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2008 08 13 IABP.O. Box 1504 LA QuINTA, CALIFORNIA 92247-1504 78-495 CALLE TAMPICO (760) 7 7 7 - 7 0 0 0 LA QorNTA, CALIFORNIA 92253 FAX (760) 777-7101 AGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calls Tampico- La Quints, CA 92253 August 13, 2008 - 4:00 P.M. ("Please Note Time Change) CALL TO ORDER a. Pledge of Allegiance b. Roll Call II PUBLIC COMMENT - (This is the time set aside for public comment on any matter not scheduled on the agenda.) III CONFIRMATION OF AGENDA PRESENTATION - City Investments IV CONSENT CALENDAR A. Approval of Minutes of Meeting on July 16, 2008 for the Investment Advisory Board. V BUSINESS SESSION A. Transmittal of Treasury Report for June 2008 B. Investment Advisory Board 2008/2009 Work Plan VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report - July 2008 B. Pooled Money Investment Board Reports - May 2008 VII BOARD MEMBER ITEMS Vill ADJOURNMENT PUBLIC NOTICES The La Quinta Study Session Room is handicapped accessible. If special equipment is needed for the hearing impaired, please call the Finance Department at 777-7150, twenty-four (24) hours in advance of the meeting and accommodations will be made. Any writings or documents provided to a majority of the Investment Advisory Board regarding any item on this agenda will be made available for public inspection at the City Clerk counter at City Hall located at 78-495 Calle Tampico, La Quints, CA 92253, during normal business hours. INVESTMENT ADVISORY BOARD MEETING Meeting Date: August 13, 2008 TITLE: Presentation - City Investments Staff has attached various internal control practices regarding cash and investments and reporting practices. The practices are contained in the Finance Department Policies manual. Pursuant to our discussions at the July meeting, Staff will be available to describe the process that investments purchases are made and the subsequent accounting transactions. W U W J a 2 City of La Quinta Preparation of Monthly Treasurer's Report ctivity The Accounting Manager is responsible for the preparation of all pages of the monthly Treasurers Report, including the Six Month Cash Flow Report. The Treasurer is responsible for the review and approval The followings records are used in the preparation of the monthly Treasurer's Report Daily Cash Reports Monthly Cash Account and Asset List Monthly Bond Trustee Statements Monthly Bank Statements Monthly LAIF Statement Premmm/Discount Amortization Report First American Funds Yield (mternet) Treasury Direct T Bill Discount (mtemet) LAIF Performance Report (internet) Balance Sheet 1) The Financial Services Assistant receives the monthly account statements from the bond trustees in the mail within 10 days after the end of the month 2) The Accounting Manager obtains the Cash Statement and Asset List from the Bank of New York website, First American Funds Yield and Treasury Direct T Bill Discount on-line with 1 day after the end of the month. �he Accounting Manager enters the purchases and sales listed in the remium/Discount report into the Treasurers Report as well as the month end market value from the City custodian reports The Accounting Manager enters the purchases and sales that were made for 4) government investments and mutual funds from the bond funds into the Treasurers Report 5) The Accounting Manager compares the LAIF balances reflected on the LAIF monthly statements to the Daily Cash Report at month end. 6) The Accounting Manager records the LAIF purchases and sales and quarterly interest activity in the Treasurer's Report from the monthly LAIF report 7) The Accounting Manager records the month end LAIF balances in the Treasurers Report from the month end statement and the interest rate from the LAW performance report in the Treasurers Report 6) The Financial Services Assistant, on a monthly basis, reconciles the bank accounts. The Accounting Manager enters the book and bank balances into the Treasurers Report as well as interest rate information for the sweep account The Accounting Manager compares the ending cash as reflected in the month 9) end holdings, month end investments by type, month end fund summary and month end trial balance to ensure that all of the ending amounts are in agreement. Financial Accounting Services Account Report Treasurer Manager Assistant Technician secretary X X x X X X X X X X X X X Activity & Holdings X Activity X X Activity X Holdings X Holdings X X X 3 r City of La Quints Preparation of Monthly Treasurer's Report Ivity 10) The Accounting Manager enters the six month Treasurers Bill Benchmark from the US Treasury Department via their website 11) The amortization amounts, discount rate and yield rate are recorded in the Holdings report which are found In the Amortization worksheet 12) After all entries are made for the month the Financial Service Assistant prepares the monthly trial balance spreadsheet for the City, RDA, and Financing Authority 13) The Accounting Manager records the cash balances from the Balance Sheet into the fund summary section of the Treasurers Report The Accounting Manager updates the surplus worksheet by subtracting from 14) total actual funds the restricted investments, negative bank account balances, and accounts payable payments to endive at surplus funds. Non -surplus funds are determined to be those funds needed in the seven day period after month end. 15) The Accounting Manager updates the Treasurers Report Authorized Investments and Diversification page Any exception that is noted should be brought to the Treasurers attention 16) The Accounting Manager updates the chart to reflect the current month and prior five months. The Accounting Manager updates the Treasurers Report cover page showing IbIthe increase and/or decreases in the investment types and the reason for the hanges Financial Accounting Services Account Report Treasurer Manager Assistant Technician secretary Holdings Holdings Balance Sheet Fund Balances Actual and Surplus Funds Authorized Investments and Diversification Chart Treasurers Cover Page The Accounting Manager updates the Cash Flow Analysis for year to date 16) revenue and expenditures In addition, forecasted amounts for the following six months are entered on the spreadsheet Investments which mature during these periods are noted. LAIF balances and money market amounts as of the current month are recorded as well Cash Flow Analysis 1 g) The Accounting Manager forwards a copy of the Treasurers Report to the Treasurer consisting of the following. Treasurer's Cover Letter Authorized Investments And Diversification Summary of Holdings Summary of Investment Activities Reconciliation of Actual and Surplus Funds Distnbution of Cash & Investments & Balances Chart of Interest Rates for six months Cash Flow Analysis 20) The Treasurer reviews the Treasurers Report and returns the document for corrections, if any, to the Accounting Manager After corrections have been made, the Treasurer signs and dates the report and forwards to the Department Secretary. The Department Secretary prepares a staff report and attaches the Treasurers 21) Report for the Investment Advisory Board Agenda for their meeting on the second Wednesday of each month. The Treasurer signs the staff report and the dreasurers report is included in the agenda For the City Council agendas, the epartment Secretary performs the similar steps for the City Council meeting eid on the third Tuesday of each month 4 City of La Quinta Quarterly Interest Allocation 0 Activity Report HTE 1) Make a copy of account balance list for each month in the quarter Account which lists pooled cash in each fund for that month end. A copy of Balance this report is filed with the monthly bank statement. Listing Gen'I 2) In HTE, print a general ledger activity listing for the investment Ledger account balance for each month in the quarter, account number Activity 101-0000-103-00-00 Listing Interest allocation worksheet is located in M123data\fy20--\interest 3) allocation.xls. In "Qtr Avg" tab, insert cash balance for each month for each fund from the account balance lists. Include the investment account balance in with fund 101. amount of pooled cash to be allocated from Interest Allocation 4) Fund 299. All other fields on "Int Dist" have been populated by entries from "Qtr Avg" tab. Print out "JE" tab which has been populated from "Int Dist". Journal 5) Entry is reviewed and approved by the Finance Director prior to posting to the general ledger. 0 Financial Finance Accounting Services Account Director Manager Assistant Technician Secretary X X X X X X �i City of La Quinta ® Preparation of Premium/Discount Amortization Schedule Financial Accounting Services Account Activity Treasurer Manager Assistant Technician Secretary 1) Change the date at the top to the last date of the month. This will change the X month end column which changes the days to month end and total days columns. X 2) Delete the investments which have been redeemed during the month 3) Record the new investments during the month. The following columns must be X filled in with the information from the trade ticket. Settlement date and maturity date Description of the stock Face (number of stocks purchased) Interrest and Yield percentages Premium or discount (price paid less the number of stock) The amount of accrued interest, if applicable Last date interest was paid (every 6 months), if applicable 4) The other columns will automatically populate. 5) After the fiscal agent activity journal entry has been posted, record the current X balance for each fund The following accounts will be used 101-0000-150 00-00 248-0000-150 00-00 405-0000-150.00-00 This will calculate the amount needed to be recorded to adjust to the month ® end balance. 6) Open the JE tab and fill in the JE number, month end date and name and date at the bottom. 7) The Treasurer reviews the Journal Entry and report for accuracy and instals it X 8) The journal entry is entered into the General Ledger through HTE 'J 0 City of La Quinta + Completion of Daily Deposits Financial Finance Accounting Services Account Activity Report Director Manager Assistant Technician Secretary Checks along with backup 1 for deposit(s) are received X daily from the Financial Services Assistant. The necessary steps are 2 taken in the Wells Fargo X website for finalizing the daily deposit(s). Upon completion of the deposit(s), two (2) confirmation sheets are 3 printed, one (1) will serve as X backup for cash receipts and one (1) will remain with 40 the checks. The checks and backup are enclosed and sealed in a 4 marked envelope with the X deposit date and destruction date. The deposit is placed in the vault for (10) days. After ten (10) days a "Check 21 Destruction 5 Authorization" sheet is X completed by the Secretary and then approved by the Finance Director. Upon approval from the 6 Finance Director the checks are then destroyed. 11 X ® City of La Quinta Closing of Daily Cash Drawer Senior Financial Accounting Account Services Account Activity Report Manager Clerk Assistant Technician Secretary The drawer for next business day is removed 1 from the vault and X counted to ensure the new drawer begins with $100. The drawers are then switched out. The cash drawer is given to the Account Technician and the checks are handed `2 over to the Financial X X X Services Assistant. Along with the drawer the daily cash receipts are removed and handed to the Senior Account Clerk. The counter computer is then switched over to the 3 next business days date, along with the date stamps. 11 X E City of la Quints Monthly Credit Card Reconciliation ®Activity Retrieve credit card transactions report from the RecTrac Program t) and the batch summary report from TransFirst Merchant Services (www.TransFirstoom). These two reports should match the activity on the Wells Fargo Bank statement for the month. Backup is provided by the Community Services Department with 2) the Department Director's approval for any credit card refunds issued during the period. Community Services Report Director Transaction Report, Batch Summary Report After verifying reports balance to bank statement activity, download 3) credit card transactions from the RecTrac Program to HTE. Run an edit listing to verify amounts and account numbers are correct prior to posting receipts. Edit List 4) Post receipts and update journal to record credit card activity for the month to the general ledger. 11 X Financial Accounting Services Account Manager Assistant Technician X X �City of La Quints se of City Retail Credit Cards Financial Payroll A/P Accounting Services Account Account Activity Treasurer Manager Assistant Technician Technician The City of La Quints has several retail credit cards. Use of the credit cards is available for approved purchases of the Department Directors. The credit cards are kept in the Finance Department vault. In order to procure the credit cards, staff requests the cards from the Account t ) Technician. In the event the Account Technician is unavailable, the Accounting Manager and the Financial Services Assistant is authorized to issue the card. x x x When the credit card is issued, staff must sign a check-out log noting Z) the date, name of card and employee signature. Upon return, the date is logged. x The credit card receipt is turned into the Accounts Payable Account 3) Technician with signed approval by the Department Director, account number and description of purchase and the credit card is returned to the vault x x The Account Technician matches the receipt with the approved invoice 4) from the retailer for payment. x 0 10 City of La Quints Use of City Issued Credit Card A/P ®City Finance Executive Account Activity Report Manager Director Assistant Technician The City of La Quinta has one VISA credit card t) issued to the City Manager through the City's bank. No City Council or other personnel have City credit cards. i ne city Managers txecuave Assistant Keeps the VISA card in a locked drawer. In the event the City 2) Manager's Executive Assistant is not available the other Executive Assistant has access to the card. X The Executive Assistant keeps a log of the Credit Card use which includes the person using the card, the purpose, the estimated amount, the date checked 3) out and the date returned, and whether receipts have been returned for purchases made other than the City Manager. The use requires Department Head Credit Card approval. Log 4 For purchases made by the City Manager, the Executive Assistant receives the receipts from the City Manager. X X The Account Technician forwards the VISA statement 5) to the Executive Assistant who reviews the bill and attaches the sales receipts and ensures that the receipts are initialed. The Executive Assistant prepares an Emergency VISA 6) Check Request which the City Manager approves statement and forwards the Emergency Check Request, the Emergency VISA statement and the sales receipts (source Check documentation) to the Finance Director for review. Request 7) The Finance Director approves the Check Request and forwards the documentation to the Account Technician for check processing. 11 X X 11 City of la Quinta Petty Cash Reconciliation and Reimbursement Procedures Financial • Finance Accounting Services Activity Report Director Manager Assistant f.\forms\pettyoash.xls On worksheet, record petty cash amount reimbursed to requestor and account number to be charged. This information is provided by �) requestor on submitted petty cash slips with receipt of purchase attached. Petty cash slip must be approved by Department Director. Petty Cash reimbursement is limited to $25.00 per transaction. x 2) Count cash in petty cash box. Total cash on hand plus petty cash to be reimbursed should equal $300.00 x 3) The petty cash reimbursement is approved for payment by the Finance Director x A/P Account Technician Check Submit check request form to Accounts Payable for petty cash Request 4) amount to be reimbursed attaching petty cash slips as backup Petty along with completed worksheet showing account distribution. Cash Slips x x C E 12 City of La Quints Bank Reconciliation Procedures 1) 2) Financial Finance Accounting Services Account Activity Report Director Manager Assistant Technician Secretary Bank and Sweep Statements are available through Wells Fargo a copy is also received through the mail. LAIF statements are received through the mail and are also available online. Bank reconciliation worksheet is located in f.,\123data\fy20— \bankrecs Print an outstanding check register, a reconciled check register and a voided check register. These reports are located in HTE, GMBA Main Menu, Disbursement Processing Menu, Check Registers. The total from the outstanding check register goes on the bank reconciliation worksheet. Verify the total on the reconciled check register agrees with checks paid total on bank statement Match up the voided check register with copies of voided checks received from the AP Account Tech. X Verify bank statement deposit activity using daily cash deposit worksheets and cash receipt journal updates. 3) Verify payroll direct deposit debit amount on bank statements agrees with last page of payroll register received from the Payroll Account Tech. Verify adjusting journal entries are recorded for all incoming and outgoing wires. 5) 6) Record month end journal entres for direct deposited parking and administrative citation revenue, SilverRock revenue that is transferred to City bank account daily, sweep interest earned, bank charges, NSF checks and cash over/short adjustments, if any. X To verify cash balance and complete bank reconciliation, print account balance list located in HTE, GMBA Main Menu, Inquiry Menu, Account Balance Inquiry, Account Balance (last listing on blue bar on left side of screen). Request listing from account 101- 0000-101.00-00thru account999-0000-101.24-50. Deduct LAIF balances from account balance list total and insert the adjusted total on the GL Balance Pooled Cash line on bank reconciliation worksheet. The GL Balance Pooled Cash total should agree with the Adjusted Bank Statement Balances on the bank reconciliation worksheet. X 7) The Accounting Manager reviews and initials bank reconciliation. C `N City of La Quints Developer Deposits Financial ® Finance Accounting Services Account Activity Report Director Manager Assistant Technician Secretary Developer deposits and charges are tracked through the HTE Accounts Receivable Menu. 1) A Customer Master file Is created when a Developer deposit is received. The deposit is then receipted thru the Cash Receipts Customer Processing Menu and posted as usual with the days cash receipts. Master file X When a Developer charge is incurred and paid by the City, a check request is initiated by the Public Works or Community Development 2) Department, charged to Developer Deposit Account 101-0000- 228.10-00, approved for payment by the Department Director and submitted to Finance for final review, approval and processing as usual. X X X 8) The Developer charge is deducted from the Developer deposit on account in the Accounts Receivable Menu. X 4) Verify Developer Deposit Report in the Accounts Receivable Menu Developer balances to the HTE Developer Deposit General Ledger Account Deposit 101-000D-228.10-00 Report X At completion of Developer project, the deposit balance is refunded 5) to the Developer through the usual check request process as noted in #2 above. X X X E El 14 10 CITY OF CITY OF LA QUINTA UNCLAIMED CHECK POLICY PURPOSE The unclaimed check policy is established to provide the proper mechanism to take possession of long standing unclaimed checks in accordance with government statutes and to ensure the propriety of the related accounting transactions. Summary of State Law A. Money that is not the property of the City of City of La Quinta that remains unclaimed for a period of more than three (3) years is the property of the City of City of La Quinta forty-five (45) days after the initial public notice if not claimed or if no verified complaint is filed and served. (Section 50050 and B. Section 50051) At any time after the expiration of the three (3) year period, the Treasurer of the City of City of La Quinta may cause a notice to be published once a week for two successive weeks in a newspaper of general circulation published in the City of City of La Quinta. (Section 50050) C. The notice shall include the following information: 1. The individual or business name as shown on the Issued check. 2. The amount of money on the issued check. 3. The fund in which it is held (General Fund). 4. A statement announcing that the money shall become the property of the City of City of La Quinta on a date that is not less than forty-five (45) days after the first publication of ® the notice. See Exhibit 1. D. (Section 50051) Upon or prior to publication, a party of Interest may file a claim which must include the following information: 1. The claimants name, address and telephone number. 2. Social Security Number or Federal Employer Identification Number. 3. Proof of identify such as a copy of a drivers license, social security card or birth certificate. 4. The amount of the claim. 5. The grounds on which the claim is founded. See Exhibit II. E. (Section 50052) The Treasurer may release to the depositor of the unclaimed money, their heir, beneficiary, or duly appointed representative, unclaimed money if claimed prior to the date the money becomes the property of the City of City of La Quints upon submitting proof satisfactory to the Treasurer. (Section F. 50052.5) When the unclaimed funds become the property of the City of City of La Quinta and are in a Special Fund, the City Council may transfer them by resolution to the Funds upon which the money was G. originally drawn . (Section 50053) Any individual Rem of less than fifteen ($15) dollars or any amount, If the depositor's name is unknown, which remain unclaimed for a period of one (1) year may be transferred to the Funds upon which the money was originally drawn by the City Council without the necessity of public notification H. in a newspaper. (Section 50055) The responsibilities of the Treasurer may be delegated by the Treasurer to the department that maintains the supporting records of the uncleared checks based on the initial receipt or deposit of that money or both. (Section 50056) 10 15 City of La Quints Museum Deposits Financial Finsunce Accounting Services Accomit Activity Report Director Manager AssBmm Technician Secretary ® Museum cash 8 checks along with a copy of the RecTmc Cash Journal are oelivereo every Tuesday to the Finance Dept (or more often as necessary, depending on sales activity). Rec Tree t) Export cash activity journal from RecTrac (Vermont Systems ) to HTE Cash Cash Receipts Module. Journal x Pint out and review HTE Cash Receipts edit list. Total should agree with Rec Cash 2) Trec Cash Journal Initialled correct by Museum slag that was received along Receipt vmth the cash and checks. Edit List x Complete Daily Cash Deposit Warksheel verifying rash and checks received 3) agree with reports x Prepare deposit slip for cash b be hand tamed to bank by the Finance 4) Director x x Checks are processed electronically Um Wells Fargo Desktop Deposit by the 5) Financial Services Assistant, than vended correct and released thru Wells Fargo website by the Senior Secretary x x 6) See -Completion of Daily DsposiW for check destruction authonzztion • 16 INVESTMENT ADVISORY BOARD Business Session: A Meeting Date: August 13, 2008 ITEM TITLE: Transmittal of Treasury Report for June 30, 2008 BACKGROUND: Attached please find a draft of the Treasury Report for June 30, 2008 pending year-end closing entries. The six month cash flow page will not be available until later in August after the completion of the annual audit. The page will be sent to the Board when it becomes available in September, along with the entire final June Treasury Report. RECOMMENDATION: Review, Receive and File the Treasury Report for June 30, 2008. John M. Falconer, Finance Director S 1 # f MEMORANDUM TO La Quetta City Council FROM: John M Falconer, Finance Director/Treasurer SUBJECT. Treasurer's Report for June 30. 2008 DATE July 31, 2008 Attached is the Treasurers Report for the month ending June 30, 2008. The report is submitted to the City Council each month after a reconciliation of accounts is accomplished by the Finance Department The following table summarizes the changes in investment types for the month: Investment Beginning Purchased Notes Sold/Matured Other Endin Chan e Cash (3) $ (612,892) (1) $ (921,482) $ (1,534,374) $ (921,482) LAIF 50,778,392 3,750.000 (6,000,000) 0 48,528,392 (2,250,000) US Treasuries (2) 57,855,865 29.000,000 (44,000,000) (170,210) 42,685,655 (15,170,210) US Gov't Sponsored Enterprises (2) 59,818,389 16,500,000 (16,500,000) (105,758) 59,712,631 (105,758) Commercial Paper (2) 29,949,962 23,000,000 (25,000.000) (49,778) 27,900,184 (2,049,778) Corporate Notes 7.966,638 4,720 7,971.358 12,104,439 4,720 9,399,892 Mutual Funds 2,704,547 $ 208,4. 9,399,892 $ 81,649,892 1 $ 92,421,482 $ 321,026 $ 197,368,285 $ 11,092,616 Total ,901 I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code, and is in conformity with the City Investment Policy. As Treasurer of the City of La Quinta, 1 hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. The City of La Quinta used the Bureau of the Public Debt, U.S Bank Monthly Statement and the Bank of New York Monthly Custodian Report to determine the fair market value of investments at month end WDatY-- hn M Falconer Finance Director/Treasurer Footnote (1) The amount reported represents the net increase (decrease) of deposits and withdrawals from the previous month. (2) The amount reported in the other column represents the amortization of premium/discount for the month on US Treasury, Commercial Paper and Agency investments (3) The cash account may reflect a negative balance. This negative balance will be offset with transfers from other investments before warrants are presented for payment by the payee at the bank 2 Treasurer's Commentary For the Month of June Cash Balances - The portfolio size decreased by $11.00 million to $197.4 million. The major reason for the decrease was the payment of pass through tax increment payments in June million. Investment Activity - The average maturity of the portfolio increased by 17 days to 80 days at the end of June. The six month US Treasury benchmark increased by 22 basis points and ended the month at 2.14%. The Treasurer follows a buy and hold investment policy and has not sold investments before maturity to take advantage of market conditions. June was a very busy month in terms of the number of trades most notably the reinvestment of bond proceeds in three and six months Treasury bills. Treasury Bills decreased and the Mutual Funds increased to pay for Housing Program costs. The sweep account earned $1,504 in interest income for the month of June and the bank fees for the month were $ 1,939 which resulted in a net decrease of $ 435 in real costs. Portfolio Performance - The overall portfolio performance decreased by twenty nine (29) basis points from the prior month and ended at 2.88% for the month, with the pooled cash investments yielding 3.09%. The overall portfolio yield (including bond proceeds) was seventy four (74) basis points over the benchmark, which has decreased by fifty one (51) basis point from the one hundred twenty five (125) basis point difference in May. With the average maturity of 80 days, the portfolio yield should remain at these levels for the next three months with a small downward trend based upon reinvestments at lower rates. The Treasurer has more of a barbell maturity schedule with the longer term investments helping to keep yields higher as interest rates will gradually be falling. At this time last year, the portfolio was yielding 5.10% and the benchmark was at 4.81 % so we have made significant progress in meeting our benchmark. In the short term, the Treasurer has been investing more in LAIF because its rate declines slower in a declining rate environment and in Commercial Paper. Future Thoughts The Treasurer will continue to invest in short term maturities to take advantage of the yield curve - Commercial Paper with 30 to 90 day maturities and Bond proceeds will be laddered in three- and six-month Treasury bills as they mature. Maturing GSE's will be rolled over to the highest yield on curve taking into consideration cash flow needs or in medium term notes. K E E E a o a a a a a a c a z z z z z z z z z x w o � ¢ E n °o o m n m a S u O o d N U U O N o @ y a LL LL U N a O h N y c d MCN a E > m a rn p O O i N ? 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E y E Y m U—_= LL LL LL u m — —66 9 m m g e m E > W m o mot- °° m a—G 5 0IL Y > m c m W EE Y y$ w m m Q—Q 5 O c > c 2 o c o z U z U� � QLL Ff FJ J gf CZUlAm QZLLLLwHFfJ J gh J RO.JJg 7 o^ervrv�m��mFo m. ^e^ �m_�m �Sm � mpg �f a EO uEauvLrcgEb¢� E of Q & WLLmE �ap�q;Ew EFL- 'tn Apas o nn o� UU�N q�oo 60N s UUV'OQ �OQN-VW� 6b' low �m$a -MR �ry�m?ae& m a anry n&r 2^S S Hame $�Nmm.gn nA n8 5$m,�e�m3m »$dh m$g R � emm�mm $gin ri- mnmm. m = -- R IEE z �N��rv.��'mm B �IH HmI-.om vrvrveN m�°�m»mn Ngmmmm8 mm^� m mho«gym»o6Nn�e pR�: 0RIP - � nv� �» o�a^m1rvno o w Nw�� N y�anmm ^�S°wrvom venm m_m hs M 8 rvn `mnmm` gooNrvm Ervn»vrvi�a�m Eu a.^-n'�i„a$ $'ry mmd .fin ESN `ry vni Em^wn _ N -'ann� Nw N sg0 NN N »omaH�«� mmoo$m 92. e _ � w w E v E & d2a a�g z"x v"a a$A � Aga ffi �Ep Eio m�e;, E ZcEzc mEeg `EEz �EEz°O� oa F (I Uy qLL b6rVVmLL buFVUq �9NNEu _ b6YOVm_ NUNNE??o F VNJJdVEF -UNJJ6U`�- FVNJJLLUSf rUNJ74UF'- c IY of la Dwnta Rewoc Ilalbn of AMW and Surylue FIULLs CM Redevebpnlenl Agenq and Fm Wng AWpM June a am Balance of AMW Fonds 197.3K.2M LaN PeM wan Funds (1.250) foss Non-Swpoo Funds fl.769,0491 BVE.. of Stkoi Funds $ 195597,916 BaNi Acmunls Name-Avala69 Sur lus T Book $urylus Yes Ad S"o"a Yes WGIIS Fapa-Demand No CMgnq $ (2,303A16) E - S - WellsFaryo-Sweep No Sweep ]SO,W9 - PellyCasO� Leman] No WA 1,250 Welts Faz DMousi -Lena. Yes CoeAi $ "645 j 16,645 S 16,K5 iObL BdN Acmunl5 j ISX ]]I E ifi,615 j - S 1fi,K5 U S TRasury CuslWin-Avau br Su Issuer? AmOMaed VOWS Surylue Te9 M Swplus Yen Bank Of New York � Demand Yes T941 13,956 K6 1]958666 1].950K6 ToIal US Treasu 1],958,666 13956606 13,958606 U S Govemm at Spdnored EMdp— A.. Swplus Surplus Cusm.an-AvaOad Bw lus bsmrrt Valoe Yes AO Yes Bankol New Yoh -Coma. Yes Imm Mac 2.9]].681 29"Bill 2,9P.601 Bank of New YOM1-Demo. Yes Foam Mac 9,9SMS 9,902p55 9,902,785 Bank of New Yoh-Comaal Yes FHLB 1,977.816 1.9]]016 1.9P.st6 Bank of New Yoh -Coma. Yes FFCB 4,911501 4911501 4.911,501 Band Ol Na. Yoh -Coma. Yes FFCB 6,9963d] 4,936,343 d996,M3 Band Ol New Yoh-Oema. Yes FFCB %905,130 9,905130 99wa,130 Bark Of New YoA-Dams. Yes Freddk Mac eA509]d d,150.9L 4,450974 Bank of Nev Yoh -Demand Yes FHLB EW1,852 B.aal,m 0..1.852 Bank 0l New Yank Demand Yes FXLB 9No 380 9.5,360 9.996,No Bankol ko"M Coma. Yes Freddro Ma¢ 2.472139 2,472,139 2.472139 TOUT -U S Gavemmenl Semr6res N.712 631 59712631 59,712631 Medmm Term NOU Book Surylue Surplus Cusb9an-Availadl Sm us f59RrR Value Yes Ad Yes Bank of New Yoh- Demantl Yes Gam.L.. CapIUI 2!906,d93 2,9K,d93 2,986A93 Dank 0l New TOM-M Yes US BanCory B_Cadal J001.353 ].CMA53 3004. 3 :rid Bankpf New Yoh -Cams. Yes G,co 1980.512 19K,512 1960.512 TOW Mndum TmmP Pmr9ComwerCUl Paper CusIMNmAvyyOd Sw lus IssuerR BWk VLue S". Ya5 Atl Sand pl New Yoh-Damand Yes Nestle Cap Corp 2,985I90 2965,]K Bank pl Nov, YOM1-cema. YBs Cora Cm 4,9]d<26 A9tdA26 Banku°New YOh-Demo. Yes MoMan StankY 4.982.914 4.962,914 L Bank of Nov, Yoh � 0em0. Yes Wells F., d901,2<9 A9&2d9 9 Bank OlNex Yoh-Dema. Yes Jonn Beare A985,208 a,9K,2K 8 Bank0f.Yoh Demo. Yes AT&T d,9w,59] d,96]59t I TOW- Pnme Cpmmernal Pa r 21W 16a 2790010d d Local Agenry Inreslm al Fund Su1(Aus $uplus Name-Availiwi $U Vs T BWk Yes Ad Y<E IAIF LM'Df. Y¢5 SUtt Po01 ]9,816,M2 J9=82 (3]21518) 36,]22,S6d LAIF-RDA Demand Yes SI. Pool 868d 310 8,866,310 B.ABO,]10 TGAI-Spare pool a0520.]92 48,526,392 3321,518 45.20B,871 TWI CdY NVGsbrwMs TWI Ctly Cas, a look . 1 N,0]1,251 1A,w1$51 S,]21,518 1N,H9,]]J 1 K,SM.BPI 1M.0K..5 1.321510 151,]K,90 poNryAnaz9mM5 sum" Alrod¢ed uu Sry A Sur0a,tA 20@RDA US BaNLIP 2Wd FinantY ANMmy CIP 2WI Finarve Awl. LIP Yes Y¢s Tes USir<aeury BiN USTreasury 011 USTreasu Bi0 iJK31]6 9,B95,R] l,9]8,866 ll,853.1i6 9,895,12] d9]Bfifb 13,K3.1 ]6 9,86'J 12] 6,9)B.fi66 TOULUS press 28,]269fi9 26,]26,969 28,T28,969 PONOW MMuaIFMgs T o_MovmWOd Su u s Abney Markel Mutual Fund Book V" SuryWa Yes Pd SuryWs Yes C..c CGnm U5Bank-Protect YES 19Ame.an C. C., U S Dank - Dep Svn YES IV Am can - 199aRDA USBa.DEN Svc YES - 1995RDA USBank -CIP YES IVArrenrm 9 Ameno n 19RDAU SGa.-SI1ecUl Fu. 95 YES 151Amenpn - 2004FnAut0 1935USBank-Eswv YES 1VAmencan 1996RDAUSBank-CIP YES i.American 1990RDAUSSa`k-DM Svc YES 1.Amenran 1996RDAUSBank-$penal Fond YES Ist American 1NO RDA U S Bank -CIP YES 1VAmencan 2031 BOA US BankCIASvc YES TVA man 200I RDA US Bank -CIP YES 19Amenran 2W2 RDA US Bank-DWSvc YES 19Am.aann CIP YES 9Aoanc 209913- 2.M9913 209.91J202RDAUSBk 2OTa abk RDA U S Bank - OS YES 151 amnc n 2W3 T-OWRWU S Bank-CCI YES IA American 2W3 Taxabk RDA U S BaNLIP YES I V Am<Ican 2Wd Fm Auto US Bank -CIP YES 19 Amercan 9,254,526 9,256 U6 9254,526 2004 Fun AuI6 US Bark - C01 YES 1n Ane.an Su01oWMwual Fu. 12,191/39 12.101,439 12,104 439 Sol., NO Ad Surylue No AIIFuMs AtWal% Surplus Yes S (23034181 S <.072467 5 1I69 W9 50 ]9d9 S P50,9d91 - 1,250 1250 5 1551.219, S 3,321,518 S 1.770299 -0T1]d% O.OKBX $vplus No AO Surylue N0 Atl Fwds Actual% Surylue Yes )0I2a% ]1lK°4 Swpus No An, Surylue No An Fwtls Actual% $urylus Yes 3025.% 3052W% $mplus No Ad $urylus No Atl Fos Aalual% Surylue Yes d m08% d wed% Swplus No Ad Surykrs NO AIIFu.S Actual% $urylus Yes 14 1]61% td 26d0% $urylus No AO $urylus No All FU.s Apudl% Surplus Y¢s 2d sanv. nnzlr. 800895% A.1162% 1.M1,2vi 3.321,515 ,]] 10)99 ]9 J131% ]9.13K% $urylYS No Ad Surpus NO AIIFvgs Actual% $ultras V<5 - .SSW% .Ii., $ulplua No M surplus No Atl To.s Actual% So,W- Yes 61329% 618.% TWI Flswl Affect Ina... d0A31.G09 G0.831,b8 b,831,<M 20.85)9X 20.8]52X G IUMTWI 19I,]69,2M 199,919,Kd 5.#1.51i 195M],906 1.M1%19 3,321,5191,179}99 1008000 1000000% O O O N 0 — r r to C ari lI J O rd+ 00 O �+ U tea N -- — O O r— U) Iq W O O O O O O O .0- 0 O O LO O O O O O O y O C LO y O O O LO M M N N N a 00 O N C 7 O O R O O Q Q co 0 Z m N LL 5 Il 10 a a�ao e N O p t0 m m N 4 N N N d N N V N m N ry d N Q N N N 4 N N NON m d N VI VI O N N e e LL mM�rnym N N a 0 e e e N meN N N N p N O O e O P O N O � N N N d N Z OOOUOi tp� N N d e e L0 �e QOOOO+bO N N N d rnmomo�o a N d N �eomolve Q 4 N 4 d O e e \ e m w $mom yd ieomn'°ip g N O e m m 4 M o m n m N N b A N lN+l Iy N VOI N of h P O a e^ W r O CINO pvme v'Im'v c1pi N � N Z O e e e fO N S O N VI O N� a N t] N N m�mmvry � e e e ¢anmro endn a C N N E E C N N E E N N E E C N E E N- E N N E E E W E E m m u a m w m y m y m a v m " vdE aciE mmE °'E 10 mE °�'E mm y V¢ V Q aI o Q m U Q u y o v v o u= v a o �= v d p 5 v o u= y= p - F O N- N O q-- wLLQK� y O._ dLLaK� N LLLLQK O - F{ 6LLQ d' O Z- O wLLQ d' d LLQK C O O- dLLQK O o O m j. O O O m O O O m O O O m O O O m O O O m j� OlP qja C P�6?a C__ POI p1?a mPPjT gPm?a mpO1?a PWP?a O T w N N N q` N N N N 7 `' E N N O j w W W2? E E w w w W W W w W W � w w F p W W W 2 w w w .- F B r O N N N N N ry NLL _ q jjNNONR0 O AN KLLQ' j O qd LLIY NC NC C C C y y C 4QQQQ NQ 11 INVESTMENT ADVISORY BOARD MEETING BUSINESS SESSION: B Meeting Date: August 13, 2008 ITEM TITLE Investment Advisory Board Work Plan BACKGROUND: The City Council approved the Annual Work Plan at the August 5`h, 2008 Council meeting. Chairman Ross and Board Members Daniel and Moulin were also in attendance. Also attached is an email Staff received from Board Member Moulin. RECOMMENDATION: Information item onlly. 4 tA ' John M. Falconer, Finance Director Ceit!t 4 Zito Qab! A CATEGORY: BUSINESS SESSION: 13 COUNCIL/RDA MEETING DATE: August 5, 2008 CONSENT CALENDAR: STUDY SESSION: _ ITEM TITLE: Consideration of Investment Advisory Board 2008/2009 Work Plan PUBLIC HEARING: RECOMMENDATION: Approve the Investment Advisory Board 2008/2009 Work Plan. FISCAL IMPLICATIONS: Fiscal implications consist of Board Members meeting expenses, budgeted at $4,500, and staff support time. CHARTER CITY IMPLICATIONS: None. BACKGROUND AND OVERVIEW: The Investment Advisory Board met on July 16, 2008, to discuss their Fiscal Year 2008/2009 Work Plan items and is recommending the following: • Review of Government Sponsored Enterprises (GSE's) and LAIF annually • Revise Chapter 2.70 of the Municipal Code • Review the content and presentation of the monthly Treasurers Report FINDINGS AND ALTERNATIVES: The alternatives available to the City Council include: 1. Approve the Investment Advisory Board 2008/2009 Work Plan; or 2. Do not approve the Investment Advisory Board 2008/2009 Work Plan; or 1 3. Provide staff with alternative direction. Respectfully submitted, John M. Falconer, Finance Director Approved for submission by: Thomas P. Genovese, City Manager LQ IAB 2008-09 Work Plan Item - Review Content and Presentation of Monthly Treasurer's Report The IAB is charged with the duty of reviewing the Monthly Treasurer's Report "MTR" to note that: 1. Deposits in financial institutions and investments are authorized and do not exceed limitations established by the IP, and 2. Cash deposits and investments provide adequate cash flow to satisfy anticipated obligations. The MTR addresses item 1 in "Authorized Investments and Diversification" and item 2 in "Cash Flow Analysis". The IAB in concert with the Treasurer will study these and other schedules in the MTR to determine if the information is sufficient or excessive with emphasis on the two critical reporting areas. An objective is to simplify and streamline the reports where possible and make them more understandable by non -accountants. ...b...... . John Falconer From: Donbarm@aol.com Sent: Saturday, July 19, 2008 10:32 AM To: John Falconer; ted@theodoreross.com Subject: IAB Work Plan- MTR Attachments: IAB Work Plan - MTR 2008-9.doc John and Ted: I prepared a brief description of what I suggest be covered in the review of the MTR. It is included as an attachment to this email. It may be helpful to furnish that information to the CC at or before our joint meeting to review and approve the IAB's 2008-09 work plan. My preliminary thoughts on the review of the MTR include the following: 1. Assign an identifying number or letter to each schedule and include a table of contents. 2. Consider rearranging the "Authorized Investments and Diversification" schedule in the format of the schedule in section X of the IP for 2008-09. 3. Recognizing that I am a cash flow addict, I believe that the determination of the projected cash flow to meet reasonably anticipated obligations is the most important monthly task of the Treasurer and review area of the IAB. I suggest that the IAB and the Treasurer study the current process, attempt to improve it, disclose the principal assumptions used and revise the current "Cash Flow Analysis". 4. The major tasks in the preparation of the MTR should be subjected to a cost -benefit evaluation to assure that the Treasurer's resources are being allocated in a manner commensurate with the importance of the task. Don Get fantasy football with free live scoring. Sion up for FanHouse Fantasy Football today. 8/7/2008 INVESTMENT ADVISORY BOARD Meeting Date: August 13, 2008 TITLE: Month End Cash Report - July 2008 BACKGROUND: Correspondence & Written Material Item A This cash report is not a complete Treasury Report (exclude petty cash, deferred compensation and fiscal agent balances) but would report in a timely fashion selected cash balances. This report also includes other statistical investment data for the Board to review. The budget to actual comparison will not be available until later in August after the completion of the annual audit. The page will be sent to the Board when it becomes available. RECOMMENDATION: Information item only. M. Falconer, Finance Director S 8 {y m m m Oi m m 0 O O O O N m m pN _ 's' �VOpI m O p O O p W p O O O O O O N ymj W O `O m m roou?o o.yi i+i moo vmiomW n�'m Qmi .nn m m ry 0 N ei n awm mi of Mm�°�� of Yip t d O O O r O O O O N y�w O O O O N0 N O O N N b C O O N O O m 6.06 p O .06. N j N O OM W p m W O P a C O N O N m P w w Ol w m w N ry P n N p m O O O O O O O O INO, b N N W N w N W a ° w m n m n m n p o n U g ro mi m w OI 0i 6 m a m m M m a m= o � O N N O O 3 m °' W =o S o $ LL J g o W n m n W n O W O N YI P n b nm InD N LL m N m N d m O m O p o °� P m 3 emi � m m m n m m m w y o n is m 2 w_ y O m m n Q $ m m m `o_ m o N m a `d m a m m 0 m » E E E A m r� d a E amn�'�� TaSi U4 W O Z i LL E Q -Oi N a Q -Oi Q a x a � � s 4 N o x a Y C p C LL � d F Lyi N x N p� x m v c d c C m o T m �+ d C c w r x m° D � Q > O a s d 9 J m le j N C = S � 'S m m £ `o d 5 n m d T F a n� g _; rc �D q m N U LL t_ T y O ea E5 Sy �Q E � w d T C 60 $LL sg` E m e E �g E� @ a zo 8N d� q1 m 0 m a s@ t> g r a r s 2 Bill Lockyer, State Treasurer Inside the State Treasurer's Office Local Agency Investment Fund (LAIF) PMIA Performance Report 7/17/2008 Yield 2.80 2.79 Pan 224 7/18/2008 2.78 2.79 227 7/19/2008 2.78 2.79 227 7/20/2008 2.78 2.79 227 7/21/2008 2.78 2.79 226 7/22/2008 2.78 2.79 225 7/23/2008 2.78 2.79 226 7/24/2008 2.78 2.79 225 7/25/2008 2.78 2.79 226 7/26/2008 2.78 2.79 226 7/27/2008 2.78 2.79 226 7/28/2008 2.79 2.79 224 7/29/2008 2.791 2.79 226 7/30/2008 1 2.781 2.79 224 LAIF Performance Report Quarter ending 6/30/2008 Apportionment Rate: 3.11% Earnings Ratio: 0.00008483669448820 Fair Value Factor: 0.999950219 PMIA Average Monthly Effective Yields June 2008 2.894% May 2008 3.072% April 2008 3.400% Pooled Money Investment Account Portfolio Composition $70.0 Billion 06/30/08 Loans 15.24% Corporate Bon 0.36% Commercial Paper 13.29% Time Depc 13.43% Treasuries 5.96% Mortgages 1.60% CDs/BNs 21.34% Agencies 28.78% 3 Historical Securities Search Results r agc . V. . i Home > Institutional > Announcements, Data & Results > Historical Auction Query > Historical Securities Search Results Historical Securities Search Results Treasury Bills Auction Dates: From: Jun 1, 2008 To: Aug 1, 2008 Security Terms: ALL Sorted By: Auction Date in Ascending order PricePer Security Auction Issue Maturity Discount Investment CDSIP Term Date Date Date Rate % Rate % $100 52-WEEK 07-29-2008 07-31-2008 07-30-2009 2.290 2.363 97.684556 91279SQ95 ' 4-WEEK 07-29-2008 07-31-2008 08-28-2008 1.710 1.736 99.867000 912795G39 I 26-WEEK 07-28-2008 07-31-2008 01-29-2009 1.880 1.924 99.049556 912795393 f 13-WEEK 07-28-2008 07-31-2008 10-30-2008 1.695 1.726 99.571542 912795H46 i 4-WEEK 07-22-2008 07-24-2008 08-21-2008 1.450 1,472 99.887222 912795G21 q i 26-WEEK 07-21-2008 07-24-2008 01-22-2009 1.920 1.966 99.029333 912795385 13-WEEK 07-21-2008 07-24-2008 10-23-2008 1.520 1,547 99.615778 9127951-138 9-DAY 07-21-2008 07-22-2008 07-31-2008 1.565 1.587 99.960875 9127951771 j 4-WEEK 07-15-2008 07-17-2008 08-14-2008 1.500 1.523 99.883333 912795F97 ' 26-WEEK 07-14-2008 07-17-2008 01-15-2009 1.955 2,002 99.011639 912795177 13-WEEK 07-14-2008 07-17-2008 10-16-2008 1.610 1.639 99.593028 91279SH2O 4-WEEK 07-08-2008 07-10-2008 08-07-2008 1.865 1.894 99.854944 912795F89 7-DAY 07-08-2008 07-10-2008 07-17-2008 1.930 1.958 99.962472 912795F55 26-WEEK 07-07-2008 07-10-2008 01-08-2009 2.060 2.111 98.958556 912795369 i 13-WEEK 07-07-2008 07-10-2008 10-09-2008 1.865 1.900 99.528569 912795G96 p 52-WEEK 07-01-2008 07-03-2008 07-02-2009 2.295 2.368 97.679500 912795QE17 4-WEEK 07-01-2008 07-03-2008 07-31-2008 1.850 1.878 99.856111 912795F71 j 26-WEEK 06-30-2008 07-03-2008 01-02-2009 2.135 2.188 98.914708 912795351 13-WEEK 06-30-2008 07-03-2008 10-02-2008 L900 1,936 99.519722 912795G88 j I 4-WEEK 06-24-2008 06-26-2008 07-24-2008 1.580 1.604 99.877111 91279SF63 i Results 1 - 20 of 33 rows. 12 [ Next > 1 Effective with the 11/2/98 auction, all bills are auctioned using the single -priced method. Click column headings to resort by that column. Click column headings again to reverse the sort order. Click CUSIP number to obtain more specific info. Freedom of Information Act I Law & Guidance I Privacy & Legal Notices I Website Terms & Condition U.S.-Department of the Treasury, Bureau of the Public Debt 4 http://www.treasurydirect.gov/RI/OFAuctions?form=multi&rows=33&typeset=bills&page... 8/1/2008 FRB: H.15--Selected Interest Kates, weo-vmy uauy upaare--jLUy 01, 4VV0 ...g...... Federal Reserve Statistical Release H.15,� Selected Interest Rates (Daily) Ell Skip to Content Release Date: July 31, 2008 Weekly release dates I Historical data I Data Download_Program (DDP) I About I Announcements Daily update Other formats: Screen reader I ASCII -- --- - - ------ -- � 6a1s DcWnloatl m The weekly release is posted on Monday. Daily updates of the weekly release are p through Friday on this site. If Monday is a holiday, the weekly release will be p after the holiday and the daily update will not be posted on that Tuesday. FEDERAL RESERVE STATISTICAL RELEASE H.15 DAILY UPDATE: WEB RELEASE ONLY SELECTED INTEREST RATES For use at 4:15 p.m. Eastern Time Yields in percent per annum July 31, 2008 2008 2008 2008 Instruments Jul Jul Jul 28 29 30 Federal funds (effective) 1 2 3 2.00 2.05 2.03 Commercial Paper 3 4 5 Nonfinancial 1-month 2.00 2.05 2.08 2-month 1.92 n.a. 1.96 3-month 1.94 n.a. 1.97 Financial 1-month 2.37 2.35 2.38 2-month 2.50 2.56 2.52 3-month 2.82 2.76 2.78 CDs (secondary market) 3 6 1-month 2.48 2.52 2.47 3-month 2.78 2.82 2.77 6-month 3.13 3.17 3.13 Eurodollar deposits (London) 3 7 1-month 2.65 2.65 2.65 3-month 3.00 3.00 3.00 6-month 3.30 3.30 3.30 Bank prime loan 2 3 8 5.00 5.00 5.00 Discount window primary credit 2 9 2.25 2.25 2.25 U.S. government securities Treasury bills (secondary market) 3 4 4-week 1.65 1.70 1.64 3-month 1.70 1.69 1.67 6-month 1.88 1.91 1.85 1-year 2.19 2.29 2.26 Treasury constant maturities Nominal 10 1-month 1.68 1.73 1.66 3-month 1.73 1.72 1.70 5 http://www.federaireserve.gov/Releases/HI5/update/ 8/1/2008 FRB: H.15--Selected interest xates, weo-vnry ueu y upualc duly J 1, wvo .mob.,-- 6-month 1-year 2-year 3-year 5-year 7-year 10-year 20-year 30-year Inflation indexed 11 5-year 7-year 10-year 20-year Inflation -indexed long-term average 12 Interest rate swaps 13 1-year 2-year 3-year 4-year 5-year 7-year 10-year 30-year Corporate bonds Moody's seasoned Aaa 14 Baa State & local bonds 15 Conventional mortgages 16 n.a. Not available. Footnotes 1.92 1.96 1.90 2.28 2.36 2.33 2.59 2.65 2.64 2.90 2.95 2.93 3.34 3.39 3.36 3.64 3.68 3.65 4.06 4.09 4.07 4.69 4.70 4.69 4.63 4.64 4.64 1.09 1.21 1.14 1.44 1.51 1.46 1.70 1.76 1.71 2.19 2.23 2.21 2.17 2.21 2.19 3.08 3.11 3.07 3.51 3.55 3.53 3.86 3.92 3.91 4.08 4.15 4.14 4.24 4.31 4.30 4.48 4.55 4.54 4.71 4.78 4.76 5.02 5.10 5.08 5.73 5.74 5.76 7.22 7.22 7.24 1. The daily effective federal funds rate is a weighted average of rates on broke 2. Weekly figures are averages of 7 calendar days ending on Wednesday of the curr figures include each calendar day in the month. 3. Annualized using a 360-day year or bank interest. 4. On a discount basis. 5. Interest rates interpolated from data on certain commercial paper trades settl Depository Trust Company. The trades represent sales of commercial paper by deale issuers to investors (that is, the offer side). The 1-, 2-, and 3-month rates are 30-, 60-, and 90-day dates reported on the Board's Commercial Paper Web page (www.federalreserve.gov/releases/cp/). 6. An average of dealer bid rates on nationally traded certificates of deposit. 7. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. 8. Rate posted by a majority of top 25 (by assets in domestic offices) insured U. commercial banks. Prime is one of several base rates used by banks to price short loans. http://www.federalreserve.gov/Releases/Hl 5/update/ 8/1/2008 6 FRB: H.15--Selected interest Kates, wet)-kinry uauy upuaLo--duiy J 1, �Vvo = »s_ 9. The rate charged for discounts made and advances extended under the Federal Re credit discount window program, which became effective January 9, 2003. This rate adjustment credit, which was discontinued after January 8, 2003. For further info www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/default.htm. The rate for the Federal Reserve Bank of New York. Historical series for the rate on adjus well as the rate on primary credit are available at www.federalreserve.gov/releas 10. Yields on actively traded non -inflation -indexed issues adjusted to constant m 30-year Treasury constant maturity series was discontinued on February 18, 2002, on February 9, 2006. From February 18, 2002, to February 9, 2006, the U.S. Treasu factor for adjusting the daily nominal 20-year constant maturity in order to esti nominal rate. The historical adjustment factor can be found at www.treas.gov/offices/domestic-finance/debt-management/interest-rate/itcompositei Source: U.S. Treasury. 11. Yields on Treasury inflation protected securities (TIPS) adjusted to constant Source: U.S. Treasury. Additional information on both nominal and inflation -index found at www.treas.gov/offices/domestic-finance/debt-management/interest-rate/ind 12. Based on the unweighted average bid yields for all TIPS with remaining terms more than 10 years. 13. International Swaps and Derivatives Association (ISDA(R)) mid -market par swap for a Fixed Rate Payer in return for receiving three month LIBOR, and are based o at 11:00 a.m. Eastern time by Garban Intercapital plc and published on Reuters Pa ISDAFIX is a registered service mark of ISDA. Source: Reuters Limited. 14. Moody's Aaa rates through December 6, 2001, are averages of Aaa utility and A rates. As of December 7, 2001, these rates are averages of Aaa industrial bonds o 15. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Th 16. Contract interest rates on commitments for fixed-rate first mortgages. Source Market Survey(R) data provided by Freddie Mac. --------------------------------------------------------------------------------- Note: Weekly and monthly figures on this release, as well as annual figures avail Board's historical H.15 web site (see below), are averages of business days unles Current and historical H.15 data are available on the Federal Reserve Board's web (www.federalreserve.gov/). For information about individual copies or subscriptio Publications Services at the Federal Reserve Board (phone 202-452-3244, fax 202-7 electronic access to current and historical data, call STAT-USA at 1-800-782-8872 Description of the Treasury Nominal and Inflation -Indexed Constant Maturi Yields on Treasury nominal securities at "constant maturity" are interpolated by from the daily yield curve for non -inflation -indexed Treasury securities. This cu the yield on a security to its time to maturity, is based on the closing market b actively traded Treasury securities in the over-the-counter market. These market calculated from composites of quotations obtained by the Federal Reserve Bank of constant maturity yield values are read from the yield curve at fixed maturities, and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yiel maturity, for example, even if no outstanding security has exactly 10 years remai Similarly, yields on inflation -indexed securities at "constant maturity" are inte http://www.federalreserve.gov/Releases/111 5/update/ 8/1/2008 7 P": ti.l D- miecwa interest RaleS, W eV-V111y i Wly vYuaw--a uiy i, .v - -I- • __ daily yield curve for Treasury inflation protected securities in the over-the-cou inflation -indexed constant maturity yields are read from this yield curve at fixe currently 5, 7, 10, and 20 years. Weekly release dates I Historical data I Data _Dowitload Program (DDP) I About I Announcements Daily update Other formats: Screen reader I ASCII Statistical releases Home I Economic research and data Accessibility I Contact Us Last update: July 31, 2008 8 http://www.federalreserve.gov/Releases/H15/update/ 8/1/2008 FRB: Commercial Paper Rates and Uutstandmgs . QSv . V. , Federal Reserve Release Commercial Paper IIAW Release I About I Announcements I Outstandin�*s I Volume statistics I Year-end I Maturity Distribution Data Download Program (DDP) Announcement: Revisions to Commercial Parser Outstanding Data as of July 31, 2008 Commercial Paper Rates and Outstanding Derived from data supplied by The Depository Trust & Clearing Corporation Posted August 1, 2008 Discount rates Term nonfmancral nonfmancral financral asset -backed 1-day 2.09 2.69 1.97 2.43 E�7-day 2.08 2.91 2.05 2.64 15-day 2.07 2.86 2.22 2.66 30-day 2.08 2.96 2.36 2.77 60-day 2.13 3.07 2.56 2.80 90-day n.a. 3.10 2.71 AA nonfinancial 2.88 rate for July 37, 2008. rade data insufficient to suonorl calculation of the 90<tav Yield curve http://www.federalreserve.gov/releases/cp/ 8/l/2008 9 mu: uommerciai raper xates-ana uustanuiligs ...151 ., - - Money market basis — — — AA nonfinancial ...... A27P2 nonfinancial] AA financial AA ...... ....................... . ........ ............. __ —r 7 15 T - - - - -- _a --- . - - - - - _A 30 60 9C Days to Maturity 2001 2002 2003 2004 2005 2006 2007 2008 Discount rate history 3.7 3.5 3.3 3.1 2,9 17 2.5 2.3 211 1.9 http://www.federalreserve.gov/releases/cp/ 8/1/2008 10 FRB: Commercial Paper Rates and Uutstanamgs Tnrrty-oay commercial paper k©any) — — — AA wnnnancial ' ._-.--- A2//P2 nonlinutuiul , --- AA financial AA Y' '+Yw.pirx t w+iL+iEPe 2001 2002rl r04 2005 Nl0713 Outstandings Weekly (Wednesday), seasonally adjusted Billions of dollars 7 6 5 4 3 2 1 0 Billions of dollars ---- .290 — — — Nonfinancial(right scale) �--. �- Pinmuialduftscule) 6 Al ` 1 �A. 2001 20022003 NIT, f 1'1*, 247J7 Z1146 250 2to Itill 130 The daily commercial paper release will usually be available before 11:00am EST. However, the Federal Reserve Board makes no guarantee regarding the timing of the daily commercial paper release. When the Federal Reserve Board is closed on a business day, rates for the previous business day will be available through the Federal Reserve Board's Data Download Program (DDP). This policy is subject to change at any time without notice. Release ( About I Announcements I Outstandings I Volume statistics I Year-end I Maturity_ Distribution Data Download Program (DDP) http://www.federalreserve.gov/releases/ep/ 8/1/2008 11 FRB: Commercial raper Kates anct vutstanuings - —0- • - Home I Statistical releases Accessibility I Contact Us Last update: August 1, 2008 http://www.federalreserve.gov/releases/cp/ 8/1/2008 12 INVESTMENT ADVISORY BOARD Meeting Date: TITLE: August 13, 2008 Pooled Money Investment Board Report for May 2008 BACKGROUND: Correspondence & Written Material Item B Staff has attached correspondence from LAIF regarding their exposure and opinion of FNMA and Freddie Mac. The Pooled Money Investment Board Report for May, 2008, summary pages have been attached for the Board's review. A complete copy is available for review upon request. Receive & File aohn M. Falconer, Finance Director rags i Ui i John Falconer From: John Falconer Sent: Friday, July 18, 2008 8:27 AM To: Vianka Orrantia Subject: LAIF - FNMA & FHLMC Position Attachments: 0184_001. pdf Dear Board Members I spoke to Dan Dowell yesterday at length about the portfolio's holdings in FNMA and FHLMC and provided me with the attached position paper. We said he is comfortable investing in FNMA and FHLMC on a short term basis. He said he met with the President of FHLMC in Sacramento two weeks ago to discuss the Agency and feels more comfortable with FHLMC than FNMA as evidenced by the amount of holdings in each agency and finally that if he wants to go out two years or more in a GSE he invests in FHLB paper. Thankyou John Falconer, CPA Treasurer City of La Quinta From: Mason Lord Sent: Friday, July 18, 2008 8:15 AM To: John Falconer Subject: Attached Image f:3'C.7%IIZIZ:3 Vie are aware of the headlines concerning FNMA and FHLMC. We continue to monitor the progress of the stories and are mindful of market concerns and reactions. We are holding current positions in both names, and at this time do not intend to minimize our holdings through any means other than attrition" D. S. Dowell The table below represents the PMIA /LAIF positions in both FNMA and FHLMC as of close of business 6130/08. FNMA and FHLMC Federal Agencies Holdings in PMIA 6/30/2008 BV Holdings Mils Latest Maturity % of Total $70 Bil Portfolio FHLMC DNs 7,931 9/26/2008 11.33% Cpns 138 9/19/2008 0.20% Total 8,069 11.53% FNMA DNs 694 10/29/2008 0.99% Remics 1,118 2/1/2012 Avg Life 1.60°/a Total 1,812 2.59% Total $9 881 14A2% POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF MAY 2008 WITH MAY 2007 (DOLLARS IN THOUSANDS) MAY 20011 MAY 2007 GRANGE Average Daily Portfolio $ 72,978,722 63,222,006 $ +9,756,717 Accrued Earnings $ 189,902 $ 281,796 $ -91,894 Effective Yield 3.072 6.248 -2.176 Average Life -Month End (In Days) 200 170 +30 Total Security Transactions Amount $ 33,027,971 $ 34,467,716 $ -1,439,746 Number 686 713 -27 Total Time Deposit Transactions Amount $ 3,494,000 $ 3,294,300 $ +199,700 Number 148 154 -6 Average Workday Investment Activity $ 1,739,141 $ 1,716,455 $ +22,686 Prescribed Demand Account Balances For Services $ 781,346 $ 248,657 $ +632,689 For Uncollected Funds $ 160,836 $ 220,068 $ 59,232 i BILL LOCKYER TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) MAY 31, 2008 DIFFERENCE IN PERCENT OF PERCENT OF PORTFOLIO FROM TYPE OF SECURITY AMOUNT PORTFOLIO PRIOR MONTH Government Bills $ 1,141,108 1.67 -0.26 Bonds 0 0.00 0 Notes 3,690,560 5.09 +0.92 Strips 0 0.00 0 Total Government $ 4,831,668 6.66 +0.66 Federal Agency Debentures $ 11,127,219 15.35 +0.55 Certificates of Deposit 11,986,090 16.63 -4.30 Bank Notes 906,000 1.26 -0.26 Bankers'Acceptances 0 0.00 0 Repurchases 0 0.00 0 Federal Agency Discount Notes 16,463,916 21.32 +1.22 Time Deposits 9,580,500 13.21 +0.11 GNMAs 166 0.00 0 Commercial Paper 7,742,867 10.68 +1.29 FHLMCIRemics 1,131,070 1.56 0 Corporate Bonds 283,984 0.39 +0.05 AS 55 Loans 9,466,997 13.05 +0.67 GF Loans 0 0.00 0 Reversed Repurchases 0 0.00 0 Total (All Types) $ 72,618,476 100.00 INVESTMENT ACTIVITY MAY 2008 APRIL 2008 NUMBER AMOUNT NUMBER AMOUNT Pooled Money 686 $ 33,027,971 665 $ 31,689,800 Other 29 1,414,776 173 82,408 Time Deposits 148 $494,000 195 6,976,295 Totals 863 $ 37,936,746 1023 $ 37,748,503 PMIA Monthly Average Effective Yield 3.072 3.400 Year to Date Yield Last Day of Month 4.473 4.642 Pooled Money Investment Account Corporate 0.39° Commercial Pape 10.68% Time Deposit 13.21 % Portfolio Composition $72.5 Billion 05/31 /08 Treasuries Loans 6.660/6 Mortgages 11 ACO/ .....,,, CDs/BNs 17.78% Agencies 36.67% BOARD MEMBER ITEMS