76,647,246
Cash Disbursements (79,185,285)
Cash and Investments, End of the Quarter, 6/30/2011 $ 103,667,683
Cash and Investment Portfolio at June 30, 2011
Percent
Fair Market Par Value of
Value* (Cost) Portfolio
Investments Managed by City Treasurer:
Assessment Districts Bonds 697,873 697,873 0.67%
Local Agency Investment Funds (LAIF) 39,339,944 39,324,894 37.93%
CAMP Pool (CA Asset Management Prog) 701,667 701,667 0.68%
PFM Investments Securities ** 24,208,534 24,112,623 23.26%
Certificate of Deposits 2,258,780 2;258,780 2.18%
Checking Accounts 4,432,424 4,432,424 4.28%
Subtotal 71,639,222 71,528,261 69.00%
Investments Managed by Fiscal Agents:
CAMP Debt Issue Accounts 18,711,692 18,711,692 18.05%
Trustee Money Market Accounts 13,427,731 1.3,427,731 12.95%
Subtotal 32,139,423 32,139,423 31.00%
Total Cash and :Investments 103,778,64.5 103,667,683 100.00%
I certify that this report contains the total amounts of cash and investments at June 30, 2011
The investments are in confonnity 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.
William Mushallo, Finance Director
*Fair market values are furnished by the State of California, Local Agency Investment Fund and California Asses
Management Program.
** See detail attached
5
CITY OF PETALUMA, CALIFORNIA
CITY TREASURER'S QUARTERLY', REPORT
For the quarter ending June 30, 2011 .
t N r r p , , t )? ,r b
Investments Managed by City Treasurer:
Assessment District Bond (AD) 2000 - 01 697,872.91 697,872.91
Sub -Total Assessment Districts Bond (Al)) Accounts 697,872.91 - - 697,872.91
LAIF 33,735,388.15 9,042,635.15 (3,500,000.00) 39,278,023.30
LAIF accrued interest 42,635.14 46,870.54 (42,635.14) 46,870.54
Sub - Total LAIF 33,778,023.29 9;089,505.69 (3,542,635.14) 39,324,893.84
CAMP Pool Treasurer's Investment Money Market 12,296,653.04 5;912,687.13 (17,507,673.51) 701,666.66
Sub - Total CAMP Pool Managed Account 12,296,653.04 5,912,687:13' (17,507,673.51) 701,666.66
Federal Agency Bonds /Discount Notes 10,793,39637 3,587,592.00 (4,859,955.37) 9,521,033.00
Fed Agency accrued interest 66,273.48 47,767.72 (72,738.90) 41,302.30
US Treasury Bonds/Notes 10.652,523.23 2,104,476 :56 (928,365.62) 11,828,634.17
US Treasury accrued interest 24,764.21 23,917.55 (32,544.21) 16,137.55
US Gov. Support Corp Debt 1,435,448.40 - - 1,435,448.40
US Gov. Support Corp Debt interest 13,28950 14,730.00 (23,910.00) 4,109.50
Corporate Notes 1,249,187.50 - - 1,249,187.50
Corporate Notes accrued interest 5,833.33 10,937.50 - 16,770.83
Sub -Total PFM Securities Managed Account ** 24,240,716.02 5,789,421.33 (5,917,514.10) 24,112,623.25
Subtotal 71,013,265.26 20 ;791,614.15 (26,967,822.75) 64,837,056.66
Certificate of Deposits:
Circle Bank 249,204.18 1,000,509.99 1,249,714.17
Circle Bank accrued interest 1,278 72 1,278.72
Bank of Marin 1,000,000.00 1,01)0,000.00
Bank of Marin accrued interest 5,538.50 2,248.70 7,787.20
Sub -Total Certificate of Deposits 1.254,742.68 1,004,037.41 - 2,258,780.09
•
Checking Accounts:
Exchange - General Operating 1,778,100.31 47,110,16927 (44,481,075.48) 4,407,194.10
Exchange - Payroll 5,006.50 4,360,243.36 (4,360,240.39) 5,009.47
Thomas Lee Charity Trust 2,067.38 2,067.38
Police Trust 18,146.21 6.79 18,153.00
Sub -Total Checking Accounts 1,803,320.40 51,470;419.42 (48,841,315.87) 4,432,423.95
Total Cash and Investments Managed by the City Treasurer 74,071,328.34 73,266,070.98 (75,809,138.62) 71,528,260.70
Go'esttnents Managed by Trustees Fiscal.4gents:
CAMP -AD 23, 24, 25 Accounts Money Market 426,187.96 136.76 426,324.72
CAMP 200113 Water Rev, 2003 COP, 2007 TAB, 2011 TAB 18.279,501.04 5,865.82 18,285,366.86
Sub - Total CAMP - Debt Issue Accounts ** 18,705,689.00 6,002.58 - 18,711,691.58
Bank of New York 2264,247.83 192,137.70 (194,292.36) 2,262,093.17
Union Bank Blackrock 801.04 186,312.21 (186,31126) 801.99
US Bank. First American Treas 11,16_,650.49 2,996,722.60 (2,995,537.06) 1 1,164,836.03
Wells Fargo Government Money Market 5.31 0.03 (5.34) (0.00)
Sub -Total Trustees Money MarketAccount 13,428,704.67 3,375,172.54 13,376,146.02) 13,427,731.19
Total Cash and Investments Managed by Fiscal Agents 32,134,393.67 3,381,175.12 (3,376,146.02) 32,139,422.77
TOTAL CASII AND INVESTMENTS 106,205,722.01 76,647,246.10 (79,185,284.64) 103,667,683.47
'* See detail attached Accrued interest (134,256.64)
General Ledger 103,533,426.83
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PETALUMA, CALIFORNIA
CITY TREASURER'S QUARTERLY REPORT
For the quarter ending June 30, -2011
Cost vs. Fair Market Value
Cost FV Gain /(Loss)
US Treasury Bond/Note 11,828,634.17 11,859,418.52 30,784.35
Federal Agency Bond/Discount Note 9,521,033.00 9,620,383.30 99,350.30
US Gov Support Corp Debt 1,435,448.40 1,440,987.54 5,539.14
Corporate Note 1,249,187.50 1,287,745.00 38,557.50
Sub - Total PFM Treasurer's Invest. Securities 24,034,303.07 24,208,534.36 174,231.29
CAMP Pool Money Market Fund 701,666.66 701,666.66 -
Sub -Total CAMP Treasurer's Investments 24,735,969.73 24,910,201.02 174,231.29
Accrued Interest 78,320.18
CAMP Total investment Managed Securities Held 24,988,521.20
CAMP Debt Issue Managed Accounts 18,71 1,691.58 18,711,691.58 -
PFM CAMP Total Treasurer's Investments ** 43,447 43,621,892.60 174,231.29
LAIF 39,278,023.30 39,339,943.93 61,920.63
LAIF amortized cost rate 1.00157647000
** See detail attached
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City of Petaluma Performance!Summaries
A 1ized R rn jas' of s
.. u3 ,?�!.M2t}11 & o tuluma,i..xW. ar U bale
v `\ � \ \\\ l \ *\\ \ \`\\� o \ � . \� � � it av yL \ F \\ \
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mew
Notes:
1. Merrill Lynch Indices provided by Bloomberg Financial Markets.
2. CAMP Cash Reserve Pool holdings excluded from performance, yield and duration calculations.
3. Performance numbers are presented on an annualized basis.
4. inception -date is 12/31/01.
Untitled Pa g e Pa
- �elofl
V./Wet**
JOHN CHIANG
California State Controller
LOCAL AGENCY INVESTMENT FUND
REMITTANCE ADVICE
Agency Name PETALUMA
Account Number 98 - 49 - 650
As of 07/15/2011, your Local Agency Investment Fund account has been directly credited
with the interest earned on your deposits for the quarter ending 06/30/2011.
Earnings Ratio .00001304422399226
Interest Rate 0.48%
Dollar Day Total $ 3,593,202,243.72
Quarter End Principal Balance $ 39.278,012.48
Quarterly Interest Earned $ 46,870.53
20
http : / /laif.sco.ca.gov /Result.aspx 8/22/2011
Untitled 'Page Page 1 of.1
JOHN CHIANG
California State Controller
LOCAL AGENCY INVESTMENT F ®'
REMITTANCE ADVICE
Agency Name PETALUMA COMMNTY DEVELOP COMMN
Account Number 65 - 49 - 001
As of 07/15/2011, your Local. Agency Investment Fund, account has been directly credited
with the interest earned on your deposits for the quarter ending.06 /30/2011.
Earnings Ratio .00001304422399226
Interest Rate 0.48%
Dollar Day Total $ 984.48
Quarter End Principal Balance $ 10.82
Quarterly Interest Earned - ° $ .01
http : / /lai£sco.ca•.gov /Result.aspx • ,8/22/201,:1
10 I
rr I_.,,
State of Californoa,
Pooled llkii.onoy inyestrnent;Account
Market. Vtil kon
6130/2011
�v � 1vi t"' x. yR d � f$ 3 � ' � F ,:. E ar s a � r,'a r t � €'% s R�. r • r.� 3 y� J ' "� , i g i," a£�'"f .\ r ' / 3 12z
-404 � x. ....� Y g ,, ! M 75
United States Treasury:
Bills . $ 24,818,177,506'.74 . $ 24,844,364 ; 805 :84 $ 24 NA
-Notes $ 10,713 ;937,756 :33 $ 10,712'363,727.25 $ 1,0,762,075,000.00 $ 18,565,612.00
Federal Agency:
SBA $ •544,879,228:83 - $' 544,873,88285 ''$ 544,254;926.47 $ 580,202.34
MBS- REMICs $ 468;463,453.14 $ 468,463,453.14 $ 506,246;544.33 $ 2,219,916.87
Debentures $ 1,376,412,463.48 $ 1,376,405,352'.36 $ 1,377,429,500.00 $ 2,094,440.25
Debentures FR $ 7 _. $ __ - $ - $ • -
Discount Notes $ 3,441,068,944 :32 $ 3,446,95,1,3305 :33 $ 3 ;447,81 ;500.00• • NA ' • •
GNMA $ 46,01;7:95" .$ 46,017.95 $ 47,035.38 $ 454.27
,000,OOOAO $ 300,000,000;00
IBRD Deb FR $ 300 $ 300,552;000:00 $ 274,312.50
CDs and YCDs FR $ 800,000,000:00, $ 800,000,000.00 $,,
,, ,800,000,000.00 $ 362,666.67
Bank Notes $ 550,000,000 $ 550,000,000.00 $ °550,047,966:91 $ 333,791.67
CDs and YCDs $ • 6 $ 6,580,034,295.00 $ ' $ 2,025,969.47
Commercial Paper $ 7,479,732,809:45 $ 7,481182,938.29 $ 7;480,974;553.34 NA `
Corporate:
Bonds FR $ $ $ - $ -
Bonds $ — $ — ., $ $ -
Repurchase Agreements $ - $ - . $ $
Reverse Repurchase $ ' - $' - 1 $ - $ -
Time Deposits $ 3968,140,000.00 $ 3,968, 140,000.00 $: • 3 NA
AB 55 & GF Loans ^ •$'
5,311 „794 ' 5,311;791 . $ 5;311,791,341.39 - NA
•
„ F.
TOTAL $ 66,352,783,816:63 $; 66 ,.$. 66,489,270;507 :63 '$ 26,457,366.04
Fair"Value Including Accrued interest $ 66 ;515,727,873.67
Repurchase Agreements, Time Deposits, A13'.55'& General Fund loans, and •
Reverse Repurchase -agreements'are'carried at portfolio book value (carrying'c0st):
The value of each participating-dollar equalS the . fair` value: divided by'the amortized cost(1 001576470).
As an example: the an agen c
cylhas an acount •balance ofr$20000,000.00,,,th n the agency would report its
participation in the LAIF'valued at $20,031,529.41 or $20,000,000.00 x1:001576470.
Z