FAIRFAX TOWN COUNCIL MEETING
STAFF REPORT
AGENDA ITEM #9
MEETING DATE: August 7, 2024
PREPARED FOR: Mayor and Town Council
PREPARED BY: Janet Garvin, Town Treasurer
SUBJECT: Treasurer’s Report for Quarter Ending June 30, 2024
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 March 31, 2024, and was presented at the May 1, 2024, meeting.
Cash balances are:
As of June 30,2024 As of June 30, 2023
Bank of Marin checking $ 202,280 $ 425,366
LAIF account 6,272,903 7,570,556
Total cash $ 6,475,183 $ 7,995,922
State of California Local Agency Investment Fund (LAIF) earned 4.55% as the quarterly apportionment rate for the quarter ending June 30, 2024, up .25% from the rate earned for the first quarter ending March 30, 2024.
Interest earned for the quarter ending June 30, 2024 (deposited in July 2024) was $70,706. Interest earned for the full Fiscal Year 2023-24 (ended June 30, 2024) was $212,918 compared to $154,584 in total interest earned for Fiscal Year 2022-23 (ended June 30, 2023).
As always, the interest earned in the Town’s LAIF account is affected by Federal Reserve rates. With recent data showing slight improvement in inflation, housing cost increases slowing, and moderate wage growth, it is expected that there may be a rate decrease announced toward the end of calendar year 2024.
ATTACHMENT
The most recent LAIF performance report and the LAIF Monthly Statement as of June 30, 2024 June 4.480
May 4.332
April 4.272
March 4.232
February 4.122
January 4.012
PMIA Average Life(1): 217
LAIF Fair Value Factor(1): 0.996316042
PMIA Daily(1): 4.52
PMIA Quarter to Date(1): 4.36
LAIF Apportionment Rate(2): 4.55
LAIF Earnings Ratio(2): 0.00012419067099490
LAIF Administrative Cost(1)*: TBD
Treasuries
56.98%
Agencies
23.22%
Certificates of
Deposit/Bank Notes
9.18%
Time
Deposits
3.14%
Commercial
Paper
6.84%
Corporate
Bonds
0.42%
Loans
0.22%
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 l aw 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 subseque nt fiscal year.
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 7/17/24
Daily rates are now available here. View PMIA Daily Rates Quarterly Performance
Quarter Ended 06/30/24
Chart does not include $1,943,000.00 in mortgages, which equates to 0.001%. Percentages may not total 100% due to rounding.
Pooled Money Investment Account
Monthly Portfolio Composition (1)
5/31/24
$162.3 billion