AGENDA ITEM #22
TOWN OF FAIRFAX
STAFF REPORT
June 7, 2023
TO: Mayor and Town Council
FROM: Janet Garvin, Town Treasurer
SUBJECT: Treasurer’s Report for Quarter Ending March 31, 2023 _______________________________________________________________________________________
RECOMMENDATION
Accept and file 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 December 31, 2022, and was presented at the February 1, 2023 meeting.
Cash balances are:
As of Mar. 31, 2023 As of Mar. 31, 2022
Bank of Marin checking $ 99,733 $ 330.170
LAIF account 6,074,580 5,157,672
Total cash $ 6,174,313 $ 5,487,842
State of California Local Agency Investment Fund (LAIF) earned 2.74% as the quarterly apportionment rate for the quarter ending March 31, up by 0.64% from the quarterly apportionment rate at December 31, 2022. Interest earned for the quarter ending March 31, 2023 (deposited in April 2023) was $45,975, which is $20,266 more than the interest earned in the previous quarter that ended Dec. 31, 2022. The 2.74% rate for the March 2023 quarter compares with 0.32% earned in the same quarter of 2022.
On May 3, the Federal Reserve raised the funds rate by 25 basis points, taking the rate to a target range of 5%-5.25%. A possible default on government obligations, due to an unresolved debt ceiling crisis, may result in a spike in the Federal funds rate which then could affect various segments of the economy, including municipal governments.
ATTACHMENTS
The most recent LAIF performance report and the LAIF Regular Monthly Statement as of March 31, 2023 are attached.
April 2.870
March 2.831
February 2.624
PMIA Quarter to Date(1): 2.63
PMIA Average Life 275 (1):
LAIF Apportionment Rate 2.74 (2):
0.00007493902135155
0.986510329
LAIF Earnings Ratio(2):
LAIF Fair Value Factor(1):
PMIA Daily(1): 2.87
Treasuries
64.15%
Agencies
21.72%
Certificates of
Deposit/Bank Notes
6.48%
Time
Deposits
2.74%
Commercial
Paper
4.47%
Corporate
Bonds
0.24%
Loans
0.20%
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 05/10/23
Daily rates are now available here. View PMIA Daily Rates Quarterly Performance
Quarter Ended 03/31/23
Chart does not include $3,085,000.00 in mortgages, which equates to 0.002%. Percentages may not total 100% due to rounding.
Pooled Money Investment Account
Monthly Portfolio Composition (1)
03/31/23
$191.2 billion
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
May 11, 2023
LAIF Home
PMIA Average
Monthly Yields
CITY OF FAIRFAX
FINANCE DIRECTOR
142 BOLINAS ROAD
FAIRFAX, CA 94930
Account Number: 98-21-290
March 2023 Statement
Tran Type
Definitions
Effective
Date
Transaction
Date
Tran
Type Confirm
Number
Web
Confirm
Number Authorized Caller Amount
3/6/2023 3/3/2023 RW 1724537 N/A MICHAEL VIVRETTE -300,000.00 3/13/2023 3/10/2023 RW 1724765 N/A MICHAEL VIVRETTE -250,000.00 Account Summary
Total Deposit: 0.00 Beginning Balance: 6,624,580.28
Total Withdrawal: -550,000.00 Ending Balance: 6,074,580.28 LAIF Regular Monthly Statement Page 1 of 1
https://laifms.treasurer.ca.gov/RegularStatement.aspx 5/11/2023