AGENDA ITEM #9
TOWN OF FAIRFAX
STAFF REPORT
August 3, 2022
TO: Mayor and Town Council
FROM: Janet Garvin, Town Treasurer
SUBJECT: Receive Treasurer’s Report for Quarter Ending June 30, 2022 _______________________________________________________________________________________
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 March 31, 2022, which was presented at the May 4, 2022 meeting.
Cash balances are:
As of June 30, 2022 As of June 30, 2021
Bank of Marin checking $ 182,212 $ 635,396
LAIF account 7,912,365 5,598,141
Total cash $ 8,094,577 $ 6,233,537
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. The current calendar year has seen four increases to the Federal Reserve’s benchmark short-term borrowing rate as a response to increasing inflation. The fourth rate increase of three-quarters of a percent, on July 27, was the second consecutive month that the Federal Reserve raised its rate by that amount.
State of California Local Agency Investment Fund (LAIF) earned 0.75% as the quarterly apportionment rate for the quarter ending June 30, 2022, up from 0.32% for the first quarter of 2022.
Interest earned for the quarter ending June 30, 2022 was $13,742 compared with $4,694 in interest earned for the previous quarter ended March 31. The ending balance at June 30 ($7,912,365) was $2,754,693 greater than the LAIF ending balance at March 31 due to a combination of property tax revenue received April through June and the higher interest rate paid.
ATTACHMENTS
A. The most recent LAIF performance report
B. LAIF Regular Monthly Statement as of June 30, 2022
BETTY T. YEE
California State Controller
LOCAL AGENCY INVESTMENT FUND
REMITTANCE ADVICE
Agency Name FAIRFAX
Account Number 98-21-290
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 $ 667,859,534.21
Quarter End Principal Balance $ 7,912,365.33
Quarterly Interest Earned $ 13,742.03
Untitled Page Page 1 of 1
https://laif.sco.ca.gov/Result.aspx 7/27/2022
ATTACHMENT A
June 0.861
May 0.684
Apr 0.523
PMIA Quarter to Date(1): 0.69%
PMIA Average Life 311 (1):
LAIF Apportionment Rate 0.75 (2):
0.00002057622201151
0.987125414
LAIF Earnings Ratio(2):
LAIF Fair Value Factor(1):
PMIA Daily(1): 0.99%
Treasuries
68.02%
Agencies
18.90%
Certificates of
Deposit/Bank Notes
5.71%
Time
Deposits
1.90%
Commercial
Paper
4.91%
Corporate
Bonds
0.21%
Loans
0.35%
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 07/18/22
Daily rates are now available here. View PMIA Daily Rates Quarterly Performance
Quarter Ended 06/30/22
Chart does not include $4,693,000.00 in mortgages, which equates to 0.002%. Percentages may not total 100% due to rounding.
Pooled Money Investment Account
Monthly Portfolio Composition (1)
06/30/22
$234.5 billion
ATTACHMENT B
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