Attachment 4 - Public CommentsFrom: Jak Van Nada
Sent: Tuesday, January 17, 2023 10:58 AM
To: Wendy Wood <WWood@losgatosca.gov>; Town Manager <Manager@losgatosca.gov>; Arn
Andrews <aandrews@losgatosca.gov>; Gabrielle Whelan <GWhelan@losgatosca.gov>; Maria Ristow
<MRistow@losgatosca.gov>; Rob Moore; Rob Rennie <RRennie@losgatosca.gov>; Mary Badame
<MBadame@losgatosca.gov>; Matthew Hudes <MHudes@losgatosca.gov>
Subject: 1-17-23 Council Meeting Item 14
EXTERNAL SENDER
1-17-23
Town Council Meeting Item 14
The purpose of the report requested by the Grand Jury was to increase transparency and give
the Council more information upon which to make decisions. This is not what the Staff has
proposed to do.
GC section 41004 mandates a monthly report “accounting of all receipts, disbursements
and fund balances”. The investment report does not comply with GC 41004 since all fund
balances and activity impacting the fund balances is not reported. This is a problem. Simply
submitting the investment report monthly will not be sufficient to meet the “all fund balances”
reporting requirements found in GC section 41004.
The Grand Jury report specifically cited the City of Saratoga’s monthly report as an example of
what should be provided to the State. I have attached that report whose tables 1 and 2 fulfill
the reporting requirement for GC 41004. Note that Saratoga in the Staff report specifically
addresses the difference between a Cash and Investment summary and fund balance. And this
is why GC section 41004 exists. That is why this report provides the TRANSPARENCY that the
Town states they provide to the Council and to the citizens. The Town Council should instruct
Staff to prepare tables 1 and 2 for Los Gatos and incorporate those tables into the investment
report. By doing so, the town will be in compliance with all government mandated reporting.
Once again, the problem we have is not what you see, but rather, what you don’t see.
Jak Van Nada
Los Gatos Community Alliance
ATTACHMENT 4
SARATOGA CITY COUNCIL
MEETING DATE:December 7,2022
DEPARTMENT:Administrative Services
PREPARED BY:Ann Xu, Accountant
Agnes Pabis, Finance Manager
SUBJECT:Treasurer’s Report for the Month Ended October 31, 2022
RECOMMENDED ACTION:
Review and accept the Treasurer’s Report for the month ended October 31, 2022.
BACKGROUND:
California government code section 41004 requires that the City Treasurer submits to the City
Clerk and the legislative body a written report and accounting of all receipts, disbursements, and
fund balances. The Municipal Code of the City of Saratoga, Article 2-20, Section 2-20.035
designates the City Manager as the City Treasurer. This report is prepared to fulfill this
requirement.
The following attachments provide various financial transaction data for the City of Saratoga’s
Funds collectively as well as specifically for the City’s General (Operating) Fund, including an
attachment from the State Treasurer’s Office of Quarterly LAIF rates from the 1st Quarter of 1977
to the present.
FISCAL STATEMENT:
Cash and Investments Balance by Fund
As of October 31, 2022, the City’s unaudited cash and investments totaled $34,998,784. The
City Council’s adopted policy on the Working Capital Reserve Fund states that effective July 1,
2016: for cash flow purposes and to avoid the occurrence of dry period financing, pooled cash
from all funds should not be allowed to fall below $1,000,000. The total pooled cash balance of
$34.9 million exceeds the minimum amount required.
Comerica Bank 2,366,778$
Deposit with LAIF 32,632,006$
Total Cash 34,998,784$
Cash Summary
City’s Current Financial Position
In accordance with California government code section 53646 (b) (3), the City is financially well
positioned and able to meet its estimated expenditure requirements for the next six months. As of
October 31, 2022, the City’s financial position (Assets $35.2M, Liabilities $4.9M, and Fund
Equity $30.3M) remains very strong and there are no issues in meeting financial obligations now
or in the foreseeable future.
The following Fund Balance schedule represents actual funding available for all funds at the end
of the monthly period. This amount differs from the above Cash Summary schedule as assets
and liabilities are components of the fund balance. As illustrated in the summary below, Total
Cash is adjusted by the addition of Total Assets less the amount of Total Liabilities to arrive at
the Ending Fund Balance –which represents the actual amount of funds available.
ATTACHMENTS:
Table 1 – Change in Total Fund Balances by Fund
Table 2 – Change in Total Fund Balances by CIP Project
Chart 1 – Change in Investment Pool Balance by Month
Chart 2 – Local Agency Investment Fund (LAIF) Quarterly Apportionment Rates
"+
Total Cash 34,998,784$
Plus: Assets 177,614
Less: Liabilities (4,876,570)
Ending Fund Balance 30,299,828$
Adjusting Cash to Ending Fund Balance
TABLE 1: CHANGES IN TOTAL FUND BALANCE
*Negative fund balance due to authorized spending of anticipated revenues
These figures will be updated for future reports once the FY 2017/18 pendent audit is co
Fund Description
Prior Year
Carryforward
7/1/2022
Increase/
(Decrease)
Jul - Sep
Current
Revenue
Current
Expenditure
Transfer
In
Transfer
Out
Fund Balance
10/31/2022
General Fund
Committed Fund Balances:
Hillside Stability Reserve 1,000,000 - - - - - 1,000,000
Assigned Fund Balances:
Future Capital Replacement & Efficiency Project Reserve 3,509,000 - - - - - 3,509,000
Carryforwards Reserve 20,000 - - - - - 20,000
Facility Reserve 3,700,000 - - - - - 3,700,000
Unassigned Fund Balances:
Working Capital Reserve 1,000,000 - - - - - 1,000,000
Fiscal Stabilization Reserve 3,250,000 - - - - - 3,250,000
Compensated Absences Reserve 330,000 - - - - - 330,000
Other Unassigned Fund Balance Reserve (Pre YE distribution)2,601,458 (3,928,371) 1,162,030 (1,551,359) - (1,716,242) *
General Fund Total 15,410,458 (3,928,371) 1,162,030 (1,551,359) - - 11,092,758
Special Revenue
Landscape/Lighting Districts 977,231 (57,805) 847 (17,579) - - 902,694
ARPA Federal Grants 7,127,589 - - - - - 7,127,589
Special Revenue Fund Total 8,104,820 (57,805) 847 (17,579) - - 8,030,283
Debt Service
Library Bond 805,311 (710,933) 2,754 - - - 97,132
Arrowhead Bond 124,402 (69,541) - (767) - - 54,094
Debt Service Fund Total 929,714 (780,474) 2,754 (767) - - 151,226
Internal Service Fund
Liability/Risk Management 641,403 (588,061) - (11,324) - - 42,018
Workers Compensation 232,829 (226) 1,535 (55,007) - - 179,130
Office Support Fund 155,443 4,072 615 (1,473) - - 158,658
Information Technology Services 661,159 (6,254) 797 (50,198) - - 605,505
Vehicle & Equipment Maintenance 278,317 17,846 - (23,027) - - 273,136
Building Maintenance 764,302 30,844 - (62,168) - - 732,977
Vehicle & Equipment Replacement 905,217 24,738 - - - - 929,954
Technology Replacement 798,337 37,263 - - - - 835,600
Facility FFE Replacement 941,400 46,334 - - - - 987,735
Internal Service Fund Total 5,378,407 (433,444) 2,947 (203,197) - - 4,744,713
Trust/Agency
WVCWP Agency Fund 558,655 197,263 - (47,148) - - 708,769
Trust/Agency Fund Total 558,655 197,263 - (47,148) - - 708,769
Capital Project
Street Projects 3,381,066 (432,231) 132,561 (86,642) - - 2,994,755
Park and Trail Projects 849,562 (1,824) - (16,720) - - 831,019
Facility Projects 623,475 (155,704) 5,029 (2,098) - - 470,702
Administrative Projects 1,429,921 (50,295) 5,226 (14,050) - - 1,370,802
Tree Fund Projects 52,541 - - - - - 52,541
Park In-Lieu Projects 1,172,555 30,098 - (62,663) - - 1,139,991
CIP Grant Street Projects (46,912) (2,131) - (12,228) - - (61,271) *
CIP Grant Park & Trail Projects - 100,000 - (196,841) - - (96,841) *
CIP Grant Administrative Projects (164,574) - - - - - (164,574) *
CIP Grant ARPR/SLFRF Projects - (142,725) - (182,105) - - (324,830) *
Gas Tax Fund Projects 247,731 258,409 127,538 (1,273,891) - - (640,213) *
CIP Fund Total 7,545,366 (396,402) 270,354 (1,847,238) - - 5,572,079
Total City 37,927,419 (5,399,234) 1,438,931 (3,667,288) - - 30,299,828
1,782,5456
TABLE 2: FUND BALANCES BY CIP PROJECT
*Negative fund balance due to authorized spending of anticipated revenues
budgeted be updated for future re
CIP Funds/Projects
Prior Year
Carryforward
7/1/2022
Increase/
(Decrease)
Jul - Sep
Current
Revenue
Current
Expenditure Transfer In Transfer Out
Fund Balance
10/31/2022
Street Projects
Annual Road Improvements 1,009,556 (137,971) 132,561 (37,196) - - 966,951
Roadway Safety & Traffic Calming 147,118 - - - - - 147,118
Citywide Traffic Signal Battery Backup 266,315 - - - - - 266,315
Portable Radar Feedback Sign 1,548 - - - - - 1,548
Local Roadway Safety Plan 3,410 (237) - (126) - - 3,047
Prospect/Saratoga Median Improvement 309,379 - - - - - 309,379
Village Clock 8,626 (6,066) - - - - 2,560
Big Basin Way/Blaney Trash Can Replacement 50,802 - - - - - 50,802
Annual Infrastructure Maintenance & Repairs 41,431 (13,705) - - - - 27,726
Guava Court Curb & Gutter Replacement 280,000 - - - - - 280,000
El Camino Grande Storm Drain Pump 104 - - - - - 104
Saratoga Village Crosswalk & Sidewalk Rehabilitation 49,055 (1,052) - - - - 48,004
Quito Road Sidewalk Improvements 43,370 - - - - - 43,370
Saratoga/Sunnyvale Road Sidewalk 92,158 - - - - - 92,158
Quito Road Sidewalk Rehabilitation and Gap Closure 182,609 - - - - - 182,609
Fourth Street Bridge Widening 99,837 - - (1,438) - - 98,399
Quito Road Bridge Replacement 132,197 - - (162) - - 132,035
Quito Road Bridge - ROW Acquisition 3,662 - - - - - 3,662
Annual Retaining Wall Maintenance & Repairs 222,450 3,209 - (333) - - 225,327
Mt. Eden Erosion Repair 59,622 (3,209) - - - - 56,412
Continental Circle Landslide Stabilization 57,447 - - - - - 57,447
Pierce Road Retainment 300,290 (273,200) - (47,389) - - (20,299) *
Mt. Eden Emergency Landslide 20,080 - - - - - 20,080
Total Street Projects 3,381,066 (432,231) 132,561 (86,642) - - 2,994,755
Parks & Trails Projects
Park/Trail Repairs 32,873 - - - - - 32,873
Hakone Gardens Infrastructure Improvements 16,599 - - - - - 16,599
Hakone Pond Reconstruction 300,000 - - - - - 300,000
Beauchamps Park Playground Replacement 35,131 - - (11,418) - - 23,713
Guava/Fredericksburg Entrance 235,970 (1,824) - (5,302) - - 228,844
Saratoga Village to Quarry Park Walkway - Design 228,989 - - - - - 228,989
Total Parks & Trails Projects 849,562 (1,824) - (16,720) - - 831,019
Facility Projects
Open Work Space 80,000 - - - - - 80,000
Civic Theater Improvements - 4,458 5,029 - - - 9,486
PEG Funded Project 113,650 - - - - - 113,650
Community Center Improvement 24,513 (3,351) - - - - 21,162
Community Center Generator and EV Charging Stations 395,312 (156,811) - (2,098) - - 236,404
Library Building Exterior Maintenance 10,000 - - - - - 10,000
Total Facility Projects 623,475 (155,704) 5,029 (2,098) - - 470,702
Administrative and Technology Projects
Safe Routes to School - (1,245) - - - - (1,245) *
City Website/Intranet 16,948 - - - - - 16,948
Development Technology 20,538 552 13 (9,455) - - 11,648
Software Technology Management 118,695 20,916 5,213 - - - 144,824
LLD Initiation Match Program 25,000 - - - - - 25,000
Horseshoe Beautification 13,295 (290) - - - - 13,005
Business Renewal Program 6,643 - - (2,345) - - 4,298
Citywide Accessibility Assessment 28,066 - - - - - 28,066
City Art Program 53,669 - - - - - 53,669
Safe Routes to School Needs Assessment 15,748 - - - - - 15,748
El Quito Neighborhood Improvements 284,507 - - - - - 284,507
Parking District ADA Improvements and Rehabilitation 250,000 - - - - - 250,000
Storm Drain Master Plan 300,000 - - - - - 300,000
ADA Self Assessment - - - (2,250) - - (2,250) *
General Plan Update 238,592 (70,228) - - - - 168,364
Wildfire Mitigation Program 4,067 - - - - - 4,067
Risk Management Project Funding 54,153 - - - - - 54,153
Total Administrative and Technology Projects 1,429,921 (50,295) 5,226 (14,050) - - 1,370,802
TABLE 2 (cont.): FUND BALANCES BY CIP PROJECT
*Negative fund balance due to authorized spending of anticipated revenues
CIP Funds/Projects
Prior Year
Carryforward
7/1/2022
Increase/
(Decrease)
Jul - Sep
Current
Revenue
Current
Expenditure Transfer In Transfer Out
Fund Balance
10/31/2022
Tree Fund Projects
Citywide Tree Planting Program 26,666 - - - - - 26,666
Tree Dedication Program 25,875 - - - - - 25,875
Total Tree Fund Projects 52,541 - - - - - 52,541
Park In-Lieu Projects
Orchard Irrigation & Tree Planting 10,947 - - - - - 10,947
Hakone Gardens Infrastructure 82,420 - - - - - 82,420
Trail Pet Stations 25,000 - - - - - 25,000
Saratoga Village to Quarry Park Walkway - Design 73,810 - - - - - 73,810
Unallocated Park In-Lieu Funds 970,299 31,343 - - - - 1,001,642
Total Park In-Lieu Projects 1,172,555 30,098 - (62,663) - - 1,139,991
CIP Grant Street Projects
Local Roadway Safety Plan (1,619) (2,131) - (1,132) - - (4,882) *
Prospect/Saratoga Median Improvement (19,217) - - - - - (19,217) *
Citywide Signal Upgrade II 18 - - - - - 18
Saratoga Ave Sidewalk (34,146) - - - - - (34,146) *
Village Sidewalk, Curb & Gutter - Phase II Construction (91) - - - - - (91) *
Saratoga Village Crosswalk & Sidewalk Rehabilitation (834) - - - - - (834) *
4th Street Bridge - - - (11,096) - - (11,096) *
Quito Bridge Replacement 18,597 - - - - - 18,597
Quito Road Bridges - ROW Acquisition (9,619) - - - - - (9,619) *
Total CIP Grant Street Projects (46,912) (2,131) - (12,228) - - (61,271)
CIP Grant Park & Trail Projects
Beauchamps Park Playground - - - (196,841) - - (196,841) *
Park and Trail Fire Mitigation - 100,000 - - - - 100,000
Total CIP Grant Park & Trail Projects - 100,000 - (196,841) - - (96,841)
CIP Grant Administrative Projects
CDD Software/ADA (14,574) - - - - - (14,574) *
General Plan Update (LEAP)(150,000) - - - - - (150,000) *
Total CIP Grant Administrative Projects (164,574) - - - - - (164,574)
CIP Grant ARPA/SLFRF Projects
Storm Water Master Plan - (88,055) - (139,398) - - (227,453) *
Saratoga Village Water Improvement - (54,670) - (42,707) - - (97,377) *
Total CIP Grant ARPA/SLFRF Projects - (142,725) - (182,105) - - (324,830)
Gas Tax Fund Projects
Annual Roadway Improvements 194,170 258,409 127,538 (1,273,891) - - (693,774) *
Prospect/Saratoga Median Improvements 48,278 - - - - - 48,278
Big Basin Way Sidewalk Repairs (1,802) - - - - - (1,802) *
Quito Road Bridges 7,085 - - - - - 7,085
Total Gas Tax Fund Projects 247,731 258,409 127,538 (1,273,891) - - (640,213)
Total CIP Funds 7,545,366 (396,402) 270,354 (1,847,238) - - 5,572,079
Town of Los Gatos
Portfolio Allocation & Treasurer's Fund Balances
November 30, 2022
Month YTD
Fund Balances - Beginning of Month/Period $62,569,239.63 $72,886,942.83
Receipts 5,801,425.93 20,163,060.09
Disbursements (3,096,678.62)(27,776,015.98)
Fund Balances - End of Month/Period $65,273,986.94 $65,273,986.94
Portfolio Allocation:% of Portfolio Max. % 0r $ Allowed Per State Law or Policy
BNY MM $79,480.09 0.15%20% of Town Portfolio
US Treasury Notes $10,037,973.70 18.65%No Max. on US Treasuries
Government Agency Debenture Notes $23,416,349.00 43.52%No Max. on Non-Mortgage Backed
Corporate Medium Term Bonds $13,336,173.01 24.78%30% of Town Portfolio
Local Agency Investment Fund $6,941,939.56 12.90%$75 M per State Law
Subtotal - Investments 53,811,915.36 100.00%
Reconciled Demand Deposit Balances 11,462,071.58
Total Treasurer's Fund $65,273,986.94
BNY MM
0.15%US Treasury Notes
18.65%
Government Agency Debenture Notes
43.52%
Corporate Medium Term Bonds
24.8%
Local Agency Investment Fund
12.9%
Portfolio Investment Allocation
0
10000000
20000000
30000000
40000000
50000000
60000000
70000000
80000000
90000000
Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22
Treasurer's Fund Balances
page 2Page 99
This Page Intentionally Left Blank
From: Phil Koen
Sent: Monday, January 16, 2023 10:04:43 AM
To: Mary Badame <MBadame@losgatosca.gov>
Subject: Agenda Item #14 - recommendations
EXTERNAL SENDER
Dear Vice Mayor Badame,
I am writing to you in my capacity as your citizen appointee to the Finance Commission. I am also the
newly elected Vice Chair of the Finance Commission.
As a member of the Finance Commission, I am tasked with providing advice to assist the Town Council in
making financial decisions and establishing the Town’s fiscal policies and priorities. I am writing to you to
provide my advice and guidance regarding Agenda Item #14 for the upcoming Town Council meeting.
This item is requesting the Town Council to a) review and approve the Town’s response to the 2022 Civil
Grand Jury Report and b) review and approve changes to the Town’s Operating Portfolio Investment
Policy.
Since the Finance Commission was not consulted in the preparation of the Staff’s memo for agenda item
14, the Commission was unaware of the memo’s content. Furthermore, since no Finance Commission
meeting was scheduled after the Staff memo was published and prior to the Town Council meeting, the
only opportunity for a member of the Finance Commission to provide advice is through direct
communication with the Council Member who appointed the citizen. Hence, the reason I am writing to
you today.
Please be advised of the following:
Concern #1: Town’s Response to the 2022 Civil Grand Jury report entitled “Show me the Money:
Financial Transparency Needed”
The Town’s response is listed as attachment #3 to agenda item #14. The summary statement in the
cover letter to Judge McGowen which states, “In summary, the Town agrees and already implemented
the recommendation of monthly reporting,” is general enough to appear to be an acceptable response.
A major problem however exists with the “Findings.” The issue is: what financial data is included in the
report entitled “Portfolio Allocation and Treasurer’s Fund Balances” and does the financial data fully
comply with the required reporting under State Government Codes Sections 53607, 53646(b) and
41004? I have attached the first page of the November report which was included in the Town Council
agenda packet. I will be referring to the area boxed in red.
The first line of the report shows, “fund balances – beginning of month/period.” The amount
$72,886,942 supposedly represents the closing fund balances for FY 2022, which also represents the
opening balance for FY 2023. However, this amount is NOT the total fund balances for the Town. As of
the end of FY 2022 the Town’s total fund balances combined was $59,102,420, which represents the
combined fund balances of all governmental funds ($50,862,138) and all proprietary funds ($8,240,282).
These numbers were taken from the just-published FY 2022 Annual Comprehensive Financial Report
(ACFR).
The amount that is reported as “fund balances” appears instead to be the total amount of cash and
investments held by the Town. The difference between the two numbers represents the total liabilities
of the Town. Fund balance should represent the actual net funding available for all funds at the end of
the reporting period and is computed by taking a fund’s total assets (including cash and investments)
less all liabilities. That is how a fund balance is calculated. There is no doubt that the “fund balance” as
reported in the “Portfolio Allocation and Treasurer’s Report Fund Balances” is not fund balance but
rather the total amount of the investment portfolio. The two are not the same.
The Grand Jury report only focused on government code Section 41004 which specifically states, “at
least once each month, the city treasurer shall submit to the city clerk a written report and accounting
of all receipts, disbursements, and fund balances.” There are other government codes, namely sections
53607 and 53646(b) that require monthly reporting on an investment portfolio, including but not limited
to market value information, cost basis of investment, interest rates, weighted average maturity, etc.
Apart from the area boxed in red, the Town’s report addresses the reporting requirements for an
investment portfolio as mandated by sections 53607 and 53646(b). To be clear, the Town’s report does
not provide the specific information required by section 41004.
Based on a reading of the footnotes of the Grand Jury report, the Town provided a copy of the report,
“Portfolio Allocation and Treasurer’s Fund Balances,” to the Grand Jury. Without having specific
knowledge of the source of the numbers being reported, it is only logical that the Grand Jury assumed
that the numbers reported as “fund balances” would be the actual fund balances. Any casual reader of
the report would naturally assume the same. We now know this is not correct.
Now that we have a correct understanding of what is reported, asserting that the finding, “Los Gatos
produced reports that contain the required content... ...as required by California Government Code
Section 41004,” would be incorrect and inappropriate. I recommend that the Town fully comply with
section 41004 and produce the required fund balance information. Furthermore, the Town should
disclose to the Grand Jury that the Treasurer’s Report does not include fund balances, but rather a total
of the investment portfolio. The Grand Jury likely would appreciate this additional disclosure and full
transparency.
The Grand Jury Report pointed to the City of Saratoga’s “Changes in Total Fund Balance” as an excellent
example of a treasurer’s report “fully compliant with section 41004.” I have attached Saratoga’s
Treasurer’s Report for the month of October 2022 which contains Table 1 referenced by the Grand Jury.
Please note that Saratoga’s report specifically references that the report complies with section 41004
and is accomplished through Table 1 and Table 2. Table 1 and 2 provide an accounting for all receipts,
disbursements, and fund balances for all funds, including CIP funds. To even the most casual observer, it
is obvious that Saratoga’s reporting is extensive and fully transparent of the net change in fund
balances.
It is my recommendation that the Town produce the equivalent of Table 1 and Table 2, which would
bring it into compliance with section 41004 while greatly improving financial transparency.
Concern #2: Staff’s Report Discussion – “Finance Commission reviewed the proposed changes
provided by staff and suggested one additional change to clarify that the monthly report will comply
with Government Code Section 41004”
At the January 10, 2023 meeting of the Finance Commission, a discussion commenced concerning the
redline changes to the Town’s Investment Policy within a few minutes of a “hard stop” 5 pm deadline
that had been previously established. I was in the process of making several suggestions of additional
changes that should be made to the Investment Policy including but not limited to clarifying the specific
Government Codes that apply to investing, managing, and reporting of the Town’s investment portfolio,
such as sections 53607 and 53646 (b), and the reporting required to conform to section 41004. In the
middle of the discussion, the meeting was terminated. It is inaccurate to suggest that the Commission
had completed its review work and that there was only one additional suggested change to the
Investment Policy. In fact, there are many changes that should be made.
Furthermore, there was no vote taken by the Commission to approve the redline version that is now
before the Town Council. To have the Council “approve” this version of the Investment Policy prior to
the Finance Commission completing its work would appear to be ignoring the spirit of Measure A and
the Commission’s advice process which previously had been established in making changes to the
Town’s financial policies.
My recommendation is to have the Town Council take no action on the Investment Policy at this
meeting. Rather the Investment Policy should be sent back to the Finance Commission so the
Commission can complete its work and present a revised Investment Policy to the Town Council later.
Concern #3: Staff’s Report Discussion – “Town Council approval of the staff and Commission
recommendations will ensure the Town is in compliance with California Government Code Section
41004”
There are 2 separate issues here that need to be addressed. The first is the claim that the proposed
redline changes to the Investment Policy are sufficient to “ensure” the Town is fully compliant with
section 41004. To be clear, the redline changes only propose to increase the frequency of the reporting,
moving from quarterly to monthly reporting. The changes do not address the adequacy of the financial
data to be reported. This has been explained above and there is no need to cover this ground again.
The second issue is the implication that the Finance Commission took a formal vote and approved the
redline version of the Investment Policy. This did not occur and can be verified by listening to the
recording of the meeting.
In conclusion, for the Town to fully comply with section 41004 there are 2 steps that must be taken.
First, the Town must implement substantially the same monthly reporting that the City of Saratoga
produces in Tables 1 and 2 of their Treasurer’s Report. These reports will provide the Town Council and
the residents a level of transparency the Town has never had before, thus ensuring timely financial
information is available to all. By reporting for all fund revenues, expenditures, transfers in and out and
ending fund balance monthly, the Town Council, Finance Commission, and members of the public will
experience the “financial transparency needed” as identified by the Grand Jury. If this level of reporting
is not implemented, the Town will not be in compliance with Government Code section 41004. .
The second step is to revise the Investment Policy to, among other items, reflect all government code
sections that apply and to make other clarifying revisions. The Finance Commission should be allowed to
complete the work that it started. There is no reason for the Town Council to act on this redline version
prior to the Commission completing its work.
Thank you for your consideration of these points. Please let me know if you have any questions.
Phil Koen
This Page Intentionally Left Blank
From:Phil Koen
To:Gabrielle Whelan; Arn Andrews; Ron Dickel
Cc:Laurel Prevetti
Subject:FY 23 Fund Balances Activity and Net Change.pdf
Date:Sunday, January 8, 2023 8:05:41 AM
Attachments:FY 23 Fund Balances Activity and Net Change.pdf
EXTERNAL SENDER
Hello Gabrielle,
Here is the Town’s report of change in fund balances that I referenced in my earlier email. For
some reason the attachment did not properly attach.
Thank you,
Phil Koen
C - 33
FUND BALANCE ACTIVITY SUMMARY
FISCAL YEAR 2022/23
7/1/22 Plus Less 6/30/23EstimatedRevenues &Transfers Expenditures &Transfers Use of Estimated
Fund Balance Carryforwards In Carryforwards Out Reserves Fund Balance
GENERAL FUND
Unreserved Fund Balances
Undesignated Reserves
Available to be Appropriated -$ 49,466,931$ 538,536$ 49,637,932$ 3,006,978$ 2,639,443$ -$
Restricted Fund Balances
Pension Trust 690,000 - - - - 390,000 1,080,000
Committed to:
Budget Stabilization Reserve 5,991,566 - - - - - 5,991,566
Catastrophic Reserves 5,991,566 - - - - - 5,991,566
Pension/OPEB Reserve 300,000 - - - - - 300,000
Assigned to:
Open Space Reserve 410,000 - - - - - 410,000
Sustainability 140,553 - - - - - 140,553
Capital/Special Projects 5,682,452 - - - - (2,350,000) 3,332,452
Compensated Absences*1,649,917 - - - - - 1,649,917
Market Fluctuations 438,333 - - - - - 438,333
Measure G District Sales Tax 679,443 - - - - (679,443) -
Rehab Loan (Nonspendabe)159,000 - - - - 159,000
Total General Fund Reserves 22,132,830$ 49,466,931$ 538,536$ 49,637,932$ 3,006,978$ -$ 19,493,387$
SPECIAL REVENUE FUNDS
Housing Conservation Program 177,241$ -$ -$ -$ -$ -$ 177,241$
Community Dev Block Grant (10,587) - - - - - (10,587)
Urban Run-Off Source Fund 416,611 359,950 - 190,911 - - 585,650
Blackwell Assessment District 13,657 3,210 - 10,678 460 - 5,729
Kennedy Assessment District 22,101 10,605 - 17,410 1,510 - 13,786
Gemini Assessment District 36,407 4,750 - 12,148 610 - 28,399
Santa Rosa Assessment District 35,352 - - 19,957 660 - 14,735
Vasona Assessment District 37,652 10,075 - 15,720 1,430 - 30,577
Hillbrook Assessment District 23,804 6,040 - 19,729 250 - 9,865
ARPA - 1,304,696 - 1,304,696 - - -
Library Trust 82,598 70,500 - 95,000 - - 58,098
Ness Trust Bequest 22,189 250 - 20,755 - - 1,684
Betty McClendon Trust 88,005 1,000 - 1,000 - - 88,005
Barbara J Cassin Trust 361,735 4,500 - 4,500 - - 361,735
Total Special Revenue Funds Reserves 1,306,765$ 1,775,576$ -$ 1,712,504$ 4,920$ -$ 1,364,917$
Fiscal Year 2022/23 Proposed Budget
General Fund Undesignated Reserves reflect ongoing revenue, carryforward, transfer, expenditures, the net effect of the change in Designated Reserves, and the
use of Undesignated Reserves.
•FY2022/23 Budgeted revenue (include $1.6 million ARPA revenue replacements and $0.9 OPEB 115 Trust reimbursement) and expenditure appropriations,
and transfers to and from the General Fund.
• Authorized carryforwards reflect operating appropriations that were brought forward as a funding source. The actual carryforward amount will be
determined at FY 2022/23 year-end, with funding offset by undesignated reserves.
• General Fund Reserve Policy requires a minimum of 25% of General Fund operating expenditures equally divided between the Budget Stabilization Reserve
and Catastrophic Reserve.
• In FY 2015/16, Council established a General Fund Pension/Other Post Employment Benefits (OPEB) Reserve Account. At the same time, the Council
revised the General Fund Reserve Policy to provide for a maximum of $300,000 in General Fund Year End Savings upon year-end close to be deposited in the
Pension/OPEB Reserve Account and used as authorized by Town Council.
• Undesignated Fund Balance is a year-end fund balance not yet identified by the Town Council for a specific purpose. The Town General Fund Reserve Policy
requires full funding of the Catastrophic and Budget Stabilization Reserves, distribution to the Pension/OPEB Reserve, and any remianing balance to the
Capital/Special Projects Reserve.
C - 34
FUND BALANCE ACTIVITY SUMMARY
FISCAL YEAR 2022/23
7/1/22 Plus Less 6/30/23
Estimated Revenues &Transfers Expenditures &Transfers Use of Estimated
Fund Balance Carryforwards In Carryforwards Out Reserves Fund Balance
INTERNAL SERVICE FUNDS
Liability Self-Insurance 638,860$ 429,249$ -$ 846,940$ -$ -$ 221,169$
Worker's Comp Self-Insurance 818,420 1,033,315 - 1,840,000 - - 11,735
Information Technology 2,793,817 714,309 - 983,975 700,000 - 1,824,151
Equipment Replacement 1,657,006 686,837 - 816,240 - - 1,527,603
Facilities Maintenance 102,962 1,262,247 - 1,240,344 - - 124,865
Total Internal Service Funds Reserves 6,011,065$ 4,125,957$ -$ 5,727,499$ 700,000$ -$ 3,709,523$
CAPITAL PROJECTS FUNDS
GFAR 14,273,601$ 4,748,297$ 3,706,978$ 8,982,939$ 417,616$ -$ 13,328,321$
Grant Funded CIP Projects (3,689,292) 5,437,041 - 4,967,041 - - (3,219,292)
Storm Drain #1 1,135,466 49,680 - -- - 1,185,146
Storm Drain #2 2,090,579 54,520 - -- - 2,145,099
Storm Drain #3 (155,453) 880 - -- - (154,573)
Traffic Mitigation 381,319 - - - 10,000 - 371,319
Construction Tax-Undergrounding 3,257,936 52,490 - - - - 3,310,426
Gas Tax 1,898,590 1,603,689 - 1,497,689 106,000 - 1,898,590
Total Capital Projects Funds Reserves 19,192,746$ 11,946,597$ 3,706,978$ 15,447,669$ 533,616$ -$ 18,865,036$
Successor Agency of the Los Gatos RDA Fund
SA- Trust Fund 4,080,130$ 3,799,926$ -$ 3,799,877$ -$ -$ 4,080,179$
Total SA of the Los Gatos RDA Funds Reserves 4,080,130$ 3,799,926$ -$ 3,799,877$ -$ -$ 4,080,179$
TOTAL RESERVES 52,723,536$ 71,114,987$ 4,245,514$ 76,325,481$ 4,245,514$ -$ 47,513,042$
Equipment Replacement Fund Balance is the accumulation of replacement funding-to-date for assets. Revenues are the pro-rated annual charges to departments
for asset replacement, and expenditures reflect the cost of equipment up for replacement in this fiscal year. The Fund will continue to reallocate Fund Balance as a
transfer to the General Fund for assets that have accumulated replacement costs and have been identified as no longer being part of the Replacement Schedule.
Fiscal Year 2022/23 Proposed Budget
GFAR, Grant Fund, Storm Drain Funds, and Gas Tax Fund Balances reflect the spending down of available funds in FY 2022/23 in line with the planned Capital
Improvement Program. The GFAR and Grant Funds also include transfers-in to fund these planned projects. Traffic Mitigation Fund reflects a transfer out of
$10,000 for estimated annual administration fees. Grant Funded Projects Fund Balance reflects appropriations for incoming revenues and prior year carryforwards,
which will result in either positive or negative fund balance depending on timing of receipts and budget. All grant projects net to zero at completion.
This Page Intentionally Left Blank
From:Phil Koen
To:Gabrielle Whelan; Arn Andrews; Ron Dickel
Cc:Laurel Prevetti
Subject:Update of Investment Policy - Agenda Item #7
Date:Sunday, January 8, 2023 8:00:29 AM
Attachments:Update of Investment Policy.pdfPages from FY-2022-23-Operating-Budget(2).pdf
EXTERNAL SENDER
Hello Gabrielle,
In reading the Staff report for agenda item #7, the purpose of the proposed changes to the
Town’s Investment Policy is to bring the policy into compliance with Government CodeSection 41004. Additionally the Staff attached a report from the Civil Grand Jury entitled
“Show Me the Money; Financial Transparency Needed” as supporting material.
Section 41004 states “at least once each month, the city treasurer shall submit to the city clerka written report and accounting of all receipts, disbursements and fund balances”. Please note
that the code explicitly states the requirement is to provide a report and accounting of “fundbalances”. There is no mention in the code about reporting the Town’s investment portfolio.
The Civil Grand Jury report included the City of Saratoga’s Treasurer’s Report which the
Grand Jury found to be an excellent example of an acceptable report. In reviewing the report,which is attached, all of the Saratoga’s fund balances are listed with columns showing current
period revenues, expenditures, transfers in and out and ending balances for every fund. To beclear, this report does not discuss in any way the performance of the City’s investment
portfolio.
My question is how does the document described in the proposed Investment Policy complywith Government Code Section 41004 if the report only shows the performance results of the
Town’s investment portfolio? The monthly results of the Town’s investment portfolio is notthe same as a monthly accounting of the change in all fund balances. The ability of the Town
to produce on a monthly basis a Treasurer’s report similar to Saratoga’s would be a “gamechanger” in improving financial transparency, which is the ultimate goal.
In addition to the question of periodicity of reporting, there appears to be a more fundamental
question as to what is actually required to be reported. Based on my reading of Section 41004and the report issued by the Grand Jury, in addition to the Treasurer’s Report issued by
Saratoga, I don’t see how any reasonable reading of the Town’s Investment Report one canconclude the report (see agenda item 1 for an example) remotely complies with the
requirements of Section 41004.
I would appreciate you reviewing this matter prior the Finance Commission’s meeting so theCommission can be fully informed regarding the legal reporting requirement of Section
41004. I have also attached a copy of a change in fund balance report published by the Townwhich is substantially the same as the Treasurer’s report produced by Saratoga.
Thank you for your assistance,
Phil Koen
Page 17 of 22
SHOW ME THE MONEY: FINANCIAL TRANSPARENCY NEEDED
Example 1. Page 3 of 7 from Saratoga August 2022 Treasurer’s Report
https://legistarweb-
production.s3.amazonaws.com/uploads/attachment/pdf/1578630/Treasurer_Report_for_August_
2022.pdf
Page 53
Item 7.
COUNCIL POLICY MANUAL
TITLE: Investment Policy
POLICY NUMBER: 4-02
EFFECTIVE DATE: 11/1/16
PAGES: 8
ENABLING ACTIONS: 2016-063
REVISED DATES: 5/16/17;5/15/2018;
9/3/2019; 11/03/2020, 1/17/2023
APPROVED:
PURPOSE
The Town of Los Gatos (the “Town”), incorporated in 1887, is located approximately 60 miles
south of San Francisco, in the southwestern portion of Santa Clara County. The Town operates
under the Council/Manager form of government. The Town Council is the legislative body for
the Town. It has five members elected to serve staggered four year terms. The Town Manager
is appointed by the Town Council.
The Town Council has adopted this Investment Policy in order to establish the investment
scope, objectives, delegation of authority, standards of prudence, reporting requirements,
internal controls, eligible investments and transactions, diversification requirements, risk
tolerance, and safekeeping and custodial procedures for the investment of the funds of the
Town. All Town funds will be invested in accordance with this Investment Policy and with
applicable sections of the California Government Code.
This Investment Policy was originally adopted by the Town Council of the Town of Los Gatos
November 1, 2016. Town Council adopted revisions replace any previous investment policy or
investment procedures of the Town.
SCOPE
This Investment Policy applies to all of the Town's short-term operating funds. These funds are
described in the Town's annual financial report and include, but are not limited to:
General Fund
Special Revenue Funds
Capital Project Funds
Debt Service Funds
Enterprise Fund
Internal Service Funds
Fiduciary Funds ATTACHMENT 2
Small Town Service Community Stewardship Future Focus
Page 59
Item 7.
TITLE: Investment Policy
PAGE:
2 of 10
POLICY NUMBER:
4-02
Specifically excluded from this Investment Policy are amounts which are held by a trustee or
fiscal agent and pledged as payment or security for bonds or other indebtedness, obligations
under a lease, or obligations under certificates of participation. Such funds are invested in
accordance with statutory provisions, ordinance, resolution, or indenture governing the
issuance of the obligations. In addition, this Investment Policy is not applicable to the Town's
Deferred Compensation Plan. These investments are directed by each employee participant in
accordance with the rules of the Deferred Compensation Plan.
POLICY
OBJECTIVES
The Town’s funds shall be invested in accordance with all applicable Town policies and codes,
State statutes, and Federal regulations, and in a manner designed to accomplish the following
objectives, which are listed in priority order:
1. Preservation of capital and protection of investment principal.
2. Maintenance of sufficient liquidity to meet anticipated cash flows.
3. Attainment of a market value rate of return.
4. Diversification to avoid incurring unreasonable market risks.
DELEGATION OF AUTHORITY
Management responsibility for the Town’s investment program is delegated annually by the
Town Manager to the Town Treasurer/Finance Director (the “Treasurer”) pursuant to California
Government Code Section 36510. The Treasurer may delegate the authority to conduct
investment transactions and to manage the operation of the investment portfolio to other
specifically authorized staff members. The Treasurer shall maintain a list of persons authorized
to transact securities business for the Town. No person may engage in an investment
transaction except as expressly provided under the terms of this Investment Policy.
The Treasurer shall develop written administrative procedures and internal controls, consistent
with this Investment Policy, for the operation of the Town's investment program. Such
procedures shall be designed to prevent losses arising from fraud, employee error,
misrepresentation by third parties, or imprudent actions by employees.
The Town may engage the support services of outside investment advisors in regard to its
investment program, so long as it can be demonstrated that these services produce a net
financial advantage or necessary financial protection of the Town's financial resources.
PRUDENCE
The standard of prudence to be used for managing the Town's investments shall be California
Government Code Section 53600.3, the prudent investor standard which states, “When
Page 60
Item 7.
TITLE: Investment Policy
PAGE:
3 of 10
POLICY NUMBER:
4-02
investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a
trustee shall act with care, skill, prudence, and diligence under the circumstances then
prevailing, including, but not limited to, the general economic conditions and the anticipated
needs of the agency, that a prudent person acting in a like capacity and familiarity with those
matters would use in the conduct of funds of a like character and with like aims, to safeguard
the principal and maintain the liquidity needs of the agency.”
The Town's overall investment program shall be designed and managed with a degree of
professionalism that is worthy of the public trust. The Town recognizes that no investment is
totally without risk and that the investment activities of the Town are a matter of public record.
Accordingly, the Town recognizes that occasional measured losses may occur in a diversified
portfolio and shall be considered within the context of the overall portfolio's return, provided
that adequate diversification has been implemented and that the sale of a security is in the best
long-term interest of the Town.
The Treasurer and authorized investment personnel acting in accordance with written
procedures and exercising due diligence shall be relieved of personal responsibility for an
individual security's credit risk or market price changes, provided that the deviations from
expectations are reported in a timely fashion to the Town Council and appropriate action is
taken to control adverse developments.
ETHICS AND CONFLICTS OF INTEREST
Elected officials and Town employees involved in the investment process shall refrain from
personal business activity that could conflict with proper execution of the investment program
or could impair or create the appearance of an impairment of their ability to make impartial
investment decisions. Elected officials and Town employees shall disclose to the Town Council
any business interests they have in financial institutions that conduct business with the Town
and they shall subordinate their personal investment transactions to those of the Town. In
addition, the Town Manager and the Treasurer shall file a Statement of Economic Interests
each year pursuant to California Government Code Section 87203 and regulations of the Fair
Political Practices Commission.
SOCIALLY RESPONSIBLE INVESTING
In addition to and subordinate to the objectives set forth above, investment of funds should be
guided by the following socially responsible investment goals when investing in corporate
securities and depository institutions. Investments shall be made in compliance with the
responsible investment goals to the extent that such investments achieve substantially
equivalent safety, liquidity and yield compared to other investments permitted by state law.
Page 61
Item 7.
TITLE: Investment Policy
PAGE:
4 of 10
POLICY NUMBER:
4-02
(1) Environmental, Social Responsibility and Governance Concerns
Investments are encouraged in entities that support community well-being through safe and
environmentally sound practices and fair labor practices. Investments are encouraged in
entities that support equality of rights regardless of sex, race, age, disability or sexual
orientation. All corporate securities within the portfolio will be monitored by an independent
third-party who will provide the Town with an ESG (Environmental, Social Responsibility, and
Governance) rating. The Town will prefer companies when appropriate that maintain a higher
ESG rating as opposed to those companies that have a lower ESG Rating.
(2) Community Investments
Investments are encouraged in entities that promote community economic development, and
investments are discouraged in entities that finance high-cost check-cashing and deferred
deposit (payday-lending) businesses. Investments are encouraged in entities that have a
demonstrated involvement in the development or rehabilitation of low-income affordable
housing and have a demonstrated commitment to reducing predatory mortgage lending and
increasing the responsible servicing of mortgage loans. Securities investments are encouraged
in financial institutions that have a Community Reinvestment Act (CRA) rating of either
Satisfactory or Outstanding, as well as financial institutions that are designated as a Community
Development Financial Institution (CDFI) by the United States Treasury Department, or
otherwise demonstrate commitment to community economic development.
AUTHORIZED SECURITIES AND TRANSACTIONS
All investments and deposits of the Town shall be made in accordance with California
Government Code Sections 16429.1, 53600-53609 and 53630-53686, except that pursuant to
California Government Code Section 5903(e), proceeds of bonds and any moneys set aside or
pledged to secure payment of the bonds may be invested in securities or obligations described
in the ordinance, resolution, indenture, agreement, or other instrument providing for the
issuance of the bonds. Any revisions or extensions of these code sections will be assumed to be
part of this Investment Policy immediately upon being enacted. However, in the event that
amendments to these sections conflict with this Investment Policy and past Town investment
practices, the Town may delay adherence to the new requirements when it is deemed in the
best interest of the Town to do so. In such instances, after consultation with the Town’s
attorney, the Treasurer will present a recommended course of action to the Town Council for
approval. All investment limits specified in the Policy are calculated at the time of investment.
The Town has further restricted the eligible types of securities and transactions as follows:
1. United States Treasury bills, notes, bonds, or certificates with a final maturity not exceeding
five years from the date of trade settlement.
2. Federal Agency Obligations for which the faith and credit of the United States are pledged
for the payment of principal and interest and which have a final maturity not exceeding five
years from the date of trade settlement. There is no limit on the percentage of the
Page 62
Item 7.
TITLE: Investment Policy
PAGE:
5 of 10
POLICY NUMBER:
4-02
portfolio that can be invested in this category, however, no more than 20% of the town’s
total portfolio shall be invested in the combination of Government National Mortgage
Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home
Loan Mortgage Corporation (FHLMC) mortgage-backed securities.
3. Federal Instrumentality (government sponsored enterprise) debentures, discount notes,
callable securities, step-up securities, and mortgage-backed securities (including FNMA and
FHLMC) with a final maturity not exceeding five years from the date of trade settlement.
There is no limit on the percentage of the portfolio that can be invested in this category,
however, no more than 20% of the town’s total portfolio shall be invested in the
combination of GNMA, FNMA, and FHLMC mortgage-backed securities.
4. Prime Commercial Paper with a maturity not exceeding 270 days from the date of trade
settlement with the highest ranking or of the highest letter and number rating as provided
for by a nationally recognized statistical-rating organization (NRSRO). The entity that issues
the commercial paper shall meet all of the following conditions in either sub-paragraph A.
or sub-paragraph B. below:
A. The entity shall (1) be organized and operating in the United States as a
general corporation, (2) have total assets in excess of five hundred million dollars
($500,000,000) and (3) Have debt other than commercial paper, if any, that is
rated “A” or higher by a NRSRO.
B. The entity shall (1) be organized within the United States as a special purpose
corporation, trust, or limited liability company, (2) have program wide credit
enhancements, including, but not limited to, over collateralization, letters of
credit or surety bond and (3) have commercial paper that is rated “A-1” or
higher, or the equivalent, by a NRSRO.
Purchases of eligible commercial paper shall not exceed:
10% of the outstanding commercial paper of any single corporate issuer,
5% of the Town’s total portfolio in the commercial paper of any one issuer, and
25% of the Town’s total portfolio.
5. Eligible Bankers Acceptances with a maturity not exceeding 180 days from the date of trade
settlement, issued by a state or national bank with combined capital and surplus of at least
$250 million, whose deposits are insured by the FDIC, and whose senior long-term debt is
rated at least A or the equivalent by a NRSRO at the time of purchase. No more than 5% of
the Town’s total portfolio shall be invested in banker’s acceptances of any one issuer, and
the aggregate investment in banker’s acceptances shall not exceed 30% of the Town’s total
portfolio.
Page 63
Item 7.
TITLE: Investment Policy
PAGE:
6 of 10
POLICY NUMBER:
4-02
6. Medium Term Notes (Corporate Notes) issued by corporations organized and operating
within the United States or by depository institutions licensed by the United States or any
state and operating within the United States, with a final maturity not exceeding five years
from the date of trade settlement and rated at least “A” or the equivalent by a NRSRO. No
more than 5% of the Town’s total portfolio shall be invested in the medium-term notes of
any one issuer and the aggregate investment in medium term notes shall not exceed 30% of
the Town’s total portfolio.
7. Municipal & State Obligations:
A. Municipal bonds including registered notes or bonds of any of the 50 states, including
bonds payable solely out of the revenues from a revenue-producing property owned,
controlled, or operated by a state or by a department, board, agency, or authority of
any of the 50 states.
B. In addition, bonds, notes, warrants, or other evidences of indebtedness of any local
agency in California, including bonds payable solely out of the revenues from a revenue-
producing property owned, controlled, operated by the local agency, or by a
department, board, agency, or authority of the local agency.
Municipal bonds must be rated at least “A” or the equivalent by a NRSRO with maturities
not exceeding five years from the date of the trade settlement. No more than 5% of the
Town’s total portfolio shall be invested in “A” rated bonds or in the bonds of any one
municipality. In addition, the aggregate investment in municipal bonds may not exceed
30% of the total portfolio.
8. Certificates of Deposit with a final maturity not exceeding five years from the date of trade
settlement. The aggregate investment in certificates of deposit shall not exceed 30% of the
Town’s portfolio, and no more than 5% of the portfolio shall be held in any one deposit or
allocated to any one issuer. Certificates of Deposit shall be issued by a nationally or state-
chartered bank or a state or federal savings and loan association or by a state-licensed
branch of a foreign bank or by a federally licensed branch of a foreign bank provided that
the senior debt obligations of the issuing institution are rated at least “A” or the equivalent
by a NRSRO.
Negotiable certificates of deposit issued by a nationally or state-chartered bank, or by a
federally licensed or state-licensed branch of a foreign bank. Purchases of negotiable
certificates of deposits are subject to the limitations of Section 53601(i), shall be fully
insured by the FDIC with a corresponding FDIC certification number, and shall be delivered
through the Depository Trust Company.
Non-Negotiable certificates of deposit issued by a nationally or state-chartered bank, or by
a federally licensed or state-licensed branch of a foreign bank. Purchases of non-negotiable
certificates of deposit are subject to the limitations of Sections 53601(n) and 53638 and
shall be fully insured by the FDIC with a corresponding FDIC certification number.
Page 64
Item 7.
TITLE: Investment Policy
PAGE:
7 of 10
POLICY NUMBER:
4-02
Private sector entities may be used to place certificates of deposit subject to the limitations
of Section 53601.8.
9. State of California’s Local Agency Investment Fund (LAIF), pursuant to California
Government Code Section 16429.1. The aggregate amount invested in LAIF shall not exceed
the maximum allowed by the fund.
10. Money Market Funds registered under the Investment Company Act of 1940 that (1) are
“no-load” (meaning no commission or fee shall be charged on purchases or sales of shares);
(2) have a constant net asset value per share of $1.00; (3) invest only in government
securities, and (4) have a rating of at least AAA or the equivalent by at least two NRSROs.
No more than 10% of the Town’s total portfolio shall be invested in money market funds of
any one issuer, and the aggregate investment in money market funds shall not exceed 20%
of the Town’s total portfolio.
Securities that have been downgraded to a level that is below the minimum ratings described
herein may be sold or held at the Town’s discretion. The portfolio will be brought back into
compliance with Investment Policy guidelines as soon as is practical.
The foregoing list of authorized securities and transactions shall be strictly interpreted. Any
deviation from it must be preapproved by resolution of the Town Council.
PORTFOLIO MATURITIES AND LIQUIDITY
To the extent possible, investments shall be matched with anticipated cash flow requirements and
known future liabilities. The Town will not invest in securities maturing more than five years from the
date of trade settlement, unless the Town Council has by resolution granted authority to make such an
investment at least three months prior to the date of investment.
SELECTION OF BROKER/DEALERS
The Treasurer shall maintain a list of broker/dealers approved for investment purposes, and it
shall be the policy of the Town to purchase securities only from those authorized firms. To be
eligible, a firm must meet at least one of the following criteria:
Be recognized as a Primary Dealer by the Federal Reserve Bank of New York or have a
primary dealer within their holding company structure; or
Report voluntarily to the Federal Reserve Bank of New York; or
Qualify under Securities and Exchange Commission (SEC) Rule 15c3-1 (Uniform Net Capital
Rule).
In addition, authorized broker/dealers must be licensed by the State of California as a
broker/dealer as defined in Section 25004 of the California Corporations Code.
The Town may engage the services of investment advisory firms to assist in the management of
the portfolio and investment advisors may utilize their own list of approved broker/dealers.
Page 65
Item 7.
TITLE: Investment Policy
PAGE:
8 of 10
POLICY NUMBER:
4-02
Such broker/dealers will comply with the selection criteria above and the list of approved firms
shall be provided to the Town on an annual basis or upon request.
In the event that an external investment advisor is not used in the process of recommending a
particular transaction in the Town’s portfolio, authorized broker/dealers shall attest in writing
that they have received and reviewed a copy of the this Investment Policy and shall be required
to submit and annually update a Town approved Broker/Dealer Information request form,
which includes the firm’s most recent financial statements.
The Town may purchase commercial paper from direct issuers even though they are not on the
approved broker/dealer list as long as they meet the criteria outlined in Item 4 of the
Authorized Securities and Transactions section of this Investment Policy.
COMPETITIVE TRANSACTIONS
Each investment transaction shall be competitively transacted with authorized broker/dealers.
At least three broker/dealers shall be contacted for each transaction and their bid and offering
prices shall be recorded.
If the Town is offered a security for which there is no other readily available competitive
offering, the Treasurer will document quotations for comparable or alternative securities.
SELECTION OF BANKS
The Treasurer shall maintain a list of banks and savings banks approved to provide banking
services for the Town. To be eligible, a bank must be a member of the Federal Deposit
Insurance Corporation, must qualify as a depository of public funds in the State of California as
defined in California Government Code Section 53630.5 and shall secure deposits in excess of
FDIC coverage in accordance with California Government Code Section 53652.
Authorized banks that accept deposits from the Town shall meet high standards with regard to
liquidity, asset quality, profitability and capital adequacy. The Treasurer shall utilize a
commercial bank rating service to perform credit analysis on banks seeking authorization.
Banks that in the judgment of the Treasurer no longer offer adequate safety to the Town shall
be removed from the Town’s list of authorized banks.
SAFEKEEPING AND CUSTODY
The Treasurer shall select one or more financial institutions to provide safekeeping and
custodial services for the Town. A Safekeeping Agreement shall be executed with each
custodian bank prior to utilizing that bank's safekeeping services.
Custodian banks will be selected on the basis of their ability to provide services for the Town's
account and the competitive pricing of their safekeeping related services.
Page 66
Item 7.
TITLE: Investment Policy
PAGE:
9 of 10
POLICY NUMBER:
4-02
The purchase and sale of securities and repurchase agreement transactions shall be settled on a
delivery versus payment basis. All securities shall be perfected in the name of the Town.
Sufficient evidence to title shall be consistent with modern investment, banking and
commercial practices.
All investment securities, purchased by the Town, will be delivered by book entry and will be
held in third-party safekeeping by a Town approved custodian bank or its Depository Trust
Company (DTC) participant account.
All Fed wireable book entry securities owned by the Town shall be held in the Federal Reserve
System in a customer account for the custodian bank which will name the Town as “customer.”
All DTC eligible securities shall be held in the custodian bank’s DTC participant account and the
custodian bank shall provide evidence that the securities are held for the Town as “customer.”
PORTFOLIO PERFORMANCE
The investment portfolio shall be designed to attain a market rate of return throughout
budgetary and economic cycles, taking into account prevailing market conditions, risk
constraints for eligible securities, and cash flow requirements. The performance of the Town’s
investments shall be compared to the average yield on the U.S. Treasury security that most
closely corresponds to the portfolio’s weighted average effective maturity. When comparing
the performance of the Town’s portfolio, its rate of return will be computed net of all fees and
expenses.
REPORTING
No less than quarterly Every month, the Treasurer shall prepare a report of the investment
earnings and performance results of the Town’s investment portfolio. The report shall be
submitted to the Town Clerk within 45 days after the end of each month quarter for inclusion
as an agenda item at the next scheduled Town Council meeting. The report shall include the
following information:
1. Investment type, issuer, date of maturity, par value and dollar amount invested in all
securities, and investments and monies held by the Town;
2. A market value as of the date of the report (or the most recent valuation as to assets not
valued monthly) and the source of the valuation;
3. Realized and unrealized gains or losses calculated by amortized cost and by fair value;
4. The weighted average maturity of the portfolio and a percentage breakdown of the total
portfolio by maturity;
5. A description of the funds, investments and programs that are under the management of
contracted parties;
6. The Town of Los Gatos Environmental, Social and Governance (ESG) scores;
Page 67
Item 7.
-
TITLE: Investment Policy
PAGE:
10 of 10
POLICY NUMBER:
4-02
7. A statement of compliance with this Investment Policy or an explanation for non-
compliance; and
8. A statement of the ability to meet expenditure requirements for the next six months, and
an explanation of why money will not be available if that is the case.
PROCEDURES
This Investment Policy shall be adopted by resolution of the Town Council. Annually the Town
Manger shall present this Investment Policy to the Town Council and the Finance Commission
for review to ensure its consistency with the Town’s investment objectives, current law and
economic trends. Any amendments to this Investment Policy shall be approved by the Town
Council.
APPROVED AS TO FORM:
_______
Gabrielle Wheelan, Town Attorney
Page 68
Item 7.
This Page Intentionally Left Blank
From:Phil Koen
To:Arn Andrews; Ron Dickel
Cc:Laurel Prevetti
Subject:Treasurer_Report_for_October_2022.pdf
Date:Saturday, January 7, 2023 8:44:15 AM
Attachments:Treasurer_Report_for_October_2022.pdf
EXTERNAL SENDER
Hello Arn and Ron,
Could you please distribute the attached City of Saratoga Treasurer’s Report to the FC todiscuss during agenda item #2 and #7.
Also I would like to pull agenda item #2 from the consent items because I have a number of
questions I would like to ask/discuss.
Thank you.
Phil Koen
SARATOGA CITY COUNCIL
MEETING DATE:December 7,2022
DEPARTMENT:Administrative Services
PREPARED BY:Ann Xu, Accountant
Agnes Pabis, Finance Manager
SUBJECT:Treasurer’s Report for the Month Ended October 31, 2022
RECOMMENDED ACTION:
Review and accept the Treasurer’s Report for the month ended October 31, 2022.
BACKGROUND:
California government code section 41004 requires that the City Treasurer submits to the City
Clerk and the legislative body a written report and accounting of all receipts, disbursements, and
fund balances. The Municipal Code of the City of Saratoga, Article 2-20, Section 2-20.035
designates the City Manager as the City Treasurer. This report is prepared to fulfill this
requirement.
The following attachments provide various financial transaction data for the City of Saratoga’s
Funds collectively as well as specifically for the City’s General (Operating) Fund, including an
attachment from the State Treasurer’s Office of Quarterly LAIF rates from the 1st Quarter of 1977
to the present.
FISCAL STATEMENT:
Cash and Investments Balance by Fund
As of October 31, 2022, the City’s unaudited cash and investments totaled $34,998,784. The
City Council’s adopted policy on the Working Capital Reserve Fund states that effective July 1,
2016: for cash flow purposes and to avoid the occurrence of dry period financing, pooled cash
from all funds should not be allowed to fall below $1,000,000. The total pooled cash balance of
$34.9 million exceeds the minimum amount required.
Comerica Bank 2,366,778$
Deposit with LAIF 32,632,006$
Total Cash 34,998,784$
Cash Summary
City’s Current Financial Position
In accordance with California government code section 53646 (b) (3), the City is financially well
positioned and able to meet its estimated expenditure requirements for the next six months. As of
October 31, 2022, the City’s financial position (Assets $35.2M, Liabilities $4.9M, and Fund
Equity $30.3M) remains very strong and there are no issues in meeting financial obligations now
or in the foreseeable future.
The following Fund Balance schedule represents actual funding available for all funds at the end
of the monthly period. This amount differs from the above Cash Summary schedule as assets
and liabilities are components of the fund balance. As illustrated in the summary below, Total
Cash is adjusted by the addition of Total Assets less the amount of Total Liabilities to arrive at
the Ending Fund Balance –which represents the actual amount of funds available.
ATTACHMENTS:
Table 1 – Change in Total Fund Balances by Fund
Table 2 – Change in Total Fund Balances by CIP Project
Chart 1 – Change in Investment Pool Balance by Month
Chart 2 – Local Agency Investment Fund (LAIF) Quarterly Apportionment Rates
"+
Total Cash 34,998,784$
Plus: Assets 177,614
Less: Liabilities (4,876,570)
Ending Fund Balance 30,299,828$
Adjusting Cash to Ending Fund Balance
TABLE 1: CHANGES IN TOTAL FUND BALANCE
*Negative fund balance due to authorized spending of anticipated revenues
These figures will be updated for future reports once the FY 2017/18 pendent audit is co
Fund Description
Prior Year
Carryforward
7/1/2022
Increase/
(Decrease)
Jul - Sep
Current
Revenue
Current
Expenditure
Transfer
In
Transfer
Out
Fund Balance
10/31/2022
General Fund
Committed Fund Balances:
Hillside Stability Reserve 1,000,000 - - - - - 1,000,000
Assigned Fund Balances:
Future Capital Replacement & Efficiency Project Reserve 3,509,000 - - - - - 3,509,000
Carryforwards Reserve 20,000 - - - - - 20,000
Facility Reserve 3,700,000 - - - - - 3,700,000
Unassigned Fund Balances:
Working Capital Reserve 1,000,000 - - - - - 1,000,000
Fiscal Stabilization Reserve 3,250,000 - - - - - 3,250,000
Compensated Absences Reserve 330,000 - - - - - 330,000
Other Unassigned Fund Balance Reserve (Pre YE distribution)2,601,458 (3,928,371) 1,162,030 (1,551,359) - (1,716,242) *
General Fund Total 15,410,458 (3,928,371) 1,162,030 (1,551,359) - - 11,092,758
Special Revenue
Landscape/Lighting Districts 977,231 (57,805) 847 (17,579) - - 902,694
ARPA Federal Grants 7,127,589 - - - - - 7,127,589
Special Revenue Fund Total 8,104,820 (57,805) 847 (17,579) - - 8,030,283
Debt Service
Library Bond 805,311 (710,933) 2,754 - - - 97,132
Arrowhead Bond 124,402 (69,541) - (767) - - 54,094
Debt Service Fund Total 929,714 (780,474) 2,754 (767) - - 151,226
Internal Service Fund
Liability/Risk Management 641,403 (588,061) - (11,324) - - 42,018
Workers Compensation 232,829 (226) 1,535 (55,007) - - 179,130
Office Support Fund 155,443 4,072 615 (1,473) - - 158,658
Information Technology Services 661,159 (6,254) 797 (50,198) - - 605,505
Vehicle & Equipment Maintenance 278,317 17,846 - (23,027) - - 273,136
Building Maintenance 764,302 30,844 - (62,168) - - 732,977
Vehicle & Equipment Replacement 905,217 24,738 - - - - 929,954
Technology Replacement 798,337 37,263 - - - - 835,600
Facility FFE Replacement 941,400 46,334 - - - - 987,735
Internal Service Fund Total 5,378,407 (433,444) 2,947 (203,197) - - 4,744,713
Trust/Agency
WVCWP Agency Fund 558,655 197,263 - (47,148) - - 708,769
Trust/Agency Fund Total 558,655 197,263 - (47,148) - - 708,769
Capital Project
Street Projects 3,381,066 (432,231) 132,561 (86,642) - - 2,994,755
Park and Trail Projects 849,562 (1,824) - (16,720) - - 831,019
Facility Projects 623,475 (155,704) 5,029 (2,098) - - 470,702
Administrative Projects 1,429,921 (50,295) 5,226 (14,050) - - 1,370,802
Tree Fund Projects 52,541 - - - - - 52,541
Park In-Lieu Projects 1,172,555 30,098 - (62,663) - - 1,139,991
CIP Grant Street Projects (46,912) (2,131) - (12,228) - - (61,271) *
CIP Grant Park & Trail Projects - 100,000 - (196,841) - - (96,841) *
CIP Grant Administrative Projects (164,574) - - - - - (164,574) *
CIP Grant ARPR/SLFRF Projects - (142,725) - (182,105) - - (324,830) *
Gas Tax Fund Projects 247,731 258,409 127,538 (1,273,891) - - (640,213) *
CIP Fund Total 7,545,366 (396,402) 270,354 (1,847,238) - - 5,572,079
Total City 37,927,419 (5,399,234) 1,438,931 (3,667,288) - - 30,299,828
TABLE 2: FUND BALANCES BY CIP PROJECT
*Negative fund balance due to authorized spending of anticipated revenues
budgeted be updated for future re
CIP Funds/Projects
Prior Year
Carryforward
7/1/2022
Increase/
(Decrease)
Jul - Sep
Current
Revenue
Current
Expenditure Transfer In Transfer Out
Fund Balance
10/31/2022
Street Projects
Annual Road Improvements 1,009,556 (137,971) 132,561 (37,196) - - 966,951
Roadway Safety & Traffic Calming 147,118 - - - - - 147,118
Citywide Traffic Signal Battery Backup 266,315 - - - - - 266,315
Portable Radar Feedback Sign 1,548 - - - - - 1,548
Local Roadway Safety Plan 3,410 (237) - (126) - - 3,047
Prospect/Saratoga Median Improvement 309,379 - - - - - 309,379
Village Clock 8,626 (6,066) - - - - 2,560
Big Basin Way/Blaney Trash Can Replacement 50,802 - - - - - 50,802
Annual Infrastructure Maintenance & Repairs 41,431 (13,705) - - - - 27,726
Guava Court Curb & Gutter Replacement 280,000 - - - - - 280,000
El Camino Grande Storm Drain Pump 104 - - - - - 104
Saratoga Village Crosswalk & Sidewalk Rehabilitation 49,055 (1,052) - - - - 48,004
Quito Road Sidewalk Improvements 43,370 - - - - - 43,370
Saratoga/Sunnyvale Road Sidewalk 92,158 - - - - - 92,158
Quito Road Sidewalk Rehabilitation and Gap Closure 182,609 - - - - - 182,609
Fourth Street Bridge Widening 99,837 - - (1,438) - - 98,399
Quito Road Bridge Replacement 132,197 - - (162) - - 132,035
Quito Road Bridge - ROW Acquisition 3,662 - - - - - 3,662
Annual Retaining Wall Maintenance & Repairs 222,450 3,209 - (333) - - 225,327
Mt. Eden Erosion Repair 59,622 (3,209) - - - - 56,412
Continental Circle Landslide Stabilization 57,447 - - - - - 57,447
Pierce Road Retainment 300,290 (273,200) - (47,389) - - (20,299) *
Mt. Eden Emergency Landslide 20,080 - - - - - 20,080
Total Street Projects 3,381,066 (432,231) 132,561 (86,642) - - 2,994,755
Parks & Trails Projects
Park/Trail Repairs 32,873 - - - - - 32,873
Hakone Gardens Infrastructure Improvements 16,599 - - - - - 16,599
Hakone Pond Reconstruction 300,000 - - - - - 300,000
Beauchamps Park Playground Replacement 35,131 - - (11,418) - - 23,713
Guava/Fredericksburg Entrance 235,970 (1,824) - (5,302) - - 228,844
Saratoga Village to Quarry Park Walkway - Design 228,989 - - - - - 228,989
Total Parks & Trails Projects 849,562 (1,824) - (16,720) - - 831,019
Facility Projects
Open Work Space 80,000 - - - - - 80,000
Civic Theater Improvements - 4,458 5,029 - - - 9,486
PEG Funded Project 113,650 - - - - - 113,650
Community Center Improvement 24,513 (3,351) - - - - 21,162
Community Center Generator and EV Charging Stations 395,312 (156,811) - (2,098) - - 236,404
Library Building Exterior Maintenance 10,000 - - - - - 10,000
Total Facility Projects 623,475 (155,704) 5,029 (2,098) - - 470,702
Administrative and Technology Projects
Safe Routes to School - (1,245) - - - - (1,245) *
City Website/Intranet 16,948 - - - - - 16,948
Development Technology 20,538 552 13 (9,455) - - 11,648
Software Technology Management 118,695 20,916 5,213 - - - 144,824
LLD Initiation Match Program 25,000 - - - - - 25,000
Horseshoe Beautification 13,295 (290) - - - - 13,005
Business Renewal Program 6,643 - - (2,345) - - 4,298
Citywide Accessibility Assessment 28,066 - - - - - 28,066
City Art Program 53,669 - - - - - 53,669
Safe Routes to School Needs Assessment 15,748 - - - - - 15,748
El Quito Neighborhood Improvements 284,507 - - - - - 284,507
Parking District ADA Improvements and Rehabilitation 250,000 - - - - - 250,000
Storm Drain Master Plan 300,000 - - - - - 300,000
ADA Self Assessment - - - (2,250) - - (2,250) *
General Plan Update 238,592 (70,228) - - - - 168,364
Wildfire Mitigation Program 4,067 - - - - - 4,067
Risk Management Project Funding 54,153 - - - - - 54,153
Total Administrative and Technology Projects 1,429,921 (50,295) 5,226 (14,050) - - 1,370,802
TABLE 2 (cont.): FUND BALANCES BY CIP PROJECT
*Negative fund balance due to authorized spending of anticipated revenues
CIP Funds/Projects
Prior Year
Carryforward
7/1/2022
Increase/
(Decrease)
Jul - Sep
Current
Revenue
Current
Expenditure Transfer In Transfer Out
Fund Balance
10/31/2022
Tree Fund Projects
Citywide Tree Planting Program 26,666 - - - - - 26,666
Tree Dedication Program 25,875 - - - - - 25,875
Total Tree Fund Projects 52,541 - - - - - 52,541
Park In-Lieu Projects
Orchard Irrigation & Tree Planting 10,947 - - - - - 10,947
Hakone Gardens Infrastructure 82,420 - - - - - 82,420
Trail Pet Stations 25,000 - - - - - 25,000
Saratoga Village to Quarry Park Walkway - Design 73,810 - - - - - 73,810
Unallocated Park In-Lieu Funds 970,299 31,343 - - - - 1,001,642
Total Park In-Lieu Projects 1,172,555 30,098 - (62,663) - - 1,139,991
CIP Grant Street Projects
Local Roadway Safety Plan (1,619) (2,131) - (1,132) - - (4,882) *
Prospect/Saratoga Median Improvement (19,217) - - - - - (19,217) *
Citywide Signal Upgrade II 18 - - - - - 18
Saratoga Ave Sidewalk (34,146) - - - - - (34,146) *
Village Sidewalk, Curb & Gutter - Phase II Construction (91) - - - - - (91) *
Saratoga Village Crosswalk & Sidewalk Rehabilitation (834) - - - - - (834) *
4th Street Bridge - - - (11,096) - - (11,096) *
Quito Bridge Replacement 18,597 - - - - - 18,597
Quito Road Bridges - ROW Acquisition (9,619) - - - - - (9,619) *
Total CIP Grant Street Projects (46,912) (2,131) - (12,228) - - (61,271)
CIP Grant Park & Trail Projects
Beauchamps Park Playground - - - (196,841) - - (196,841) *
Park and Trail Fire Mitigation - 100,000 - - - - 100,000
Total CIP Grant Park & Trail Projects - 100,000 - (196,841) - - (96,841)
CIP Grant Administrative Projects
CDD Software/ADA (14,574) - - - - - (14,574) *
General Plan Update (LEAP)(150,000) - - - - - (150,000) *
Total CIP Grant Administrative Projects (164,574) - - - - - (164,574)
CIP Grant ARPA/SLFRF Projects
Storm Water Master Plan - (88,055) - (139,398) - - (227,453) *
Saratoga Village Water Improvement - (54,670) - (42,707) - - (97,377) *
Total CIP Grant ARPA/SLFRF Projects - (142,725) - (182,105) - - (324,830)
Gas Tax Fund Projects
Annual Roadway Improvements 194,170 258,409 127,538 (1,273,891) - - (693,774) *
Prospect/Saratoga Median Improvements 48,278 - - - - - 48,278
Big Basin Way Sidewalk Repairs (1,802) - - - - - (1,802) *
Quito Road Bridges 7,085 - - - - - 7,085
Total Gas Tax Fund Projects 247,731 258,409 127,538 (1,273,891) - - (640,213)
Total CIP Funds 7,545,366 (396,402) 270,354 (1,847,238) - - 5,572,079
CHART 1: CHANGE IN INVESTMENT POOL BALANCE BY MONTH
CHART 2
March June September December
1977 5.68 5.78 5.84 6.45
1978 6.97 7.35 7.86 8.32
1979 8.81 9.10 9.26 10.06
1980 11.11 11.54 10.01 10.47
1981 11.23 11.68 12.40 11.91
1982 11.82 11.99 11.74 10.71
1983 9.87 9.64 10.04 10.18
1984 10.32 10.88 11.53 11.41
1985 10.32 9.98 9.54 9.43
1986 9.09 8.39 7.81 7.48
1987 7.24 7.21 7.54 7.97
1988 8.01 7.87 8.20 8.45
1989 8.76 9.13 8.87 8.68
1990 8.52 8.50 8.39 8.27
1991 7.97 7.38 7.00 6.52
1992 5.87 5.45 4.97 4.67
1993 4.64 4.51 4.44 4.36
1994 4.25 4.45 4.96 5.37
1995 5.76 5.98 5.89 5.76
1996 5.62 5.52 5.57 5.58
1997 5.56 5.63 5.68 5.71
1998 5.70 5.66 5.64 5.46
1999 5.19 5.08 5.21 5.49
2000 5.80 6.18 6.47 6.52
2001 6.16 5.32 4.47 3.52
2002 2.96 2.75 2.63 2.31
2003 1.98 1.77 1.63 1.56
2004 1.47 1.44 1.67 2.00
2005 2.38 2.85 3.18 3.63
2006 4.03 4.53 4.93 5.11
2007 5.17 5.23 5.24 4.96
2008 4.18 3.11 2.77 2.54
2009 1.91 1.51 0.90 0.60
2010 0.56 0.56 0.51 0.46
2011 0.51 0.48 0.38 0.38
2012 0.38 0.36 0.35 0.32
2013 0.28 0.24 0.26 0.26
2014 0.24 0.22 0.24 0.25
2015 0.26 0.28 0.32 0.37
2016 0.46 0.55 0.60 0.68
2017 0.78 0.92 1.07 1.20
2018 1.51 1.90 2.16 2.40
2019 2.55 2.57 2.45 2.29
2020 2.03 1.36 0.84 0.63
2021 0.44 0.33 0.24 0.23
2022 0.32 0.75 1.35
Quarterly Apportionment Rates
Local Agency Investment Fund