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Home My WebLink AboutCity Council Committees - Operations and Public Safety Committee - 03/07/2023 Approved Operations and Public Safety KENT Committee WA9H... CC Ops and PS Regular Meeting Minutes March 7, 2023 Date: March 7, 2023 Time: 4:01 p.m. Place: Chambers Members: Bill Boyce, Chair Brenda Fincher, Councilmember Satwinder Kaur, Councilmember Marli Larimer, Councilmember Zandria Michaud, Councilmember Les Thomas, Councilmember Toni Troutner Councilmember Agenda: 1. Call to Order 4:01 p.m. Council President Boyce called the meeting to order. 2. Roll Call Attendee Name Title Status Arrived Bill Boyce Chair Present Brenda Fincher Councilmember Present Satwinder Kaur Councilmember Excused Marli Larimer Councilmember Remote Zandria Michaud Councilmember Present Les Thomas Councilmember Present Toni Troutner Councilmember Present 3. Agenda Approval 1. I move to approve the agenda as presented RESULT: MOTION PASSES [UNANIMOUS] MOVER: Les Thomas, Councilmember SECONDER: Toni Troutner, Councilmember AYES: Boyce, Fincher, Larimer, Michaud, Thomas, Troutner 4. Business 1. Approval of Minutes Approval of Minutes dated February 21, 2023 MOTION: Move to approve the Minutes dated February 21, 2023 ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Page 1 of 2 Operations and Public Safety Committee CC Ops March 7, 2023 and PS Regular Meeting Kent, Washington Minutes ......................................................................................................................................................................................................................................................................................................._............................................................................................................................................................................................................... RESULT: APPROVED [UNANIMOUS] MOVER: Les Thomas, Councilmember SECONDER: Toni Troutner, Councilmember AYES: Boyce, Fincher, Larimer, Michaud, Thomas, Troutner 2. Payment of Bills - Approve MOTION: I move to approve the payment of bills received through 2/28/23 and paid on 2/28/23 and approve the checks issued for payroll 2/16/23-2/28/23 and paid on 3/3/23, all audited by the Operations and Public Safety Committee on 3/7/23. RESULT: MOTION PASSES [UNANIMOUS] Next: 3/21/2023 7:00 PM MOVER: Les Thomas, Councilmember SECONDER: Toni Troutner, Councilmember AYES: Boyce, Fincher, Larimer, Michaud, Thomas, Troutner 3. INFO ONLY: Fourth Quarter 2022 Investment Report Cash and Investment Officer, Joe Bartlemay present the fourth quarter 2022 Investment Report. Bartlemay reviewed the details of the investment portfolio that includes cash, funds in the Washington state LGIP, and the PFM Managed Portfolio. The five quarter comparison of cash and investments by type for the 2021 Q4 and 2022 Q1-Q4. Bartlemay reviewed the cash and investments month ending balances for 2020-2022. Quarterly interest earnings over five quarters Q4, 2021 and Q1-Q4, 2022 were reviewed. Total cash and investments by fund ending December 31, 2022 were reviewed, along with the PFM Managed long-term portfolio summary. Bartlemay advised the City is well within portfolio compliance policy allocations. Bartlemay also reviewed the quarterly sector allocations throughout 2022. 5. Adjournment 4:09 p.m. Council President Boyce adjourned the meeting. Ki�v�Ley Koi4wto- Committee Secretary ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Page 2 of 2 I City of Kent Investment Portfolio Q4 - 2022 ' CITY OF KENT INVESTMENT PORTFOLIO December 31, 2022 Purchase Market Value Investment Date Investment Description Yield Maturity 12 31 2022 Total 123122 Cash - US Bank 4.000°l4 Overnight 8,864,135 8r864r135 12131/22 WA State LOIP 4.124c% Overnight 135,464,691 135,464,691 12131/22 PFM Mana ed Portfolio 1.59091c 904 ass 188,485,025 200,976,734 332,613,851 345 305 560 Kent Portfolio ■Cash ■WA State LGIP ■U.S. Treasuries ■Supra National Dods ■Muricipal Bonds ■Gov't.Agencies ■Corporate Notes / ■Commercial Paper ■Bank Notes CITY OF KENT CA SH AN D INVE STMENT S BY TYPE QUARTER ENDING BALANCES 2021 Q4AND 2022 Q1-Q4 400.000.000 -+---i awl CAI �CL.L[C.CCL Other lrnresvnents • LGIP Gash 50,000,000 } 4th CLlarter 2,el Bt Larter [� '7v ;{_I�� ry ryry I4 Y_Idl-er ? ?? 4th Quar6Ezr 02 CASH AND INVESTMENTS MONTH ENDING BALANCES 2D20 f 2021 12022 400.000.000 - T_ & .'%50.000.000 .�a0.o�a.0oo Z50.000.000 - - 2022 200.000.000 2021 2-020 150.000.000 100.000.000 60.000.404 JA`J ==3 MAR A':� MAY JUN JLL AUG EEP UUT [ACV DEC *In June 2021 and in June 2022, the City received one-time funds of $14.1M of ARPA grant funding. In addition, the City received $3.6M of SST Mitigation for the period of July 1, 2020 - June 30,2021 in June of 2021. Quarterly Interest Earnings 4{ 2021 and 1- 4,, 2022 1,400,000 1,189,070 1,200,000 1,000,000 800,000 671,936 600,000 483,883 413,829 434,099 400,000 _ 243,84� 200,000 108,858 117,476 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 0 General Fund Other Funds Total Cash and Investments By Fund December 31, 2022 1000 General Fund 60,640, 19 1100 Street Fund 1 ,437,500 1200 PS Retiree Healthcare Fund 1,137,929 1300 Lodging Tax Fund 421,690 1400 Youth/Teen Fund 445,682 1500 Capital Resources Fund 29,503,514 1600 Criminal Justice Fund 1 ,179,060 1800 Housing & Comm Dev Fund 6,296,438 1900 Other Operating Projects Fund 27,008,663 1950 Dent Events Center Operating Fund 3,778,326 2200 Non-Voted Debt Service Fund 1,283,144 2500 Spec Assess Debt Service Fund 976,007 3100 Street Capital Projects Fund 3,104.680 3200 Parks Capital Projects Fund 14,542,979 3300 Other Capital Projects Fund 1,181, 17 3400 Technology Capital Projects Fund 10,170,508 3500 Facilities Capital Projects Fund 7,654,335 4100 Water Fund 40,166,801 4300 Seger Fund 14,492,368 4400 Drainage Fund 36,824,609 4700 Solid Waste Fund 301,479 4800 Golf Fund 1,939, 24 5100 Fleet Service Fund 4,853,669 6200 Central Services Fund 2,683,465 5400 Facilities Management Fund 7,484,374 5600 Insurance Fund 28,741,392 6900 Deferred Compensation Fund 178,316 6200 Firefighters Pension Fund 2,115,567 6400 Deferred Comp Fund (112} 6500 Payroll Clearing Fund 224.806 6600 Subsystem Clearing Fund - 6700 Utility Clearing Fund 1,091_232 6800 Agency Clearing Fund 1,648.079 7100 Special Events Center-PFD 8.609 Total: 345,305,560 pfml asset management Portfolio Summary and Statistics For the Month Ending December 31,2422 CITY OF KENT - 48820000 « « Description Par Value Market Value Percent U.S.Treasury Bond f Note 111,585,000m 103,844,485.12 55.09 Corporate rwte 24.91% Supra-National Agency Band/Nate 12,584,000m 11,847,757.53 6.29 Municipal Bond/Note 4,400,000.00 4,177,509.80 2.22 Federal Agency Bond f Note 23,615,000.00 21,656,445.22 11.49 Corporate Note 54,165,000.00 46,956,828.40 24.91 Managed Account Sub-Total 202,445,040.00 188,485,025.07 100.00% Accrued interest 734,470.78 Total Portfolio 202,445,000.00 189,219,495.85 Fed Agy Band f Nate 11.49% rkml Band i Note Unsettled Trades 0.00 0.00 -F--2 22% Supra-National Agency Bond,Nate US TSY Bond f ww 6-29% 55.09% DistributionMaturity 27 77% 25-11% Yield to Maturity at Cost 1.59% 23.86 k Yield to Maturity at Market 4.55% Weighted Average Bays to Maturity 904 13.169h 1Q.663fo 0-6 M&MIS 6-12 Marrths L-2 Years 2-3 Years 3-4 Years 4-S Years Over 5 Years PFM Asset Management LLC a«oi,t 48820000 Page 2 For the Quarter Ended December 31,2022 CITY OF KENT Account Summary Sector Allocation Analytics U.S.Treasury-$104,152,303 31 2% Federal Agency-$21,717,976 065% Supranaticnal-$11,886,226 U3-6% Municipal-$4,10,778 1.3% I Corporate-$47,265,214 14.2 Local Govern ment Investment Pad-$135,464,891 40.6°la .000000 Bank Deposits-$8,864,135 i 2_7% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% Portfolio Allocation Sector Limit forAnalysis' Far NrformabbnaVan Jydca)purposes cWyarrd rs nol pmvded for comp mceassurance.Onchtdes accruedinlerest. 'Seorarbmft forArrafysis rs as denved from aurinldrpmlaliorr of yourmastFacent invesrrrren!PvNGyas prow ded. @ PFM Aasat Management LLC pfmam.tdm For the Quarter Ended 0000mber 31,2022 0TY0FKFNT Patlb& aarWtMstrrs Sector Allocation Review - CITY OF DENT Security Type Mar-22 14 of Total Jun.22 %of Total Sap-22 %of Total Dac-22 0/.of Total LLS_Treasury $111.0 56.7% $104.3 54.096 $100.1 53.2% $103.8 55.1% Federal Agency $24.5 12.5% $21.3 11.096 $23.1 12.21% $21.7 11.5% Supranational $13.7 7.0% $15.3 7.9)% $14.1 7.5% $11.8 6.3% Municipal $4.3 2.2% $4.3 2.2% $4.2 2.2% $4.2 2.2% Corporate $42.3 21.6% $48.0 24.19% $46.6 24.8% $47.0 24.9% Total $%S.7 100.0% $193.2 100.0% $188.0 100.0% $188.5 100.0% U_S.Treasury = FederalAgency = Suprianational Municipal Corporate $2fl0.0 $160.0 u $120.0 J� M $80.0 $40.0 0.0 March 2022 June 2022 Se ptem bsr 2022 Decem ber 2022 ,4 Ast vakms,exchrdirpg accatedmiarest.OnfyrncAndes fixed-nooma swurrtres heAd wRlrin em sepamWymanagedaccount{sj and LGOPs managed byPFhlAM Detail may not add ro tat.Y doe to rwndmq 9 PFM Assert Management LLC pimam.com