FAIRFAX TOWN COUNCIL MEETING
STAFF REPORT
AGENDA ITEM #10
MEETING DATE: November 1, 2023
PREPARED FOR: Mayor and Town Council
PREPARED BY: Janet Garvin, Town Treasurer
SUBJECT: Treasurer’s Report for Quarter Ending September 30, 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 June 30, 2023, and was presented at the August 2, 2023 meeting.
Cash balances are:
As of Sept. 30, 2023 As of Sept. 30, 2022
Bank of Marin checking $ 185,243 $ 89,834
LAIF account 4,480,691 5,976,107
Total cash $4,665,934 $ 6,065,941
State of California Local Agency Investment Fund (LAIF) earned 3.59% as the quarterly apportionment rate for the quarter ending September 30, compared with a quarterly apportionment rate of 3.15% at June 30, 2023. Interest earned for the quarter ending September 30, 2023 (deposited in October 2023) was $52,359; total interest earned for Fiscal Year 2022-23 ending June 30, 2023 was $154,584.
In September the Federal Reserve declined to raise interest rates, following eleven rate hikes earlier in 2023. However, some economic projections indicate that the Federal Reserve might raise interest rates one more time this calendar year. If this happens, the Fed’s key benchmark interest rate would increase to a new 22-year high.
ATTACHMENT
The most recent LAIF performance report and the LAIF Regular Monthly Statement as of September 30, 2023.
September 3.534
August 3.434
July 3.305**
June 3.167
May 2.993
April 2.870
LAIF Apportionment Rate(2): 3.59
LAIF Earnings Ratio(2): 0.00009812538629360
LAIF Administrative Cost(1)*: 0.29
PMIA Average Life(1): 256
LAIF Fair Value Factor(1): 0.986307739
PMIA Daily(1): 3.48
PMIA Quarter to Date(1): 3.42
Treasuries
64.37%
Agencies
20.72%
Certificates of
Deposit/Bank Notes
7.03%
Time
Deposits
3.35%
Commercial
Paper
4.01%
Corporate
Bonds
0.28%
Loans
0.24%
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). *The percentage of administrative cost equals the total administrative cost divided by the quarterly interest earnings. The law provides that administrative costs are not to exceed 5% of quarterly EARNINGS of the fund. However, if the 13-week Daily Treasury Bill Rate on the last day of the fiscal year is below 1%, then administrative costs shall not exceed 8% of quarterly EARNINGS of the fund for the subsequent fiscal year. ** Revised
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 10/18/23
Daily rates are now available here. View PMIA Daily Rates Quarterly Performance
Quarter Ended 09/30/23
Chart does not include $2,444,000.00 in mortgages, which equates to 0.002%. Percentages may not total 100% due to rounding.
Pooled Money Investment Account
Monthly Portfolio Composition (1)
09/30/23
$156.4 billion
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
October 10, 2023
LAIF Home
PMIA Average
Monthly Yields
CITY OF FAIRFAX
FINANCE DIRECTOR
142 BOLINAS ROAD
FAIRFAX, CA 94930
Account Number: 98-21-290
September 2023 Statement
Tran Type
Definitions
Effective
Date
Transaction
Date
Tran
Type Confirm
Number
Web
Confirm
Number Authorized Caller Amount
9/11/2023 9/11/2023 RW 1738414 N/A MICHAEL VIVRETTE -300,000.00 9/20/2023 9/19/2023 RW 1738707 N/A MICHAEL VIVRETTE -400,000.00 Account Summary
Total Deposit: 0.00 Beginning Balance: 5,180,691.30
Total Withdrawal: -700,000.00 Ending Balance: 4,480,691.30 LAIF Regular Monthly Statement Page 1 of 1
https://laifms.treasurer.ca.gov/RegularStatement.aspx 10/10/2023