The URL can be used to link to this page

2009 09 09 IABP.O. Box 1504 LA QUIN'IA, CALIFORNIA 92247-1504 78-495 CiAI.I.r.. TAMPICO (760) 7 7 7 - 7 0 0 0 LA QUINIA,.CALIF0KNIA 92253 FAX (760) 777-7101 AGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 September 9, 2009 - 4:00 P.M. 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 IV CONSENT CALENDAR Approval of Minutes of Meeting on July 8, 2009 for the Investment Advisory Board V BUSINESS SESSION A. Transmittal of Treasury Report for June and July, 2008 B. Fiscal Year 2009/10 Work Plan VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report - August 2009 B. Pooled Money Investment Board Reports - June 2009 C. Joint City Council/IAB Meeting 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 Quinta, CA 92253, during normal business hours. INVESTMENT ADVISORY BOARD MEETING July 8, 2009 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 Moulin, Olander, Ross, Rassi and Park ABSENT: None. OTHERS PRESENT: John Falconer, Finance Director, Vianka Orrantia, Senior Secretary, Susan Spirtos and John Ingalls II. APPOINTMENT OF OFFICERS A. Appointment of Investment Advisory Board Chairperson Chairman Ross opened nominations for Chairperson. Board Member Moulin nominated Chairman Ross for Chairman. Chairman Ross nominated Board Member Park for Chairman. VOTE: All Ayes for re-election of Chairman Ross. MOTION - It was moved by the Board to close nominations and appoint Board Member Ross as the Chairman. B. Appointment of Investment Advisory Board Vice -Chairman Chairman Ross opened nominations for Vice -Chairman. Chairman Ross nominated Board Member Park as Vice -Chairman. VOTE: All Ayes. MOTION - It was moved by Board Members Olander/Rassi to appoint Board Member Park as Vice -Chairman. Motion carried unanimously. At this point in the meeting, Chairman Ross continued to chair the meeting. III PUBLIC COMMENTS — None. Susan Spirtos and John Ingalls attended for informational purposes only. IV Confirmation of Agenda — Confirmed V CONSENT CALENDAR A. Approval of Minutes of Meeting on June 10, 2009 for the Investment Advisory Board. Board Member Rassi requested that a correction be made to page 7, first sentence, changing the sentence to read: Mr. Falconer advised that he will investigate the waiving of the $ I oo,000 11 10% 1 collateral ;requirement on investments small°er', than the FDICinsurance limitr m pestitufion. Board Member Moulin requested that the following corrections be made to page 2, first sentence: The portfolio maturity decreased frem 15 days to 54 days, with three higher yielding investments maturing causing the yield to drop below 1 %, with the overall investment portfolio yield ending MOTION: It was moved Board Members Rassi/Olander to approve the minutes of June 10, 2009 as amended. Motion carried unanimously. VI BUSINESS SESSION A. Transmittal of Treasury Report for May 2009 Mr. Falconer presented and reviewed the staff report advising the Board that the May 31" portfolio balance ended at $202.6 million with an increase of $28.9 million in the month of May due to the remittance of pass -through payments received from the County of Riverside. Mr. Falconer also advised that page 7 reflects the portfolio activity with the portfolio increasing from 26 days to 80 days due to the following: one maturing investment and investments made with the money received from the County, with 2 some of those investments in Temporary Liquidity programs, corporate notes and commercial paper. Mr. Falconer also advised that the portfolio yield continues to decline with the overall pooled investments at .92%, this being the second month below 1 %. With safety being a priority, investments continue to remain short in six-month treasuries and recent purchase of CD's invested in local banks totaling just under $1 million. Mr. Falconer updated the Board on two follow-up items from the previous meeting: 1) confirmed that the current phone numbers listed in the investment policy and for FINRA and State Corporations are current and, 2) Page 9 reflects additional detail on the cash flow analysis, reflecting three additional categories, Silverrock Fund, RCTC Fund and the Library Fund. In response to Board Member Moulin, Mr. Falconer advised that RCTC is an acronym for the Riverside County Transportation Commission. In response to Board Member Rassi's comments from the previous meeting regarding CD's, Mr. Falconer advised that the CD's purchased were under $250,000 and staff did not waive any FDIC insurance. General discussion ensued amongst the Board regarding the CD's yield and the waiving of the FDIC insurance and the security. In response to Chairman Ross, Mr. Falconer advised that the acronym TLGP will be spelled out and reflected on the next report. General discussion ensued amongst the Board and staff regarding the timing of the purchase of the CD's. MOTION - It was moved by Board Members Olander/Moulin to approve, receive and file the Treasury Report for May 2009. Motion carried unanimously. B. FY 2009-2010 Meeting Schedule Chairman Ross presented the meeting schedule for the Board's review and comments. Mr. Falconer complemented the Board on their thorough review of the Treasurer's Report and the investment policy and advised that k] the meeting schedule presented reflects a monthly meeting in line with the city's ordinance but the Board has the option to go dark, as the Council does, in the month of August. In addition, Mr. Falconer asked the Board if they would like to consider a new meeting time as well. General discussion ensued amongst the Board regarding the meeting schedule presented in addition to an alternate meeting time. It was agreed by the Board to go dark in the month of August, and to change the current meeting time from 4:30 p.m. to 4:00 p.m. MOTION - It was moved by Board Members Rassi/Olander to approve the Fiscal Year 2009-2010 meeting schedule as amended going dark the month of August as well as changing the meeting time from 4:30 p.m. to 4:00 p.m. Motion carried unanimously. C. Consideration of Approval of Investment Advisory Board 2009- 2010 Work Plan Mr. Falconer gave an overview of the work plan and suggested that the Board consider adding to the work plan another item identifying a money market mutual fund in addition to possibly adding a review of the CDAR's program. Mr. Falconer advised that the work plan will be presented to the City Council at the August 41h meeting for their approval. Chairman Ross stated that the City Municipal Code states that the policy should be reviewed annually and suggested that the review of the policy also be placed on the work plan. General discussion ensued amongst the Board and staff as to whether or not the review of the investment policy should be listed as part of the work plan. Staff suggested listing the board's function within the staff report to Council as part of the upcoming fiscal year's work plan. Board concurred. In response to Mr. Falconer, Chairman Ross also suggested adding CDAR's to the work plan. Board Member Moulin suggested adding GSE's. General discussion ensued amongst the Board and staff in regards to several possible work plan items. El It was agreed upon by the Board to place the following items on the upcoming 2009-2010 work plan: 1) Responsibilities listed in the ordinance; 2) Review of LAIF and GSE's; 3) Review of Bank CD's and 4) Consideration of CDAR's and Money Market Fund. MOTION - It was moved by Board Members Rassi/Moulin to approve the proposed Fiscal Year 2009-2010 Work Plan and forward to the City Council. Motion carried unanimously. In response to Board Member Olander, Mr. Falconer advised that with the current budgetary issues of the state, staff was reassured the LAIF funds cannot be accessed! Due to safety as a priority, the Board was asked to consider other next day liquidity tools of investments. D. LAIF Conference Mr. Falconer advised of the upcoming annual LAIF Conference in October and further advised that Council has approved travel for one staff member along with two Board members to attend. General discussion ensued amongst the Board and staff regarding this year's attendees. It was decided that the first two interested Board members to notify staff would attend the conference. MOTION — No motion carried. VII CORRESPONDENCE AND WRITTEN MATERIAL A. Month -End Cash Report and other selected Financial Data — May 2009 Mr. Falconer advised that a new column was added to page 2 to reflect the Certificates of Deposit which currently reflect the CD activity as of May 31, 2009. Mr. Falconer also advised that the LAIF yields continue to decline ending the yields at 1 .26% with the quarter -to -date at 1'/s% and a decline in Treasury Bills with the current rate at .26%, with staff purchasing $20 million in six- 5 month Treasuries the first week of July with the current yields at that time at .30% and a purchase of $25 million the end of June with the rates at that time at .32%. Mr. Falconer advised the Board of his conversation with the state in regards to the portfolio loans on the enclosed staff report. li Coil°-1 FI7Ll2100 B. Pooled Money Investment Board Reports — April 2009 Mr. Falconer presented the PMIA monthly report advising that the state's fund balance currently is at $59 billion with the previous year's balance at $65 billion, with $20 billion of this balance belonging to other agencies outside the state (i.e. counties, cities, special districts ... I. Mr. Falconer advised as a follow-up to the concerns of the Board, staff contacted LAIF in reference to the AB55 Loans and spoke with Pam Milliron; LAIF Administrator; she advised that all AB55 Loans are current and are paying interest. In addition, Ms. Milliron referred staff to previous emails regarding these loans, which were previously distributed to the Board along with comments from the State Treasurer and the Treasurer's assurance that all LAIF monies belong to the vested agencies. General discussion ensued amongst the Board and staff regarding the AB55 Loans and the issuance of bonds. Board Member Moulin advised staff that page 3 of the report reflects the exact same numbers as in previous months and suggested that staff contact the state to inquire as to whether the numbers have changed. Noted and Filed B. Distribution of Investment Policies for Fiscal Year 2009-2010 Chairman Ross complemented staff compiling this year's investment policy. Noted and Filed 10 VIII BOARD MEMBER ITEMS At this time, the visitors shared their comments. Ms. Spiritos advised the Board that she was a member of the Community Services Commission and gained an active perspective by observing the Board's meeting. Mr. Ingalls advised that prior to purchasing a home in the City of La Quinta; he reviewed the City's CAFR and complemented staff on their compilation of this report, which helped with his decision to purchase a home in our city. IX ADJOURNMENT MOTION - It was moved by Board Members Moulin/Park to adjourn the meeting at 5:25 p.m. Motion carried unanimously. Su ittte'd by, A Vianka Orrantia, Senior Secretary 7 INVESTMENT ADVISORY BOARD Business Session: A Meeting Date: September 9, 2009 ITEM TITLE: Transmittal of Treasury Report for June and July 2009 BACKGROUND: Attached please find the Treasury Report for June and July 2009. RECOMMENDATION: Review, Receive and File the Treasury Report for June and July 2009. M. Falconer, Finance Director MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director7Treasurer SUBJECT: Treasurer's Report for June 30, 2009 DATE: July 31, 2009 Attached is the Treasurers Report for the month ending June 30, 2009. 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 Purchasetl NotesSold/Matured OthrLAIF of Deposit- 6.000,000 (8,800,000) 55,995,185 (3,800,000Certificates Treasuries(2) FBinnin 969,000 30,000,000 (53,000.000) 17,965,852 969,000 117.872,613 969,000)US (5,034,148US Gov't Sponsored Enterprises (2 0 Paper (2) 905 0 4,998.734 0)Commercial 905 Corporate Notes Mutual Funds 12,754,621 (3,661) Subtotal -754,621 $ 35,969,000 $ 61,800,000 4,621) $ 18 717,717 754,62154,621 $ 192,709,278 $ 7,113,283 Cash 3 -1 2,787,009 1 1 ml 11.795.608 991,401 1,795.608 Total 1 $ 202,609,570 1 $ 35,969,000 1 $ 63,595,608 $ 18,717,717 1 $ 193.700.679 1 $ 8,908,891 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. John M. Falconer Date 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. Treasurer's Commentary For the Month of June 2009 Cash Balances — The portfolio size decreased by $8.9 million to end the month at $193.7 million. The major reason for the decrease was the payment of $7.4 million of pass through tax increment payments in June. Investment Activity — The average maturity of the portfolio increased by 31 days to 1 1 1 days at the end of June. The Treasurer follows a buy and hold investment policy and purchased four (4) one Certificates of Deposit (under the $250,000 FDIC limit) with local banking institutions during the month which resulted in the increased average maturity. The portfolio continues to not have direct investments in Government Sponsored Enterprises (GSE's) at this time and has one non -Treasury Loan Guarantee Program Corporate Note - GE Capital. The sweep account earned $50 in interest income for the month of June and the bank fees for the month were $ 2,045 which resulted in a net decrease of $ 1,995 in real savings. Portfolio. Performance -The overall portfolio performance decreased by four (4) basis points from the prior month and ended at .80% for the month, with the pooled cash investments yielding .85%. The portfolio yield should continue to stay at these levels for the near future. At this time last year, the portfolio was yielding 2.86% which reflects the current interest rate environment. Looking Ahead While the liquidity crisis impacting financial and business institutions has somewhat waned, the Treasurer is still concentrating on safety first and foremost. In the short term, the Treasurer will be maintaining LAIF balances at the maximum allowable percentage because its rate declines slower in a declining rate environment. The Treasurer will not be investing in non-TLGP corporate notes, non-TLGP commercial paper or GSE's due to the current economic conditions affecting the financial markets; but instead will be investing in short term (less than one year) U.S. Treasury Bills and Certificates of Deposits with local banks. Bond proceeds will be laddered in three- and six-month Treasury bills as they mature. 3 Z9ae a' N m m 0.0 m N I 0.0 !! § !! ) ! ! |! i! |! �! ! { |! |§ .t§.. �\.. |! , )f )/ |� � !! )! \ � ; t !| !7 | m _ 8 gg$ LL X 0 a N N N �pO-qpqp ��Q❑appap LqQQ❑] pp�NN QNQ o��QQ-�pO-apap QpQ �✓a�Shh� eli �rEm IHNOO Helium .37�57 �ngpon�� HAM �r �q��p�y,yyd�yp��11LL,�p�po11A 8�8A8�8�8�� E{IPTO1d,NN N N NNNNN O 0 i — - — - — - — — -- — — — - - — — .- • ry , , , , , . , m , , . , , d j N N N N ryd yg ppN_j J u �aaaaaaaaaaaaaaaaaaa h3333333333333333333 a= a *a 0 � N N N d X X X X X X X X X X X X X X X X X o000000000000000000 N N N�NNYIIM N�JIF Nil a7i LL g ooa 4 4 VVa y�'6u16No �N6LL �6 LLYYYVU C N Yq YNN LL m N m H N ry� 55 qq �+$m�OJ JyN ��m��mYJmc Z 6mNl m4l cq ,jjNm NC W44SS 4j 4j�oQ aDJ� j 3NJ m'$i7 NmJ41JNQJ yyy�S%_gqI d�LJ,gOK,qdd JQG J S q�qqqQJQ pmgCmpl1�pG1p0�, $,$n��499�5p5 F�d,rZF J. sNIL LL O�KO1gON�r m eeeee m S Oo pO S M N N t N ON �'- - O O O 8 rn O O O O O S O S �y0�Opp C OOy N O N N W N t+l p] th O t0 6} N N N N m �'�000000 rnrnrnrnrnrnrnrnrnrn N N E N N lON t0 t0 t0 rom�(p� B OOOO8008�cc O O' O g O O 000 O -S O O y00 O O S O O N N O S C O S S O O ON..O m 'C N v.N...v. m f rrrrrrrr y y y N y y y N O O C mBm�m`�4`�maa o F-FF-F F-H F F m m 9' UJ NNNN rnNtp d c J J J J� J J J M VJ m 3 gp C tp 9 p 9 C O M d y m < < 9 C J K K LL m c D d m ti. w N VOV r q ppO m r O � q ��pppp w• pp^ �mNS001�0 Vl�d� Nqy q Mq NibOV m p N Onn s a ��p 0 00 rryp rio rmd �ryw44N� �fpNO NNn yy P 1p OIn qe 0 F N Or � CIN��- w � O Vi�INO Ir1 N w W w m mNe � Nmmd m N r M m O nPl1 a a` N �o � -LL 2`p LL i LL U N ffi C � SSW NO- p LLry O �1�w N ? ?�y>CLiY RLLL W �}IjLL'll 04g6q a„g1g9 aa € O n �WV O Er�$w8 GCU_ LL pp yr w'8m3 S S n RS1Np �+ n n a ��o nm ww. N mo °1mmS $oi p��r �y Nmj c'vimnd�o� a, w^min °JeiyO cmNNNmO�N gm `O� O� VI IA f gas,'' N SHOW"; N N N N N w w H N N M N N N N N H N oomm `ppQm��r mr N N g N mmmnIS.III '<Nv�a'rmrppmmn r mrymry 01� fnmma NygjSO�nfglNr Omio< I, w wwwwVw ww NwwN 000 � � V1 -N N m bq Glq pygj NI�INN�nn YjS V �my�yNyNy NNnnpf� NN $m �p a0�0 _ q OaNOi I�N� a'a ' wwywHw ww NwwHwwN " m$in�5ir, mo= 8me m� �mmm mM'm �, eni m Mn E wwwS,m NQwmNm Nw wN r1V U I a m' (wpMNHpNwN OHNNNFE rorrvn�rN <NgOIK ou 2M��S $i 2vmi Yry v"irmmoo ENO 1N10 mP 2$mYSo �+mnn LL N�mr d a1lman^qm- v�nV0o;0wwry LL N f N N w H N w Nwww ww wwwwNN w N din dim n uI oamvNi.ry Naa"oi oonrvnvgi_S oao �a P �i 2 N a r a SMITH W q'Q��mmm�o VERY P 0 V q`V<NNmm�NOl yy pp qa �I�mgNN ga a'm�iirvmmrvS `e�oo Q mWaNEwh oeAM -NmNrm Yx v^eavm �nl'mm dm rvm amp v �,N o- � owwo N wN w wwNw w�+ wwwwww ww H W1.1 NN XnB-ppy nNV Oq_mNd< m0.T0ry SNymadmnm r EOdN_ MFbVmpig �tl1r0l�q hS1< it nO'ONmNUai_. p� � Z Z wN M H w y N w .. ........ N N Ramapo gi O q m y1 oo OWIRRI'IS O N N N n m 0 NOOhNNm m g ammm 8'm $'Smnrv'ypn`�P NlCCpggwlp ^`min VnV °1 d,m VNV O p pH_mmm �NNmmpiq Pm O wpN'NNroi NN.NN ........ rISTr$ IN7 pp 01 y1 dOS��I VV A S �p }.VnSS12520 y mNOSmN Od �N��pS mON10b Ld P SONn m$ VN y�YSN01nNm ISpOMnq VO1 __ N w N~ w y M I^wwwww wf wwwwwwwH w m nnn'r� oa ��maS nm Nip enrvNn'�gN _ n mann_ g0p1 N� m m omm�Nmr NN NO yO � 0 P qa Ny m N n g S N S N O q pSi n� m p m ry r m q S N ��ONYINr �S a�eSN°'(VNN aNNONNN NN y NNwyN1HNpNN w QNHHyw mmp SmSm N fO SOnnmNN O �p �p TwAsywplq �Cpp�I 9 oiaa pirvr �� =alo N'^N oar wr umiry N w N w H N N N N N e w w W Q p Egg v$L O ££ q two Sya za°Sa fi u�ig m E m£Ln �E z s E z E z 2 g E E i p"s c `SS4€EdLL vov c »yyOEcP ruw>jiuufr •i�w»acu�� r�v�i»ui�f l°- L a RSta boo R,d g$�a8$ a a § �`vVt � ydyyy�oo Y�mn •Kr Mery 08 m�m'v�%m� „ 8 M 0 Mug mu! ^p6R�� a a 9i 83 S MCAog M ggg R goh u Y L1 1ppyyppp 'nR n e5� ng $NaiG Tia ^ N �rj 0 S � p II$( p Dg T p er J 1 I I —1 1 I I • I I 1 I— I I I - 1 1 I I � I 1 I I I I i i i 1 c o 0 0 N O OD O O (D N O R N a 13 m O co ►-1 0) O a Q /T O L U N r Q) O a, ca c m C N N C N Q a �- N_ 10 N } c 3 Q F W N c 10 ' yn TO: La Quints City Council `&&i 4aw09&rw MEMORANDUM FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for July 31, 2009 DATE: August 31, 2009 Attached is the Treasurei's,Rgport for the month ending July 31, 2009. 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 Ending Change LAW Certificates of Deposit US Treasuries (2) US Gov't Sponsored Enterprises (2) Commercial Paper (2) Corporate Notes Mutual Funds 55,995,185 969,000 117,872,613 - 4,998,734 12.119,302 - 754,621 2,312,401 20,000.000 1 (4,500,000) (20,000,000) 233,540 4,895 0 93 4 (3,790) 0 53,807,586 969,000 117,877,508 0 4,999,668 12.115,512 521,081 (2,187,599) 0 4,895 0 934 (3,790) 233,540 Subtotal I $ 192,709,455 $ 22,312,401 $ 24,733,540 $ 2,039 $ 190,290,355 $ 2,419,100 Cash 3 988,489 1 1,729,005 740,516 1,729,005 Total $ 193,697,944 $ 22,312,401 $ 26,462,545 $ 2,039 $ 189,549,839 $ 4,148,105 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. g/31 09 John M. Falconer Date 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. 11 Treasurer's Commentary For the Month of July 2009 Cash Balances - The portfolio size decreased by $4.15 million to end the month at $189.5 million. The major reason for the decrease was two months of County of Riverside Sheriff's bills, payment of our semi-annual waste hauling permit, and pass through payments. Investment Activity - The average maturity of the portfolio remained at 1 1 1 days at the end of July. The Treasurer follows a buy and hold investment policy and purchased one (1) $20 million T-Bill to replace.the same amount of T-Bills. The portfolio continues to not have direct investments in Government Sponsored Enterprises (GSE's) at this time and has one non - Treasury Loan Guarantee Program Corporate Note - GE Capital. The sweep account earned $7 in interest income for the month of July and the bank fees for the month were $ 1,987 which resulted in a net decrease of $ 1,980 in real savings. Portfolio Performance - The overall portfolio performance decreased by fifteen 0 5) basis points from the prior month and ended at .65% for the month, with the pooled cash investments yielding .69%. The portfolio yield should continue to stay at these levels for the near future. At this time last year, the portfolio was yielding 2.77% which reflects the current interest rate environment. Looking Ahead While the liquidity crisis impacting financial and business institutions has somewhat waned, the Treasurer is still concentrating on safety first and foremost. In the short term, the Treasurer will be maintaining LAIF balances at the maximum allowable percentage because its rate declines slower in a declining rate environment. The Treasurer will not be investing in non-TLGP corporate notes, non-TLGP commercial paper or GSE's due to the current economic conditions affecting the financial markets; but instead will be investing in short term (less than one year) U.S. Treasury Bills and Certificates of Deposits with local banks. Bond proceeds will be laddered in three- and six-month Treasury bills as they mature. 12 zz Q O ti E E A L _O a N c E m O N 8 C C Q E W q ° t o LD m = w C q , q E yw $S a E N �� O n c € m c N J o� E NEN N Ac m E E C O q C m q C m C q C N C q C m C 2 pC Z Z Z Z Z Z Z Xm W O q W = N 5 E n C m VL° o=U 4 LL m C N q m QQQ m > E m m o `$ m m N T T a O O w m m m d c � m C � U C C r C r C @8 m i i'i 0,0O O O q r m a O a �'2❑ E N o S a E E E E S E ,cam 8O S T Qy O O N O N O j C N N p p p >o .0 E v a v 8 o S q 0 0 0 O 0 0 08C5'dohs 0 QQ a` QQ e S O 8 0 Doi Ol Ol C v�vNO) O W Q7 � N (V 0 8 00000 O S qg 8S O O 3E S O s p a e 1 L S S O O S O N N O S N N N N O O N Y a y 4 O m O C'1 f0 N O O HS5��QQ qE QQ IL 'X O M O S S O O N O O 8808 O O O O S O O pN S `thN NNN ^10 16 f 000 N a� W N y N N a J N C9 p ~ C w N O W c LN mEE E i° d > o :tom o E $ m a m . Q O 2 QW a u q L m N q z q m cp U C LL LL Z ... C L O m ` y m_ .e8� ° LL�o C m � T O 7 c ° E gc cc $gym o m m° m W 2 m ADM c m - a ° m m m m �8g O m m g go c ma m� z t L Z 0�...� Ym.mm m Z '^ mq iLL Wmm i .F m_°� c ` q o c 9— m �'q 9 a m" _ m m 0 E° c c c $ m m m° c' c U A p E q W q E y m C N c 8 = m E O m i N U N J J Z FmFk N S — U QJ LL .rm m m j < N i E 'C E o c m E j p E+ m m N N N@ U E W` c < [0��C7 $mpo N �Wa F. U o c� LLu 2002 a V� N C C m c c y m C E U Q ^q W wmm w w w .N tj ±1 c c c 13 t u 2 >))»)»YY v »> 2 zzzzzzzzzz b bssssabbs zzz bsb z s ' Utz �A ga —11222 gag i 3 ary3 .aE a I. gg a -XXXXXXXXXX 9 QQ Yrvg N $° pXX a,ryX °.pXX8X 1--- 57 >� x gL gee g= g= gc g§ 2��_-�� me �- 0O LO G O §§ mm 25g � � � = o00o MPH cm L - C' �r � d O 4 dul�3uw1 g $Oo � yu� g-�� g a'aa� g <SSai3��as� N Q O S000000000 8885 HU S� 00 NNN1V9 gp Q�CQc� N OON ONgOCImg NYIb CI NN F m= R- a> N- a> � 6 O > a N > O U S S a> > Egg wee b bQ N N N CI o CI O pppp 'ObNNN1� N M HC-- -a-- N g��.s� NN gam'- g��M�N gz" -- gi gz" w w QgQ g Q r� �Q b oe �m7iim�i 7n�mBi �i dig 6S v°'goE� -°'7n Yn' 'm u$av$n -v� vu -v ��om w� =�yp�m�r �_I�N �gmYOlOO1 V, O101 �1D �1;rvNY1 C1 900NNNNm> �> `C>CI�� N M oy ;$$ie $� ;ffa .aaaa 3333 yyN r-m �N'�r"�iXFnoBrv� mamma r yak $,�� pp ��O „ yy NtlS y nS ry qry gy��mry �O m m Nt1 �Z$3 ��gCl^1"�OON I��CI ^�Jq JS�mOIm .pp p ^�Jq NNv qq ?.ry .y qN ?� `1 �I JU' � Jg uC_ry JU' NZ_ry JU' d2_q JU' U' J@ N {J N N N N NN NN 91 �c tlp 9'rYim�io q_ c a- 2` d a- ww NN �bN�y pp QQ p 011 C'11�0 N10b�N NIpN� ByS.S3�°p` TS.S OES 9R n0 �a pN00 N 7 �q�qOO pp��Q�Qpp��ypyp�� pp pp�� qqqqqq yymqmq 'J 01�0' Ilpp��SEE P>T Si yp ;ass j 8? (NCI CI'CI v> 01010101�OIT 01�01m D V T< O N O O N& > N N >< d > m 0 QQQttt M N N N N N N N N M N N N ryXpX pXp Xpp pXp UUCU ((��yyX��X�gqOO pXp NXNryry pgpXQ!XXp . COq�Q�Xj �jX?$ 7 LdgqQ s{yO QX5� jXj��QXQ � �_q N a y SO, aN00300,R 00 'oo ¢NNVN161+1.O d oc000e. oo 9 �aU' a U UV g6LL = 0 w ppp WaR a _ _ C& —ib �fi �� A � ^'i h9B 5i� �" '5Ab FL �Lci py a 3�a83 N � U a 8 8 8 8 8y5y 8 89r�, 8 8yr�E2 a c p'y b em zIEI Np�i S�g=ffi 91 rabtx� b6� r a 6 s?y 9a mzZ � a�q Ny g R �L N N N> >W Z �� Zs2-1 pRN4 a9 aNi SE uu_o Ui zzzzzzzzzz_ ;3a33� Uggggggggg ggg� gF gg: 3 14 _a r X 6 N N N 9��CyC�Cqq �CyC��CqqC S CyyC�CyCy CyC�6q�q �N�PLLggN�VI VI VI�NN�LLgC �bq��Nq�qR��888N888�8R� T O ryry N m i N N d Jpgg p 93333333333333333333 a 7d N w Scy� �Q�QCc QXQ SX5��QXQ SX��Qe XX XXXXyQe QX y5t�5X�5X�sX HimN S25 Si5 E, 25 f�SES25 S,E o d00000 00000000000 ffr��'aLL u�'. a0"aNawaY UU� gugyq��_.u8 AA GGGdyyy T� Y f/) N Y C li m' �<�NVj ¢5 [J§��JN�/Jp�NGpJNJ px `mqmq�y��ryN��LL�� 44�CryCryJJ� yq¢yq��C§�§C]]5 gaqqq��QQ S UU N 15 o m m 0 0 O m ry O O O N N N r n a g o 0 o e O.O 00 N N C O �OII tO0 N 17 E s � m d � a o o m va' n°. v W m m W- 0 co fn K m N m m � t a m YI 0 a m C D O o m m A = LL LL « '=zm5g a � m m � f � 0 o N N N m n n n n n r 0 0 0 0 0 0 000000 B.o 00000 O O O O O O C 00 S000 N 1� o O N. 7-. N a .. ar 5000 v�aaaa o Ff-mmmm N .ym...rm. N m O O a G r m N � c Nm N m C i Coco C m m==IL IL IL LL. ma=zmm5g33 �0 FC D 16 nN�NOpplmmm�-m pm NQmQmmm O '10nN0N�Nrm�Y1N<�TI ss ryry �p (NV YnI! ry yr�yn� Wm A NNgg m N�-!!��ryg mN- y�e�iai$a`a1p•rym'v4id��u�� Nd p o�me b Y� n�cr; a w pw O ppp y� R O m and 6 w w LLLL �� C LL y Egaa n Y 9 y LL C S ii v LL j'j ? J4a YIL 11 E• N gyy -¢LLSE�gb9 y1y4 ESQ _Ell xr' w� � EmE �€rys ��qa�E� 8 q a SS ii pap-y� U y� Ut�'YOQ-O�N_UW_LL�NF qaqLL-yy �� rys 6' UO.�H Y: ICO� F L V mo x^s N dNNNOmmm YEN In�Imbm q mm001pp0m gOm1m0 Tmml�m qN pp�CldN m fNA�fbi Nn p' m VNj � ' ^VdmtVn�O� N N M w N N w w N H �mmpo $�'pon mmmmV$Vtntpp �yy� m�N O!N N mOmOio4 �- �- N ry �bOn NVnihNArvm N N N N N N N w H N N N N m v�N"� mN b.mm�N N_N0 Sj Cmm Nmmm Q N N N N N N N N p N w N N N N ui m mmm�oo�� .• o nda �N�`�m'm m � �1Ommmmmon W q v f V N N p N w N M N N N w N N N �fppp m d ��pp �I�b g s(ppmVq ��dppm�Npnp 2 N N m m O O LL � y g L 1Ij m o N (dV n m IL N�wpwpgNp N O VV N r mpmwN mmNC11N�1 QOyCmI (NV 1'ImNNm ry Ana �mmmo a W` m �mmapirvnm a ry No A m m O• N a m y O (V N m f 4m O E B+a�"�a- 3; %n r'�mNrglyyVmm w NwNw wNw yy mb Q^ N O�mmy�V Vw pw mmNON CwC �`�pOpN OHO thnnm0l� EdY^mAm _ � �yvmn1Oa m en Ya Nnvm Z w w.... w. ........ �n�mnm bmo m a a ry b O mmrmary pmpo m n m y aam"ammd-2mm nC1n pN YIr r�Wm 0m m b (y �Zmnrymm oNio �me O''�'O Ih ONa O IO �Nj Vm wi �Vmmy�.6 w.p.... AiN <ZO y..... HR a II ON OYO 3�vtNV00N0� OOI NIOO�1 yoyb �Nt�l ana in mm t7N00Nim� and'' rK N �: N N N w N N N N w p w N N w b ONfImN NN mCC _ n mmary �d NOI O)O)Nm� Nm omb�mmr N„12NeOn�a W b mmbU�O� �3(( �imrn .y. w. ........ lie Q N • YI [Yj O m m mwm... < 6-m 0 m N b 0 0 b n m N O m.81, N b_2VN 3t�692i -M �ovmml a8mm8idrm N h N M N p p N N N N p N N w w M N N N N N N W` U5 w ZO mC' 'nS €ffio E yy;; Ez «QEEE Eo is$ g�SgE vc 93- Upp O--LL iLLocj �2 bu m 893- vo�2 =i E 9 S3 vi E o m N m E F U f-,/91 J J m U U l F w F p 9 U (/1 J J d V U m F F 3 U N J J d U f m x s ■ $ SSS4 vP �e 'XYe q� X Ye�mg Yp% X F � x o' z -3 mR n ERE na$ �� ^ � LLtaCi= mi�e BH � � LL LL e $ g gg yy gg YY g� - lily s 6 3 lu ,.Qity'of la comp nwe Rates of',teresl July31,2009 City of I a Qu nla Three Monty August 2006 4.93% 5.01% 097% 48 49794 Sept 2006 4.98% 501% 4.89% 53 5.00% 4.95% Oct 2006 5.00% 5.02% 601% 67 4.96% 5.02% Nov 2006 5.04% 503% 5,03% 62 A94% 5.10% 0ec2006 5.08% 5.04% Me% 80 4.90% 5.13% 5.13% Jan 2007 5.18% 5.12% 5.16% 64 4.98% 5,16% Feb 2007 5.19% 5,13% 5,17% 45 695% 5.18% Mar2007 5.21% 5.03% 6.15% 67 488% 521% Apr 2007 520% 5.14% 5.15% 42 4.84% 5.22% May 2007 5,20% 5.05% 5.16% 32 4.61% 5.25% June 2007 5.19% 4.88% 5.10% 85 4.81% 525% Fy 07108 July 2007 5.21% 4.90% 5,12% 129 4.80% 526% August 200' 5.17% 4.85% 5,08% 109 4.59% Sept2007 5,16% 4.86% 5.06% 129 4.00% 5.23% 17c1200] 5.11% 485% 502% 118 3,95% 5,14% Nov 2007 5,03% 4.83% 4,96% 99 3.34% 4.96% Dec 2007 4.95% 3.43% 4.45% 123 3.30% 4.80% Jan 20o8 4.58% 3,33% 4.22% 96 2.31% 462% Feb 2006 4.12% 3,24% 3,85%. 86 2.07% q1g 4A6% % Mar2008 4.07% 2.83% 3.67% 74 1.50% Apr 2008 3.45% 3,27% 3,41% 82 1.70% 3.40% May 2008 3.14% 3.27% 3.17% 63 1.92% 30% June 2008 3,09% 1.94% 286% 80 2.14% 2.89% Fy O8f09 July 2008 2.99% 1.93% 2.77% 62 1.70% 1.88% 229% 2.75% 2.16% 2.79% August 2008 3.16% 1.92% 2.88% 51 1.69% 1.89% 2.14% 2 38% 2 08% 2.78% Sept 2008 2.81% L92% 2,64% 37 142% 119% 1.96% 2.00% 2.13% 2.77% Oct 2008 268% 2.61% 2,61% 29 0.90% 1.40% 1.92% 1.50% 2.07% 2.71% Nov 2008 .2.38% 236% 236% 64 0.15% 0.49% 1,04% 1.25% 1,45% 2,57% Dec 20M 180% 0.18% 1.42% 116. 0.05% 0.25% 0.59% 0.88% 0.97% 2,35% Jan 2009 1,30% OA8% 1,23% 82 0.15% 0.36% 0.43% 0.88% 0.31% 205% Feb 2009 1,23% 0.16% 1.11% 75 0.30% 0.50% 061% 0.88% 0.48% 187% Mer2009 1.26% 0,18% 1.13% 69 0.20% 0.42% 030% O88% 0,37% 1,82% Apr2009 O94% 0.18% 0.85% 54 0.31% 0.33% 0,69% 0.88% 0.28% 1.61% May 20M 0.92% - OA8% 0.64% 60 0.18% 0,30% 0.53% 0.88% 0.23% 1.53% NM June WOO 0.85% 0,29% 0.80% 111 0,20% 0,35% 0.55% 1.13% 0,26% 1,38% 19 City of la Qulnta ..• 11 Comparative Rates of nterest June 30. 2009 City of i-a Quota FY OW4 F Y 0,11,135 FY OSID6 FY OM7 FY 07108 FY 08r09 Sept 2002 Dot 2002 Nov 2002 Dec 2002 Jan 2003 Feb 2003 Mar2003 Apr 2003 May2003 June 2003 July 2DO3 Sept M03 Cot 2003 Nov 2003 Dec 2003 Jan 2004 Feb 2004 Man-2004 Apr 2004 May 2004 June 2004 July 2004 Sept 20N Cot 20D4 Nov 20N Dec 2004 Jan 2005 Feb 2005 Mar2006 Apr2005 May 2005 June2005 July 2005 Nov 2005 Dec 2005 Jan 2D06 Feb 20D6 Mar2DD6 Apr 2DD6 May 2006 June 2D06 July 2DO6 August 2001 Sept Me Oct 2006 Noy 2006 Dec 2006 Jan 2007 Feb 2007 Mar 2007 Apr 2007 May 2007 June 2007 July 2007 Oct 2007 Nov 2007 Dec 2007 Jan 2008 Feb 2008 Mar 2008 Apr 2008 May 2008 June 2OD8 July 2008 Sugust 2001 Sept 20DO Cot 2008 Noy 2008 Dec 2008 Jan 2009 Feb 2DO9 Mar 2009 A x 2009 May 2009 nn sh n eo eamm Fiscal Agent s Overall Average Wh ri 0a Three Month Treasu Shr M1bnlh BiIlsMote One year Two year Three Monty Nan-Finandal LAIF Ra IF Ra 1.00% 2.05% 172 1.73% 72]% 2.W% 172 1,64% 2.59% 126% 2A0% 139 1.62% 2.60% 1.00% 2.08% 121 1.55% 2,49% 1.01% 71.86%0,73% 2.02% 1Do 1.29% 2.30% 1,00% 1.80% 163 1.27% 2,31% 0,80% 1,62% 137 1.16% 2AO% 059% 174% 131 1.20% 1.95% 0,75% 1.78% 117 1.10% 198% 0.72% 1.76% 92 1.17% 1.86% 0.73% 1.64% 74 1,10% 1.60% 1,73% 0.49% 1.40% 123 0.86% 170% 1.68% 052% 143% 131 0.98% 1.65% 785% 045% 1.35% 110 1,06% 1,63% 1,65% 049% 1,26% 80 101% 164% 1,59% O,Vl% 1.36% 121 1.04% 160% 1.154% 0,48% 1.38% 98 1.03% 1,57% 167% 0.57% 1.41% 117 0.99% 1.55% 1.58% 0.30% 1.37% 140 7 00% 1.53% 1,65% 0.30% 1.36% 120 1.01% 1.44% 150% 0.50%- '133% 1515 1,01% 1,47% 1.50% 0,50% 1,33% 137 1,19% 145% 1.54% 0.50% 1.36% 137 1.38% 1.43% 1,69% 0,47% 1.62% 209 1.73% 1.43% 1.73% 0,50% 1,68% 214 1.74% 1.60% 1 l3% 0.50% 1.57% 172 1.78% 1.67% 1.79% 1.07% 1,08% 167 195% 177% 1.79% 114% 172% 112 2,04% 1,89% 1.79% 1.43% 173% 113 2.37% 2.00% 189% 223% 2.08% 145 2.56% 2.13% 2.00% 2,25% 2,12% 109 2.66% 2,26% 2.16% 2.26% 2,22% 1O4 2,85% 2.37% 2.16% 2.67% 243% 120 2.85% 2.37% 2,27% 2.69% 2.49% 93 3.09% 272% 247% 2,70% 2.58% 64 3.11% 286% 259% 3.10% 2.83% 113 322% 2,97% 2,65% 3.11% 2,87% 73 3.54% 308% 264% 3.11% 2,81% 84 3.69% 3.18% 307% 348% 3.20% 76 3.75% 3.32% 3.33% 3,51% 3.34% 65 375% 3,46% 3.70% 3.63% 3,55% g6 4,16% 3.64% IBM 3.63% 3,67% 68 420% 381% 4,11% 4.00% 006% 112 4.44% 396% 4.14% 4.01% 4.09% 73 4.58% 4.04% 4,21% 4.45% 4.31% 110 4.63% 4.14% 4.30% 4.46% 4.37% 92 4.74% 431% 407% 448% 4.60% 67 4.84% 4.56% 4,74% 4.08% 4.83% 78 5.11% 4,70% 4.0% 5.00% 4.96% 95 5.06% 4.85% 4.94% 5.01% 4,97% 48 4.97% 4.95% 4,98% 5.01% 4.99% 53 5.00% 6,02% 5,00% 502% 501% 67 4.96% 5.10% 504% 5,03% 5,03% 62 4.94% 5.13% 5.08% 504% 5.06% 80 4.90% 5,13% 5.18% 5.12% 5.16% 64 4,98% 5.16% 5.19% 5.13% 5.17% 45 4.95% 5. 18% 6,21% 5,03% 5.15% 67 4.88% 521% 520% 5.14% 5,15% 42 4.84% 5,22% 5,20% 505% 5,16% 32 4.81% 525% 5.19% 4,88% 5,10% 85 4.81% 525% 521% 4.90% 5,12% 129 4.80% 5.26% 5.17% 485% 5.08% 109 4.59% 5,25% 5.16% 4.86% 5.06% 129 4.00% 5.23% SAM 4.85% 6.02% 116 3,96% 5.14% 5.03% 4.83% 4.96% 99 3.34% 4.96% 695% 3,43% 4.46% 123 339% 4.80% 058% 3.33% 4,22% go 2.31% 4.62% 4,12% 324% 385% 86 2.07% 4.16% 407% 2.83% 3.67% 74 1.50% 3,78% 3.45% 3.27% 3.41% 62 170% 340% 3.14% 3.27% 3,17% 63 1,92% 3,07% 3.09% 1.94% 2.86% 80 2.14% 2.89% 2.99% 1.93% 277% 62 170% 188% 2.29% 276% 2,18% 279% 3.16% 1.92% 2,88% 51 1,69% 1,89% 2.14% 2,38% 2.08% 2.78% 281% 1,02% 2.64% 37 742% 179% 1.96% 2.00% 2.13% 277% 2,66% 2,61% 261% 29 0.90% 740% 1,72% 1.50% 207% 2,71% 2.38% 2,36% 2,36% 64 D.16% 0.49% 104% 1.25% 1.45% 2.57% 1.60% 0,18% 1.42% 116 005% 0.26% 0,59% O.N% 0,97% 2.35% 1.36% 0,18% 1,23% 82 0.15% 0.35% 0.43% 0.88% 0,31% 2.05% 1.23% 0,18% 1.11% 75 0.30% 0.50% 061% 0.88% 0.46% 1.87% 126% 0.18% 1,13% 69 0.20% 042% 0,70% 038% 0,37% 0.94% 0.18% 0,85% 64 0.31% D.33% 0,59% 0.88% 0.28% 1.61% 0.92% OAB% 0.84% 80 Od8% 0.30% 0,53% 0.88% 0.23% 1.53% 20 0 N C d E N d C N C d E N d C 0) 0 C M 0 T l9 N C O a Q CD L U cu 2 21 INVESTMENT ADVISORY BOARD Business Session: B Meeting Date: September 9, 2009 ITEM TITLF- Fiscal Year 2009/10 Work Plan BACKGROUND: This item was forwarded to the August 4, 2009 City Council meeting and approved. Attached is the Staff Report that went to the City Council for their consideration. RECOMMENDATION: Informational item only. John M. Falconer, Finance Director -\ t A CATEGORY: BUSINESS SESSION: COUNCIURDA MEETING DATE: August 4, 2009 CONSENT CALENDAR: STUDY SESSION: ITEM TITLE: Consideration of Investment Advisory Board 2009-2010 Work Plan PUBLIC HEARING: RECOMMENDATION: Approve the Investment Advisory Board 2009-2010 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 8, 2009, to discuss their Fiscal Year 2009-2010 Work Plan items and is recommending the following: • Review at least annually the city's investment policy and recommend appropriate changes; • Review monthly treasury report and note compliance with the investment policy and adequacy of cash and investments for anticipated obligations; • Receive and consider other reports provided by the city treasurer; • Meet with the independent auditor after completion of the annual audit of the city's financial statements, and receive and consider the auditor's comments on auditing procedures, internal controls, and findings for cash and investment activities; • Serve as a resource for the city treasurer on matters such as proposed investments, internal controls, use of change of financial institutions, custodians, brokers and dealers; 1 • Continue the monitoring of Government Sponsored Enterprises (GSE's) and the Local Agency Investment Fund (LAIF); • Review a money market mutual fund as a complement to LAIF and Certificates of Deposits; • Review the Certificate of Deposit Account Reqistry Service (CDARS) program; and, • Review a money market mutual fund as a complement to LAIF. FINDINGS AND ALTERNATIVES: The alternatives available to the City Council include: 1. Approve the Investment Advisory Board 2009-2010 Work Plan; or 2. Do not approve the Investment Advisory Board 2009-2010 Work Plan; or 3. Provide staff with alternative direction. Respectfully submitted, John M. Falconer, Finance Director Approved for submission by: Thomas P. Genovese, City Manager I% INVESTMENT ADVISORY BOARD Correspondence & Written Material Item A Meeting Date: September 9, 2009 TITLE: Month End Cash Report — August 2009 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. John M. Falconer, Finance Director m a a m N O h O r r Of m N m d P 1- P b M O r O r b b f0 W fO 16 O O O O O O N Q Z C O 0� N m p N r W INII m O Z E O O O m n N g N N m W p m m (h O P W n n r W m b L O N !O f0 n (O 6 � N C � N N P Q N N m N N 112 O O N 0 O O O O b m O W m N b Y O O O m W b N N N p W O W O m (p b O m N d 10 f0 O O O O O O b LL N N N N b N 14 �gp c c rn N P 0 N 0 b o h p n D LL W m W _b r WN O U g m m m P b o m m m m m m W m SW N N b °B c W O W W b _ o N b p m b N viy P e 6 ry 3 N N N O b N N N N w t'i b W N3 O N N O iW(1 N l0 =o 3 0 o m N LL b rp O U N N' O O O m Y] O b U ry m O W d N N N m W b v v pN m N M � m y W N N v c N � N N m 02 N N O m DUF W Q Q W � GfgO ZU-Ni li � QE-Oi f0 Q Y n N U E 0 B Bill Lockyer, State Treasurer Inside the State Treasurer's Office Local Agency Investment Fund (LAIF) October 12, 2009, (Columbus Day) banks are closed. Transactions taken on October 12 will be effective October 13, 2009. SAVE THE DATE: LAW ANNUAL CONFERENCE, OCTOBER 21-22, 2009 PMIA Performance Report �,� ,,� Dom; � r y,�'� Y.ieltl Qua � r toy Dafe Yield(In,da Average `iVlatui•ity s 8/11/2009 0.91 1.01 191 8/12/2009 0.90 1.01 189 8/13/2009 0.90 1.01 188 8/14/2009 0.90 1.01 184 8/15/2009 0.901 1.01 184 8/16/2009 0.901 1.01 184 8/17/2009 0.871 1.01 178 8/18/2009 U. a6l 1.02 175 8/19/2009 0.87 1.01 178 8/20/2009 0.86 1.01 178 8/21/2009 0.84 1.01 180 8/22/2009 0.84 1.01 180 8/23/2009 0.84 1.001 180 8/24/2009 0.84 1.001 182 LAIF Performance Report Quarter ending 6/30/2009 Apportionment Rate: 1.51 % Earnings Ratio: .00004133177972413 Fair Value Factor: 1.001304743 PMIA Average Monthly Effective Yields July 2009 1.035% Jun 2009 1.377% May 2009 1.530% Pooled Money Investment Account Portfolio Composition $64.5 Billion 07/31/09 Loans 29.30% Corporate Bond 0.47% Commercial Paper 9.74% Now Accounts 4.62% Time Deposits 8.47% 7.41 % Treasuries 23.52% Mortgages 1.52% Agencies 14.95% 3 Recent Bill Auction Kesults TreasuryDirect n e 10sd1u110 All Uaae d 11e1 WI, I "I'll Aug U to . L'ete l I A. clia.l k-1 ra Recent Bill Auction Results s .01r Issve Mntwa,, Dtvun„ot In vc'.t rti ¢,rt P1Ice C.."M Te,T Date Oe Rate Y'o Rale *'*/ ","In. 13-WE' K 09 03 2009 1203-2009 0.15E 0.152 01962083 012295Q6I 26 WEEK 09-03-2009 03-04-ID10 0.24E 0244 918?8AG7 912?95T5E 4-WEEK 0fl 21-2009 09-24-2009 0.12E 0.122 99.990662 9t 2295S36 13-WEEK 08 22-2009 11-22-2009 0.16E 0.162 90959IU 912295Q53 26 WEEK 08 27 2009 02 25-2010 0.255 0259 99 d?I083 91279ST43 52-WEEK 08-22-2009 08-26-2010 0 460 0.468 99,534859 912795U82 4-WEEK 0➢-20-2009 09-12-2009 0.125 0.127 99990278 912?9SP39 20-DAY 08-20-2009 50-294009 0.145 0. 142 99.971806 912295P96 l3-W[EN 08 20-2009 11-19-2009 0.180 0.183 99.954500 91279SS51 26-WEEK 08 20 2009 02-18-2010 0320 0.274 99.863500 912795T35 303-DAY 00-18-2009 06-17-2010 0.445 0.452 99.625458 912295UU3 4-WECK 08-13 2009 09-10-2009 0.150 0. 152 99.988333 912J95P21 20-DAY 08 I3-2009 10-22-2009 0.185 0. 188 99964028 912/95544 13-WE" K 0d93-2009 11-12-2009 0.185 0.188 99953236 912795Q30 26-WEEK Od-33-2009 02- 1-2010 0.285 0.269 99855917 91195T32 4-WEEK OB-O6-2009 99-03-2009 0,145 0,147 99 988M 912115N98 20-DAY 08-06-2009 Ill-15-2009 0.185 0.188 99.964028 912295P20 13-WEEK 08-061009 11-05-2009 0. 1.80 0.183 99.954500 912115Q20 26-WEEK 08 06-2009 02 04-2010 0.275 0.229 99.B60972 912205585 4-WEEK 0230-2009 08220009 0. 130 0.132 99.989889 91271557. 20-DAY 0730-2009 10 08 2009 0. 185 0.188 99.96402E 91274SP62 ll-WEEK 02 30 2009 10-29 2009 0.19E 0. 193 99 951972 912295P96 26-WEEK 02302009 01 28 2010 .171 0379 99 R60972 01279592 52-WEEK 02-30 2009 02 29-2010 0470 0 428 99.524278 91279SU74 4-WEEK 02-23 2009 03-20 200E 0,150 0.152 119.981,333 912?95N72 70-DAY .1 23 2009 30-01 2009 0 Vm U. Ina 99.96500E 91229SP54 13-WEEK 07 23-2009 30-22-2009 0,190 0. 193 99 911171 912296514 26 WEEK 02-23 200E 01-21-2010 0285 0 289 99.855917 911?95 R94 4 WEEK 02-16-2009 08-13-2009 0,155 0.11,2 99982944 91U95N64 20-DAY 02d64099 09-24-2009 0.185 0.188 99.91i4028 912295S36 13-WEEK 0?-16 2009 10-15-2009 0. 160 0.183 99.954`iUU 912J9SPI0 26-WECK U2-16-2009 01-14-2010 0.270 0.274 99.86350, 912)95R86 4-WEEK 02-09-2009 08-06-2009 0. 160 0.162 99.96J556 912195N56 13-WEEK 02-09-2009 10-08-2009 0.19E 0.193 99.9514R 912295P62 26 WEEK 02-09-2009 01-02-2010 0.285 0289 99.855917 912Y95R/0 339-DAY 07-06-2009 05 10-2010 0,540 0.550 99.491500 91219511T6 4-WEEK 07-02-2009 02-30-2009 0'160 0.162 99.98255ti 93195Q95 1.3 WEEK D7-02-2009 10-01: 2009 0.195 0.198 99.950703 912195P54 26 WEEK 0]-02-2009 12-31-2009 0.350 0.355 99823056 912795RIO 52 WEEK 0]-02-2009 07-01-2010 0.545 0.555 99 448944 912795066 Effective With the 11/2/98 auction, all bills are auctioned using the single -priced method, Freedo n of nfo,n,atiEn Au I La., &.tuili n I Pnvacy B_1 n LNotices I Wea a T-ls a ey4 11 ns na.eyy9 J4'. I Data Qoerty 11.5 EIII rcn1.11 fIl, 1-,irv.Bume, If the P, llC Debt 4 http://www.treasurydirect.gov/RI/OFBills 9/l/2009 i'": H.1J--5eleciea 1n1CTCSt MULCS, W VV-Vllly Llally upuaLu--�usuaL r.o' a. 'I Federal Reserve Statistical Release' H,15 Selected Interest Rates (Daily) ` Skip ro l' Release Date: August 28, 2009 Weekly- release dates I Historical data I Data Do"unload Program (DDP).,I About I Announcements Daily update Other formats: Screen reader I ASCII Dam Dmmtma ® 1 Program The weekly release is posted on Monday. Daily updates of the weekly release are posted Tuesday through Friday on this site. If Monday is a holiday, the weekly release will be posted on Tuesday 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 August 28, 2009 2009 2009 2009 2009 Instruments Aug Aug Aug Aug 24 25 26 27 Federal funds (effective) 1 2 3 0.16 0.15 0.15 0.14 Commercial Paper 3 4 5 6 Nonfinancial 1-month 0.19 0.17 0.14 0.16 2-month n.a. n.a. n.a. 0.15 3-month n.a. n.a. n.a. n.a. Financial 1-month 0.21 0.20 0.21 0.20 2-month 0.21 0.21 0.21 0.21 3-month 0.27 0.29 0.23 0.26 3-month nonfinancial or financial posted by CPFF 7 Without surcharge n.a. 1.19 1.19 1.19 With surcharge n.a. 2.19 2.19 2.19 CDs (secondary market) 3 8 1-month 0.25 0.24 0.23 0.23 3-month 0.28 0.28 0.27 0.26 6-month 0.44 0.41 0.40 0.40 Eurodollar deposits (London) 3 9 1-month 0.45 0.45 0.45 0.45 3-month 0.55 0.55 0.55 0.55 6-month 0.90 0.90 0.90 0.90 Bank prime loan 2 3 10 3.25 3.25 3.25 3.25 Discount window primary credit 2 11 0.50 0.50 0.50 0.50 U.S. government securities Treasury bills (secondary market) 3 4 4-week 0.10 0.12 0.11 0.11 3-month 0.17 0.17 0.15 0.15 6-month 0.26 0.26 0.25 0.25 1-year 0.40 0.46 0.44 0.45 Treasury constant maturities Nominal 12 1-month 0.11 0.12 0.11 0.11 3-month 0.17 0.17 0.15 0.15 6-month 0.26 0.26 0.25 0.26 1-year 0.44 0.47 0.45 0.46 2-year 1.05 1.05 1.06 1.04 3-year 1.57 1.56 1.57 1.58 5-year 2.50 2.48 2.46 2.48 7-year 3.13 3.10 3.09 3.12 10-year 3.48 3.45 3.44 3.47 20-year 4.22 4.17 4.15 4.19 30-year 4.27 4.22 4.20 4.23 5 http://www.federalreserve.gov/Releases/H 15/update/ 9/1/2009 r": rl.ID --3e1UCLUU 111Le1 VbL AdLUb, vv uu-viuy ✓a, y vF""`_�usuo w, -- Inflation indexed 13 5-year 7-year 10-year 20-year Inflation -indexed long-term average 14 Interest rate swaps 15 1-year 2-year 3-year 4-year 5-year 7-year 10-year 30-year Corporate bonds Moody's seasoned Aaa 16 Bea State 5 local bonds 17 Conventional mortgages 16 n.a. Not available. Footnotes 1.21 1.27 1.26 1.27 1.40 1.46 1.45 1.47 1.67 1.72 1.72 1.75 2.12 2.12 2.10 2.14 2.14 2.15 2.13 2.17 0.72 0.70 0.69 0.68 1.50 1.45 1.42 1.40 2.15 2.10 2.05 2.03 2.63 2.57 2.51 2.50 2.99 2.92 2.86 2.84 3.47 3.39 3.32 3.30 3.85 3.76 3.70 3.67 4.29 4.20 4.13 4.11 5.20 5.14 5.11 5.14 6.53 6.46 6.42 6.43 4.53 5.14 1. The daily effective federal funds rate is a weighted average of rates on brokered trades. 2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly 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 settled by The Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). The 1-, 2-, and 3-month rates are equivalent to the 30-, 60-, and 90-day dates reported on the Board's Commercial Paper Web page (www.federalreserve.gov/releases/cp/). 6. Financial paper that is insured by the FDIC's Temporary Liquidity Guarantee Program is not excluded from relevant indexes, nor is any financial or nonfinancial commercial paper that may be directly or indirectly affected by one or more of the Federal Reserve's liquidity facilities. Thus the rates published after September 19, 2008, likely reflect the direct or indirect effects of the new temporary programs and, accordingly, likely are not comparable for some purposes to rates published prior to that period. 7. CPFF refers to the Federal Reserve's Commercial Paper Funding Facility. The rates are identical under the CPFF for financial and nonfinancial commercial paper. An issuer of commercial paper into the CPFF may avoid the surcharge by providing a collateral arrangement or indorsement that is acceptable to the Federal Reserve Bank of New York. Source: Federal Reserve Bank of New York. 8. An average of dealer bid rates on nationally traded certificates of deposit. 9. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. 10. Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S.-chartered commercial banks. Prime is one of several base rates used by banks to price short-term business loans. 11. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/default.htm. The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit as well as the rate on primary credit are available at www.federalreserve.gov/releases/hl5/data.htm. 12. Yields on actively traded non -inflation -indexed issues adjusted to constant maturities. The 30-year Treasury constant maturity series was discontinued on February 18, 2002, and reintroduced on February 9, 2006. From February 18, 2002, to February 9, 2006, the U.S. Treasury published a 6 http://www.federalreserve.gov/Releases/H 15/update/ 9/ 1 /2009 FRB: H.15--Selected Interest Rates, Web -Only t)atly update --August /a, zwy rayc J Ur .a factor for adjusting the daily nominal 20-year constant maturity in order to estimate a 30-year nominal rate. The historical adjustment factor can be found at www.treas.gov/offices/domestic-finance/debt-management/interest-rate/itcompositeindex_historical.shtml. Source: U.S. Treasury. 13. Yields on Treasury inflation protected securities (TIPS) adjusted to constant maturities. Source: U.S. Treasury. Additional information on both nominal and inflation -indexed yields may be found at www.treas.gov/offices/domestic-finance/debt-management/interest-rate/index.html. 14. Based on the unweighted average bid yields for all TIPS with remaining terms to maturity of more than 10 years. 15. International Swaps and Derivatives Association (ISDA(R)) mid -market par swap rates. Rates are for a Fixed Rate Payer in return for receiving three month LIBOR, and are based on rates collected at 11:00 a.m. Eastern time by Garban Intercapital plc and published on Reuters Page ISDAFIX(R)l. ISDAFIX is aregistered service mark of ISDA..Source: Reuters Limited. 16. Moody's Aaa rates through December 6, 2001, are averages of Aaa utility and Aaa industrial bond rates. As of December 7, 2001, these rates are averages of Aaa industrial bonds only. 17. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations. 18. Contract interest rates on commitments for fixed-rate first mortgages. Source: Primary Mortgage Market Survey(R) data provided by Freddie Mac. Note: Weekly and monthly figures on this release, as well as annual figures available on the Board's historical H.15 web site (see below), are averages of business days unless otherwise noted. Current and historical H.15 data are available on the Federal Reserve Board's web site (www.federalreserve.gov/). For information about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3244, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986. Description of the Treasury Nominal and Inflation -Indexed Constant Maturity Series Yields on Treasury nominal securities at "constant maturity" are interpolated by the U.S. Treasury from the daily yield curve for non -inflation -indexed Treasury securities. This curve, which relates the yield on a security to its time to maturity, is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. These market yields are calculated from composites of quotations obtained by the Federal Reserve Bank of New York. The constant maturity yield values are read from the yield curve at fixed maturities, currently 1, 3, and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yield for a 10-year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity. Similarly, yields on inflation -indexed securities at "constant maturity" are interpolated from the daily yield curve for Treasury inflation protected securities in the over-the-counter market. The inflation -indexed constant maturity yields are read from this yield curve at fixed maturities, currently 5, 7, 10, and 20 years. --------------------------------------------------------------------------- Weekly release dates I Historical data I Data Download Program (DDP)_I About I Announcements Daily update Otherformats: Screen reader I ASCII Statistical releases Home I Economic research and data Accessibility I [contact Us Last update: August 28, 2009 7 http://www.federalreserve.gov/Releases/H 15/update/ 9/1 /2009 FRB: Commercial Paper Kates ana ututstanamgs Federal Reserve Release Relea se I About I Announcements. I Outstandings I Volume statistics I Year-end I Maturity Distribution I Data Download Program am DDP Data as of August 31, 2009 Commercial Paper Rates and Outstanding Derived from data supplied by The Depository Trust & Clearing Corporation Posted September 1, 2009 Discount rates AA A2/P2 AA AA FTermlnonfinancial nonfinancial financial asset -backed 1-day 0.18 0.30 0.17 0.42 7-day 0.12 0.31 0.12 0.70 15-day 0.12 0.37 0.15 0.33 30-day 0.16 0.39 0.20 0.31 60-day 0.15 n.a. 0.17 0.35 90-day n.a. n.a. 0.26 0.29 Trades data Insufficient to sunood calculation of the 90-day AA nonfinancial, 60-day A21P2 nonfinan 2009, Yield curve cial, and 90-day A2/P2 nonfinancial rates for August 31, 8 http://www.federalreserve.gov/releases/cp/ 9/l/2009 FRB: Commercial Paper Kates ana uutstanaings i r" v. , vioncy Inamut UUNIS — — — AA nonfinancial A2/132 nonfinancial AA financial - - - - - - - - - - - - - - - - - - I I 1 7 15 30 60 91 Days to Maturity Discount rate spread 1.00 0.75 0.25 0.00 800 700 600 500 400 300 200 100 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 Discount rate history 9 http://www.federalreserve.gov/releases/cp/ 9/1/2009 FRB: Commercial Paper Rates and Uutstandings Thirty -day commercial paper (daily) rerceol — — — AA nonfinancial ' a ..... A2/P' nonfinancial f .— AA fm mcfad i lllYYYi f . ' 2001 2002 2003 2004 2005 2006 2007 2008 2009 Outstandings Weekly (Wednesday), seasonally adjusted Billions of dollars 1210 1110 1010 910 810 710 610 510 410 Billions of dollars --- Ne+onnanc9al (rleht u:+lcl ---.— Fimm6al(tan wzdo h 4 by 1IA14 fl 1�h /411t 7 6 5 4 3 2 1 0 290 250 210 170 130 90 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 Qutstandings I Volume statistics I Year-end I Maturity Distribution I Data Download Pro rg am (DDP) _ 10 http://www.federaireserve.gov/releases/cp/ 9/l/2009 r'KB: Commercial Yaper Kates and uutstanaings rage ,+ of + Home I Statistical releases Accessibility I Contact Us Last update: September 1, 2009 11 http://www.federalreserve.gov/releases/cp/ 9/1/2009 City of La Guide Cash Flow Budget to Actual July 31, 2009 Cash Basis Budget Actual Accrial/ Adjusted Tolal Variance Account 7/09 7109 Adjustment 7109 Over Under Notes Property Tart Tax Increment 1,742 1.742 1,742 Transient Occupancy Tax 222,815 (222,940) 429,130 206.190 (16.625) Sales Tax 365,138 - (365,138) Did net receive last sales Tax paymem SilverRock Golf 171,717 103,807 103,807 (67.910) Library 224 - - (224) Riverside Co Transportation Commission - _ Other revenues 1654714 718176 837091 1,555.267 f9i ' Revenues 2,414,608 600,785 1,266,221 1,867,006 547,602 Expenditures Salaries 8 Fringe Benefits 979,013 560,299 560,299 (418,714) Flint paycheck fordulywas for 3 days:7 days vem accrued back to June Other expenditures 2,437637 1714075 1.714075 717562 Did not pay police Invoice 3410650 2,274,374 2.274374 1136276 Subtotal 276,656 274,699 274,699 (1,957) Redevelopment Agency Debt Service( Pdncipaglnterest/Pass Through) 619919 619919 619,919 0 896,575 894 618 894,618 (1,957) Subtotal 57,643 57,643 57.643 Capital Projects Total Expenditures 4,364,868 3,226,835 3,226,635 1,138,233 Net Revenues/Expenditures 1,9501 (2,6malyall 1,256,221 1,35911,685,835. NOTE 1: Expenditures are budgeted at 8.34% per month Difference between actual and budget (Underspen0 DEPARTMENT Overspent Notes GENERAL GOVERNMENT 564.658 Payment ofannual Insurance premiums CITY CLERK 5.504 COMMUNITY SERVICES 88.852 FINANCE 41,476 BUILDING 5 SAFETY (28,405) PUBLIC SAFETY (1,395,182) Did not pay Police invoice PLANNING (86,344) PUBLIC WORKS: 199731 1009172 SUBTOTAL -GENERAL FUND (143.477) Library Gas Tax Federal Assistance - JAG Grant Slesf (Cops) Revenue Indian Gaming - Lighting 5 Landscaping RCTC Development Agreement CV Violent Crime Task Force 29,796 AB 939 (12,427) Quimby Infrastructure - Proposition I - SouthCoaslAirQuality (2,219) Transportation Parks 8 Recreation Civic Center - Library Development Community Center - Street Facility - Park Facility Fire Protection Arts In Public Places (22,722) Interest Allocation - Equipment Replacement (57,628) Information Technology 26,925 Park Maintenance Facility (31,603) Silver -Rock Gott (189,021) Decrease In nouns played Silver -Rock Reserve LO Public Safety Officer (167) Finance Authority (1,218) Capital Improvement Total (1.412.933 12 INVESTMENT ADVISORY BOARD Meeting Date: September 9, 2009 11tt111xl Pooled Money Investment Board Report for June 2009 BACKGROUND: Correspondence & Written Material Item B The Pooled Money Investment Board Report for June 2009 is included in the agenda packet. RECOMMENDATION: Receive & File John M. Falconer, Finance Director POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF JUNE 2009 WITH JUNE 2008 (DOLLARS IN THOUSANDS) JUNE 2009 JUNE 2008 CHANGE Average Daily Portfolio $ 48,048,110 $ 72,545,195 $ -24,497,086 Accrued Earnings $ 54,379 $ 172,068 $ -117,689 Effective Yield 1.377 2.894 -1.517 Average Life -Month End (In Days) 235 212 +23 Total Security Transactions Amount $ 20,885,182 $ 35,493,109 $ -14,607,927 Number 422 742 -320 Total Time Deposit Transactions Amount $ 3,089,000 $ 3,831,500 $ -742,500 Number 150 193 -43 Average Workday Investment Activity $ 1,089,735 $ 1,872,600 $ -782,865 Prescribed Demand Account Balances For Services $ 1,208,832 $ 701,994 $ +506,838 For Uncollected Funds $ 156,475 $ 205,397 $ -48,922 NOW Account Average Balance S 20.769.069 4 2n Sao nao 1 BILL LOCKYER TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) June 30, 2009 DIFFERENCE IN PERCENT OF PERCENT OF PORTFOLIO FROM TYPE OF SECURITY AMOUNT PORTFOLIO PRIOR MONTH Government Bills $ 9,424,096 18.57 +2.78 Bonds 0 0.00 0 Notes 3,969,614 7.82 -0.51 Strips 0 0.00 0 Total Government $ 13,393,710 26.39 +2.27 Federal Agency Debentures $ 7,110,832 14.01 -0.97 Certificates of Deposit 4,575,029 9.02 +3.88 Bank Notes 0 0.00 0 Bankers' Acceptances 0 0.00 0 Repurchases 0 0.00 0 Federal Agency Discount Notes 1,948,992 3.84 -3.83 Time Deposits 5,556,000 10.95 +0.08 GNMAs 125 0.00 0 Commercial Paper 2,113,860 4.17 +3.44 FHLMC/Remics 996,073 1.96 +0.10 Corporate Bonds 303,953 0.60 0 AB 55 Loans 6,414,194 12.64 +0.39 GF Loans 8,030,500 15.83 -5.40 Other 300,000 0.59 +0.04 Reversed Repurchases 0 0.00 0 Total (All Types) $ 60,743,268 100.00 NOW Account Balance $ 17,473,236 INVESTMENT ACTIVITY JUNE 2009 MAY 2009 NUMBER AMOUNT NUMBER AMOUNT Pooled Money 422 $ 20,885,182 175 $ 8,731,989 Other 24 60,526 34 1,385,458 Time Deposits' 150 3,089,000 167 3,693,700 Totals 596 $ 24,034,708 376 $ 13,811,147 PMIA Monthly Average Effective Yield 1.377 1.530 Year to Date Yield Last Day of Month 2.224 2.284 Pooled Money Investment Account Portfolio Composition $50.7 Billion 06/30/09 Loans 28.47°/ Corporate Bonds 0.60% Commercial Paper 4.17% Tin CDs/BNs 9.02% Mortgages 1.96% ies INVESTMENT ADVISORY BOARD Correspondence & Written Material Item: C Meeting Date: September 9, 2009 ITEM TITLE: Joint City Council/IAB Meeting BACKGROUND: The City Council has set October 27, 2009 at 7:00 p.m. for the joint meeting with the Investment Advisory Board. The meeting is scheduled for approximately one half hour in the Study Session Room at City Hall. RECOMMENDATION: Provide Staff with direction. John M. Falconer, Finance Director BOARD MEMBER ITEMS