AGENDA ITEM #7
TOWN OF FAIRFAX
STAFF REPORT
February 2, 2022
TO: Mayor and Town Council
FROM: Janet Garvin, Town Treasurer
SUBJECT: Receive Treasurer’s Report for Quarter Ending December 31, 2021 _______________________________________________________________________________________
RECOMMENDATION
Receive Treasurer’s Report.
DISCUSSION
California Government Code requires that the Town Treasurer submit to the Town Clerk and the legislative body periodic written reports of fund balances. Town policy stipulates that the Treasurer may submit investment reports at least quarterly. The last Treasurer’s Report was for June 30, 2021, which was presented at the August 4, 2021 meeting.
Cash balances are:
As of Dec. 31, 2021 As of Dec. 31, 2020
Bank of Marin checking $ 1,067,014 $ 539,043
LAIF account 6,105,493 4,890,054
Total cash $ 7,172,507 $ 5,429,097
Historically low interest rates in 2020 and in 2021 to support the economy during the coronavirus pandemic affected the Town’s interest rate earnings and projections. Most recently, the Federal Reserve raised expectations for a quarter-percent point increase to its benchmark short-term borrowing rate as soon as March 2022, largely in response to inflation. This increase would be the first since December 2018.
State of California Local Agency Investment Fund (LAIF) earned 0.23% as the quarterly apportionment rate for the quarter ending December 31, 2021, down by 0.01% from the quarterly apportionment rate of 0.24% for the previous quarter ending September 30, 2021. Interest earned for the quarter ending December 31, 2021 was $2,179 compared with $3,423 in interest earned for the quarter ended December 31, 2020—even with a much higher balance in the account at December 31, 2021.
ATTACHMENT
The most recent LAIF performance report and the LAIF Regular Monthly Statement as of December 31, 2021.
Dec 0.212
Nov 0.203
Oct 0.203
0.00000625812849570
0.997439120
LAIF Earnings Ratio(2):
LAIF Fair Value Factor(1):
PMIA Daily(1): 0.22%
LAIF Apportionment Rate 0.23 (2):
PMIA Quarter to Date(1): 0.21%
PMIA Average Life 340 (1):
Treasuries
65.40%
Agencies
18.20%
Certificates of
Deposit/Bank Notes
7.39%
Time
Deposits
2.10%
Commercial
Paper
6.33%
Corporate
Bonds
0.17%
Loans
0.41%
Notes: The apportionment rate includes interest earned on the CalPERS Supplemental Pension Payment pursuant to Government Code 20825 (c)(1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 (a).
Source:
(1) State of California, Office of the Treasurer
(2) State of Calfiornia, Office of the Controller
PMIA Average Monthly
Effective Yields(1)
PMIA/LAIF Performance Report
as of 01/13/22
Daily rates are now available here. View PMIA Daily Rates Quarterly Performance
Quarter Ended 12/31/21
Chart does not include $6,716,000.00 in mortgages, which equates to 0.001%. Percentages may not total 100% due to rounding.
Pooled Money Investment Account
Monthly Portfolio Composition (1)
12/31/21
$181.4 billion
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
January 26, 2022
LAIF Home
PMIA Average
Monthly Yields
CITY OF FAIRFAX
FINANCE DIRECTOR
142 BOLINAS ROAD
FAIRFAX, CA 94930
Account Number: 98-21-290
December 2021 Statement
Tran Type
Definitions
Effective
Date
Transaction
Date
Tran
Type Confirm
Number
Web
Confirm
Number Authorized Caller Amount
12/21/2021 12/20/2021 RD 1692292 N/A MICHAEL VIVRETTE 3,000,000.00 Account Summary
Total Deposit: 3,000,000.00 Beginning Balance: 3,105,492.85 Total Withdrawal: 0.00 Ending Balance: 6,105,492.85
LAIF Regular Monthly Statement Page 1 of 1
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/26/2022