FAIRFAX TOWN COUNCIL MEETING
STAFF REPORT
AGENDA ITEM #6.b.
MEETING DATE May 7, 2025
PREPARED FOR Mayor and Town Council
PREPARED BY Talia Friedman, Treasurer
SUBJECT Treasurer’s Report for Quarter Ending March 31, 2025
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, 2024. It was presented at the March 5, 2025 meeting.
Cash balances are:
As of March 31,2025 As of March 31, 2024
Bank of Marin checking $ 417,676 $ 334,995
LAIF account 3,218,518 4,319,495
Total cash $ 3,636,194 $ 4,654,490
State of California Local Agency Investment Fund (LAIF) earned 4.48% as the quarterly apportionment rate for the quarter ending March 31, 2025, down 0.14% from the rate earned for the quarter ending December 31, 2024. Interest earned for the quarter ending March 31, 2025 (deposited April, 2025) was $44,995.
ATTACHMENT
The most recent LAIF performance report and the LAIF Monthly Statement as of March 31, 2025 are attached.
March 4.313
February 4.333
January 4.366
December 4.434
November 4.477
October 4.518
PMIA Average Life(1): 244
LAIF Fair Value Factor(1): 1.000849191
PMIA Daily(1): 4.30
PMIA Quarter to Date(1): 4.34
LAIF Apportionment Rate(2): 4.48
LAIF Earnings Ratio(2): 0.00012266258268207
LAIF Administrative Cost(1)*: 0.26
Treasuries
52.98%
Agencies
26.95%
Certificates of
Deposit/Bank Notes
9.25%
Time
Deposits
3.31%
Commercial
Paper
6.76%
Corporate
Bonds
0.60%
Loans
0.15%
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.
Source:
(1) State of California, Office of the Treasurer
(2) State of California, Office of the Controller
PMIA Average Monthly
Effective Yields(1)
PMIA/LAIF Performance Report
as of 04/23/25
Daily rates are now available here. View PMIA Daily Rates Quarterly Performance
Quarter Ended 3/31/25
Chart does not include $1,138,000.00 in mortgages, which equates to 0.001%. Percentages may not total 100% due to rounding.
Pooled Money Investment Account
Monthly Portfolio Composition (1)
3/31/25
$156.8 billion