AGENDA ITEM #6
TOWN OF FAIRFAX
STAFF REPORT
November 2, 2022
TO: Mayor and Town Council
FROM: Janet Garvin, Town Treasurer
SUBJECT: Treasurer’s Report for Quarter Ending September 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 June 30, 2022, which was presented at the August 3, 2022 meeting.
Cash balances are:
As of Sept. 30, 2022 As of Sept. 30, 2021
Bank of Marin checking $ 80,834 $ 503,892
LAIF account 5,976,107 4,102,518
Total cash $ 6,056,741 $ 4,606,410
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, while 2022 interest rate increases—five to date as of September 30—also have affected the Town’s interest rate earnings and projections. Two of these increases, of three-quarters of a percent each time, occurred in the quarter ended September 30.
State of California Local Agency Investment Fund (LAIF) earned 1.35% as the apportionment rate for the quarter ending September 30, 2022, almost double the interest rate earned in the quarter ended June 30, 2022. However, interest earned for the September 30 quarter was $6,512 compared with $13,742 for the June 30 quarter. The greater interest earned April-June reflects property tax revenues received April-June which were deposited during the quarter. No property tax revenue is received from July through November. The next property tax revenues will be received in December 2022. It is worth noting that the September 30, 2022 LAIF account ending balance ($5,976,107) is $1,873,589 greater than the balance one year ago, due to a rise in property tax and ARPA receipts over the past year, and also to interest rate increases in 2022 after steady drops in rates paid throughout 2021.
ATTACHMENT
The most recent LAIF performance report and the LAIF Regular Monthly Statement as of September 30, 2022 are attached.
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
October 19, 2022
LAIF Home
PMIA Average
Monthly Yields
CITY OF FAIRFAX
FINANCE DIRECTOR
142 BOLINAS ROAD
FAIRFAX, CA 94930
Account Number: 98-21-290
September 2022 Statement
Tran Type
Definitions
Effective
Date
Transaction
Date
Tran
Type Confirm
Number
Web
Confirm
Number Authorized Caller Amount
9/13/2022 9/12/2022 RW 1713097 N/A MICHAEL VIVRETTE -350,000.00 Account Summary
Total Deposit: 0.00 Beginning Balance: 6,326,107.36
Total Withdrawal: -350,000.00 Ending Balance: 5,976,107.36 LAIF Regular Monthly Statement Page 1 of 1
https://laifms.treasurer.ca.gov/RegularStatement.aspx 10/19/2022 California State Treasurer
Fiona Ma, CPA
September 1.513
August 1.276
July 1.090
0.00003699565555327
0.980760962
LAIF Earnings Ratio(2):
LAIF Fair Value Factor(1):
PMIA Daily(1): 1.63%
LAIF Apportionment Rate 1.35 (2):
PMIA Quarter to Date(1): 1.29%
PMIA Average Life 304 (1):
Treasuries
66.59%
Agencies
19.79%
Certificates of
Deposit/Bank Notes
6.44%
Time
Deposits
2.20%
Commercial
Paper
4.59%
Corporate
Bonds
0.22%
Loans
0.17%
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 10/14/22
Daily rates are now available here. View PMIA Daily Rates Quarterly Performance
Quarter Ended 09/30/22
Chart does not include $3,917,000.00 in mortgages, which equates to 0.002%. Percentages may not total 100% due to rounding.
Pooled Money Investment Account
Monthly Portfolio Composition (1)
09/30/22
$222.9 billion