Workers' Compensation and Employers' Liability Policy
Named Insured
PLAYCORE GROUP, INC.
544 CHESTNUT ST
CHATTANOOGA TN 37402
Endorsement Number
Policy Number
Symbol: WLR Number: C50669828
Policy Period
08-01-2022 TO 08-01-2023
Effective Date of Endorsement
08-01-2022
Issued By (Name of Insurance Company)
ACE AMERICAN INSURANCE COMPANY
Insert the policy number. The remainder of the information is to be completed only when this endorsement is issued subseauent to the preparation of the policy.
WAIVER OF OUR RIGHT TO RECOVER FROM OTHERS ENDORSEMENT
We have the right to recover our payments from anyone liable for an injury covered by this policy. We will not enforce our right against the person or organization named in the Schedule. This agreement applies only to the extent that you perform work under a written contract that requires you to obtain this agreement from us.
This agreement shall not operate directly or indirectly to benefit any one not named in the Schedule.
Schedule
ANY PERSON OR ORGANIZATION AGAINST WHOM YOU HAVE AGREED TO WAIVE YOUR RIGHT OF RECOVERY IN A WRITTEN CONTRACT, PROVIDED SUCH CONTRACT WAS EXECUTED PRIOR TO THE DATE OF LOSS.
For the states of CA, UT, TX, refer to state specific endorsements.
This endorsement is not applicable in KY, NH, and NJ.
The endorsement does not apply to policies in Missouri where the employer is in the construction group of code classifications. According to Section 287.150(6) of the Missouri statutes, a contractual provision purporting to waive subrogation rights against public policy and void where one party to the contract is an employer in the construction group of code classifications.
For Kansas, use of this endorsement is limited by the Kansas Faimess in Private Construction Contract Act(K.S.A.. 16-1801 through 16-1807 and any amendments thereto) and the Kansas Fairness in Public Construction Contract Act(K.S.A 16-1901 through 16-1908 and any amendments thereto). According to the Acts a provision in a contract for private or public construction purporting to waive subrogation rights for losses or claims covered or paid by liability or workers compensation insurance shall be against public policy and shall be void and unenforceable except that, subject to the Acts, a contract may require waiver of subrogation for losses or claims paid by a consolidated or wrap-up insurance program.
Authorized Representative
WC 00 03 13 (11/05) Ptd. U.S.A. Copyright 1982-83, National Council on Compensation
Project No. 7301. 7302
EXHIBIT E
CLAIMS PROCEDURE
SUMMARY OF PUBLIC CONTRACT CODE § 9204
The following procedure will apply to any claims by the Contractor on the City:
A "claim" is a separate demand on the City by a contractor on a public works project and sent by registered mail or certified mail with return receipt requested, for one or more of the following:
• A time extension, including relief from penalties for delay • Payment by the City of money damages under the terms of the contract • Payment of an amount that is disputed by the City
Initial Review
The claim must be supported by appropriate documentation. The City has 45 days within which to review the claim and provide the contractor with a written statement identifying the disputed and undisputed portions of the claim. If the City does not issue a written statement, the claim is deemed rejected in its entirety. The City will pay any undisputed portion of the claim within 60 days of issuing the statement.
Meet & Confer
If the contractor disputes the City's written response, or if the City does not issue one, the contractor may request in writing an informal conference to meet and confer for possible settlement of the claim. The City will schedule the meet and confer conference within 30 days of this request and provide a written statement identifying the remaining disputed and undisputed portions of the claim within 10 business days of the meet and confer. The City will pay the undisputed portion within 60 days of issuing this statement.
Mediation
With respect to any disputed portion remaining after the meet and confer, the City and contractor will submit the matter to nonbinding mediation, agree to a mediator within 10 business days after issuing the written statement, and share mediation costs equally. If mediation is unsuccessful, then the terms of the public works agreement and applicable law will govern resolution of the dispute.
Miscellaneous Provisions
Amounts not paid by the City in a timely manner bear interest at 7% per annum. Subcontractors may submit claims via this procedure through the general contractor. The City and contractor may waive the requirement to mediate but cannot otherwise waive these claim procedures.
BigToys & EarlyWorks Environments Limited Warranty : 2017 To the extent permitted by law, these warranties are expressly in lieu of any other implied or expressed warranties or representation by any person, including any implied warranty of merchantability or fitness. These warranties provide valuable rights to you. No Sales Representative can modify or amend the terms of this warranty.
Claim Procedure
To make a warranty claim, send your written statement of claim, along with the original purchase invoice or invoice number to:
BigToys
Customer Service
P.O. Box 680121
Fort Payne, AL 35968
Or Contact you local Representative at
USA 1-866-814-8697
Within 60 days of notice of claim under warranty, BigToys will make arrangements to replace the damaged product. BigToys will cover freight costs within the continental United States. BigToys is not responsible for freight costs associated with products located outside the continental United States. BigToys reserves the right to inspect all products identified as damaged.
Since warranty limitations and exclusions may vary from state to state, you should check any specific warranty rights in your state.
See BigToys on the web at www.bigtoys.com
41 ISO
9001
CERTIFIED
14419112004
CEVImPlIIo
lip
Eliknilkik\ INTERNATIONAL
PLAY EQUIPMENT
`., MANUFACTURERS
[ ASSOC AT[ON
MEMBER C N
TO:
VIA:
FROM:
DATE:
CITY COUNCIL
CITY ADMINISTRATOR
DIRECTOR OF FINANCE
MARCH 21, 2023
Placentia Cit Council
AGENDA REPORT
SUBJECT: 2023 CITY TREASURER INVESTMENT REPORT UPDATE
FISCAL
IMPACT: NONE
SUMMARY:
The Finance Department has assisted the City Treasurer in the preparation of the 2023 Treasury Update. The Treasurer's Report includes all investments managed by the City and investments held by trustees and an outline of the City Treasurer's goals and accomplishments for FY2022/23 and FY2023/24.
RECOMMENDATION:
It is recommended that the City Council take the following action:
1. Receive and file the 2023 Treasury Update.
STRATEGIC PLAN STATEMENT:
This item is consistent with the City Council approved 5 -Year Strategic Goal # 1: Ensure Long- term Fiscal Sustainability.
DISCUSSION:
The City Treasurer is an elected position and, by charter, is the custodian of all public funds belonging to, or under the control of, the City or any office, department, or agency thereof. As custodian of all public funds, the City Treasurer, with the cooperation and assistance of the Finance Department, receives all monies coming into local financial institutions.
To maintain a good investment program, the City Treasurer must have a good cash flow analysis of funds coming into the City, as well as funds being paid out. The Treasurer can then place the funds in various legal investments that will yield the highest return to the City over the terms of the investments.
The attached report reflects the City's current investment portfolio and forecasts for 2022-2027.
3.d.
March 21, 2023
City Council Agenda
March 21, 2023
Prepared by:
Jennifer Lampman
Director of Finance
Reviewed and approved:
Damien R. Arrula
City Administrator
Attachment:
1. 2023 Treasury Update PowerPoint presentation
?�Za�cc�i 27, 2023
City Treasurer Overview
• The City Treasurer is an elected position and, by charter, is the custodian of all public funds belonging to, or under the control of, the City or any office, department, or agency thereof. As custodian of all public funds, the City Treasurer, with the cooperation and assistance of the Finance Department, receives all monies coming into local financial institutions.
• In order to maintain a good investment program, the City Treasurer must have a good cash flow analysis of funds coming into the City, as well as funds being paid out. The Treasurer can then place the funds in various legal investments that will yield the highest return to the City over the terms of the investments.
• The Treasurer independently reviews all banking and investment accounts, after which is provided a monthly report to the City Council that summarizes all cash and investment balances, investment transactions, and a reconciliation of all bank accounts
2022-2023 Goals & Accomplishments
• Goal #1: Improve investment returns
Partnered with Kosmont Municipal Treasury Consulting to build a synchronized and optimized cash flow and investment timing model.
Improved Weighted Average Yield from 1.10% (Feb -2022) to 2.80% (Feb -2023) • Goal #2: Increase investment diversification without default risk Increased number and types of holdings:
Feb -2022: 1 investment Pool, 5 CDs, 2 Federal Agencies Feb -2023: 2 investment Pools, 9 CDs, 6 Federal Agencies, 7 Treasury Notes, 1 Money Market Investment pools are backed by State of Calif.; CDs and Money Market are FDIC insured to $250,000; Treasuries and Agencies back by US government guarantee • Goal #3: Evaluate banking services for value and service Existing banking service agreement expired 12/31/2022
RFP process commenced with 6 proposals received and 4 banks interviewed Citizens Business Bank was selected to replace Banc of California ECM increased from 45 BP to 55 BP, $24K savings m rnercndn1 Service IeeS • Goal #4: Timely and accurate reporting to City Council Monthly Treasurer's update to City Council within 15 days of month -end
2023-2024 Goals & Objective:
• Goal #1: Achieve market rate investment returns and grow capital Leverage partnership with Kosmont to provide accurate cash flow forecasts Quarterly investment review calls with Kosmont and City's Director of Finance Continue to build out the laddered portfolio to achieve full 5 -year durations Monitor future cash flow needs as to avoid premature investment liquidation • Goal #2: Maintain a sound investment policy within applicable laws Review, update and present the Investment Policy to City Council by July 1 Monitor city investments to comply with Calif. GC Sections 53600 through 53610 Report any sustained or repetitive non-compliance to City Council Advise and develop corrective action plans in collaboration with Director of Finance • Goal #3: Timely and accurate reporting to City Council Monthly Treasurer's Report to City Council within 90 days of month -end Monthly Treasurer's Update to City Council within 15 days of month -end
What are Public Agency Investment Requirements?
❖ Investment of Surplus :Government agencies must comply with California Government Code (GC) Section 53600 ❖ Monthly (or quarterly) report to the governing body outlining cash assets invested, investment types, purchases, sales, market conditions, and affirming agency projection of sufficient cash availability to meet operating needs. (GC Section 53607) .•. Ann' ial Invacfmanf Pnliry i inriafa (rrr. Carfinn c'QRLt \ ❖ Compliance with GC Section 53600.3
❖ Prudent Investor Standard — Safeguarding of principal and liquidity ❖ Compliance with GC Section 53600.5
❖ Safety of Principal
❖ Liquidity
❖ Yield
*Requirements include but are not limited to other governmental compliance and regulatory provisions.
Permitted Investments under GC Section 53601
0 Bonds issued by the local agency
US Treasury Notes, Bonds, Bills
State Treasury Notes & Bonds
Registered Treasury Notes & Bonds of other 49 states
Bonds of other local agencies within the state
Federal or US GSE's or "Agencies"
Banker's Acceptance (180 days, 40%, 30%)
Commercial Paper (270 days, A-1, 40%)
•
Li Negotiable CDs (30%)
0 Trustee Held Funds (bond covenants)
0 Collateralized Securities
Li Mortgage -Backed Securities (20%, AA)
Shares of Beneficial Interest with JPA (30%)
Supranationals (30%, AA)
Public Bank Securities
County Pool — Government Code Section 27133
LAIF - Government Code Section 16429.1 (Limited)
l FDIC ' d I b k d k t
insure LA -I I is an s an money mare s
0 Repurchase Agreements (92 days, 20%)
0 Medium Term Notes (5 years, A, 30%)
0 Shares of Beneficial Interest (20%)
0 Other investments as approved by board/council of
agency allowable under Calif. Government Code
Section 53600
Investment Objective
• Objective #1: Safety through diversification and compliance Diversification is the practice of spreading your investments around so that your exposure to any one type of asset or risk is limited. This practice is designed to help reduce the volatility of your portfolio over time.
Investment compliance ensures that a business adheres to internal controls and external rules. Investment compliance follows policies and regulations in order to protect investors and ensure that portfolios are fair, efficient and transparent. • Objective #2: Maintain liquidity to fund current obligations Liquidity generally refers to how easily or quickly a security can be bought or sold in a secondary market. Liquid investments can be sold readily and without incur a hefty cost or loss to get money when it is needed.
• Objective #3: Maximize yield through laddered investment strategy Laddered investing is based on allocating portions of your total investments and sta erin maturit dates so that each ortion of our ortfolir matures at ranilar 9g g Y p Y p
intervals. Laddering allows you to receive the benefit of earning the higher interest rates of longer -term investments while still enjoying some liquidity.
Investment Policy Compliance
INVESTMENT POLICY COMPLIANCE MATRIX
City's Investment Policy Compliance Requirement
City's current investment status...
In -Compliance
Non -Compliance
Authorized Investment Category
Maximum
Maturity
Max Percentage
of Portfolio
Max Investment
in One Issuer
Positions Held
Total
Investment
Maximum
Maturity
Max Percentage
of Portfolio
Max Investment
in One Issuer
US Treasury Bills, Notes and Bonds
5 years
NJA
N/A
Yes
$ 24,641,533
5 years
69.0%
$ 9,999,930
Federal Agency obligations
5 years
30%
15%
Yes
$ 5,282,171
5 years
14.8%
4.2%
Negotiable CDs/Time Deposits
5 years
30%
$ 250,000
No
$ -
N/A
N/A
N/A
Non -Negotiable CDs/Time Deposits
5 years
40%
$ 250,000
Yes
$ 2,052,131
5 years
5.7%
$ 249,000
Money Market Funds
NJA
20%
10%
Yes
$ 185,838
1 month
0.5%
0.5%
Passbook Savings/Demand Deposits
NJA
NJA
N/A
No
$ -
N/A
N/A
N/A
Commerical Paper
270 days
25%
10%
No
$ -
NJA
N/A
N/A
Bankers Acceptances
180 banker days
30%
3095
No
$ -
N/A
NJA
N/A
Local Agency Investment Fund (LAIF)
NJA
N/A
N/A
Yes
$ 16,026
1 month
0.0%
0.0%
Orange County Investment Pool
N/A
N/A
N/A
No
$ -
N/A
N/A
N/A
CalTrust(JPA}
N/A
N/A
N/A
No
$ -
N/A
N/A
N/A
Calif. Asset Mgmt Program (CAMP)
N/A
N/A
N/A
Yes
$ 3,544,217
1 month
9.9%
9.9%
Repurchase Agreements (Repos)
1 year
30%
N/A
No
$ -
N/A
N/A
N/A
Data as of Feb 28, 2023
i
/ i
u�
O
�n
emt
o
I I
Wn
ca
January
February
March
N
April
May
June
N
n
July
August
September
October
November
Decembe r
ro
N
N
January
February
M arch
N
w
n
co
April
M ayl
June
a
July
August
September
October
November
Decembe r
N
- -r<'
January
February
March
N
P
.0
April
May
June
a
July
August
September
October
No vembe r
December
ro
N
January
February
March
uNi
Da
April
May
June
o
July
August
September
October
No vembe r
December
ro
N
January
February
March
E,
April
May
June
y
July
August
September
October
November
December
N
January
February
March
co
co
April
M ay
Jurr,
y
p0se00i 0j
Co
n
�D
LO -O AA
an'.
Aa
n
7 N
January
February
March
April
May
June
N
0 n
July
August
September
ra
N
N
October
November
December
January
FebruaryD J
March
N
W
f]
April
M ay
June
A
July
August
Septe mber
October
No vembe r
Decembe r
ro
N
January
February
March
El)
April
M ay
June
a
July
August
Septe mbe r
October
No vember
December
L]
N
January
February
March
0 n
April
M ay
June
C]
a
July
August
September
p
October
No vember
December
n
N
N
January
February
March
m
n
April
May
June
A
IP July
August
September
ro
N
,
Octobe r
November
Decembe r
January
February
M arch
Pa
Apr l
May
June
A
Inve stmen ts
uo!II!W s$ peg ui gsej u!W
CO
0 CD
r
a
a
CD
CD
Performance by the Numbers
Feb -2019
Feb -2020
Feb -2021
Feb -2022
Feb -2023
Cash in Bank
$ 3,187,350
$ 4,400,420
$ 11,876,446
$ 12,046,164
$ 7,892,084
LAIF & CAMP
$ 5,689,637
$ 17,424,907
$ 10,093,324
$ 22,647,767
$ 3,560,243
Other Investments
$ 728,718
$ 493,614
$ 1,498,923
$ 1,934,657
$ 32,167,673
Total Cash & Invests
$ 9,605,706
$ 22,318,941
$ 23,468,694
$ 36,628,587
$ 43,620,001
# of Investments
5 4
5 8
25 CAMP Yield
N/A
N/A
N/A
N/A
4.73%
LAIF Yield
2.39%
1.91%
0.41%
0.28%
2.62%
Other Invests Yield
1.86%
2.00%
2.25%
0.84%
2.80%
Weighted Avg Yield
2.35%
1.92%
0.75%
0.32%
2.80%
Trig 12 mos earnings
$ 93,358
$ 249,664
$ 178,534
$ 69,707
$ 935,409
Cash & Investment Trends (2019 to 2023)
Cash & Investment Trends
$50,000,000
$45,000,000
$40,000,000
$35,000,000
$30,000,000
$25,000,000
$20,000,000
$15,000,000
$10,000,000
$5,000,000
$-
Jan Feb Mar Apr May Jun Jul Aug Sep ❑ct Nov Dec
2019
2020
2021
t 2022
2023
Cash by Fund Types (Feb -2021 to Feb -2023)
Available Cash by Fund Type (excl. Fiscal Agent)
61> 61> 61> O.yy ti1 61> 4" 61> 6-1> O.tiy 6-titi OyL �L'Y ,:ccv 60' 69' � t �tiL ptiti O.y' - Oy'Y 'CI' 6LL pti3 �-0' P� t y t� 'L `Y L L 'Y 1 � � "1,
C `L L "1 "19
1 v s p.Y 2� a� 2� aC t a ? �? 49' db
(<1°'
e P'� C� 1 Q- � � r`• 4 l F � qQ C� l P O �`-•
—0— Cash & Inv (GL) General Fund Other Funds'
$50,000,000
$47,500,000
$45,000,000
$42,500,000
$40,000,000
$37,500,000
$35,000,000
$32,500,000
$30,000,000
$27,500,000
$25,000,000
$22,500,000
$20,000,000
$17,500,000
$15,000,000
$12,500,000
$10,000,000
$7,500,000
$5,000,000
$2,500,000
Trend Line (Total Cash & Inv) Trend Line (General Fund)
Investment Earnings (Feb -2021 to Feb -2023)
Cumulative Earned Income (TTM)
$1,000,000
$950,000
$900,000
$850,000
$800,000
$750,000
$700,000
$650,000
$600,000
$550,000
$500,000
$450,000
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
6 -
Feb -21
Mar 21
Apr -21
May -21
Jun -21
Jul -21
Aug -21
Sep -21
Oct -21
Nov -21
Dec -21
Jan -22
Feb -22
Mar 22
Apr -22
May -22
Jun -22
Jul -22
Aug -22
Sep -22
Oct -22
Nov -22
Dec -22
Jan -23
Feb -23
-9-
LAIF'•
$168,417
$168,417
$100,083
$100,083
$100,083
$68,334
$68,334
$68,334
$57,590
$57,590
$57,590
$54442
$54,442
$54,442
$59,279
$59,279
$59,279
$45,437
$45,437
$45,437
$29,586
$29,586
S29.586
516.026
516.026
OTHER"
$10,117
$9,777
$9,766
$9,754
$9,743
$9,732
$9,720
$9,709
$9,760
$10,425
$11,063
$11,749
$15,264
$19,875
$62,695
$104,586
$146,493
$18BA02
$346,660
$416,429
$489,148
$559,572
$627,288
$731,593
$919,383
t
TOTAL**
$178534
$178,194
$109,849
$109,837
$109,826
$78,066
$78,054
$78,043
$67,350
$68,015
$68,673
$66,191
$69,707
$74,318
$121,975
$163,866
$205,772
$233,839
$392,097
$461,866
$518,734
$599,158
$656,875
$747$19
$935,409
Investment Yield (Feb -2021 to Feb -2023)
Investments Performance Yield
Feb -21
Mar -21
Apr -21
May -21
Jun -21
Jul -21
Aug -21
Sep -21
Oct -21
Nov -21
Dec -21
Jan -22
Feb -22
Mar -22
Apr -22
May -22
Jun -22
Jul -22
Aug -22
Sep -22
Oct -22
Nov -22
Dec -22
Jan -23
Feb -23
y LAIF
0.41%
0.36%
0.34%
0.32%
0.26%
0.22%
0.22%
0.21%
0.20%
0.20%
0.21%
0.23%
0.28%
0.37%
0.52%
0.68%
0.86%
1.09%
1.28%
1.51%
1.77%
2.01%
2.17%
2.43%
2.52%
t OTHER
2.25%
0.75%
0.75%
0.75%
0.75%
0.75%
0.75%
0.80%
0.80%
0.84%
0.84%
0.84%
0.84%
1.89%
1.89%
1.89%
1.89%
1.89%
2.30%
2.71%
2.71%
2.38%
2.38%
2.97%
2.80%
-6- WAY "
2.60%
1.06%
1.06%
1.04%
0.99%
0.95%
0.96%
1.00%
1.00%
1.02%
1.03%
1.05%
1.10%
1.89%
1.89%
1.89%
1.89%
1.89%
2.30%
2.71%
2.71%
2.38%
2.38%
2.97%
2.80%
Recommendations
• Retain existing engagement with Kosmont (KMT) — they're doing good work • Produce bank reconciliations within 15 days of month -end • Produce Treasurer Reports within 90 days of month -end • Finalize ACFR (CAFR) within 6 months of fiscal year-end
Questions?