AGENDA ITEM #3
TOWN OF FAIRFAX
STAFF REPORT
February 1, 2023
TO: Mayor and Town Council
FROM: Janet Garvin, Town Treasurer
SUBJECT: Treasurer’s Report for Quarter Ending December 31, 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 the period ending September 30, 2022, which was presented at the November 2, 2022 meeting.
Cash balances are:
As of Dec. 31, 2022 As of Dec. 31, 2021
Bank of Marin checking $ 1,207,809 $ 1,067,014
LAIF account 6,898,871 6,105,493
Total cash $ 8,106,680 $ 7,172,507
The Federal Reserve’s short-term borrowing rate is now at a 15-year high with a range of 4.25%-
4.5%. Another Federal rate increase, of a possible 0.25 percentage points, is expected on February 1, 2023 while Federal Reserve policymakers consider two ongoing and conflicting risks: that they will fail to raise rates high enough, thereby perpetuating inflation; or that they will raise rates too high and risk sending the economy into recession.
State of California Local Agency Investment Fund (LAIF) earned 2.07% as the quarterly apportionment rate for the quarter ending December 31, 2022, up by 0.72% from the quarterly apportionment rate of 1.35% for the September 30, 2022 quarter. Although the Dec. 31, 2022 LAIF balance was just $793,378 larger than the Dec. 31, 2021 balance of $6,105,493, interest earned for the December 31, 2022 quarter--$25,709 —was $23,530 more than the $2,179 earned in the same quarter a year ago because the Dec. 2022 rate was 9 times greater than the Dec. 2021 rate of 0.23%.
ATTACHMENTS
The most recent LAIF performance report and the LAIF Regular Monthly Statement as of December 31, 2022 are attached.
December 2.173
November 2.007
October 1.772
PMIA Quarter to Date(1): 1.98
PMIA Average Life 287 (1):
LAIF Apportionment Rate 2.07 (2):
0.00005680946709337
0.981389258
LAIF Earnings Ratio(2):
LAIF Fair Value Factor(1):
PMIA Daily(1): 2.29
Treasuries
66.67%
Agencies
20.08%
Certificates of
Deposit/Bank Notes
6.26%
Time
Deposits
2.58%
Commercial
Paper
3.95%
Corporate
Bonds
0.27%
Loans
0.19%
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 01/18/23
Daily rates are now available here. View PMIA Daily Rates Quarterly Performance
Quarter Ended 12/31/22
Chart does not include $3,466,000.00 in mortgages, which equates to 0.002%. Percentages may not total 100% due to rounding.
Pooled Money Investment Account
Monthly Portfolio Composition (1)
12/31/22
$199.6 billion
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
January 19, 2023
LAIF Home
PMIA Average
Monthly Yields
CITY OF FAIRFAX
FINANCE DIRECTOR
142 BOLINAS ROAD
FAIRFAX, CA 94930
Account Number: 98-21-290
December 2022 Statement
Tran Type
Definitions
Effective
Date
Transaction
Date
Tran
Type Confirm
Number
Web
Confirm
Number Authorized Caller Amount
12/6/2022 12/5/2022 RW 1718787 N/A MICHAEL VIVRETTE -300,000.00 12/14/2022 12/13/2022 RW 1719097 N/A MICHAEL VIVRETTE -200,000.00 12/20/2022 12/20/2022 RD 1719371 N/A MICHAEL VIVRETTE 3,400,000.00 12/20/2022 12/22/2022 RDA 1719590 N/A MICHAEL VIVRETTE -3,400,000.00 12/21/2022 12/22/2022 RDX 1719591 N/A MICHAEL VIVRETTE 3,400,000.00 Account Summary
Total Deposit: 3,400,000.00 Beginning Balance: 3,998,871.14 Total Withdrawal: -500,000.00 Ending Balance: 6,898,871.14 LAIF Regular Monthly Statement Page 1 of 1
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/19/2023