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2008 11 12 IABP.O. Box 1504 LA QOINTA, CALIFORNIA 92247-1504 78-495 CALLE TAMPICO LA QoINIA, CALIFORNIA 92253 AGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 November 12, 2008 - 4:30 P.M. CALL TO ORDER a. Pledge of Allegiance b. Roll Call (760) 7 7 7 - 7 0 0 0 FAX (760) 777-7101 II PUBLIC COMMENT- (This is the time set aside for public comment on any matter not scheduled on the agenda.) III CONFIRMATION OF AGENDA IV CONSENT CALENDAR Approval of Minutes of Special Meeting on October 15, 2008 for the Investment Advisory Board. V BUSINESS SESSION A. Transmittal of Treasury Report for September 2008 B. Discussion of Matters of Joint Interest to the Members of the City Council and the Investment Advisory Board C. Continued Discussion of the Investment Advisory Board 2008/09 Work Plan VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report - October 2008 B. Pooled Money Investment Board Reports -August 2008 and LAIF Conference Materials VII BOARD MEMBER ITEMS VIII ADJOURNMENT m11;4r1ko—�*�Ir INVESTMENT ADVISORY BOARD Special Meeting October 15, 2008 CALL TO ORDER Regular meeting of the La Quinta Investment Advisory Board was called to order at the hour of 4:30 p.m. by Chairman Ross, followed by the Pledge of Allegiance. PRESENT: Board Members Daniel, Ross, Park, and Rassi ABSENT: Board Member Moulin OTHERS PRESENT: John Falconer, Finance Director and Vianka Orrantia, Senior Secretary II PUBLIC COMMENTS - None. III CONFIRMATION OF AGENDA - (This is the time set aside for public comment on any matter not scheduled on the agenda.) None. Mr. Falconer advised of several handouts to be added to the agenda, one of which was correspondence received from the State Treasurer's office clarifying several issues; LAIF and the State's budget need for cash, along with discussions of the State's inability to issue tax revenue anticipation notes. The correspondence was derived from numerous emails from various cities concerned about LAIF monies. The correspondence received from the State Treasurer's office reaffirmed all funds belong to the cities, e.g. participants and not the State. Mr. Falconer requested that page 9 be replaced due to a change in the cash flow analysis, due to a Council action to defer receipt of $3.8 million from the sale of land at SilverRock. Mr. Falconer also advised that an Excel spreadsheet with the cash flow assumptions for August was emailed at the request of the Board from the prior meeting. Also included was a cash flow sheet dated July 31, 2008 and supplementary data. Ms. Orrantia requested, on behalf of Board Member Moulin, that amended pages to pages 2 and 3 of the meeting minutes be replaced. The last paragraph on page 2 and the second paragraph on page 3 were duplicate statements and were simplified by combing the two paragraphs. In response to Chairman Ross, Mr. Falconer clarified that the Budget and Cash Flow handout dated July 31, 2008 should be included as part section VI. Item A. Month End Cash Report - September 2008. Investment Advisory Board Minutes October 15, 2008 IV CONSENT CALENDAR Approval of Minutes of Meeting on September 10, 2008 for the Investment Advisory Board. MOTION - It was moved by Board Members Rassi/Deniel to approve the minutes of September 10, 2008, as amended. Motion carried unanimously. V BUSINESS SESSION A. Transmittal of Treasury Report for August 2008 Mr. Falconer presented the staff report advising that the portfolio has declined by $2.5 million due to the construction activity at the Dune Palms Housing project. The project is near completion with the City obligation of $30 million and the current balance at $2 million with a recent draw from the project at $1.2 million. Mr. Falconer also advised that the portfolio continues to decrease in average maturity, with the average maturity at the end of August at 51 days. The current yield is up slightly due to the maturity of a T-Bill, with the overall portfolio continuing to decrease with the current market. Mr. Falconer further advised that due to recent press, staff continues to monitor commercial paper with Morgan Stanley A-1 and Met Life still remaining at an A-1 + grade. The current commercial paper held by the City will mature the first part of November, with a GE long-term corporate note maturing in October with no reinvestment due to cash needs and one holding in GE Capital which will mature in September of 2009. Mr. Falconer advised that at the previous Board meeting there was a discussion by Board Member Moulin regarding the yields of treasuries and modification of the 30% cap for all GSE's within the investment policy, due to the current rates of the six-month T-Bill at .85% and six-month Discount Notes at 2.50%. Mr. Falconer asked if the Board had considered changing the investment policy due to the current economic market and if this was the Board's desire, Council approval would also be needed. In response to Board Member Deniel, Mr. Falconer advised that he is currently at the 30% cap. Board Member Deniel stated that she was not sure if an act of Congress was needed to guarantee Freddie Mac and Fannie Mae, but she suggested that the Board research this issue and subject to the Board's findings, then a decision could be made to make the necessary modification to the investment policy giving the Treasurer a little more 2 Investment Advisory Board Minutes October 15, 2008 flexibility. In response to Chairman Ross, Mr. Falconer advised that an amendment to the policy at this time would require Council approval. Board Member Deniel informed the Board that if presented to Council for approval, she was willing to be present at the Council meeting on behalf of the Board. Board Member Rassi stated that he is pleased with the City's portfolio and was also pleased with the Council's decision not to approve the implementation of a professional portfolio manager to try and increase the City's yield. Board Member Daniel stated that the stability of the portfolio is based on what it is allowed to invest in. The current economy has impacted the stock market and not the fixed income securities. Therefore, if the City had implemented a professional portfolio manager, the portfolio would look similar to that of the Treasurer due to the constraints of the investment policy; the only difference would be that a professional portfolio manager would not have to hold to maturity. Board Member Rassi stated that it was his recollection that the intent to hire a professional portfolio manager was to obtain a higher yield; and with the uncertainty of today's market the portfolio is doing well. In response to Chairman Ross, Mr. Falconer advised that there is availability of commercial paper; however, due to the constraints of the policy he is limited on what he can purchase. Mr. Falconer also advised that due to the current publicity of Morgan Stanley, Met Life and GE Capital, he is more apt to purchase commercial paper such as Nestle or AT&T. Mr. Falconer further advised that the City is fortunate that the current GE Capital paper held will mature in 2009 with most cities holding Corporate Notes till 2012; and with the current economic state, this could have some impact to the future holdings. Board Member Daniel informed the Board and staff that she has some concerns of market pricing of GSE's due to the premiums paid. Board Member Daniel also informed the Board that GSE's carry a market risk which the T-Notes and T-bills do not carry. General discussion ensued by the Board in reference to discount notes. In response to Chairman Ross, Mr. Falconer advised that the existing portion of City Hall has a mortgage until 2018 and the expansion was paid for by a loan from the general fund to the civic center developer 3 Investment Advisory Board Minutes October 15, 2008 Falconer clarified for the Board the process of the development impact fees. General discussion ensued by the Board and staff regarding the loan from the general fund. General discussion also ensued by the Board regarding the status of SilverRock. MOTION - It was moved by Board Members Park/Deniel to approve, receive and file the amended Treasury Report for August 2008. Motion carried unanimously. In response to Board Member Deniel, Mr. Falconer suggested forming a subcommittee to research GSE's. Chairman Ross suggested that Board Member Moulin along with staff serve as the subcommittee and report back their findings of Fannie Mae and Freddie Mac under the new guarantees at the next scheduled board meeting. Board Member Daniel clarified that the subcommittee needs to research as to whether or not an act of Congress is needed to have the full faith and credit behind GSE's or part of the $700 billion that has recently been passed. Mr. Falconer stated that he was under the impression that the guarantee did not apply to Farm Credit or Federal Home Loan Bank. Chairman Ross stated that the research needed by the subcommittee is to make sure that the act of Congress is needed to make sure the guarantees are effective as well as the duration of the guarantee. B. Continued Discussion of the of the Investment Advisory Board 2008/09 Work Plan Mr. Falconer advised that the State imposed on all RDA's, $350 million state-wide based on a formula. Upon applying that formula to the City of La Quinta, the City's RDA portion to be withheld by the State will be approximately $4.8 to $4.9 million. Mr. Falconer further advised that he contacted the Auditor Controller's office and they advised him that they will be drafting a memo as to how this money will be obtained by each city. This amount to be withheld from all cities only represents $350 million of the State's $15 billion shortfall. Mr. Falconer also advised that all monies withheld by all cities is not a considered a loan to the State. 1! Investment Advisory Board Minutes October 15, 2008 all monies withheld by all cities is not a considered a loan to the State. Mr. Falconer advised that there have been some discussions of legal challenges from the California Redevelopment Agency, a statewide group of RDA members, which is considering legal action against the withholding of these monies. Mr. Falconer also advised that the City generates roughly $10 million in excess tax increment every year and the withholding of these monies will cut the City's RDA funds in half, which have been allocated towards SilverRock. Mr. Falconer further advised that he does not want to bond for any SilverRock improvements and would like to proceed on a "pay as you go" basis. This is mainly due to the current economic market and the inability to issue bonds at this time. General discussion ensued by the Board regarding previous state withheld money. In response to Board Member Deniel, Chairman Ross summarized the discussions carried over from the previous Board meeting which included the work plan, handouts from Board Member Moulin, the modifications to the Treasurer's Report and staff's suggested changes to the report. Mr. Falconer presented staff's suggested "required" pages to the Treasurer's Report in accordance to State Code: Page 2: Required Page 3: Not required Board Member Daniel advised that page 3 was very useful to the Board and suggested that a paragraph referencing surplus also be added. Chairman Ross stated for clarification when staff states a report is "required" by State Code it's also required by City Council. Staff concurred. Page 4: Not required but staff would like to still include as part of the report. Mr. Falconer commented that this particular sheet references surplus maximums, which was referenced by Board Member Moulin. Mr. Falconer advised that this page reflects a difference from the all "funds" category vs. the surplus "category," which is a result from the information provided on page 10 and the timing of cash needs. In response to Board Member Deniel, Mr. Falconer clarified for the Board the use of the term surplus within staff's report and how it is defined by the City Attorney. 5 Investment Advisory Board Minutes October 15, 2008 Board Member Deniel stated that she feels that term "surplus" needs to be changed. Mr. Falconer reiterated that page 4 is not "required" to be included as part of the Treasurer's Report. Board Member Deniel stated that she was satisfied with page 4 with the exception of the surplus columns. Page 5: Required In response to Board Member Deniel, Mr. Falconer advised that the market values for this particular page are provided by the Bank of New York and US Bank. In response to Chairman Ross, Mr. Falconer advised that page 37 of Section B, Attachment 3 is mandated by the State Code and is generated on a quarterly basis for approval by the City Council. Page 6: Required Page 7: Required General conversation ensued by the Board and staff regarding 2 of the columns on page 7, "Principal" and "Par," due to their similarities; it was the conclusion of both the Board and staff to eliminate one of the columns. Mr. Falconer suggested that he redraft page 7 and email to the Board for their review. Page 8: Not required Board Member Deniel stated that she felt this page was useful in following the market trends and suggested that it reflect a quarterly trend instead of a monthly trend. In response to Chairman Ross, Mr. Falconer advised that the reports could reflect whatever the Board feels is useful information. Page 9: Not required Mr. Falconer advised that page 9 is a six-month cash flow analysis supporting page 2 of the Treasurer's Report. 6 Investment Advisory Board Minutes October 15, 2008 In response to Board Member Daniel, Mr. Falconer advised that the tax increments listed prior to December are early tax revenue sent in by city residence with a large portion collected in December but paid to the city in January. In response to Board Member Daniel, Mr. Falconer advised the TOT collected by the hotel is paid directly to the City a month after it is collected. Chairman Ross advised that at the previous month's meeting, Board Member Moulin stated that he would like to see the actual year-to-date forecast also reflected on page 9. Mr. Falconer advised that he emailed the forecast for the Board's review prior to the scheduled meeting, which also included the revenue and expenditures. General discussion ensued by the Board regarding the forecasted items listed on page 9 and suggested changes to the page. Board Member Rassi commented that he felt that the suggested changes by Board Member Moulin at the previous month's meeting would be of no advantage to the Treasurer's functions. Mr. Falconer informed the Board that the drafted page to the Treasurer's Report took roughly 50 hours to complete, and if implemented into the report, would take approximately two days to complete. Chairman Ross and Board Member Daniel suggested that this particular issue be continued to the next scheduled meeting. Page 10: Not required In response to Board Member Deniel, Mr. Falconer clarified for the Board that staff would have to refer back to the investment policy in order to eliminate a page from the report. Page 11: Not required Page 12: Not required In response to Chairman Ross, Mr. Falconer summarized for the Board pages 37, 38 and 39, which were included in Section B. MOTION - It was moved by Board Members Deniel/Rassi to continue the 7 Investment Advisory Board Minutes October 15, 2008 discussion of the Fiscal Year 2008/09 Work Plan to the November meeting. VI CORRESPONDENCE AND WRITTEN MATERIAL A . Month End Cash Report - September 2008 Noted and Filed B. Pooled Money Investment Board Report - July Report Mr. Falconer advised that the report has increased by $5.6 billion. Noted and Filed VII BOARD MEMBER ITEMS Mr. Falconer advised the Board of the scheduled Ethics Training scheduled for November 19, advising that this training needs to be completed by December 31 of 2008. Mr. Falconer further advised that draft financial statements have been forwarded to the auditor and should be receiving back within the next few weeks. Mr. Falconer informed the Board that a joint meeting with City Council has been scheduled for November 25, 2008 at 7:30 p.m. in the Study Session Room at the Civic Center. Mr. Falconer also advised if there were specific topics that needed to be discussed with the City Council, they need to be submitted to staff to be placed on the meeting agenda. Vill Adjournment MOTION - It was moved by Board Members Park/Deniel to adjourn the meeting at 6:05 p.m. Motion carried unanimously. VIGINKa v11011ua, Senior Secretary E3 INVESTMENT ADVISORY BOARD Business Session: A Meeting Date: November 12, 2008 ITEM TITLE: Transmittal of Treasury Report for September 30, 2008 BACKGROUND: Attached please find the Treasury Report for September 30, 2008. RECOMMENDATION: Review, Receive and File the Treasury Report for September 30, 2008. � L John M. Falconer, Finance Director c&ht 4 4a 0alArcu MEMORANDUM TO La Quinta City Council FROM John M. Falconer, Finance Directorfrreasurer SUBJECT Treasurer's Report for September 30, 2008 DATE: October 31, 2008 Attached is the Treasurer's Report for the month ending September 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 I Sold/Matured Other Ending Change Cash (3) $ 10,879,936 (1) $ (10.888.293) $ (8,357) $ (10,888.293) LAW 46,503,920 4,000,000 (1,250,000) 0 49,253.920 2,750,000 US Treasuries (2) 28,833,432 10,000,000 (5,000,000) 11,307 33,844,739 5,011,307 US Gov't Sponsored Enterprises (2) 57,762,273 (10,000,000) 51,721 47,813,994 (9,948,279) Commercial Paper (2) 22,916,716 7,000,000 (8,000,000) 11,615 21,928,331 (988,385) Corporate Notes 7,981,113 4,721 7,985,834 4,721 Mutual Funds 11,521,102 1 3,428.656 8,092,44 3,428,656 Total $ 186,398,492 $ 21,600,000 $ 38,566,949 $ 79,31i $ 168,910,9076 $ 17,487,585 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, I 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. AA�q_ °131/Z60g John M. Falconer Date Finance Director(rreasurer 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 September 2008 Cash Balances - The portfolio size decreased by $17.5 million to $169 million. The major reason for the decrease was $11 million in debt service payments and $6.2 million in payments for major capital projects including $4.7 million for the Ave 48`h/Adams Apartments, $482,000 for Ave 52 Bridge Improvements, $200,000 for Adams Street/Hwy 111 Improvements and $200,000 for SilverRock Clubhouse design. Investment Activity - The average maturity of the portfolio increased by 4 days to 55 days at the end of September. The Treasurer follows a buy and hold investment policy and has not sold investments before maturity to take advantage of market conditions. A maturing Freddie Mac was not reinvested due to the 30% overall limitation on GSE's and was replaced with a six month U.S. Treasury Bill. Due to market conditions the Treasurer is limiting investments in Commercial Paper to non -financial entities. The sweep account earned $2,241 in interest income for the month of September and the bank fees for the month were $ 2,099 which resulted in a net increase of $ 142 in real savings. Portfolio Performance - The overall portfolio performance decreased by twenty four (24) basis points from the prior month and ended at 2.64% for the month, with the pooled cash investments yielding 2.81 %. This decrease was partly due to a maturing $10 million Freddie Mac GSE of 5.29% being replaced by a six month Treasury Bill with a .845% yield. With the average maturity of 55 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 5.16% which reflects the current interest rate environment. Future Thoughts Due to the current liquidity crisis impacting financial and business institutions the Treasurer is concentrating on safety first and foremost. In the short term, the Treasurer will be maintaining LAIF balances at the maximum allowable percentage (35%) because its rate declines slower in a declining rate environment. Based upon the current 30% limitation imposed by the investment policy for GSE's, the Treasurer will continue to maintain investments at the maximum allowable percentage. The Treasurer will not be investing in corporate notes and will continue to look at Commercial Paper (in non -financial institutions) with 30 to 90 day maturities. 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B~ !(((\((((()((((((((( 1------------------- cgm.! |!!!!/i!f!| MLLO )\��) | m c F-� W W W W O O O O O O O O y N N N N � O» M m N �rnrnmrn �0000 000 a 0 0 0 0 o v e V C O O O O O r 0 0 0 0 O C N N O O C C J J y LL LL FJ J aL a z u m > > y y 0 N N E E CL n o o �^ V) m :3U U(n > j c E d > O � U N N d C 2 J W t � N c J � n c m E ci o � LL F � m m - J N j0 W D7 M O M W O � N N W W W W W W W W M O O O O O O 0 0 0 0 0 0 m N N N N N N N ❑ iprnmm��nv rn mrnm o'rn m 0 0 0 0 0 0 0 A0000000 Nm N N - W C'l N O v W N O J y LL 6 N f J 7 10 N O O N y`` O O O ry as°a d dEE ~ w m m m m o o14 N tq tnj3N:4 mUUo � J 'O N 3 N m � o 9 N v 04 � O n U w E o D2`p c E Lj ii 0-0 vN UgLL Em — LU3L L5L —0 ym CLL = �ZZ 7 v $ a -v6 a g Fa g" A ¢y S3€�� ab qq C%Ea �ac�yy m U UNOa_o N-VW=¢�NFN C U� IiLLOm �9 mg f 3 vau�m^�$ � �«y»uyw�p fwnnm `vu'$'m m`a^I�w'g3g �v'`"_mm Aid«iPb yy� O1r�ino_''am 2rynry�81 ^o_ �f' m$8$$wms g �s s 's BmNo_ry g E Nxm`Y vow " w ` g m�«derv» gv b"}7�Au5^oe ^Re»' 'r'a^r 'gym am 1nvm»mI- s' _ nn Q S223=9< Ewnmm 8R &Rm $`ei�vaH Hai �'no rv� ppyy^oqq A�aE'�^ib Pi �m nm �an�m E u��n3 _€R . .nn'fn'. 5m^on»m$u^i$n�ryv�Mn� 5^�'F� �» mpg 58mmN annN vtR �R n°�$ ^d��$^o ��^m,$n»� vow Fi wow g W W W a��@r`8'LL m 5F�9ofi¢'ro`yny �9NNE��a �c�U�= SOH �`E�o jj'�NNCO�o �aC uv u?: ^gNNE�So F UNJJ6 ZF F-VNJJRUfF FUNJJdV�F 1-UNJJLLoiF N N N N O NP Or tp+l p N G 1'1 N W N N N N 10 Nl M O E M n rN OpiN NmNOni N N N N LL N N d m N (V p O d M d N N q� N C N 0 N y py W O aWa p N M O p p hOO�b NOdi � N A n LL 4 N N NnN t00 Md 01 �Hn d- 1'1 N 4 q W O P N n W N M N N O p b qa �y W W W p Cj M W r ma OO ry Ol p H C d iD n W Oi I N N 0 m (p W VI W N N p H N N LL O d n y N O � N Wd W p p W o n a W rz n�� N b N E an B M nei virtu lN�l Gov m � � � r {) O r r M M p O r N N O WO 0 W ro N 0 r LL O O0t1 b N N N CJ nW q N d IO O O � N L O O N N yy V N 10 pd O n N M N W P M N INI O N Q P M CWl ONi V COl N n 0 0 W j d mW p E L h ] a 7 c L` r N a C N d � q f a N m - C _ m ON U N a y uI C M. W U a C N ro V C U R a c a v a a 9 c a < L i mIq m rn a c nS m armOC wwoomof 00 O O 00 00 bJ Cfty of La Owned Recaundana. Ol Actual dad Sulqus FUMS CM. Redukdopmam A9euY and Fla., AMa, SegemMr ]0.2008 Balance cO Actual Funds 168910907 Lau Petry W50 Funds (1,250) Lev N.aSuryl. Funds 1513,179 San. 01 Su Funds S i6),396,478 C CaaM1 S InnaUunY Bank Accounts henna Av."I1 SW Back Surylua Yes $ - Ad Surpus' Ves § Wlk F.,.-Demand Ws Fa,o - Sweep [Wclla`Fe� NO CWkin Sweep $ (.9,'65) ¢ Cash -Demand NO Wp 1250 HousinOemand Yes CIreGi § ]B dRS S ]B d25 $ JB a25 U 425 io1N Bank sc u ce S B,35i S 38 dR5 S S U S Treuuy Lad.Idm gvdJdkll Su Annod Surplus Surplus I..,R Va. Yes AL Y¢s Band of N Yea T-B.11 9961020 9961020 9961020 Total -US TlGdsY 9,561,W0 Q951p80 9,961,020 Pmkssanally Managed ACNunt Surplus Surylus Name -A,aI d Sw us FOB,Book Yes pd Yes es Fill-Pmh55ona11 saaadded Account Loral pBency lnv -at Fund Surplus SuryluS Name-pvaimha Su lus T' a Book Tea Ad Ves UIF-C%-Demand Ves Slate Pwl 39,IdB4OB6 39,dd608fi 11,561,2111 3).668.8]5 UIF- RDA -Deals. Yes Shh Pool 9,B�B3a 9.8058]d 9,80553a TWO-S. kdal d9,253920 d9,253,920 1,561211 AT,6..I. Sucked Na M Suryas Na AA Funda AWaI% Surylus Ves $ (889.]B5) S 2.dOR,96a $ 1,5t].99 Bd1 ]SJ S (Bli ]SJI R50 250 S dQ]02 $ 1561211 $ 1514,d20 Surplus NO AL Surplus NO p9FUMa gcWal% Surplue Yea 589]2X SBSOfi% Surylus NO A Surplus Nd AIF= ApualX Slryslus Ye 130�28 Sumkrs NJ AO Surpus NO AIIFurds AquN % Supus Y¢b 1]2)8% SraMus Nu M Surplus No AN Funds Actual% Sul. Yes 129822% 1J0996% Suglre Np Ad SurpM Na qN Funda gpual% Surpus Y¢¢ O WJW OW30°F Surplus No Ad -Surplus tb All F!-5 gdual% SuryluS Yes 29158)% RB l9pT' Tonal CRY lnvas0nnan 1]B,ed],099 1I8.9N,W9 1,R1,211 vs,]n,5eaII I- a].Wdzx ]L qSp% TWI CM/ Cash Slnv<aplgrM 1N,9N,)di1 136,931,624 1,581211 1]S,QO,]13 48,782 1,5614t11 I1,SA.d39 a1.a9m ]O.p]9% FiatalA rd lnvaalmnnb POMOIq-Cllylnveahnems OusWdian-AvmladN Su Iu5 lasuer? S gmoNbed Value Surplus Yes AL SuryluS Yes 2W2 RDAU5 Bank-0IP 28Ol Fnlsn¢Autlp LIP Tes Yes USTrevury Rill U.STreasu Bill iJ,932,169 9951550 13,932,169 9951550 ll.9J3.169 9951,559 Tan -US Ivan 23,BBJ.i19 23,885)19 23083,)t9 Fodaln'MUWal Funds Trustee-Avdikd4 5 Wrey MaM1el Mryal Fluq BWk Value SuryluS Yes Ad $urylua Yin Qvk Center USBank-Project YES 1d Amencan LMC QmerUSBMkC¢M Svc YES 1#Ammon 1 1 t iB9l RDAU$ BEn "Svc YES 1d AmOrrcan 1995 RDAUSank-CIP YES 151 Anrtngn 10. RBA US BarJr-Sdecal Fund YES 1st Amercan 200IFm Aum-1995USBank Sea" YES 1#Amerlon 1998RDAUSBank-CIP YES 1aY American 1998 RDA U S Bank - BM Svt YES 1#Ar acan 199E RDA U S Bank - Spasal Fund YES i#Amera nn 199E RDA U S Be. -CIP YES 1d Amercan LWI RUA UJ Uank - Uhl Svc YES Ida... 2001 RDA US Bank - LIP YES 1d Am¢nran 2 RDA U5 Bank -DW Svc YES 19A..O 2002 RDA U5 Bank -CIP YES 1#Amenan 2,NOME 2,WOES 2,860.396 20D3 Tanta RDA US Sam -05 YES 1s1Ame.an 2W3iWas RDA U S BankC01 YES Id Amencan 200]Taxata RDAU S Bnhr ,R YES 1#Ammon 2001 Fan AMUS Bank -CIP YES 1#Amercan 523R,050 5,231.050 5232.050 200a FM AIM US Bank -CO1 YES 1#AmeAon SWMdI-MNual Fund 6,092<LB B.pJ2M6 8092,<d6 STA NO AL Surpus NO Al Funds AtlWI% Surg05 Ves 111396% 142678% SmlNus w AL Surplus No All Funds Acen% Surplus Yes l ]910% ann% TWI FkuI ABe. InvadmaW J1,f]8,188 51,9]8.185 fl,916,18s u.f5a8x 18.1@1% DraiMTWI i,NlAil 1 1.511,529 100 1.M 0 City of La Quanta Compemhve Rates of Interest September SO. 2008 FY O3 FV0"5 FV 05lO6 FV 06l% FV 07I08 FV OW09 Sepl 2002 Oc12002 Nov 2002 Dec 2002 Jan 2003 Feb 2003 Mar 2003 Apr2003 May 2003 June2003 July 2003 Sept2003 Oct 2003 Nov 2003 Dec 2003 Jan 2004 Feb 2004 Mar2004 Apr 2004 May 2004 June 2004 July 2004 Oct 2004 Nov 2004 Dec 2004 Jan 2005 Feb 2005 Mar2005 Apr2005 May 2005 June 2006 July 2005 Nov 2005 Dec 2005 Jan 2t106 Feb 2008 Mar2006 Apr 2006 May 2006 June 2006 July 2006 August 2001 Sept 2006 Oct2006 Nov 2006 Dec 2006 Jan 200] Feb 200] Mar2007 Apr2007 May2007 June 200] July 2007 Sept 2007 Oct2007 Nov2007 Dec 200] Jan 2008 Feb 2008 Mar 2008 Apr2008 May2008 June 2008 Ju1y2008 4ugust2008 Sept2008 Oct 2008 Nov 2008 Dec 2008 Jan 2009 Feb 2009 Mar2009 Apr2009 May 2009 City of La Quirria Annualized PeOled Cash Eamin Fsoal A ent s Overall IAverage Malun tla s Three Monty Treasu Bills Six Monty One Year Three Month Non-Fnanclal LAIF Re 271% 246% f00% 205% A2 1]3% 245% 127% 20]% 172 164% 259% 246% 126% 210% 139 162% 260% 241% 100% 208% 121 155% 249% 232% 100% 202% 109 129% 230% 223% 100% 180% 163 12]% 231% 211% 0.80% 162% 13] 116% 210% 199% 059% 1]4% 131 120% 195% 201% 075% 1]8% i1] 118% 198% 198% 072% 17s% 92 117% 186% 186% 073% 154% 74 110% 180% 1 ]3% 049% 140% 123 086% 1 ]0% 166% 052% 143% 131 098% 165% 165% 045% 135% 110 106% 163% 165% 049% 126% 80 101% 164% 159% 048% 136% 121 104% 160% 164% 048% 138% 98 103% 157% 167% 057% 141% 119 099% 156% 158% 030% 137% 140 100% 153% 165% 030% 138% 120 101% 144% 150% 050% 133% 155 101% 147% 150% 050% 133% 137 119% 145% 164% 050% 136% 137 138% 1.43% 169% 047% 162% 209 173% 143% 1 73% 050% 1 08% 214 1 ]4% 1 60% 1 ]3% 050% 1 5]% 172 1 ]8% 167% 179% 107% 168% 167 195% 1]]% 1 ]9% 1 14% 1 R% 112 204% 189% 1 ]9% 143% 1 ]3% 113 237% 200% 189% 223% 208% 146 256% 213% 200% 225% 212% 109 256% 226% 216% 226% 222% 104 285% 237% 216% 267% 243% 120 285% 237% 227% 269% 249% 93 309% 272% 247% 270% 258% 64 311% 286% 259% 310% 283% 113 322% 297% 2 fi5% 311% 287% 73 354% 308% 264% 311% 281% 84 369% 318% 307% 348% 320% 78 375% 332% 333% 351% 334% 65 375% 346% 370% 353% 355% 96 416% 364% 381% 363% 367% 68 420% 381% 411% 400% 406% 112 4"% 396% 414% 401% 409% 73 458% 404%. 421% 445% 431% 110 463% 414% 43U% 446% 437% 92 474% 431% 467% 448% 460% 67 484% 456% 474% 498% 483% 78 511% 470% 493% 500% 496% 95 506% 485% 494% 501% 497% 48 497% 495% 4,98% 501% 499% 53 500% 502% 500% 502% 501% 67 496% 510% 504% 503% 503% 62 494% 513% 508% 504% 506% 80 490% 513% 516% 512% 516% 64 498% 516% 519% 513% 617% 45 495% 518% 521% 503% 516% 67 488% 521% 520% 514% 516% 42 484% 522% 520% 505% 516% 32 481% 525% 519% 488% 510% 85 481% 525% 521% 490% 512% 129 480% 526% 517% 485% 508% 109 459 % 525% 516% 486% 506% 129 400% 523% 511% 485% 602% 116 395% 514% 503% 483% 49fi% 99 334% 496% 495% 343% 445% 123 339% 480% 458% 333% 422% 96 231% 462% 412% 324% 385% 86 207% 416% 407% 283% 367% 74 150% 378% 345% 327% 341% 82 170% 340% 314% 327% 317% 63 192% 307% 309% 194% 286% 80 214% 289% 2 99% 1 93% 2 ]]% 62 1 ]0% 1 88% 229% 218% 2 ]9% 316% 192% 288% 51 169% 189% 214% 208% 278% 281% 192% 264% 55 142% 179% 196% 213% 2]]% 11 i i i I, I ■ I i I ■ I I I I I I I ■ o c a� E V5 n c a� — w rn Q m U N 00 N (0 O LL it _ N O m t Q O C tll M W L N C �p O 00 c o c x T a �n 7 +�I Y w C � CO E N C 42) c C L N U a > c -- O I a Q O o i o w w c o ! m c c W W, (DC y N NI - - - - -- -- - - - - - r G f6 f6 CL c c 5 W N / d ` y Q Q fm 4 0c o ■ E- 7 a Q I 000 Ur U N o 0 0 0 0 0 0 0 0 O .a O In O U') O � N O � co Ci N N ` O O -- Q_ - - - - - N a - - - - 12 INVESTMENT ADVISORY BOARD Business Session: B Meeting Date: November 12, 2008 ITEM TITLE: Discussion of Matter of Joint Interest to the Members of the City Council and the Investment Advisory Board BACKGROUND: The upcoming joint City Council and IAB meeting will be held November 251h in the Study Session Room. RECOMMENDATION: Staff is requesting particular items that the Board would like to discuss at the meeting for the inclusion in the agenda packet. C3John M. Fal oner, Finance Director INVESTMENT ADVISORY BOARD Meeting Date: November 12, 2008 TITLE: Business Session: C Continued Discussion of the Fiscal Year 2008/07 Work Plan BACKGROUND: At the August meeting, Staff was directed to carry over the cash flow information that was handed out by Board Member Moulin to this meeting (Attachment 1) and to analyze the State Code and the Treasurers Report (Attachment 2). In addition, Board Member Moulin has also included correspondence regarding the presentation of the monthly Treasurers Report (Attachment 3). RECOMMENDATION: Continued Discussion of the Investment Advisory Board 2008/09 Work Plan. ohn M. Falconer; Finance Director NOTE: Please bring the attachments from last months meeting for this item. INVESTMENT ADVISORY BOARD Correspondence & Written Material Item A Meeting Date: November 12, 2008 d 111:9 Month End Cash Report - October 2008 BACKGROUND: 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. RECOMMENDATION: Information item only. YJohn. Falconer, Finance Director m N m W IV o^ m a r m r p m N Q N V N m m m o Q Q m Qm {y o n o N o O N O O N r W` (O m N N r N Q O F m O m O W O O O Q N n Q N 1p N b O O O O O m N W m N W W m m W O m N N m (p r vmfom � y" W N O O W b W B 3 ao O O 0 O m r M N m N o in, vmQ OQQ°' N N W m N m o 0 m m m W 0 0 0 0 0 o m N o N tWO (mp O r C E O O O � r m d W m W N O N ¢ LL O r oo m O m m N ogm 0 N O O N N 0 W W W W m m Q m 6 N Q o o b LL O O O N N W u5� m ° r r r m m M n m m N 0, 20 O m d LL� O O O O O N O O O O O O O O N 3m .. �wb b N w O C N m O N N N N C4 W d ' 6 tN+l O N 4 m N N N > r v N N m N C W r O 0 0 N OO Q r m O N N W W O N W b ^ m m O N O m o m m ~ M O O42U y m jU m c n 3 d p a m C d C m 0 A y N d X m d m m N o. >.a 3 3 m Q c m E d a d d m d o m om ❑i)rg'o. o.a o. we ¢ ¢ wozo-,LL�<zi ¢ ra 2 Bill Lockyer, State Treasurer Inside the State Treasurer's Office Local Agency Investment Fund (L.AIF) PMIA Performance Report 016 Daily Yield Quarterto DateYteld Aver Maturity in da 10/15/2008 2.72 2.74 242 10/16/2008 2.71 2.74 240 10/17/2008 2.69 2.73 244 10/18/2008 2.69 2.73 244 10/19/2008 2.69 2.73 244 10/20/2008 2.69 2.73 239 10/21/2008 2.69 2.73 240 10/22/2008 2.69 2.73 241 10/23/2008 2.69 2.72 238 10/24/2008 268 2.72 235 10/25/2008 2.68 2.72 235 10/26/2008 2.68 2.72 235 10/27/2008 2.67 2.72 252 110/28/20081 2.671 2.711 252 Corporate Bonds 0.59% LAIF Performance Report Quarter ending 9/30/08 Apportionment Rate: 2.77% Earnings Ratio: 0.00007595384447805 Fair Value Factor: 0.999137696 PMIA Average Monthly Effective Yields Sep 2008 2.774% Aug 2008 2.779% July 2008 2.787% Pooled Money Investment Account Portfolio Composition $64.3 Billion 09/30/08 Reverses Treasuries -0.61 % 7.78% Loans 21.44% Commercial Paper 14.38% Time Deposits 13.78% Mortgages 1.70% Agencies 20.64% CDs/BNs 20.30% 110 t,": ti.l.i--Seteciea Interest ICaICS, W CU-Vnly Nally upuatc--1 ULUUl l J> ' .vvv . -5- . -- Federal Reserve Statistical Release H.15 :>. t• ,r Selected Interest Rates (Daily) S.tp to Cumenl Release Date: October 31, 2008 Weekly release dates I Historical data I Data Download Program (DDP) About I Announcements Daily update Other formats: Screen reader I ASCII ri Data Oownload ---- - - ---- -- -- I,ll� Program 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 October 31, 2008 2008 2008 2008 2008 Instruments Oct Oct Oct Oct 27 28 29 30 Federal funds (effective) 1 2 3 0.92 0.67 0.36 0.30 Commercial Paper 3 4 5 Nonfinancial 1-month 1.40 1.36 1.25 0.98 2-month 1.72 1.94 1.76 1.05 3-month 1.95 2.18 1.95 n.a. Financial 1-month 2.80 2.71 2.72 2.04 2-month 2.53 2.96 2.85 2.80 3-month 2.55 2.89 2.84 2.74 CDs (secondary market) 3 6 1-month 3.25 3.25 3.20 3.00 3-month 3.63 3.63 3.63 3.31 6-month 3.63 3.73 3.75 3.50 Eurodollar deposits (London) 3 7 1-month 3.75 3.75 3.75 3.25 3-month 4.50 4.50 4.50 4.50 6-month 5.00 5.00 5.00 4.75 Bank prime loan 2 3 8 4.50 4.50 4.00 4.00 Discount window primary credit 2 9 1.75 1.75 1.25 1.25 U.S. government securities Treasury bills (secondary market) 3 4 ' 4-week 0.23 0.41 0.40 0.13 3-month 0.84 0.76 0.61 0.40 6-month 1.34 1.23 1.08 0.98 1-year 1.53 1.49 1.37 1.32 Treasury constant maturities Nominal 10 1-month 0.31 0.42 0.41 0.14 3-month 0.84 0.77 0.62 0.41 bttp://www.federalreserve.gov/Releases/H15/update/ 11/3/2008 4 FRB: H.1S--SetecteU Interest Kates, weo-unry uany upuaic--vcLwci J1, �Vvu a ur,_ -- 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 1.36 1.25 1.10 1.00 1.57 1.53 1.41 1.36 1.59 1.63 1.58 1.59 1.83 1.85 1.79 1.82 2.67 2.75 2.77 2.84 3.12 3.21 3.24 3.30 3.79 3.89 3.93 4.00 4.43 4.51 4.59 4.67 4.12 4.19 4.26 4.30 3.74 3.79 3.73 3.65 3.74 3.82 3.79 3.78 3.02 3.06 3.05 3.06 3.13 3.15 3.19 3.17 3.20 3.22 3.26 3.24 2.68 2.69 2.57 2.52 2.70 2.77 2.70 2.72 3.08 3.16 3.14 3.19 3.41 3.51 3.52 3.56 3.65 3.75 3.78 3.82 3.95 4.06 4.12 4.16 4.14 4.26 4.33 4.39 4.01 4.09 4.20 4.34 6.27 6.37 6.43 6.47 9.39 9.48 9.51 9.52 5.35 6.46 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 deals 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. 5 http://www.federalreserve.gov/Releases/H15/update/ 11/3/2008 mt5: H.1J--Seleciea 1nterem rates, wcu-viiiy i auy vYua«.--�.,..,.,.,..,., • - »a -- 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 O.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/ltccmpositei Source: O.S. Treasury. 11. Yields on Treasury inflation protected securities (TIPS) adjusted to constant Source: O.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 Asa 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 6 http://www.federalreserve.gov/Releases/H15/update/ 11/3/2008 Plus: t1.1J--Selectea Interest rURUS, W rU-vuty "any vYuaw--vcww. 1.1 - -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 Download Program (DDP) I About I Announcements Daily update Other formats: Screen reader I ASCII Statistical releases Home I F.conomic.res_earcli and dam Accessibility I Contact Us Last update: October 31, 2008 7 http://www.federalreserve.gov/Releases/H15/update/ 11/3/2008 1CeCell115111 AUCUO11 ICCJU1tJ Home , Institutional , Announcements, Data & Results , Latest Auction Data > Recent Bill Auction Results Recent Bill Auction Results Security Issue Maturity Discount Investment Price CUSIP Term Date Date Rate % Rate % Per $100 4-WEEK 10-30-2008 11-28-2008 0.440 0.446 99.964556 91279SH87 64-DAY 10-30-2008 01-02-2009 0.700 0,711 99.875556 912795151 13-WEEK 10-30-2008 01-29-2009 0,900 0.915 99.772500 912795193 26-WEEK 10-30-2008 04-30-2009 1,400 1.430 99,292222 9127951-66 4-WEEK 10-23-2008 11-20-2008 0.700 0.710 99.945556 912795H79 13-WEEK 10-23-2008 01-22-2009 1.250 1.271 99.684028 912795385 98-DAY 10-23-2008 01-29-2009 1.240 1.261 99.662444 912795393 26-WEEK 10-23-2008 04-23-2009 1,800 1.842 99.090000 912795L58 52-WEEK 10-23-2008 10-22-2009 1,720 1.767 98.260889 912795544 225-DAY 10-22-2008 06-04-2009 1.600 1.636 99.000000 912795Q79 74-DAY 10-20-2008 01-02-2009 0.800 0.812 99.835556 912795351 94-DAY 10-20-2008 01-22-2009 0.930 0.945 99,757167 912795J85 191-DAY 10-20-2008 04-29-2009 1.350 1.378 99.283750 912795T92 247-DAY 10-20-2008 06-24-2009 1.350 1.379 99.073750 912795U25 4-WEEK 10-16-2008 11-13-2008 0.100 0.101 99.992222 912795H61 63-DAY 10-16-2008 12-18-2008 0.490 0,497 99.914250 912795336 13-WEEK 10-16-2008 01-15-2009 0.500 0,508 99.873611 912795377 26-WEEK 10-16-2008 04-16-2009 1.100 1,122 99.443889 9127951-41 97-DAY 10-10-2008 01-15-2009 0.800 0,813 99.784444 912795177 4-WEEK 10-09-2008 11-06-2008 0.680 0.690 99.947111 912795H53 63-DAY 10-09-2008 12-11-2008 0.770 0.782 99.865250 912795J28 13-WEEK 10-09-2008 01-08-2009 0.460 0.467 99.883722 912795169 26-WEEK 10-09 2008 04-09-2009 1.100 1.122 99.443889 91279503 79-DAY 10-08-2008 12-26-2008 1.190 1,210 99.738861 912795344 72-DAY 10-07-2008 12-18-2008 0.500 0.507 99.900000 91279SJ36 56-DAY 10-03-2008 11-28-2008 0.770 0,782 99.880222 912795H87 4-WEEK J0-02-2008 10-30-2008 1.010 1.025 99.921444 912795H46 42-DAY 10 02-2008 11-13-2008 1.100 1,117 99.871667 9127951161 13-WEEK 10-02-2008 01-02-2009 1 100 1.118 99.718889 912795351 26-WEEK 10-02-2008 04-02-2009 1.540 1.574 99,221444 9127951-25 15-DAY 10-01-2008 10-16-2008 0.990 1.004 99,958750 912795H20 101-DAY 09-29-2008 01-08-2009 1.650 1.681 99.537083 91279SJ69 34-DAY 09-26-2008 10-30-2008 0.990 1.005 99.906500 912795H46 7-DAY 09-25-2008 10-02-2008 0.050 0.051 99.999028 912795G88 4-WEEK 09-25-2008 10-23-2008 0,350 0.355 99,972778 912795H38 13-WEEK 09-25-2008 12-26-2008 1.420 1.445 99.637111 912795344 26-WEEK 09-25-2008 03-26-2009 1.790 1.831 99.095056 912795K91 52-WEEK 09-25-2008 09-24-2009 1.955 2.012 98.023278 912795536 45-DAY 09-22-2008 11-06-2008 1.800 1.829 99.775000 912795H53 59-DAY 09-22-2008 11-20-2008 1.990 2.024 99.673861 912795H79 Effective with the 11/2/98 auction, all bills are auctioned using the single -priced method. Freedom of Information Act I Law & Guidance l Privacy &-Legal Notices I Webslte Terms & Condition U S. Department of the Treasury, Bureau of the Public Debt 8 http://www.treaswydirect-gov/RI/OFBills 11/3/2008 V N": UOmrnerelal raper 1<aleJ al1LL l ILLLJLMIU111SJ Federal Reserve Release „r ...,. Release I About I Announcements I Outstandingss I Volume statistics 1, Year-end 1, Maturity Distribution Data Download Program WPM Data as of October 30, 2008 Commercial Paper Rates and Outstanding Derived from data supplied by The Depository Trust & Clearing Corporation Posted October 31, 2008 Dkemnint rates 7Term nonTinancial nonfinanc>Ial financ>lal asset -backed 1-day 0.37 3.66 0.29 1.43 D-day 0.68 5.44 1.05 2.67 15-day 0.76 5.26 1.15 2.25 30-day 0.98 5.70 2.04 3.13 60-day 1.05 6.17 2.80 2.45 90-day n.a. 5.69 2.74 3.65 Trade data insufficient to su000rt calculation of the 90-dav AA nonfinancial rate for October 30, 20( Yield curve Money market basis _, _ AA nonfinancial ........... A2/P2 nonfinancial --- AA Financial --------------------- 1 7 15 30 Days to Maturity 8. Percent --t10 U 8 6 4 2 0 9 http://www.federalreserve.gov/releases/cp/ 11/3/2008 rrcn: wnunert;ia rapci nULUb wiu vuwuuiuuisa Discount rate spread Thirty -day A2/12 less AA nonfinancial commercial paper (daily) Basis spreid -- spread. 5-day moving avg 2001 2002 2003 2004 2005 2006 2(d)7 2008 T• _a � L_ L L commercial paper Lamy) — — — AA nonfinancial A21P2 nonfinnnciai AA fiTIUR63I r�:nci�s 1 J 2001 2002 2003 2004 2005 2006 2007 2008 Outstandings Weekly (Wednesday), seasonally adjusted 640 Sot} 480 400 320 240 160 80 0 1 6 5 4 3 2 1 0 http://www.federalreserve.gov/releases/cp/ 10 11/3/2008 P": uommerctai raper xates attu Uutstaruurgb 1190 1090 990 890 790 690 590 490 Billions of dollars — — — Nonfinancial (rigbl scald ----- Financial (lerl scale) 4 t sl ,4tYt1 t\ttJtl �_ i E , t tyaY\`iIY 2001 2002 Billions of dollars 290 250 210 1 s 1,M Al u t� 170 ti , 'Lvviit v iq. 130 90 2003 2004 2005 2006 2007 2tX)8 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 I About I Announcements I Outstandings I Volume statistics I Year-end I Maturity_ Distribution Data Download Program (DDP) Home I Statistical releases Accessibility I Contact Us Last update: October 31, 2008 11 http://www.federalresme.gov/releases/cp/ 11/3/2008 City of La Quints Cash Flow Budget to Actual September 30. 2008 Cash Bass Account Budget 09108 Actual 09108 Accrual / Ad ustment Adtusted Totai 09/08 Variance Over Under Notes Property Tax/ Tax Increment Transient Occupancy Tax Sales Tax Other revenues 206.689 407.790 1,401,392 222, 599 171,999 343,055 2,081.596 222,599 171,999 343,055 2,081596 222.599 (34,690) (64,735) 680,204 Supplemental Property Tax Interest$709k higher than budget Revenues 2,015,871 2,819,249 2,819,249 803,378 Expenditures Salanes B Fringe Benefits Other expenditures Subtotal Redevelopment Agency Debt Serv¢e(Pnncipal/Interest.Pass Through) Subtotal Capital Protects 1,003.807 3,336,491 794,159 999.938 794,159 999938 (209,648) 2336,553 Pouu and Feext snot receive Foreclosure Acemsoon $190k,WaterColor$2061, Payment of Pass -thin Supplementals 4,340298 1,794.097 1,794,097 2546,201 187,538 10,719,745 527475 11233,603 513,858 527,475 10,719745 339.938 0 10907.283 11,761,079 513,858 11,247,221 339,938 6,169,301 6.169,301 6169,301 - Total Expenditures 21.416,882 19,724,477 513,858 19.210,619 2,206,263) Net Revenueslapendltures 19,401,011 (18,905,228 513,8581 1,402,885) 12 INVESTMENT ADVISORY BOARD Meeting Date: November 12, 2008 TITLE: Pooled Money Investment Board Report for August 2008 BACKGROUND: Correspondence & Written Material Item B The Pooled Money Investment Board Report for August 2008 is included in the agenda packet. Also enclosed are the LAIF Conference materials that were distributed at the October conference attended by Chairman Ross and the Treasurer. RECOMMENDATION: Receive & File Y. Falcon r, Finance Director POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF AUGUST 2008 WITH AUGUST 2007 (DOLLARS IN THOUSANDS) Average Daily Portfolio $ Accrued Earnings $ Effective Yield Average Life -Month End (In Days) AUGUST200$ AUGUST2007 CWANGE 65,595,666 $ 154,797 $ 2.779 224 69,657,942 $ +5,937,724 265,425 $-110,628 6.253 -2.474 214 +10 1 Total Security Transactions Amount $ 24,206,093 $ 40,229,445 $ -16,024,352 Number 501 844 -343 Total Time Deposit Transactions Amount $ 4,516,000 $ 5,942,000 $ -1,427,000 Number 198 292 -94 Average Workday Investment Activity $ 1,367,623 $ 2,007,454 $ -639,831 Prescribed Demand Account Balances For Services $ 695,363 $ 249,284 $ +446,069 For Uncollected Funds $ 145,668 $ 138,881 $ +6,777 1 BILL LOCKYER TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) AUGUST 31, 2008 DIFFERENCE IN PERCENT OF PERCENT OF PORTFOLIO FROM TYPE OF SECURITY AMOUNT PORTFOLIO PRIOR MONTH Government Bills $ 1,568,631 2.42 +0.08 Bonds 0 0.00 0 Notes 1,849,661 2.86 +0.11 Strips 0 0.00 0 Total Government $ 3,418,292 5.28 +0.19 Federal Agency Debentures $ 11,098,345 17.15 +1.34 Certificates of Deposit 10,956,239 16.93 -1.29 Bank Notes 800,000 1.24 -0.10 Bankers' Acceptances 0 0.00 0 Repurchases 0 0.00 0 Federal Agency Discount Notes 6,509,109 10.06 -5.38 Time Deposits 9,171,000 14.17 +0.48 GNMAs 157 0.00 0 Commercial Paper 9,007,967 13.92 +4.38 FHLMC/Remics 1,098,654 1.70 +0.05 Corporate Bonds 413,364 0.64 +0.08 AB 55 Loans 11,414,752 17.63 +0.23 GF Loans 1,323,500 2.04 +0.49 Reversed Repurchases -491,050 -0.76 +0.47 Total (All Types) $ 64,720,229 100.00 INVESTMENT ACTIVITY AUGUST 2008 JULY 2008 NUMBER AMOUNT NUMBER AMOUNT Pooled Money 501 $ 24,206,093 622 $ 30,037,220 Other 8 38,326 1 592 Time Deposits 198 4,515,000 241 6,694,700 Totals 707 $ 28,758,418 864 $ 36,732,612 PMIA Monthly Average Effective Yield 2.779 2.787 Year to Date Yield Last Day of Month 2.783 2.787 6 Pooled Money Investment Account Portfolio Composition $64.7 Billion Corporate Bonds 0.64% Commercial Paper 13.92% Tir 8/31 /08 Reverses Treasuries -0.76% 5.28% Mortgages 14.17% V VJ, V. 18.17/0 3 4gencies 27.21 % 2008 LOCAL AGENCY INVESTMENT FUND ANNUAL CONFERENCE Agenda Wednesday, October 22, 2008 Sacramento Convention Center 8:30 a.m. Registration (Activity Building, 2"d Floor) Conference participants check in and pick up conference materials. A continental breakfast will be served. 9:00 a.m. Welcome and Introductions (Room 202) Pledge of Allegiance — Local Investment Advisory Board Members Pam Milliron, LAIF Administrator Investment Division State Treasurer's Office, Investment Division 9:15 a.m. An Economic Outlook for California and the U.S. after Recapitalization (Room 202) MFR's renowned economist will provide an economic outlook for California and the nation. What can we expect in economic growth, inflation, and interest rates over the next 12 months? Maria Fiorini Ramirez, President and Chief Executive Officer MFR Securities, Inc. 10:15 a.m. Break 10:30 a.m. An Overview of LAIF Operations and PMIA Goals and Objectives (Room 202) The State's investment managers will provide an overview of the performance of the Pooled Money Investment Account and the LAIF program. What impact did the market events have on the Pool over the last year? During those turbulent times what was the investment strategy and what can you expect going forward? Daniel Dowel, Director State Treasurer's Off ce, Investment Division Christine Solich, Assistant Director State Treasurer's Office, Investment Division 12:00 p.m. Lunch (Room 203) The lunch period will allow attendees to network with other attendees and speakers, and to learn more about the State Treasurer's Office functions and programs. Luncheon speaker —Bill Lockyer, State Treasurer 1:30 p.m. 2:30 p.m. In-depth Panel Discussion with the State's Investment Team (Room 202) A continuation of the morning session ... This panel will discuss how the State's Investment Team approach their duties as cash flow managers and integrate their fiduciary responsibilities as investment managers into their daily decision making. We will take an in-depth look at the credit analysis process and which tools and resources are used to make investment decisions. Bill Dowell Evelyn Gorman Jeff Wurm Sean Collier Kristy Macrina Rosalind Brewer Pam Milliron Christine Solich Daniel Dowell Break Pooled Money Investment Board Credit Time Deposits Time Deposits Portfolio Pension Support LAY PMIA/LAIF PMIA/LAIF 2:45 p.m. An Update on the State Budget and its Impact on Local Agencies (Room 202) As California is dealing with a record deficit, this session will provide an overview of this year's State budget and the financial status of the State. Ms. O'Malley will explain the impact of the State budget on local governments and how the State plans to rise from its fiscal difficulties. 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O O O O O O O CalWORKs (-7.6%) Prop 98 (-.2%) W UC & CSU v o (.2%) = i m s �0 o SSI/SSP 00 s (.9%) p� S3 �-n Debt Q° c a Service 0 ' m (2.4%) o -n o Prop 42 0 110 (N/A) °° Medi-Cal w CD o (3.6%) a Q Corrections p (6.7%) N VLFco A (24.9%) w Other (1.9%) 1 1. 1_ LOCAL AGENCY INVESTMENT FUND 2008 ANNUAL CONFERENCE October 22, 2008 Who is Managing Your Money Presented by Daniel S. Dowell Director of Investments State Treasurer's Office Who is Managing Your Money? I. Introduction of Team Members A) Brief bio and duty statement of each member II. Recap of Daily Trading A) Where does the money come from? B) What's the plan for the day? Q Who are the external players? D) Which offering works and why... or why not E) Session wrap up F) From cash management tool to portfolio management III. Same Responsibility but Different Hat A) Transition responsibilities 1. Trading staff 2. Technical support staff 3. LAIF operations IV. Other Responsibilities as Required A) Executive Office / BCA support B) Public outreach and interaction C) Legislation D) Research and analysis 1. Current events 2. Economic trends 3. Detours and Potholes Daniel S. Dowell PROFESSIONAL EXPERIENCE July 2004 — Present STATE TREASURER'S OFFICE Director of Investments • Plans, organizes, and determines the direction of the portfolio • Negotiates the purchase and sale of all authorized investment types • Oversees the management of the Local Agency Investment Fund • Implements the investment policies and portfolio strategies of the Treasurer and the Pooled Money Investment Board • Sits as Deputy Treasurer on State boards and commissions, when necessary July 1977 — July 2004 STATE TREASURER'S OFFICE Assistant Director, CEA III Investment Division • Associate Treasury Program Officer to CEA III • Functions as senior security trader • Supervises divisional staff engaged in all market activity, as well as backroom operations • Develops economic forecasts and investment scenarios • Provides investment policy guidance relating to agency assets • Serves in this capacity at the will of the Treasurer (currently serving the eighth Treasurer) September 1974 — July 1977 STATE TREASURER'S OFFICE Junior Staff Analyst/Rotational Training • Responsible for care, custody and clearance of all custodial securities transactions • Portfolio maintenance • Reconcile bond and coupon payments with debt service transfers at Citibank and FNB Chicago • Supervise securities accountability for investments held in custody by the treasury, as well as securities pledged as collateral and held for safekeeping EDUCATION • BA Degree in English Literature, 1972, California State University, Sacramento Christine C. Solich EDUCATION CSU Sacramento, MBA, Finance June 2001 CSU Sacramento, BS, Business Administration — December 1989 Finance P R O F E S S 1 O N A L E X P E R I E N C E California State Treasurer's Office Investment Division Assistant Director of Investments - CEA III 71112004 - Present • SENIOR SECURITIES TRADER FOR THE STATE's POOLED MONEY INVESTMENT ACCOUNT WITH ASSETS OF $65 BILLION; SUPERVISES DIVISIONAL STAFF ENGAGED IN MARKET ACTIVITY, CREDIT RESEARCH, BACKROOM CLEARANCE OPERATIONS AND PENSION SUPPORT; DEVELOPS ECONOMIC AND INVESTMENT SCENARIOS; PROVIDES INVESTMENT POLICY GUIDANCE TO THE TREASURER ON RETIREMENT BOARD INVESTMENT ISSUES; PROVIDES POLICY GUIDANCE TO OTHER STATE AGENCIES RELATING TO AGENCY ASSETS. Pension Investment Officer - CEA 1 61112001— 613012004 • REPRESENTED THE STATE TREASURER ON CALSTRS AND CALPERS BOARDS AND COMMITTEES INCLUDING THE INVESTMENT COMMITTEES, FINANCE COMMITTEE, AND POLICY SUBCOMMITTE; DEVELOPED ANALYSES AND PROVIDED RECOMMENDATIONS FOR THE TREASURER ON ISSUES RELATED TO PENSION FUND INVESTMENT OPPORTUNITIES, ASSET ALLOCATION STRATEGIES, AND POLICIES AND PROGRAMS TO ASSIST THE TREASURER IN HIS FIDUCIARY ROLE AS A MEMBER OF THE CALPERS AND CALSTRS BOARD OF ADMINISTRATION; AUTHORIZED FIXED INCOME SECURITIES TRADER AND INVESTMENT MANAGER FOR THE POOLED MONEY INVESTMENT ACCOUNT WITH ASSETS OF $55 BILLION UNDER MANAGEMENT. Treasury Program Manager II — Credit/Pension Support 51111999—513112001 • MANAGER OF THE CREDIT PROGRAM WITHIN THE INVESTMENT DIVISION OF THE TREASURER'S OFFICE - MONITORED THE CREDIT QUALITY OF CURRENT PORTFOLIO HOLDINGS, EVALUATED AND RECOMMENDED NEW INVESTMENT OPPORTUNITIES FOR THE STATE's POOLED MONEY INVESTMENT ACCOUNT; REPRESENTED THE STATE TREASURER ON CALPERS AND CALSTRS BOARDS AND COMMITTEES INCLUDING THE INVESTMENT COMMITTEES, FINANCE COMMITTEE, STRATEGIC PLANNING COMMITTEE, POLICY SUBCOMMITTEE, AND CORPORATE GOVERNANCE SUBCOMMITTEE. Treasury Program Manager I - Credit 2/1/1992 — 4/30/1999 Associate Treasury Program Officer — Credit Assistant Treasury Program Officer - Credit • AUTHORIZED SECURITIES TRADER AND INVESTMENT MANAGER FOR THE POOLED MONEY INVESTMENT ACCOUNT WITH $48 BILLION UNDER MANAGEMENT; MANAGER OF THE CREDIT PROGRAM WITHIN THE TREASURER'S OFFICE. Junior Staff Analyst - LAIF 512111990 - 113011992 Pamela A. Milliron Work Experience: California State Treasurer's Office April 1, 1986 to present Treasury Program Manager II-LAIF Administrator 3-1-07 to present • Manage the (LAIF) program with 2,700 participants and $23 billion in deposits. • Supervise and direct nine professional/technical LAIF and PMIA staff. • Budget review, reimbursement calculations and BCP's. Treasury Program Manager II 12-01-05 to 2-28-07 • Manage the State's $8 billion Time Deposit Program. • Independently monitor the credit worthiness of the financial institutions in the Program. • Securities Trader, negotiate the purchase and sale of securities for the PMIA and various special funds. Treasury Program Manager I 6-27-00 to 11-30-05 • Managed, planned, organized and directed the daily operations of the Financial Services Section (FSS) of the Cash Management Division • Performed in a backup capacity on the daily cash flow desk in the absence of the TPM II. • Approved billions of dollars a day in wire transfers from the State's seven depository banks, and fiscal agents. Associate Treasury Program Officer 5-31-96 to 6-26-00 • Lead responsibility for FSS daily operations. • Maintained computer programs for managing cash in the depository banks. Assistant Treasury Program Officer 04-01-94 to 5-30-96 • Analyzed, verified, and compiled historical data for use in the forecasting of cash flow. This involved balancing the cash position worksheets, which require knowledge of a very complex technical cash management system. • Provided technical support in maintaining the wire transfer and balance reporting software and system components. Junior Staff Analysis 04-01-91 to 3-31-94 • Balanced the State's demand and fiscal agent accounts. • Resolved accounting differences in daily cash, reconciled with STO accounting and the State Controller's Office. Program Tech II 07-04-90to 04-01-91 • Reconciliation of LAIF transactions and daily banking transactions with the State's depository bank's Office Assistant II 04-01-87 to 07-01-90 • Prepared checks and wire transfers for the State's payment obligations. Office Assistant I 04-01-86 to 04-01-87 • Processed bond and coupon payments. Other Work Experience Crocker National Bank Sacramento; CA 1978 to 03-31-86 Teller to Operations Supervisor Education: Sacramento City College Sacramento, CA Coursed completed: Business Management, Accounting, Algebra, Business, English, Speech and Communications, Psychology, History and Health Science. American River College Sacramento, CA Courses completed; Typing, Business Machines William T. Dowell EXPERIENCE: California State Treasurer's Office, August 1997 to Present Treasury Program Officer: Pooled Money Investment Board Administrator 10105 to Present Credit Manager and Pension Support Specialist 7101 to 10105 Time Deposit Manager 4199 to 7/01 Assistant Manager, Security Clearance Section 8197 to 4199 • Senior Security Trader in US Treasury & Agency Markets, Corporate Bonds, CP & CDs for $65 billion Pooled Money Investment Account (PMIA), a Short-term portfolio. • Fully responsible for all activities of the Pooled Money Investment Board; managing public meetings, coordinating agenda and assuring the Board is in full legal compliance at all times. • Manage the review and recommendation process of all approved PMIA Broker Dealers to make certain they meet required ethical and legal criteria. • Manage the Securities Lending (Reverse Repo) and SBA positions in the PMIA portfolio. • As Credit Manager, utilize quantitative and qualitative techniques to monitor, evaluate and recommend Short-term investment opportunities for the PMIA. • Investment Division representative with major rating agencies: Moody's, Fitch and S&P. Led RFP processes for selection of Custodial and Depository Banks. • Analyze Ca1PERS & CaISTRS investment related Board Agenda items in order to brief and make recommendations to the Treasurer on complex issues. • Prepare a comprehensive quarterly economic update for the Treasurer providing insight on numerous key factors that impact the California and US economies. • Extensive hands-on training and experience with Bloomberg, Telerate (Reuters) and all Microsoft programs (Word, Excel, Access, Outlook, PowerPoint). State Compensation Insurance Fund, March 1979 to August 1997 Workers Compensation Insurance Supervisor: Sacramento District Office Sales Manger 1/90 to 8197 Assistant Cash Management Banking Services Manager 9187 to 1190 District Account Executive 3181 to 9187 Group Insurance Consultant 3179 to 3181 • Supervised Account Executives and developed Marketing Plan for District Office. • Managed SCIF bank accounts and maintained all banking relationships. • Managed Short-term portfolio of CDs, BAs, CP and various Money Market Funds. • Made monthly presentations to the Executive Committee regarding Cash Flow Forecast. Liaison with external auditors and other state agencies. EDUCATION: California State University, Sacramento Master of Business Administration, May 1984 Bachelor of Science, Business Administration (Finance), January 1979 EVELYN J. GORMAN Background: 20+ years of financial experience primarily in the public sector including cash management, public finance, investments, budgeting and accounting. Recent experience: California State Treasurer's Office Investment Division Credit Manager - hired July 1, 2008 Staff specialist responsible for the ongoing evaluation and monitoring of the credit quality of the State's investments for the Pooled Money Investment Account (PMIA). Cash Management Division Treasury Program Manager H 1112007 — Limited term ending 06130108 Assisted with managing functions including daily cash movement, short/long-term forecasting, item processing, and bank reconciliation. Developed cash management expertise as one of two participants representing the Division on a multi -disciplinary project team for a new statewide integrated system to streamline financial services. California Educational Facilities Financing Authority (CEFA) and California Health Facilities Financing Authority (CHFFA) Treasury Program Manager I 0612005—1112007 Managed CEFA programs, bond issues, and the public meeting process including the preparation of agendas, the presentation and approvals for action items, as well as policy - related and informational materials. Oversaw the annual CEFA audit process and the preparation of the audited financial statements including the production of the Annual Report. Treasury Program Officer 0912000 — 0612005 Performed analytical work for CEFA and CHFFA to provide financing assistance through the issuance of tax-exempt revenue bonds, low-cost loans, or grants for private nonprofit institutions of higher education and nonprofit hospitals and other healthcare facilities. California State Teachers' Retirement System (CaISTRS) Investment Officer 0611999 — 0912000 Provided technical and accounting support in managing Equities, Fixed Income, Alternative Investments, Real Estate, and other investment portfolios. Education: California State University Sacramento BA: Psychology/Business - Finance 1994 ROSALIND S. BREWER PROFESSIONAL EXPERIENCE Pension Investment Officer, C.E.A. 1, State Treasurer's Office, Investments Division, Sacramento, CA, August 2004 to present. On behalf of the State Treasurer, act as a representative (voting board member) with fiduciary responsibilities on the California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CaISTRS) boards and, in that capacity, authorized to act on behalf of the State Treasurer. Other duties include review, analyze, and make recommendations to the State Treasurer and Deputy Treasurer on pertinent investment and finance issues that come before CalPERS and CaISTRS. Also, act as an authorized trader and exercise discretion in the day-to-day buying and selling of securities for the Pooled Money Investment Account (PMIA). In addition, provide expertise and leadership in the development and approval of major investment policy. Treasury Program Manager 1, State Treasurer's Office, California Pollution Control Financing Authority (CPCFA), Sacramento, CA, Out of Class Assignment: January 2001-April2001 and April 2002 to July 2002, Permanent: July 2002- August 2004 Supervised, trained, directed analytical staff, performed the more complex analysis, managed and oversaw a $4 billion tax-exempt bond financing program. Associate Treasury Program Officer, November 2000-July 2002 Assistant Treasury Program Officer, November 1999-November 2000 Junior Staff Analyst, December 1997-November 1999 State Treasurer's Office, California Pollution Control Financing Authority (CPCFA), Sacramento, CA. As a lead analyst, assisted the manager with day to day operations in the bond financing program, trained other analysts, prepared training materials and procedures, performed the more complex bond financings, as well as assisted the Executive Director and the Deputy Director with the development of the new Sustainable Communities Grant and Loan Program and assisted the Executive Director of the California Industrial Development Financing Advisory Commission (CIDFAC) with the development and implementation of the Small Business Program. Tax Technician, Franchise Tax Board, Sacramento, CA, September 1995-December 1997-Contacted delinquent Personal Income Tax (PIT) taxpayers to collect taxes; explained assessments and types of actions taken; negotiated with taxpayers to resolve outstanding tax balances within a certain period; and handled a caseload of over 300 accounts on a monthly basis. EDUCATION Bachelor of Science Degree in Business Administration, Finance CSU, Sacramento -Graduated May 1988 Master of Business Administration, University of Phoenix Sacramento Campus- Graduated June 2002 Jeffrey Wurm Work History Apr 2007 — current: Treasury Program Manager II, State Treasurer's Office — Investment Division • Responsible for all aspects of this very complex and important program; which include marketing the program to California financial institutions, directly and through industry related professional associations. • Provides information and makes presentations about the program to various interested parties. Evaluating, reviewing, establishing rates (e.g. spreads) and reporting to the Chief Investment Officer on the credit quality of participating financial institutions. Independent and ongoing monitoring the state's exposure through this investment medium and working with the Securities Clearance Section of the STO to ensure that the deposited funds are properly secured with the required collateral. • Negotiates the purchase, sale and arbitrage of securities for the Pooled Money Investment Account (PMIA) for various State accounts, such as California Housing Finance Agency, Department of Developmental Services, Central Valley Water Project, Delta Counties Joint Powers Authority and the California State Lottery. • Supervises Associate Treasury Program Officer (ATPO) responsible for monitoring the financial condition of participating Time Deposit Banks. Jan 2006 — Apr 2007: Treasury Program Manager I, State Treasurer's Office — Cash Management Division May 2004 — Dec 2005: Assoc. Treas. Program Officer, State Treasurer's Office — Investments Division September 2001— May 2004: Asst. Treas. Program Off cer, State Treasurer's Office — Securities Management Division March 2000 — September 2001: Operations Specialist, E*Trade Securities • Responsible for evaluating all Mutual Fund trades placed by internal brokers for compliance regulations. • Balance E*Trade mutual fund accounts with the mutual fund company account records. Research and adjust any credits or debits to keep accounts balanced on a weekly basis; communicate with representatives from the Mutual Fund companies and transfer agencies on a continuous basis. October 1997 — February 2000: Specialist - Financial Advisor Service Team, Franklin Templeton Investments • Communicated specifically with Franklin Templeton's "top producing" investment advisors on a continuous basis. Responsible for assisting advisors with all account transactions. • Primary Liaison that communicated with the Domestic Equity Fund Managers, and relayed their investment philosophies and strategies to a 3-site customer service team. Education California State University, Fresno B.S. Business Administration — Management Kristy K. Macrina PROFESSIONAL EXPERIENCE August 2006 — Present STATE TREASURER'S OFFICE Investment Division: Treasury Program Manager I • Portfolio Specialist: maintain the accuracy and integrity of the Pooled Money Investment Account portfolio system. • Verify, analyze and record daily investment transactions and reconcile portfolio with various divisions within the State Treasurer's Office as well as other departments such as the State Controller and the Bureau of State Audits. • Perform financial duties specific to portfolio holdings such as quarterly amortization and periodic pay -downs of mortgage securities, the General Fund and Pooled Loans. • Authorized Trader • Responsible for portfolio reporting including disclosure reports distributed to the PMIA participants. • Interfaces with Information Technology staff on any portfolio rewrite or conversions affecting the program. May 1979 - August 2006 STATE TREASURER'S OFFICE Investment Division: Associate Treasury Program Officer (1983-2006) Assistant Treasury Program Officer (1981-1983) Management Services Tech Level B (1979-1981) Duties included but were not limited too: Responsible for portfolio and transaction accountability, review trades, troubleshoot delivery problems, and responsible for calculating and finalizing daily securities transactions. September 1977 — May 1979 STATE TREASURER'S OFFICE EDUCATION California Educational Financing Authority: Office Assistant II Typing Assisted the Executive Secretary in placing Educational bonds with Institutions. Bachelor of Science Degree in Economics CSU, Sacramento — Graduated May 1979 Sean Collier WORK EXPERIENCE Staff Service Analyst, California State Treasurer's Office, March 2008 to present • Evaluates the credit worthiness of financial institutions participating in the State's Time Deposit Program, ensuring that financial institutions meet the statutory requirements. • Provides written analysis to the Treasurer's Investment Committee on participating Time Deposit institutions. • Evaluates financial institutions for compliance with the Federal Community Reinvestment Act. • On an ongoing basis, surveys and monitors rating changes for those participating financial institutions and maintains a computer listing of applicable ratings. Staff Services Analyst, California State Treasurer's Office, February 2006 to March 2008 • Assisted the LAIF Administrator in marketing, coordinating, budgeting and preparing for the Annual LAIF Conference. • Received and recorded local agencies' transaction requests for deposits and withdrawals to and from their LAIF accounts. • Developed and prepared the LAIF Annual Update. • Reviewed and prepared audit documents received from local agencies and their auditors. Junior Staff Analyst, California State Treasurer's Office, June 2005 to February 2006 • Processed update requests to participating agencies LAIF accounts. • Researched and analyzed inquiries by local government officials regarding LAIF and PMIA. • Oversaw and maintained the automated and manual filing system of the participating agencies in the LAIF program. Office Technician, California State Treasurer's Office, January 2002 to June 2005 • Prepared, typed and processed all investment transactions for the PMIA which includes the Time Deposit Program, Special Funds and State Lottery. • Compiled, prepared and edited information for PMIA Monthly Report. • Provided clerical and technical support for the Investment Division staff. Office Assistant, California State Treasurer's Office, April 2001 to January 2002 • Provided clerical and technical support for the Investment Division staff • Responsible for inventorying and ordering office equipment and supplies • Arranged for staff travel and prepare travel expense claims. • Maintained files for the daily investment transactions, authorized broker/dealers, authorized corporate issuers, and other files related to operations and administration. • Assisted in the typing and processing of investment transactions, while helping process and distribute monthly reports. 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