HomeMy WebLinkAbout11-13-2014 IOC Agenda PacketCITY OF SAN LUIS OBISPO
INVESTMENT OVERSIGHT COMMITTEE
REGULAR QUARTERLY AGENDA
November 13, 2014
1:00 PM
Council Hearing Room 990 Palm Street
San Luis Obispo, California
MISSION: As set forth in the Investment Management Plan, this committee is responsible for
reviewing the City’s portfolio on an ongoing basis to determine compliance with the City’s
investment policies and for making recommendations to the City Treasurer (Director of Finance
and Information Technology) regarding investment management practices.
CALL TO ORDER: Finance & IT Director/Treasurer Padilla
ROLL CALL: Mayor Marx; City Manager Lichtig; Assistant City Manager Codron;
Finance & IT Director/Treasurer Padilla; Financial Operations Manager
Vilma Warner; Steve Barasch, public member.
OTHERS PRESENT: Al Eschenbach, Independent Auditor and ex-officio member; Jayson
Schmitt, Chandler Investments;
PUBLIC COMMENTS: At this time, the public is invited to address the Committee
concerning items not on the agenda but are of interest to the public and within the subject
matter jurisdiction of the Investment Advisory Committee. Time limit is three minutes. The
Committee may not discuss or take action on issues that are not on the agenda other than
to briefly respond to statements made or questions raised, or to ask staff to follow up on such
issues.
1. Review of Investment Oversight Committee meeting minutes of August 14, 2014 and
October 29, 2014
a. Recommend approval of the minutes
2. Presentation of the Quarterly Investment Report on Portfolio Performance
a. Review and confirm investment policy compliance
3. Discussion regarding the use of local financial institutions as part of the City’s
investment strategy
Investment Oversight Committee Regular Quarterly Agenda for May 8, 2014 Page 2
a. Identify criteria for what represents a qualified local financial institution
b. Determine objectives for using local financial institutions for deposits and
investments.
4. Continue discussion of possible changes to the investment policy related to socially
responsible investments (SRI) and consider major elements of such a policy
a. Obtain committee member feedback on whether SRI investment strategy
should be pursued
b. Identify major tenets of an SRI strategy.
5. Review the Committee’s mission statement
a. Discuss member roles and responsibilities
6. Introduction of staff from Public Financial Management (PFM), the proposed new
Investment Advisor to the City
7. Items to be addressed at a future meeting
8. Adjournment
_________________________________________________________________________
The City of San Luis Obispo wishes to make all of its public meetings accessible to the
public. Upon request, this agenda will be made available in appropriate alternative formats to
persons with disabilities. Any person with a disability who requires a modification or
accommodation in order to participate in a meeting should direct such request to the City
Clerk’s Office at (805) 781-7100 at least 48 hours before the meeting, if possible.
Telecommunications Device for the Deaf (805) 781-7107.
Any writings or documents provide to a majority of the Committee regarding any item on this
agenda will be made available for public inspection in the Administration Office located at 990
Palm Street, San Luis Obispo, during normal business hours.
CITY OF SAN LUIS OBISPO
INVESTMENT OVERSIGHT COMMITTEE
MINUTES
August 14, 2014
1:30 PM
Conference Room #1, 919 Palm Street
San Luis Obispo, California
MISSION: As set forth in the Investment Management Plan, this committee is responsible for reviewing
the City’s portfolio on an ongoing basis to determine compliance with the City’s investment policies and
for making recommendations to the City Treasurer (Director of Finance and Information Technology)
regarding investment management practices.
CALL TO ORDER
A meeting of the Investment Oversight Committee was called to order on Thursday, August 14, 2014,
at 1:33 p.m. in Conference Room # 1, located at 919 Palm Street, San Luis Obispo, California, by
Chairperson Padilla.
ROLL CALL
Committee Members
Present: Committee Members Steve Barasch, Katie Lichtig, Vilma Warner, and Chairperson
Wayne Padilla
Committee Members
Absent: Committee Members Jan Marx and Michael Codron
Others Present: Jayson Schmitt, Chandler Investments (City’s Investment Advisor); Al Eschenbach*,
Independent Auditor and ex-officio member; Heather Goodwin, Deputy City Clerk
* Al Eschenbach arrived at 1:45 p.m.
PUBLIC COMMENT
There were no members of the public desiring to speak.
Investment Oversight Committee Minutes - August 14, 2014 Page 2
1. APPROVAL OF MINUTES
MOTION BY COMMITTEE MEMBER BARASCH, SECOND BY COMMITTEE MEMBER
LICHTIG, CARRIED 4-0, to approve the Investment Oversight Committee Meeting minutes of
May 8, 2014.
2. PRESENTATION OF THE QUARTERLY INVESTMENT REPORT AND PORTFOLIO
PERFORMANCE
City Treasurer Padilla distributed a revised Quarterly Investment Report and City Investment
Advisor Schmitt reviewed the contents of the subject report and the portfolio’s performance and
responded to inquiries from the floor and Committee.
Jeffery Specht, questioned, and received clarification, that the State of California’s investment
managers are responsible for the management of the Local Agency Investment Fund.
In response to Committee inquiry, City Treasurer Padilla explained the components of the City’s
self-managed investments, including cash, deposits with the Local Agency Investment Fund,
money market accounts, and certificates of deposit.
MOTION BY COMMITTEE MEMBER LICHTIG, SECOND BY COMMITTEE MEMBER
WARNER, CARRIED 4-0, to confirm the Quarterly Investment Report, for the period ending
June 30, 2014, is in compliance with the City’s Investment Policy.
3. CONTINUE DISCUSSION OF POSSIBLE CHANGES TO THE INVESTMENT
POLICY INCLUDING THOSE TO ALLOW ADDITIONAL INVESTMENTS WITH
HIGHER YIELDS
City Investment Advisor Schmitt and City Treasurer Padilla discussed the possibility of amending
the City’s Investment Policy to include investments with single “A” ratings which could produce
higher yields and responded to Committee inquiries.
Leslie Halls, questioned, and received clarification, that the City’s financial advisor has
analyzed the City’s existing debt and determined that potential savings are not yet adequate
enough to justify refinancing at this time.
Committee Member Barasch distributed hard copies of a document entitled “City of San Luis
Obispo, Statement of Net Position as of May 31, 2014.” A hard copy of Committee Member
Barasch’s document is on file with the City.
The Committee recommended that the City Treasurer analyze the City’s liquidity requirements
in comparison to actual liquid investments to ensure that the portfolio is not overly invested in
cash deposits.
Following discussion, MOTION BY COMMITTEE MEMBER BARASCH, SECOND BY
COMMITTEE MEMBER LICHTIG, CARRIED 4-0, to amend the City’s Investment Policy to
allow investment in single “A” rated utility and industrial corporate investments.
Investment Oversight Committee Minutes - August 14, 2014 Page 3
4. CONTINUE DISCUSSION OF POSSIBLE CHANGES TO THE INVESTMENT
POLICY RELATED TO SOCIALLY RESPONSIBLE INVESTMENTS AND
CONSIDER MAJOR ELEMENTS OF SUCH A POLICY
City Investment Advisor Schmitt and City Treasurer Padilla discussed the possibility of
amending the City’s Investment Policy as it relates to Socially Responsible Investments and
responded to Committee inquires.
Leslie Halls, voiced concerns related to the implementation of a Socially Responsible Investment
Policy; opined that the City should focus on obtaining the highest yield on investment.
Matt Kokkonen, expressed concerns related to a Socially Responsible Investment Policy.
Keith Gurnee, opined that the City’s should focus on maximizing its yields on investments and
should not move forward in drafting a Socially Responsible Investment Policy.
Jeffery Specht, questioned, and received clarification, that the City Treasurer is responsible for
ensuring the balancing of the City’s budget and that Council is working towards addressing
long-term pension liabilities.
MOTION BY COMMITTEE MEMBER BARASCH to consider adopting a broad Socially
Responsible Investment Plan and to request that specific policies be developed as to guide to
the selection of investments. The motion died for lack of a second.
Following discussion, the Committee agreed that it desires to continue discussion as it relates to
a Socially Responsible Investment Policy and requested that the matter be agendized for a
future meeting. It was noted that future discussion should focus on the tenants of a Socially
Responsible Investment Policy and providing direction to the City Treasurer and City
Investment Advisor to aid in the development of such a draft policy.
5. DISCUSSION REGARDING THE USE OF LOCAL FINANCIAL INSTITUTIONS FOR
PUBLIC AGENCY DEPOSITS AND INVESTMENTS
Market Area President Filippin and Senior Client Relationship Manager Summer, representing
Heritage Oaks Bank, discussed the use of local financial institutions for public agency deposits
and investments.
In response to Committee inquiry, Mr. Filippin spoke on his bank’s ability and willingness to
provide public agency accounts and the required collateralization; advised that he is not aware
of other banks’ ability or desire to offer comparable services.
Under committee direction, City Treasurer Padilla advised that staff will research other cities’
investment policies to determine if definitions and/or criteria exist related to the utilization of
local financial institutions for public agency deposits and investments.
Investment Oversight Committee Minutes - August 14, 2014 Page 4
6. ITEMS TO BE CONSIDERED FOR THE NEXT MEETING
As noted above, further consideration of a Socially Responsible Investment Policy and other cities’
definitions and criteria for use of Local Financial Institutions should be agendized for a future
meeting.
ADJOURNMENT
The meeting adjourned at 3:39 p.m.
Heather Goodwin
Deputy City Clerk
Approved: XX/XX/14
CITY OF SAN LUIS OBISPO
INVESTMENT OVERSIGHT COMMITTEE
MINUTES
October 29, 2014
1:30 PM
Council Hearing Room, 990 Palm Street
San Luis Obispo, California
MISSION: As set forth in the Investment Management Plan, this committee is responsible for reviewing
the City’s portfolio on an ongoing basis to determine compliance with the City’s investment policies and
for making recommendations to the City Treasurer (Director of Finance and Information Technology)
regarding investment management practices.
CALL TO ORDER
A special meeting of the Investment Oversight Committee was called to order on Wednesday,
October 29, 2014, at 10:03 a.m. in the Council Hearing Room, located at 919 Palm Street, San Luis
Obispo, California, by Chairperson Padilla.
ROLL CALL
Committee Members
Present: Committee Members Steve Barasch, Michael Codron, Katie Lichtig, Jan Marx,
Vilma Warner, and Chairperson Wayne Padilla
Committee Members
Absent: None
Others Present: Al Eschenbach, Independent Auditor and ex-officio member; Anthony Mejia,
City Clerk
PUBLIC COMMENT
There were no members of the public desiring to speak.
Investment Oversight Committee Minutes – October 29, 2014 Page 2
1. Investment Advisor Services Request for Proposals
Finance and Information Technology Director/City Treasurer Padilla reviewed the contents of
the agenda report; advised that a subcommittee of the Investment Oversight Committee
reviewed each submitted proposal and recommends that the full Committee endorse the
selection of Public Financial Management (PFM) for investment advisor services; explained
that PFM provided a cost competitive proposal and that the firm may provide added value due
to having its own trading desk and increased buying power; responded to committee inquiries.
Committee Member Barasch noted that PFM has enhanced research capabilities and its
experience level is deeper than that of other firms; noted that PFM may be better able to assist
in implementing a Socially Responsible Investment Strategy.
Leslie Halls, San Luis Obispo, stated that she is encouraged that the City is considering new
investment advisor services, noting that a new firm and fresh ideas may result in improved
yields on investments.
Following discussion, by unanimous consensus, the Committee endorsed the selection of PFM
for investment advisor services and to forward such recommendation for Council consideration.
ADJOURNMENT
The meeting adjourned at 10:30 a.m.
Anthony J. Mejia
City Clerk
Approved: XX/XX/14
CHANDLER ASSET MANAGEMENT
6225 Lusk Blvd | San Diego, CA 92121 | Phone 800.317.4747 | Fax 858.546.3741 | www.chandlerasset.com
Investment Report
Period Ending
September 30, 2014
City of San Luis Obispo
Table of Contents
Economic Update
Account Profile
Consolidated Information
Portfolio Holdings
SECTION 1
SECTION 2
SECTION 3
SECTION 4
1
SECTION 1
Economic Update
2
Duringthepastthreemonths,theyieldcurvehasflattenedeven as theFedhas been taperingits
purchases of long-termTreasurybonds.Marketparticipantshavereacted to mixeddomesticand
globaleconomicdata,as well as geopoliticaltensions.Theseconcernshavekeptdownward
pressure on longer yields.
Economic Update
Theeconomyremains on aslowgrowthtrajectory,fueled by jobgrowth.In thethirdquarter,payrolls
rose by 224,000 per month on average,followingaveragegrowth of 267,000 per monthduringthe
secondquarter.TheSeptemberemploymentreportwasbetterthanexpected(aspayrollsrose by
248,000versusexpectations of 215,000),andAugustandJulypayrollswererevisedhigher by a
combined69,000.Theunemploymentratedeclined to 5.9%in Septemberfrom6.1%in August,but
wagegrowthandthelaborparticipationratecontinued to be weak.Themanufacturingsector
continues to showstrength,withtheISMmanufacturingindexremainingwellabove50.0 in
September at 58.6. Consumer spending also remains healthy, and ongoing job growth should support
thistrend.Thehousingsector,on theotherhand,hasshownthemostvolatilityandcontinues to lag
behind other sectors of the economy.
In September,theFederalOpenMarketCommittee(FOMC)leftpolicyratesunchangedand
continued to reduceassetpurchases,as expected.Overall,theFed'sstatementlanguagesuggested
amodestuptick to theiroverallview of theeconomy,butthemessageremaineddovish.TheFed
notedinflation is runningbelowtarget,signalingtheirongoingcapacity to keepinterestrateslow.
Morerecently,thestrongerthanexpectedSeptemberemploymentreportgiveshawkishFed
membersacompellingargumentforraisinginterestratesearlierthanmarketparticipantsmay be
expecting.However,we believethemajority of FOMCvotingmembersaregenerallydovishandwill
be reluctant to raiseratesbeforetheeconomy is on asustainablegrowthtrajectory.At thispoint,we
continue to believetheFedisn’tlikely to startraisingratesuntilthesecondhalf of2015.However,the
Fedmaymakesomechanges to itsnextpolicystatement,such as removingthe"considerable
period"language.TheFedremains on course to completetheunwinding of quantitativeeasingthis
month and the next FOMC meeting is scheduled for October 28-29.
3
Employment
Source: U.S. Department of Labor
0
50
100
150
200
250
300
350
(0
0
0
'
s
)
Non-farm Payroll (000's)
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
Unemployment Rate
TheSeptemberemploymentreportwasstrongerthanexpected as nonfarmpayrollsrose by 248,000,following
gains of 180,000and243,000 in AugustandJuly,respectively.TheconsensusforecastforSeptemberwas
215,000.ThenetrevisionsforAugustandJulywere+69,000.Forthethirdquarter,payrollsrose224,000 per
month,on average,compared to averagegrowth of 267,000 per monthduringthesecondquarter.Private
payrollsrose by 236,000 in Septemberwhilegovernmentjobsrose by 12,000.Theunemploymentrate
declined to 5.9%from6.1%,buttheparticipationratealsotickeddown to 62.7%from62.8%.Wagegrowth
was flat in September, missing expectations for a 0.2% gain.
4
Consumer
Source: U.S. Department of Commerce Source: Federal Reserve
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Retail Sales Y-O-Y % Change
0
5
10
15
20
25
30
D
o
l
l
a
r
(
$
)
B
i
l
l
i
o
n
s
Consumer Credit
In September,RetailSalesrose4.3%on ayear-over-yearbasisversusagain of 5.0%in August.On amonth-
over-monthbasis,RetailSalesdeclined0.3%in September,whichwasweakerthanexpectations of -0.1%.
Autoandgasolinesaleswereadrag on theSeptemberfigure.Overall,consumerspendingappearshealthy
butnotrobust.ConsumerCreditrose by $13.5billion in Augustversusagain of $21.6billion in July.Thegain
continued to be fueled by nonrevolvingcredit(studentandautoloans)whichrose$13.7billion in August,while
revolving credit (credit cards) declined by $0.2 billion.
5
Broad Measures
Source: US Department of Commerce Source: The Conference Board
0
100
200
300
400
500
600
700
800
(0
0
0
'
s
)
Starts -Single Family Housing
-0.4%
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
Leading Economic Indicators
Recenthousingdatahas been volatile.Single-familyhousingstartsrose1.1%in Septemberafterdeclining
2.0% in August. Multifamily starts rose 16.7% in September after falling 28.7% in August. The index of Leading
EconomicIndicators(LEI)rose0.2%in Augustfollowinga1.1%gain in July.Overall,theLEIindexcontinues to
point to modest economic growth.
6
Manufacturing
Source: Institute for Supply Management Source: Federal Reserve
45.0
47.5
50.0
52.5
55.0
57.5
60.0
Institute of Supply Management
Purchasing Manager Index
Expanding
Contracting
75.5%
76.0%
76.5%
77.0%
77.5%
78.0%
78.5%
79.0%
79.5%
Capacity Utilization
DuringSeptember,theISMManufacturingIndexdecreased to 56.6from59.0 in August.Thedecline
wasdisappointing,buttheindexcontinues to signalongoinggrowth in themanufacturingsector.A
readingabove50.0 is viewed as expansionary in themanufacturingsector,whileareadingbelow
50.0suggestscontraction.CapacityUtilization,which is productiondivided by capacity,increased to
79.3%in Septemberfrom78.7%in August.TheCapacityUtilizationrateremainsbelowthelong-run
average of 80.1% (1972-2013).
7
Inflation
Source: US Department of Labor
0.5%
1.0%
1.5%
2.0%
2.5%
CPI Y-O-Y % Change
0.5%
1.0%
1.5%
2.0%
2.5%
Core CPI Y-O-Y % Change
In September,overallCPIinflationwasunchanged at 1.7%on ayear-over-yearbasis.Theyear-over-yearCore
CPI (CPI less food and energy) was also unchanged at 1.7% in September.
8
GDP
Source: U.S. Department of Commerce
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
GDP Qtrly % Change
RealannualizedGDPgrowthforthesecondquarter of2014 was4.6%,according to thefinalrevision,up from
thepriorestimate of 4.2%.Secondquartergrowthwas in linewiththeconsensusforecast.An upwardrevision
in nonresidentialinvestmentspendingwastheprimaryfactorforthechange.FirstquarterGDPdeclined2.1%,
largely due to unfavorable weather.
9
Theyield on thetwo-yearTreasurynoteincreased by about8basispoints in September,followingamodest
decline in August.Economicdatawasfairlystrong in September.Theunwinding of quantitativeeasing by the
FederalReservealongwiththeanticipation of apotentialfedfundsratehikenextyearhavealsoputupward
pressure on rates, but this has been somewhat offset by geopolitical tensions and sluggish economic growth in
Europe.
Interest Rates
Source: Bloomberg
Yield on the Two-Year Note
September 2012 through September 2014
0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
0.60%
10
Duringthepastthreemonths,theyieldcurvehasflattenedeven as theFedhas been taperingitspurchases of
long-termTreasurybonds.Marketparticipantshavereacted to mixeddomesticandglobaleconomicdata as
well as geopolitical tensions. These concerns have kept downward pressure on longer yields.
Yield Curves
Source: Bloomberg
June 30, 2014andSeptember 30, 2014
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
6/30/14 9/30/14
11
SECTION 2
Account Profile
12
Chandler Asset Management
Performance Objectives
Strategy
Investment Objectives
Objectives
The investment objectives of the City of San Luis Obispo are first, to provide
safety of principal to ensure the preservation of capital in the overall portfolio;
second, to provide sufficient liquidity to meet all operating requirements; and
third, to earn a commensurate rate of return consistent with the constraints
imposed by the safety and liquidity objectives.
The performance objective for the portfolio is to earn a total rate of return over a
market cycle that equals or exceeds the market index, the BofA Merrill Lynch
Index of 0-5 Treasury securities.
In order to achieve this objective, the portfolio invests in high-quality money
market instruments, US Tre asury securities, Agency securities, and high-grade
corporate securities, with a maximum maturity of five years.
13
Compliance
Category Standard Comment
Treasury Bills and Notes No Limitations Complies
Gov't. Sponsored EnterprisesAAA rated GSEs only Complies
Commercial Paper ≥ A-1/P1/F1 rated; 25% maximum; 5% per
issuer; <270 days maturity
Complies
Corporate Obligations ≥ Aa3/AA- by one rating organization; 30%
maximum; 5% per issuer
Complies
Banker’s Acceptances 40% maximum; 5% per issuer; <180 days
maturity
Complies
Repurchase Agreements Not used by investment adviser Complies
Local Gov't. Investment Pools Not used by investment adviser Complies
Neogtiable CDs 30% maximum; 5% per issuer Complies
Time Deposits Not used by investment adviser Complies
Money Market Funds AAA/Aaa rated; no-load funds only; 20%
maximum; 10% per issuer
Complies
Inverse floaters, range notes Prohibited Complies
Interest only strips Prohibited Complies
Zero interest accruals Prohibited Complies
% maturing less than 90 days 5% minimum Complies
Maximum maturity of corporate 5 years Complies
Maximum maturity 10 years; 10% maximum of portfolio in Treasury
and GSE obligations with maturity > 5 years
Complies
City of San Luis Obispo
September 30, 2014
COMPLIANCE WITH INVESTMENT POLICY
Assets managed by Chandler Asset Management are in full compliance with California State law and with
the City's investment management plan.
14
Account Profile
Total Market Value 45,285,705 45,236,180
Modified Duration 2.15 1.85 1.86
Average Quality**AAA AA+/Aaa AA+/Aaa
Average Market Yield 0.75 %0.69 %0.56 %
Average Purchase Yield n/a 1.15 %1.21 %
Benchmark*Portfolio Portfolio
Average Maturity (yrs)2.24 1.90 1.91
* 0-5 yr Treasury
** Benchmark is a blended rating of S&P, Moody's, and Fitch. Portfolio is S&P and Moody's respectively.
City of San Luis Obispo
09/30/2014 06/30/2014
Portfolio Characteristics
15
15
Sector Distribution
City of San Luis Obispo
September 30, 2014 June 30, 2014
16
16
Issuers
17
17
Quality Distribution
City of San Luis Obispo
6/30/14 2.9 %97.1 %0.0 %0.0 %0.0 %
9/30/14 5.9 %94.1 %0.0 %0.0 %0.0 %
Source: S&P Ratings
AAA AA A <A NR
September 30, 2014 vs. June 30, 2014
6/30/149/30/14
18
18
Duration Distribution
City of San Luis Obispo
Portfolio Compared to the Benchmark as of September 30, 2014
Benchmark*7.0 %6.2 %11.5 %24.3 %21.5 %16.6 %12.8 %0.0 %
Portfolio 7.8 %5.9 %11.0 %35.1 %25.6 %8.3 %6.3 %0.0 %
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+
* 0-5 yr Treasury
19
19
Investment Performance
0-5 yr Treasury -0.04 %0.53 %0.27 %0.53 %1.38 %N/A 1.99 %
City of San Luis Obispo 0.01 %0.70 %0.43 %0.73 %1.59 %N/A 2.37 %
Annualized
3 months 12 months 2 years 3 years 5 years 10 years Since Inception
Total rate of return: A measure of a portfolio's performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it
includes interest earnings, realized and unrealized gains and losses in the portfolio.
City of San Luis Obispo
Period Ending
September 30, 2014
Total Rate of Return
Annualized Since Inception
May 31, 2008
20
20
Account Profile
Total Market Value 38,412,645 42,379,360
Modified Duration 0.04 0.05
Average Quality AA+/Aaa AA+/Aaa
Average Market Yield 0.19 %0.21 %
Average Purchase Yield 0.43 %0.42 %
Portfolio Portfolio
Average Maturity (yrs)0.05 0.06
City of San Luis Obispo Internal
09/30/2014 06/30/2014
Portfolio Characteristics
21
21
Sector Distribution
City of San Luis Obispo Internal
September 30, 2014 June 30, 2014
22
22
Issuers
23
23
SECTION 3
Consolidated Information
24
24
Compliance
Category Standard Comment
Treasury Bills and Notes No Limitations Complies
Gov't. Sponsored EnterprisesAAA rated GSEs only Complies
Commercial Paper ≥ A-1/P1/F1 rated; 25% maximum; 5% per issuer; <270
days maturity
Complies
Corporate Obligations ≥ Aa3/AA- by one rating organization; 30% maximum; 5%
per issuer
Complies
Banker’s Acceptances 40% maximum; 5% per issuer; <180 days maturity Complies
Repurchase Agreements Not used by investment adviser Complies
Local Gov't. Investment Pools Not used by investment adviser Complies
Negotiable CDs 30% maximum; 5% per issuer Complies
Time Deposits Not used by investment adviser Complies
Money Market Funds AAA/Aaa rated; no-load funds only; 20% maximum; 10%
per issuer
Complies
Inverse floaters, range notes Prohibited Complies
Interest only strips Prohibited Complies
Zero interest accruals Prohibited Complies
One-Year Liquidity Constraint Minimum of 20% of the portfolio must be invested in
securities maturing in one year
Complies
Operating Budget Constraint Minimum 25% of budgeted operating expenditures
($21.4 Million) in short-term investments (90 days or less)
Complies
Maximum maturity of corporate 5 years Complies
Maximum maturity 10 years; 10% maximum of portfolio in Treasury and GSE
obligations with maturity > 5 years
Complies
Objectives Safety, Liquidity & Yield Complies
City of San Luis Obispo Consolidated
September 30, 2014
COMPLIANCE WITH INVESTMENT POLICY
This portfolio is a consolidation of assets managed by Chandler Asset Management and assets managed internally by Client.
Chandler relies on Client to provide accurate information for reporting assets and producing this compliance statement.
25
25
Account Profile
Total Market Value 83,698,350 87,615,539
Modified Duration 1.02 0.99
Average Quality AA+/Aaa AA+/Aaa
Average Market Yield 0.46 %0.39 %
Average Purchase Yield 0.82 % 0.83 %
Portfolio Portfolio
Average Maturity (yrs)1.05 1.01
City of San Luis Obispo Consolidated
09/30/2014 06/30/2014
Portfolio Characteristics
26
26
Sector Distribution
City of San Luis Obispo Consolidated
September 30, 2014 June 30, 2014
27
27
Issuers
28
SECTION 3
Portfolio Holdings
29
Chandler Asset Management - CONFIDENTIAL Execution Time: 10/31/2014 11:22:27 AM
31331J6C2 FFCB Note
2.35% Due 12/22/2015
580,000.00 03/28/2011
2.27 %
582,099.60
582,099.60
102.31
0.46 %
593,378.28
3,748.25
0.71 %
11,278.68
Aaa / AA+
AAA
1.23
1.21
3133XXP43 FHLB Note
3.125% Due 3/11/2016
965,000.00 08/10/2011
1.11 %
1,051,449.53
1,051,449.53
103.78
0.50 %
1,001,469.28
1,675.35
1.20 %
(49,980.25)
Aaa / AA+
AAA
1.45
1.42
3133EAJU3 FFCB Note
1.05% Due 3/28/2016
924,000.00 09/14/2012
0.53 %
940,879.28
940,879.28
100.86
0.47 %
931,924.22
80.86
1.11 %
(8,955.06)
Aaa / AA+
AAA
1.49
1.48
31331J2S1 FFCB Note
1.5% Due 11/16/2015
402,000.00 03/25/2011
2.20 %
389,640.91
389,640.91
101.37
0.28 %
407,521.07
2,261.25
0.49 %
17,880.16
Aaa / AA+
AAA
1.13
1.12
313380L96 FHLB Note
0.5% Due 11/20/2015
700,000.00 06/27/2013
0.53 %
699,447.00
699,447.00
100.27
0.27 %
701,862.00
1,273.61
0.84 %
2,415.00
Aaa / AA+
AAA
1.14
1.13
313370TW8 FHLB Note
2% Due 9/9/2016
280,000.00 10/24/2013
0.67 %
290,550.40
290,550.40
102.61
0.64 %
287,314.72
342.22
0.34 %
(3,235.68)
Aaa / AA+
AAA
1.95
1.91
3135G0ES8 FNMA Note
1.375% Due 11/15/2016
985,000.00 03/14/2012
1.21 %
992,545.10
992,545.10
101.49
0.67 %
999,709.01
5,116.53
1.20 %
7,163.91
Aaa / AA+
AAA
2.13
2.08
3135G0VA8 FNMA Note
0.5% Due 3/30/2016
950,000.00 03/27/2013
0.45 %
951,434.50
951,434.50
100.08
0.45 %
950,726.75
13.19
1.14 %
(707.75)
Aaa / AA+
AAA
1.50
1.49
313373SZ6 FHLB Note
2.125% Due 6/10/2016
1,000,000.00 06/20/2011
1.84 %
1,013,460.00
1,013,460.00
102.65
0.55 %
1,026,540.00
6,552.08
1.23 %
13,080.00
Aaa / AA+
AAA
1.70
1.66
3133834R9 FHLB Note
0.375% Due 6/24/2016
700,000.00 06/27/2013
0.77 %
691,817.00
691,817.00
99.80
0.49 %
698,566.40
707.29
0.84 %
6,749.40
Aaa / AA+
AAA
1.73
1.72
3137EACH0 FHLMC Note
2.875% Due 2/9/2015
1,225,000.00 03/09/2010
2.63 %
1,238,784.93
1,238,784.93
100.98
0.15 %
1,236,956.00
5,087.15
1.48 %
(1,828.93)
Aaa / AA+
AAA
0.36
0.36
31331KCR9 FFCB Note
2.05% Due 2/18/2015
400,000.00 07/26/2011
1.23 %
411,440.00
411,440.00
100.72
0.18 %
402,866.40
979.44
0.48 %
(8,573.60)
Aaa / AA+
AAA
0.39
0.38
3133XVNU1 FHLB Note
2.75% Due 12/12/2014
1,200,000.00 03/09/2010
2.57 %
1,209,304.80
1,209,304.80
100.52
0.15 %
1,206,226.80
9,991.67
1.45 %
(3,078.00)
Aaa / AA+
AAA
0.20
0.20
3135G0NV1 FNMA Note
0.5% Due 9/28/2015
650,000.00 06/27/2013
0.50 %
650,026.00
650,026.00
100.30
0.20 %
651,937.65
27.08
0.78 %
1,911.65
Aaa / AA+
AAA
0.99
0.99
31398AZV7 FNMA Note
2.625% Due 11/20/2014
950,000.00 11/20/2009
2.43 %
958,573.75
958,573.75
100.34
0.14 %
953,273.70
9,074.48
1.15 %
(5,300.05)
Aaa / AA+
AAA
0.14
0.14
313372XB5 FHLB Note
2.125% Due 6/30/2015
900,000.00 05/26/2011
1.49 %
922,752.00
922,752.00
101.37
0.29 %
912,345.30
4,834.38
1.10 %
(10,406.70)
Aaa / AA+
AAA
0.75
0.74
3133EADW5 FFCB Note
0.55% Due 8/17/2015
1,000,000.00 04/27/2012
0.60 %
998,511.00
998,511.00
100.31
0.19 %
1,003,146.00
672.22
1.20 %
4,635.00
Aaa / AA+
AAA
0.88
0.88
880591DY5 Tennessee Valley Authority Note
4.375% Due 6/15/2015
1,050,000.00 06/14/2011
1.46 %
1,168,386.45
1,168,386.45
102.97
0.18 %
1,081,157.70
13,526.04
1.31 %
(87,228.75)
Aaa / AA+
AAA
0.71
0.70
31331KFS4 FFCB Note
1.67% Due 3/24/2015
1,000,000.00 07/21/2011
1.18 %
1,017,410.00
1,017,410.00
100.75
0.12 %
1,007,491.00
324.72
1.20 %
(9,919.00)
Aaa / AA+
AAA
0.48
0.48
31331KLE8 FFCB Note
1.6% Due 5/18/2015
230,000.00 07/20/2011
1.28 %
232,702.50
232,702.50
100.92
0.14 %
232,118.53
1,359.56
0.28 %
(583.97)
Aaa / AA+
AAA
0.63
0.63
AGENCY
Holdings Report
As of 9/30/14
City of San Luis Obispo Consolidated
Account #10032
CUSIP Security Description Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
30
Chandler Asset Management - CONFIDENTIAL Execution Time: 10/31/2014 11:22:27 AM
90CASH$00 Cash Custodial Cash Account 8,047,965.35 Various
0.00 %
8,047,965.35
8,047,965.35
1.00
0.00 %
8,047,965.35
0.00
9.62 %
0.00
NR / NR
NR
0.00
0.00
Total Cash 8,047,965.35 N/A
8,047,965.35
8,047,965.35 0.00 %
8,047,965.35
0.00
9.62 %
0.00
NR / NR
NR
0.00
0.00
CASH
3137EADG1 FHLMC Note
1.75% Due 5/30/2019
900,000.00 08/04/2014
1.67 %
903,420.00
903,420.00
99.70
1.82 %
897,272.10
5,293.75
1.08 %
(6,147.90)
Aaa / AA+
AAA
4.67
4.44
3135G0ZE6 FNMA Note
1.75% Due 6/20/2019
350,000.00 08/04/2014
1.74 %
350,227.50
350,227.50
99.19
1.93 %
347,178.65
1,718.40
0.42 %
(3,048.85)
Aaa / AA+
AAA
4.72
4.49
3137EADK2 FHLMC Note
1.25% Due 8/1/2019
1,050,000.00 09/15/2014
1.89 %
1,019,077.50
1,019,077.50
97.07
1.89 %
1,019,265.45
2,187.50
1.22 %
187.95
Aaa / AA+
AAA
4.84
4.65
3137EADF3 FHLMC Note
1.25% Due 5/12/2017
500,000.00 10/17/2012
0.82 %
509,635.00
509,635.00
100.70
0.98 %
503,488.00
2,413.19
0.60 %
(6,147.00)
Aaa / AA+
AAA
2.62
2.56
3136FPYB7 FNMA Callable Note 1X 5/23/2011
2.05% Due 5/23/2017
365,000.00 08/07/2012
0.89 %
384,739.20
384,739.20
102.32
1.16 %
373,484.79
2,660.44
0.45 %
(11,254.41)
Aaa / AA+
AAA
2.65
2.56
313379DD8 FHLB Note
1% Due 6/21/2017
700,000.00 11/26/2012
0.70 %
709,478.00
709,478.00
100.00
1.00 %
700,004.90
1,944.44
0.84 %
(9,473.10)
Aaa / AA+
AAA
2.73
2.67
3137EADC0 FHLMC Note
1% Due 3/8/2017
1,000,000.00 03/14/2012
1.29 %
986,050.00
986,050.00
100.28
0.88 %
1,002,828.00
638.89
1.20 %
16,778.00
Aaa / AA+
AAA
2.44
2.40
3135G0GY3 FNMA Note
1.25% Due 1/30/2017
800,000.00 02/27/2012
1.07 %
807,016.00
807,016.00
100.92
0.85 %
807,397.60
1,694.44
0.97 %
381.60
Aaa / AA+
AAA
2.34
2.29
31331KBX7 FFCB Note
2.875% Due 2/10/2017
865,000.00 07/25/2012
0.74 %
947,477.75
947,477.75
104.60
0.90 %
904,775.30
3,523.07
1.09 %
(42,702.45)
Aaa / AA+
AAA
2.37
2.28
3135G0UY7 FNMA Callable Note 1X 2/27/15
1% Due 2/27/2017
500,000.00 04/24/2013
0.75 %
504,750.00
504,750.00
99.90
1.04 %
499,480.00
472.22
0.60 %
(5,270.00)
Aaa / AA+
AAA
2.41
1.44
3137EADH9 FHLMC Note
1% Due 6/29/2017
910,000.00 Various
0.83 %
917,260.60
917,260.60
99.85
1.06 %
908,621.36
2,325.56
1.09 %
(8,639.24)
Aaa / AA+
AAA
2.75
2.70
3137EADL0 FHLMC Note
1% Due 9/29/2017
950,000.00 01/04/2013
0.89 %
954,788.00
954,788.00
99.55
1.15 %
945,711.70
52.78
1.13 %
(9,076.30)
Aaa / AA+
AAA
3.00
2.94
3135G0PQ0 FNMA Note
0.875% Due 10/26/2017
625,000.00 06/20/2014
1.17 %
618,987.50
618,987.50
99.05
1.19 %
619,070.00
2,354.60
0.74 %
82.50
Aaa / AA+
AAA
3.07
3.01
3135G0WJ8 FNMA Note
0.875% Due 5/21/2018
925,000.00 04/24/2014
1.46 %
903,691.70
903,691.70
97.94
1.46 %
905,909.85
2,922.74
1.09 %
2,218.15
Aaa / AA+
AAA
3.64
3.55
3135G0MZ3 FNMA Note
0.875% Due 8/28/2017
625,000.00 06/20/2014
1.10 %
620,687.50
620,687.50
99.33
1.11 %
620,797.50
501.30
0.74 %
110.00
Aaa / AA+
AAA
2.91
2.86
3137EADJ5 FHLMC Note
1% Due 7/28/2017
900,000.00 11/26/2012
0.80 %
908,316.00
908,316.00
99.59
1.15 %
896,300.10
1,575.00
1.07 %
(12,015.90)
Aaa / AA+
AAA
2.83
2.77
Total Agency 28,056,000.00 1.29 %
28,456,817.00
28,456,817.00 0.70 %
28,238,116.11
99,925.69
33.86 %
(218,700.89)
Aaa / AA+
Aaa
1.91
1.85
AGENCY
Holdings Report
As of 9/30/14
City of San Luis Obispo Consolidated
Account #10032
CUSIP Security Description Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
31
Chandler Asset Management - CONFIDENTIAL Execution Time: 10/31/2014 11:22:27 AM
478160AY0 Johnson & Johnson Note
2.15% Due 5/15/2016
675,000.00 01/15/2013
0.58 %
709,870.50
709,870.50
102.53
0.59 %
692,050.50
5,482.50
0.83 %
(17,820.00)
Aaa / AAA
AAA
1.62
1.59
38259PAC6 Google Inc Note
2.125% Due 5/19/2016
523,000.00 04/23/2012
0.91 %
548,360.27
548,360.27
102.41
0.64 %
535,617.38
4,075.04
0.64 %
(12,742.89)
Aa2 / AA
NR
1.64
1.60
037833AH3 Apple Inc Note
0.45% Due 5/3/2016
700,000.00 05/13/2013
0.55 %
698,005.00
698,005.00
99.79
0.58 %
698,537.00
1,295.00
0.84 %
532.00
Aa1 / AA+
NR
1.59
1.58
369604BE2 General Electric Co Note
0.85% Due 10/9/2015
700,000.00 04/24/2013
0.58 %
704,515.00
704,515.00
100.43
0.43 %
703,031.00
2,842.78
0.84 %
(1,484.00)
Aa3 / AA+
NR
1.02
1.02
931142DE0 Wal-Mart Stores Note
0.6% Due 4/11/2016
700,000.00 06/27/2013
0.81 %
696,017.00
696,017.00
99.96
0.63 %
699,706.00
1,983.33
0.84 %
3,689.00
Aa2 / AA
AA
1.53
1.52
742718DV8 Procter & Gamble Co Note
1.45% Due 8/15/2016
915,000.00 08/03/2012
0.82 %
937,893.30
937,893.30
101.25
0.78 %
926,460.38
1,695.29
1.11 %
(11,432.92)
Aa3 / AA-
NR
1.88
1.85
166764AA8 Chevron Corp. Callable Note Cont
11/5/17
1.104% Due 12/5/2017
700,000.00 01/10/2013
1.03 %
702,422.00
702,422.00
99.04
1.41 %
693,292.60
2,490.13
0.83 %
(9,129.40)
Aa1 / AA
NR
3.18
3.10
084664BS9 Berkshire Hathaway Note
1.6% Due 5/15/2017
700,000.00 04/24/2013
1.00 %
716,765.00
716,765.00
101.09
1.18 %
707,662.90
4,231.11
0.85 %
(9,102.10)
Aa2 / AA
A+
2.62
2.55
US CORPORATE
PP1MCB$02 Heritage Oaks Bank Yankee CD
0.27% Due 12/20/2014
1,000,000.00 12/20/2013
0.27 %
1,000,000.00
1,000,000.00
100.00
0.27 %
1,000,000.00
2,137.50
1.20 %
0.00
NR / NR
NR
0.22
0.22
Total Negotiable CD 1,000,000.00 0.27 %
1,000,000.00
1,000,000.00 0.27 %
1,000,000.00
2,137.50
1.20 %
0.00
NR / NR
NR
0.22
0.22
NEGOTIABLE CD
90CASH$01 Cash Heritage Oaks Bank MMKT Fund 1,006,382.99 Various
0.21 %
1,006,382.99
1,006,382.99
1.00
0.21 %
1,006,382.99
0.00
1.20 %
0.00
NR / NR
NR
0.00
0.00
261941108 Dreyfus Treas PR Cash Mgt Inst Money
Market Fund
1,357,884.79 Various
0.00 %
1,357,884.79
1,357,884.79
1.00
0.00 %
1,357,884.79
0.00
1.62 %
0.00
Aaa / AAA
NR
0.00
0.00
Total Money Market Fund FI 2,364,267.78 0.09 %
2,364,267.78
2,364,267.78 0.09 %
2,364,267.78
0.00
2.82 %
0.00
Aaa / AAA
NR
0.00
0.00
MONEY MARKET FUND FI
90LAIF$00 Local Agency Investment Fund State
Pool
27,204,818.25 Various
0.24 %
27,204,818.25
27,204,818.25
1.00
0.24 %
27,204,818.25
17,768.60
32.52 %
0.00
NR / NR
NR
0.00
0.00
Total LAIF 27,204,818.25 0.24 %
27,204,818.25
27,204,818.25 0.24 %
27,204,818.25
17,768.60
32.52 %
0.00
NR / NR
NR
0.00
0.00
LAIF
Holdings Report
As of 9/30/14
City of San Luis Obispo Consolidated
Account #10032
CUSIP Security Description Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
32
Chandler Asset Management - CONFIDENTIAL Execution Time: 10/31/2014 11:22:27 AM
912828VL1 US Treasury Note
0.625% Due 7/15/2016
750,000.00 10/07/2013
0.57 %
751,145.09
751,145.09
100.23
0.50 %
751,728.75
993.55
0.90 %
583.66
Aaa / AA+
AAA
1.79
1.78
912828RU6 US Treasury Note
0.875% Due 11/30/2016
500,000.00 12/15/2011
0.84 %
500,782.93
500,782.93
100.37
0.70 %
501,836.00
1,470.29
0.60 %
1,053.07
Aaa / AA+
AAA
2.17
2.14
912828QJ2 US Treasury Note
2.125% Due 2/29/2016
1,050,000.00 Various
1.20 %
1,092,548.44
1,092,548.44
102.55
0.32 %
1,076,824.35
1,910.74
1.29 %
(15,724.09)
Aaa / AA+
AAA
1.42
1.40
912828VC1 US Treasury Note
0.25% Due 5/15/2016
700,000.00 09/26/2013
0.54 %
694,697.66
694,697.66
99.73
0.42 %
698,086.20
661.01
0.83 %
3,388.54
Aaa / AA+
AAA
1.62
1.62
912828SY7 US Treasury Note
0.625% Due 5/31/2017
650,000.00 05/13/2013
0.62 %
650,027.57
650,027.57
99.13
0.96 %
644,363.20
1,365.27
0.77 %
(5,664.37)
Aaa / AA+
AAA
2.67
2.63
912828UE8 US Treasury Note
0.75% Due 12/31/2017
625,000.00 08/13/2013
1.28 %
611,061.66
611,061.66
98.41
1.25 %
615,038.75
1,184.61
0.74 %
3,977.09
Aaa / AA+
AAA
3.25
3.19
912828UR9 US Treasury Note
0.75% Due 2/28/2018
925,000.00 04/24/2014
1.32 %
905,166.18
905,166.18
98.09
1.32 %
907,367.65
594.10
1.08 %
2,201.47
Aaa / AA+
AAA
3.42
3.36
912828TB6 US Treasury Note
0.75% Due 6/30/2017
575,000.00 09/17/2013
1.18 %
565,882.79
565,882.79
99.34
1.00 %
571,181.43
1,089.84
0.68 %
5,298.64
Aaa / AA+
AAA
2.75
2.71
912828TG5 US Treasury Note
0.5% Due 7/31/2017
500,000.00 Various
0.70 %
495,462.61
495,462.61
98.48
1.04 %
492,422.00
421.20
0.59 %
(3,040.61)
Aaa / AA+
AAA
2.84
2.80
912810DV7 US Treasury Bond
9.25% Due 2/15/2016
1,000,000.00 04/30/2008
9.25 %
1,000,000.00
1,000,000.00
112.18
0.36 %
1,121,758.00
11,813.86
1.35 %
121,758.00
Aaa / AA+
AAA
1.38
1.31
912828NP1 US Treasury Note
1.75% Due 7/31/2015
1,050,000.00 04/12/2011
1.91 %
1,042,948.83
1,042,948.83
101.37
0.11 %
1,064,355.60
3,095.79
1.28 %
21,406.77
Aaa / AA+
AAA
0.83
0.83
912828UW8 US Treasury Note
0.25% Due 4/15/2016
900,000.00 04/24/2013
0.34 %
897,647.55
897,647.55
99.80
0.38 %
898,207.20
1,038.93
1.07 %
559.65
Aaa / AA+
AAA
1.54
1.53
912828PJ3 US Treasury Note
1.375% Due 11/30/2015
1,055,000.00 05/16/2011
1.63 %
1,043,217.21
1,043,217.21
101.36
0.21 %
1,069,300.52
4,875.05
1.28 %
26,083.31
Aaa / AA+
AAA
1.17
1.16
Total US Treasury 10,280,000.00 1.87 %
10,250,588.52
10,250,588.52 0.59 %
10,412,469.65
30,514.24
12.48 %
161,881.13
Aaa / AA+
Aaa
1.92
1.89
US TREASURY
594918AV6 Microsoft Note
1.625% Due 12/6/2018
600,000.00 06/20/2014
1.62 %
600,078.00
600,078.00
99.47
1.76 %
596,799.00
3,114.58
0.72 %
(3,279.00)
Aaa / AAA
AA+
4.19
4.01
Total US Corporate 6,213,000.00 0.86 %
6,313,926.07
6,313,926.07 0.88 %
6,253,156.76
27,209.76
7.50 %
(60,769.31)
Aa2 / AA+
AA
2.11
2.06
US CORPORATE
TOTAL PORTFOLIO 83,166,051.38 0.82 %
83,638,382.97
83,638,382.97 0.46 %
83,520,793.90
177,555.79
100.00 %
(117,589.07)
Aaa / AA+
Aaa
1.05
1.02
TOTAL MARKET VALUE PLUS ACCRUED 83,698,349.69
Holdings Report
As of 9/30/14
City of San Luis Obispo Consolidated
Account #10032
CUSIP Security Description Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
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611 gns Pledge With United Nations —UN Controls Inv... http:// www. capoliticalreview. com /capoliticalnewsandviews /calp...
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Natlonsm–UN Controls Investmentsl
CaIPERS Signs Pledge With United Nations —UN Controls
Investments!
September 29, 2014 By Stephen Frank Leave a Comment
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I bet you thought that CaIPERS made investments decisions based on what is best for
the members and retirees? That is called fiduciary responsibility. Yet, those running the
agency have decided they must answer to a higher power —the United Nations.
CaIPERS has decided to invest government employees pension funds based on global
Politics, Ideciogy and the canard of global warming. In effect, the United Nations is going
to use California pension money to prop up frauds and job killers --like Solyndra.
Corruption has many forts —this is one of the worst — hundreds of billion to be invested
based on politics --of other nations.
"CaIPERS signed a United Nations pledge in Montreal last week to measure the "carbon
footprint" of its $296 billion investment portfolio, with the goal of reporting the results
before a UN climate change conference in Paris late next year.
CaISTRS announced in response to a UN climate summit in New York last week that its
investments in "dean energy and technology," now valued at $1.4 billion, will be
increased to $3.7 billion over the next five years."
Pension Funds Feel Heat on Climate Change Issue
Ed Mendel, Public CEO, 9/29/14
I bet you thought that CaIPERS made investments decisions based on what is best for
the members and retirees? That is called fiduciary responsibility, Yet, those running the
agency have decided they must answer to a higher power —the United Nations.
CaIPERS has decided to invest govemment employees pension funds based on global
polilics, ideology and the canard of global warming. In erect, the United Nations is going
to use Califomia pension money to prop up frauds and job killers -mike Solyndra.
Corruption has many forms —this is one of the worst— hundreds of billion to be invested
based on politics --of other nations.
"CaIPERS signed a United Nations pledge In Montreal last week to measure the "carton
footprint" of its $296 billion investment portfolio, with the goal of reporting the results
before a UN climate change conference in Paris late next year,.
CaISTRS announced in response to a UN climate summit in New York last week that its
investments in "dean energy and technology,' now valued at $1.4 billion, will be
increased to $3.7 billion over the next foe years.'
Pension Funds Feet Heat on Climate ghanae ree.
Ed Mendel, Public CEO, 9/29/14
CaIPERS signed a United Nations pledge in Montreal last week to measure the "carbon footprint" of
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�I�iINA�'1eZ� f'�IS��T�D "1
308,819
1,149,807
824,064
CITY OF SAN WIS OBISPO, CALIFORNIA
48,943
0
48,943
STATEMENT OF NET POSITION
361,579
1,226,216
0
MAY 2014
321,248
20,848
0
Unaudited In
24,823,418
53,210,309
78,033,727
Governmental
Business- type
2,498,400
57,300,000
Activitles
Activities
Total
ASSETS
65,555,000
1,168,102
2,894,300
Cash and cash equivalents
2,849,431
4,111,597
6,961,028
Investments
'34,316,868
49,517,643
83,834,511
Taxes receivable
1,430,543
0
1,430,543
Accounts receivable
1,185,294
1,629,168
2,814,462
Other receivables
92,031
0
92,031
Due from other governments
258,910
0
258,910
Cash and investments held by fiscal agents 2,374,992
2,211,946
4,586,938
Prepaid expenses
71,624
71,624
*/1 Nondepreciable capital assets
41,428,800
8,607,177
50,035,977
*/1 Depreciable capital assets (net
of accumulated depreciation) 127,458,900
165,848,498
293,307,398
TOTAL ASSETS
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable
Accrued salaries
Due to other funds
Unearned revenue
interest Payable
Other liabilities
Non current Liabilities
Due in more than one year
CJPIA retrospective payment
** CalPERS unfunded liability -safety
•* Ca1PERS unfunded liability- miscellaneous
Due within one year
TOTAL LIABILITIES
FUND BALANCES
Net investment in capital assets
Unrestricted fund balance
Reserves
Restricted for Debt Service
211,467,393 231,926,029 443,393,422
195,863
112,956
308,819
1,149,807
824,064
1,973,871
48,943
0
48,943
864,637
361,579
1,226,216
0
321,248
321,248
20,848
0
20,848
24,823,418
53,210,309
78,033,727
2,403,000
95,400
2,498,400
57,300,000
0
57,300,000
47,199,600
18,355,400
65,555,000
1,168,102
2,894,300
4,062,402
135,174,218
16,175,256
211,349,474
142,896,180
118,351,066
261,247,246
(74,244,499)
16,174,908
(58,069,591)
5,344,020
17,964,765
23,308,785
2,297,474
3,260,034
5,557,508
** *TOTAL LIABILITIES AND FUND BALANCES 211,467 ,393 231,926,029 ^ 443,393,422
Fixed assets for General Government are accounted for as expenditures until the year is closed. The values shown are as of 6/30/13
**
Estimated unfunded liability measured at FMV as of 6130/12; amount prorated to enterprise fund based on share of payroll casts.
* ** This information has been taken from the City's General ledger as of 5/31/14, however all required closing entries for that period
have not been posted.
1 Capital assets are valued at cost, per accounting standards;
Note that not all of the mqubW disclosures required by GASB 67 have been incorporated Into this docrrmenL
I
CITY OF SAN WIS OBISPO, CALIFOR )
STATEMENT OF NET POSITION (W I TM l) e PA--W �a1i�n 0tJ F� �✓
MAY 32, 2014
Unaudited Information
ASSETS
Cash and cash equivalents
Investments
Taxes feceivable
Accopnts receivable
Other receivables
Due from other governments
Cash and investments held by fiscal agents
Prepaid expenses
*/1 Nondepreciable capital assets
*/1 Depreciable capital assets (net of accumulated depreciation)
TOTAL ASSETS
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable
Accriled salaries
Due to other funds
Unearned revenue
Interest Payable
Other liabilities
Nan current Liabilities
Governmental Business- type
Activities
Activities
Total
2,849,431
4,111,597
6,961,028Gqj I,
34,316,868
49,517,643
83,834,511 r +! r"411
1,430,543
1,185,294
0
1,629,168
1,430,543
2,814,462 #�wUp 11 s #I
92,031
0
92,031
258,910
2,374,992
0
2,211,946
258,910 d�
4,596:9383.j4,(,6 i1i1 1"
71,624
71624
41,428,800
8,607,177
50,035,977
127,458,900
165,848,498
293,307,398 r 100 qeZ4�.
£ �a t��'vl
211,467,393 231,926,029
3�t Obi ar1✓?
195,863 " 1�1 '2,956
1,149,807 824,064
48,943 0
864,637
20,848
Due in more than one year 24,823,418
CJPIA retrospective payment 2,403,000
•• CaIPERS unfunded liability- safety 615 e f 9,lW2 —"a 57,300,000
* Ca1PERS unfunded liability- miseellaneousat,S �J�� —"� 47,199,600
Due within one year 1,168,102
TOTAL LIABILITIES 135,174,218
FUND BALANCES
Net investment in capital assets
142,896,180
Unrestricted fund balance
(74,244,499)
Reserves
5,344,020
Restricted for Debt Service
2,297,474
443,3932
M)
r 308,819
1,973,871
48 943
361,579
1,226,216
321,248
321,248
0
20,848
53,210,309
95,400
0
18,355,400
2,894,300
76, ShOtAQ 4 56:'
118,351,066
16,174,908
17,964,765
3,260,034
�..��
78,033,727
2,498,400
57,300,"
� 65,555,000 MJ Kl,
1 Z
1,
261,247,246
(58,069,591)�yr�,,tR-$t?
23,308,785 Wdt kr I
5,557,508 It # ;� ��rici
Z $
* **TOTAL LIABILITIES AND FUND BALANCES 211,467,393 231,926,029 443,393,422 . Sc. P1111+ 5r
Fixed assets for General Government are accounted for as expenditures until the year is closed. The values s own are as of 30/13
**
Estimated unfunded liability measured at FMV as of 6130/12; amount prorated to enterprise fund based on share of payroll ' is.
* *� This information has been taken from the City's General ledger as of 5/31/14, however all required closing entries for that Hod
have not been posted.
1 Capital assets are valued at cost, per accounting standards; A -tot, 0
Note that not all of the required disclosures required by CASB 67 have been Incorporate! Into thla doormen
i'`f " 'rl
r / m( +4 If � 104 V
sheet As I Sa/i4 -11 ¢
�
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+1r�tfc C6Itev15 .
2
ANNUAL PAYMENTS BY SOURCE
• GENERAL FUND
2012/2001 Revenue Refunding Bonds Series B & C
Principal
Interest
2004/1994 Refunding Lease Revenue Bonds
Principal
Interest
2005/1996 Lease Revenue Bonds
Principal
Interest
2006 Lease Revenue Bonds -919 Palm Street
Principal
Interest
2009 Lease Revenue Bonds - Public Safety EOC
Principal
Interest
Fire Engine/Truck Lease Financing
Principal
Interest
Fire Engine Lease Financing 2013
Principal
Interest
Capital Lease (I.T. Equipment - proposed)
Principal
Interest
Lease Revenue Bonds 2014 (LOUR proposed)
Principal
Interest
insurance Retrospective Charges
Principal
Public Employees Retirement System
Safety Side Fund Liability
Total Debt Service Fund
Current Adopted Revised
2013 -14 2014 -15 201445
210,000 220,000 220,000
175,800 170,400 170,400
266,400
28,500
Change
Variance %
275,000
285,000
285,000
192,800
183,100
183,100
170,200
174,800
174,800
290,200
283,400
283,400
482,200
494,900
494,900
355,700
340,000
340,000
105,000
110,000
110,000
23,900
20,800
20,800
100,000
108,050 8,050 8%
26,000
8,653 (17,347) -67%
156,000
156,000
156,000
28,500
28,500
28,500
371,000
250,000 (121,000) -33%
2,443,259 2,443,259
934 506 300 000 300,000
3,694,706 2,963,900 5,576,862 e 2,612,962 88%
3
DEBT SERVICE REQUIREMENTS
PAYMENTS BY SOURCE
' F,R lLJi' D
Insurance Retrospective Charges
Principal
Interest
2012 Revenue Refunding Bonds
Principal
Interest
2006 Water Treatment Plant Upgrade
Principal
Interest
2009 Lease Revenue Bonds - Public Safety EOC
Principal
Interest
Water Reuse Project Loan
Principal
Interest
Total Water Fund
Current Adopted Revised
2013 -14 2014 -15 2014 -15
Change
Variance %
380,000
400,000
400,000
184,800
169,600
169,600
390,000
405,000
405,000
644,600
629,000
629,000
38,200
39,200
39,200
28,300
27,000
27,000
390,700
400,500
400,500
134,800
125,000
125,000
2,191,400
2,195,300
2,195,300''
DEBT SERVICE REQUIREMENTS
ANNUAL PAYMENTS BY SOURCE
Current Adopted Revised Change
2013 -14 2014 -15 2014 -15 Variance %
SEWER FUND
Insurance Retrospective Charges
Principal
Water Reclamation Facility Upgrade
Principal
Interest
Installment Sale Agreement - Tank Farm Lift Station
Principal
120,000
125,000
125,000
Interest
65,600
60,400
60,400
CIEDB State Loan - Tank Farm Lift Station
Principal
241,700
249,500
249,500
Interest
319,400
310,800
310,800
Energy Conservation Lease
Principal
Interest
2009 Lease Revenue Bonds - Public Safety EOC
Principal
43,300
44,500
44,500
Interest
32,100
30,600
30,600
Water Reclamation Facility Energy Upgrade (proposed)
Principal
386,200
373,000 (13,200) -3%
Interest
152,400
243,300
211,500 31,800 -13%
Total Sewer Fund
974,500
1,450,300
1,405,300 (45,000) -3%
—
V--
PC fow- F
S'
fly
fYi'1 Cg4,U1d
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"e"
Ra P +
5
ANNUAL PAYMENTS BY SOURCE
Current
Adopted Revised Change
2013 -14
2014 -15 2014 -15 Variance %
pARKING FUND
2004/1994 Refunded Lease Revenue Bonds
Principal
485,100
Interest
17,000
Insurance Retrospective Charges
Principal
CIEDB State Loan
229,900
236,900 236,900
Principal
192,300
185,500 184,500 (1,000)
Interest
2006 Lease Revenue Bonds -919 Palm Street
Principal
199,800
205,200 205,200
340,600
332,600 332,600
Interest
2009 Lease Revenue Bonds - Public Safety EOC
Principal
5,700
5,800 5,800
Interest
4.200
4 100 4,100
Total Parking Fund
1,474,600
970,100 969,100 (1,000)
TOTAL DEBT SERVICE REQUIREMENTS
8„335,206
7,579,600 10,146,562 2,566,962 34%
Note: All General Fund debt service payments are
accounted for in the Debt Service Fund.
WTI
h CW 4 ar f , yMrurs : Iy. 0 5'
P�
DESCRIPTION OF DEBT OBLIGATIONS
1993 Water Revenue Bonds
Refunded in 2002 and 2012
• Purpose: Upgrade the City's water treatment plant to meet water quality standards.
• Maturity Date: 2023
• Original Principal Amount:. $10,890,000
• July 1, 2014 Principal Outstanding: $5,300,000
• Interest Rate: 2.0% to 4.0%
• Funding Source: Water Fund
19% Lease Revenue Bonds
Refunded in 2005
Purpose: Construct a new headquarters fire station and other City acquisitions.
• Maturity Date: 2026
e Original Principal Amount: $7,100,000
• July 1, 2014 Principal outstanding: $4,395,000
• Interest Rate: 3.4% to 4.5%
• Funding Source: General Fund
1999 Series C Lease Revenue Bonds
Refunded in 2001 and 2012: Series C Lease Revenue Bonds
• Purpose: Purchase property and build athletic fields; purchase property for police station expansion; purchase
Downtown Plan properties
• Maturity Date: 2029
• original Principal Amount: $6,745,000
• July 1, 2014 Principal outstanding: $4,630,000
• Interest Rate: 2.0% to 4.0%
• Funding Source: General Fund
2001 State Infrastructure Bank (CIEDD) Loan
• Purpose: Expand Marsh Street parking structure
• Maturity Date- 2031
• Original Principal Amount: $7,765,900
• July 1, 2014 . Principal Outstanding: '$5,582,274
• Interest Rate: 3.37% (including annual loan fees)
• Funding Source: Parking Fund
2013 Water Reclamation Facility Energy Improvement Installment Sale Agreement
purpose: Construct energy conservation improvements at this facility.
• Maturity Date; 2028
• Original Principal Amount: $7,479,000
• July 1, 2014 Principal Outstanding: $7,479,000
• Interest Rate: 2.9%
• Funding Source: Sewer Fund
7
DESCRIPTION OF DEBT OBLIGATIONS
2005 Water Resources Control Board Loan
• Purpose: Construct water reuse project.
• Maturity Date: 2024
• Authorized Principal Amount: $8,883,200
• July 1, 2014 Principal Outstanding: $4,9��3�
• Interest Rate: 2.5%
• Funding Source: Water Fund
2006 Lease Revenue Bonds - - --
• Purpose: Parking Structure and City Offices
• Maturity Date: 2036
• Original Amount: $16,160,000
• July 1, 2014 Principal Outstanding: $13,650,000
• interest Rate: 4.0% to 4.7%
• Funding Source: General and Parking Funds
2006 Water Revenue Bonds
• purpose: Water Treatment Plant Improvements
• Maturity Date: 2036
• Original Amount: $16905,000
• July 1, 2014 Principal Outstanding: $14,235,000
• interest Rate: 3.75% to 4.625%
• Funding Source: Water Funds
2008 Installment Sale Agreemtnr
• Purpose: Tank Farris Lift Station and Force Main Project
• Maturity Date: 2023
• Originai Amount: $2,050,000
• July 1, 2014 . Principal Outstanding: $1,500,000
• Interest Rate: 4.2%
• Funding Source: Sewer Funds
2008 State Infrastructure Bank(CIEDB) Loan
• Purpose: Tank Farm Lift Station and Force Main Project
• Maturity Date: 2038
• Original Principal Amount: $10,000,000
• July 1, 2014 Principal Outstanding: $8,865,300
• Interest Rate: 3.25% (including annual loan fees)
• Funding Source: Sewer Fund
2009 Lease Revenue Bonds
• Purpose: Public Safety Communications and Emergency Operations Center
• Maturity Date: 2039
Original Amount: $10,705,000
• July 1, 2014 Principal Outstanding: $8,085,600
• Interest Rate: 3.00% to 5.75%
2 J
DEBT SERVICE DESCRIPTION
DESCRIPTION OF DEBT OBLIGATIONS
• Funding Source: General, Water, Sewer, Parking Funds
2010 Fire Engine/Track Lease Financing
• Purpose: Purchase of fire apparatus with 100 -foot ladder
• Maturity Date: 2020
• Original Amount: $1,080,000
• July 1, 2014 Principal Outstanding: $695,000
• Interest Rate: 2.99%
• Funding Source: General Fund
2013 Fire Engine Lease Financing
• Purpose: Purchase of replacement fire apparatus
• Maturity Date: 2018
• Original Amount: $548,351
• July I, 2014 Principal Outstanding: $548,351
• Interest Rate: 2.108%
• Funding Source: General Fund
Retrospective Insurance .Program Charges
• Purpose: To maintain adequate funding of the workers compensation and liability programs
• Maturity Date: July 2018
• Original Amount: $3,121,571
• July 1, 2014 Principal Outstanding: $2,498,400(All Funds)
• Interest Rate: 1.99%
• Funding Source: General Fund and Enterprise Funds
As part of the Financial Forecast, staff has identified the need to use debt financing to either construct or acquire
capital assets, which include the following:
• Mobile Data Computers
• Los Osos Valley Road Interchange Improvements
Staff will work with the City's financial advisor Public Financial Management (PFM) to determine the most cost-
effective way to finance these items within the requirements of the City's debt management policies.
in L!r Debt - 6130113
aI Government Funds
2004 Lease Revenue Bond
X005 Revenue Refunding Bond
Y006 Lease Revenue Bands
2009 GaBS a Revenue bonds. (Share with Sewer, Parking, and
2012 Lease Revenua Bands
2010 Fire Apparatus Lease Purchase Financing
Police Vehicle Lease Purchase Financing
2013 Flre Englnu Lease Purchase Financing
ansated Absences
mia Join Powers Insurance Authority -2014
mia Join Powers Insurance Authority -2013
Total General Fund
Business 1
Water Fund
Revenue Bonds
SW RCS W ate Reuse Loan
2006 Water Revenue Bonds
2009 Lease revenue bonds. (Share with 5 ewer, GF. and Parking)
2012 Water Revenue Refunding Bonds.
ensateid Absences
Total Water Fund
ig Fund
C(EDB Loan- Tank Farm Lint Statkrn
2004 Lease Revenue Bond (Share with GF -)
2006 Lease Revenue Bond
2009 Lease revenue bonds. (Share wish Sewer,GF, and Water)
anaated Absences
Total Parking Funs
Fund
iuntrust 2008 Bond
:009 Lease Revenue Bonds, (Share with Water, GF. and Parfang)
009 I -Bank Loan Tank Farm lift station
JS Bank 2013 Wastewater Lease
nsaated Absences
Total Sewer Furn
ited Absences- Transit Fund
Joint Powers Insurance Authority . 2014 Enterprise
Total Long Terra Deb
Schedule doesn't include the PER$
Balance
ti/30H3
284,900
4.670.000:
6,449,200
7.330.800
4.840.000
800,000
23.400
2,537,600
2,025,100
28,961,000
Additions
583,510'
377.900
981,410
Ref ind'mg
0
Deletions
(284.900)
(275,000)
(170,200)
(482.790)
(210.000)
(105,000)
(1,527,890}
Balance
6130!14
-
4,395,000
6.279,000
6.849.010
4.630,000
695,000
23,400
583,510
2.537,600
377,900
2,025,100
28,394,520
5,390,014
(390.707)
4.999.307
14,625,000
(390,00
14,235,000
579,885
(38.190)
541,695
4,620.000
(380,000)
4,240,000
254,900
254,900
25,469,799
(1.198,897)
24,270,902
5,812,074
(229,855)
5,562,219
485.100
(486,1001
-
7,570,800
(199,8001
7,371,000
86,550
(5.700)
80,850
52.800
52.800
14,007,324
D
0
(920.455)
13,086,869
1,620,000
(120,000)
1,500,000
657.800
(43,320)
614,480
9.106,9.51
(241,692)
805259
7,479,000
7.479,000
282,900
282,900
11,667,651
7,479,000
0
(405,012)
18.741,639
5,200
95,400
W80.110,974
(4,052,255)
84.594.529
k
CITY OF SAN LUIS OBISPO
GENERAL GOVERNMENT FIXED ASSETS
Acclun
Net
Land:
6130113
Asset
G6n Govt
7,106,131
7,106,131
Open Space
7,978,631
7,978,631
Pick & Rec
15,065,038
15,065,038
GOLF Land
1,389,500
1,389,500
Bikeways
504,548
504,548
Si6total Land
32,043,848
0
32,043,848
Buildings
35,140,762
(15,126,255)
20,014,507
Public Art
646,666
0
646,666
Infrastructure
9,854,902
(3,883,948)
5,970,954
Improv
Park Parks
1,413,700
(37,178)
1,376,522
Dail
Golf Course Improvements
322,633
(452)
322,181
Ppvcment
76,679,512
(22,216,969)
54,462,543
Curb & Gutter
2,154,818
(284,065)
1,870,753
Sidewalks
4,000,056
(725,804)
3,274,252
Street lights
1,697,626
(435,937)
1,261,689
Tragic signals
3,334,607
(1,059,367)
2,275,240
Bridges
24,002,539
(9,198,522)
14,804,017
Landscaped Medians
647,790
(61,945)
585,845
8ltreet trees
3,002,897
0
3,002,897
1,245,473
(63,336)
1,182,137
Bikeways
41,610
41,610
Pipeline
Pump/Lift Stations
75,063
(9,006)
66,057
Pipelines -Creek & Flood Prot.
7,854,108
(2,695,352)
5,158,756
Catch basins
1,774,230
(416,466)
1,357,764
functions
667,250
(168,017)
499,233
Manholes -Creek &flood
566,156
(128,355)
437,801
Crock improv
1,117, 152
(223,799)
893,353
Parking lot
Parking lot
158,510
(9,511)
148,999
140,610,632
(41,618,028)
98,992,604
Equipment
10, 129,883
(6,473,144)
3,656,739
Vehicles
Vic Vehicles
210,058
(152,618)
57,440
8,235,072
(4,328,933)
3,906,139
Computers
0
GOLF Computers
0
32,086
(23,631)
8,455
OLF Misc
001,17
(3,351,787)
823,003
misc
,
22,781,888
(14,330,112)
8,451,776
Fgrupment
II
r
CITY OF SAN WIS OBISPO
GENERAL GOVERNMENT FIXED ASSETS
Accum Net
Land: 1 6130/13 Deprc Asset
Co6struction in Progress 8,738,275 8,738,275
Total Gov. Fixed Assets 239,962,071 (71,074,296) 16MB7,676
BUSINESS FIXED ASSETS
WATER FUND
Ladd
915,926
915,926
Buidings
19,134,912
(6,804,264)
12,330,648
Infix structure
0
0
Pavement
809,202
(118,381)
690,821
04idges
56,023
(16,807)
39,216
Pipelines
42,312,801
(13,876,294)
28,436,507
Lift Stations
1,637,864
(790,509)
847,355
Treatment Plant
45,420,369
(13,950,488)
31,469,881
Reservoirs
1,633,889
(492,856)
1,141,033
Storage Tanks
2,803,417
(847,201)
1,956,216
Groundwater wells
58,686
(29,329)
29,357
Hydrants
446,593
(220,407)
226,186
Manholes
46,100
(2,766)
43,334
Creek Improvements
859,970
(687,976)
171,994
Equipment
0
Vehicles
1,157,014
(603,678)
553,336
Computers
862,706
(544,782)
317,924
NO=
1,710,851
(1,172,321)
538,530
C1P
542,532
542,532
Whale Rock
0
0
Water Fund Total
120,408,855
(40,158,061)
80,250,794
SEWER FUND
Land
2,176,089
2, 176,089
Buildings
5,024,388
(1,546,730)
3,477,658
Infrp structure
0
0
Pavement
531,131
(127,681)
403,450
Sever Lines
15,964,325
(4,602,662)
11,361,663
Lift"•Stations
15,944,135
(3,216,247)
12,727,888
Treatment Plant
35,999,025
(11,802,805)
24,196,220
Sever Manholes
1,908,446
(941,477)
966,969
Creek Improvmts
22,565
22,565
Equipment:
0
Vehicles
1,571,526
(1,133,281)
438,245
�2
CITY OF SAN LUIS OBISPO
5,016,212
(1,502,083)
3,514,129
GENERAL GOVERNMENT FIXED ASSETS
74,084
0
Net
E91opment
7,017,820
(2,793,342)
4,224,478
EAccum
6130113
D rc
A850t
Land:
688,127
(349,391)
338,736
computers
1,723,687
(1,562,944)
160,743 1
Mom
2,773,249
(4,822, 592)
2,773,249
CIP
Sewer Fund Total
84,326,693
(25,283,219)
59,043,474
i-
TRANSIT
15,531
( 3,10 �
12,424
PA4tKiNG
5,016,212
(1,502,083)
3,514,129
Buildings
74,084
0
0
E91opment
7,017,820
(2,793,342)
4,224,478
Vehicles
41,903
(24,657)
17,246
Computers
1,248,530
502,511
( )
746,019
14�
1i
36,300
(7,506,948)
36,300
Clh
(3,360,765
(4,822, 592)
8,538,173
Transit Fund Total
212,798
( 1. 007,690)
212,798
PA4tKiNG
Bualn"s-type activities combined
5,515,137
0
5,515,137
Land
74,084
0
74,084
Public Art
876,979
(594,417)
282,562
Buildings
0
(10,461,894)
0
Infrastructure
2,499,020
(1,240,131 )
1,258,889
Lots
26,070,331
(7,506,948)
18,563,383
Garages
598,009
(340,365)
257,644
meters
212,798
( 1. 007,690)
212,798
signals
15,531
( 3,10 �
12,424
Pipelines
0
Equipment
117,387
(98,984)
18,403
Vchicles
138,257
(88,861)
49,396
computers
32,352
( 32,104)
248
mist
378,072
378,072
C1P
36,527,957
(9,904,916)
26,623,041
Packing Fund Total
Bualn"s-type activities combined
0
8,607,152
8,607,152
Land
74,084
0
74,084
Pdblic Art
30,052,491
(10,461,894)
19,590,597
Buildings
195,850,230
(60,749,295)
135,100,935
lo�fmstrucwe
0
Equipment
9,863,747
(4,625,269)
5,238,478
Vehicles
],730,993
( 1. 007,690)
723,303
'Computers
4,715,420
(3,324,640)
1,390,780
Use
IN
CITY of SAN LUIS OBISPO
G$NERAL GOVERNMENT FIXED ASSETS
Accum Net
mod; 6/30113 Dopm Asset
C1P 3,730.153 0 3,730,153
Total Badness Fixed Assets 254,624,270 (89,16%789 [r7 1744455,631
raw "U $
,!I
pv, C �rV ASS
Responses to fixed asset questions https:Hmail.aol -corn/ 38707 - 316/ aol- 6/en- us/maii�PrintMess�gerspx
From: Padilla, Wayne <wpadilla@slocity.org>
To: barascharc <barascharc@aol.com>
subject: Responses to fixed asset questions
Date: Tue, Jul 22, 20141:55 pm
Steve — with respect to your questions #3 and #4, I have the following responses:
ka
I Of I
#3 How were the City's fixed assets calculated? The following is an excerpt from the notes to the latest CAFR:
assets for the City were valued at one of two dates: 1) the original YN to
date of construction, if available, or 2) the incorporation date of the 1 o O�� P U� ��
City. Each asset was reviewed to determine the adequacy of the data j/G(/) V a-'f % �� T�
tK L7
to value the asset prior to 3u[ 1 _1980 using historical cost or
estimated historical cost.
The City records the value of each new asset at its completed cost.
#4 What was the basis for calculating accumulated depreciation?
Straight -line depreciation is used for the asset classes shown below:
,Assets Years
Infrastructure 20 -100 ?
Buildings and structures 20-50
Improvements other than buildings 10 -100 7+I"'
Equipment
Vehicles, dependent upon type
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