internal accounting report memo 1 21 10...accounting report and the investment report for the fy...

M:\Meetings\Memo to CAC\2010\01-Jan 2010\Internal Accounting Report Memo.doc of 5

Memorandum

Date: 1.21.10 RE: Citizens Advisory Committee January 27, 2010

To: Citizens Advisory Committee

From: Cynthia Fong – Deputy Director for Finance and Administration

Subject: INFORMATION – Internal Accounting Report and Investment Report for the Six Months Ended December 31, 2009

Summary The Authority’s Fiscal Policy directs staff to give a quarterly report of expenditures including a comparison to the approved budget. The Authority’s Investment Policy directs that a review of portfolio compliance be presented along with the quarterly report. The Internal Accounting Report for the six months ended December 31, 2009, is presented for information.

BACKGROUND

The Authority’s Fiscal Policy (Resolution 08-04) establishes an annual audit requirement, and also directs staff to report to the Finance Committee, on at least a quarterly basis, the Authority’s actual expenditures in comparison to the approved budget. The Authority’s Investment Policy (Resolution 08-38) directs a review of portfolio compliance with the Investment Policy in conjunction with, and in the context of, the quarterly expenditure and budgetary report.

Internal Accounting Report: Using the format of the Authority’s annual financial statements for governmental funds, the Internal Accounting Report includes two tables, a Balance Sheet (Table 1) and a Statement of Revenues, Expenditures, and Changes in Fund Balances, with Budget Comparison (Table 2). In Table 2, the last two columns show, respectively, the budget values, and the variance of revenues and expenditures as compared to the approved budget. For the six months ended December 31, 2009, the numbers in the approved budget column are one-half of the total annual budget for Fiscal Year (FY) 2009/10. Although the sales tax accrual is included for the six month total, the Internal Accounting Report does not include the Governmental Accounting Standards Board (GASB) Statement Number 34 adjustments, or the other accruals, that are done at year end. The Balance Sheet values as of December 31, 2009 are used as the basis for the Investment Policy compliance review.

Investment Report: The investment policies and practices of the Authority are subject to and limited by applicable provisions of state law, and to prudent money management principles. All investable funds are invested in accordance with the Authority’s Investment Policy and applicable provisions of Chapter 4 of Part 1 of Division 2 of Title 5 of the California Government Code (Section 53600 et seq.). Any investment of bond proceeds will be further restricted by the provisions of relevant bond documents.

In managing its investment program, the Authority observes the “Prudent Investor” standard as stated in Government Code Section 53600.3, applied in the context of managing an overall portfolio. Investments are to be made with care, skill, prudence and diligence, taking into account the prevailing circumstances, including, but not limited to general economic conditions, the anticipated needs of the Authority and other relevant factors that a prudent person acting in a fiduciary capacity and familiar with those matters would use in the stewardship of funds of a like character and purpose.


The primary objectives, in priority order, for the Authority’s investment activities are:

1) Safety. Safety of the principal is the foremost objective of the investment program. Investments of the Authority will be undertaken in a manner that seeks to ensure preservation of the principal of the funds under its control.

2) Liquidity. The Authority’s investment portfolio will remain sufficiently liquid to enable the Authority to meet its reasonably anticipated cash flow requirements.

3) Return on Investment. The Authority’s investment portfolio will be managed with the objective of attaining a market rate of return throughout budgetary and economic cycles commensurate with the Authority’s investment risk parameters and the cash flow characteristics of the portfolio.

Permitted investment instruments are specifically listed in the Authority’s Investment Policy, and include the San Francisco City and County Treasury Pool, certificates of deposit (CDs), and money market funds.

The purpose of this memorandum is to provide the Citizens Advisory Committee with the Internal Accounting Report and the Investment Report for the FY 2009/10 period ended December 31, 2009.

DISCUSSION

The Balance Sheet, Table 1, presents assets, liabilities, and fund balances as of December 31, 2009. Cash, deposits and investments total to $121.7 million as of December 31, 2009. Other assets total $37.1 million and includes $3.6 million in an intergovernmental loan receivable from the Treasure Island Development Authority for the project management and oversight, engineering and environmental services costs for the Yerba Buena Island Improvement Ramps Project. Liabilities total $171.2 million as of December 31, 2009 and include outstanding commercial paper repayment obligations of $150 million. There is a deficit of $12.5 million in total fund balances, which is largely the result of how multi-year programming commitments are accounted for. This amount is obtained as follows: $20.6 million has been reserved for contractual encumbrances, $307,830 is reserved for debt service, $1.5 million is reserved for the capital projects, $3.6 million is reserved for an intergovernmental loan and $38.4 million is an unreserved negative fund balance. The unreserved negative fund balance reflects grant-funded capital projects that are scheduled to be implemented over the course of several fiscal years. The commitments are multi-year commitments and are funded with non-current (i.e. future) revenues. Commitments of future revenues are tracked through the grant administration process, and there is no issue with the availability of future revenues to honor them. Therefore, the negative fund balance is only the result of how these commitments are accounted for, and it does not affect the viability of the projects or grants.


Table 1

CongestionSales Management TransportationTax Agency For Clean Air

Program Programs Program TotalAssets:Cash in bank 1,082,622$ -$ 2,126,691$ 3,209,313$ Deposits and investments with City Treasurer 118,179,997 - - 118,179,997 Restricted investments with fiscal agent 307,830 - - 307,830 Sales tax receivable 10,322,800 - - 10,322,800 Interest receivable from:City and County of San Francisco 154,081 - - 154,081 State Transportation Improvement Program 2,210,670 - - 2,210,670

Intergovernmental loan receivable 3,620,277 - - 3,620,277 Program receivables - 11,901,924 402,642 12,304,566 Due from other funds 6,854,638 1,587,997 - 8,442,635 Prepaid costs 1,275 - - 1,275

Total assets 142,734,190$ 13,489,921$ 2,529,333$ 158,753,444$

Liabilities and Fund Balances:Liabilities:Accounts payable 1,656,782$ 1,200,865 221,445$ 3,079,092$ City and County of San Francisco - - - -

Accrued salaries and taxes 133,788 - - 133,788 Interest payable 43,573 - - 43,573 Due to other funds 2,123,532 5,895,623 423,480 8,442,635 Commercial paper notes payable 150,000,000 - - 150,000,000 Deferred revenue 2,218,490 6,898,000 402,642 9,519,132

Total liabilities 156,176,165 13,994,488 1,047,567 171,218,220

Fund Balances:Reserved for:Encumbrances 1,277,442 19,277,588 - 20,555,030 Debt service 307,830 - - 307,830 Capital projects - - 1,481,766 1,481,766 Intergovernmental loan 3,620,277 3,620,277

Unreserved (18,647,524) (19,782,155) - (38,429,679)

Total fund balances (13,441,975) (504,567) 1,481,766 (12,464,776)$

Total liabilities and fund balances 142,734,190$ 13,489,921$ 2,529,333$

SAN FRANCISCO COUNTY TRANSPORTATION AUTHORITY

Balance Sheet (Unaudited)Governmental FundsDecember 31, 2009

Internal Accounting Report

The Statement of Revenues, Expenditures, and Changes in Fund Balance, with Budget Comparison, compares budget to actual levels for revenues and expenditures for the first six months of the fiscal year. Sales tax revenues total $32.3 million for the six months ended December 31, 2009. Other revenues total $9.2 million. As of December 31, 2009, the Authority incurred $30.6 million of expenditures. Expenditures included $27.3 million in capital projects costs, $277,738 of interest and fiscal charges, and $3.1 million for personnel and non-personnel expenditures.


Table 2

Congestion Variance WithSales Management Transportation Final BudgetTax Agency For Clean Air Positive

Program Programs Program Total Budget (Negative)Revenues and resources:

Sales tax 32,315,189$ -$ -$ 32,315,189$ 36,430,246$ (4,115,057)$ Investment income 977,211 - 16,495 993,706 868,681 125,025 Program revenues - 8,212,302 - 8,212,302 23,147,676 (14,935,374)

Total revenues and resources 33,292,400 8,212,302 16,495 41,521,197 60,446,603 (18,925,406)

Expenditures and charges to appropriations:Current - transportation and capital projects:

Personnel expenditures 1,320,217 729,315 17,765 2,067,297 2,604,678 537,381 Non-personnel expenditures 1,017,653 23,502 333 1,041,488 1,188,038 146,550 Capital project costs 18,971,802 7,964,052 327,158 27,263,012 102,302,438 75,039,426

Debt service:Interest and fiscal charges 277,738 - - 277,738 3,972,300 3,694,562

Total expenditures and charges to appropriations 21,587,410 8,716,869 345,256 30,649,535 110,067,454 79,417,919

Net change in fund balances 11,704,990 (504,567) (328,761) 10,871,662$ (49,620,851)$ (98,343,325)$

Fund balances, beginning of year (25,146,965) - 1,810,527

Fund balances, as of December 31, 2009 (13,441,975)$ (504,567)$ 1,481,766$

For the Six Months Ended December 31, 2009

Internal Accounting ReportStatement of Revenues, Expenditures,

SAN FRANCISCO COUNTY TRANSPORTATION AUTHORITY

and Changes in Fund Balances with Budget Comparison (Unaudited)Governmental Funds

For the six months ended December 31, 2009, revenues were less than budgetary estimates by $18.9 million for all of the Authority’s programs. Though the variance is rather large, the grant award amounts have not changed. The Authority must receive contractor invoices and pay expenditures before it can submit reimbursement requests on state or federal grants. State and Federal agencies do not always reimburse on a schedule matching the budgetary expenditure estimates. For the six months ended December 31, 2009, total expenditures were less than the budgetary estimates by $79.4 million. This amount includes a favorable variance of $537,381 for personnel expenditures attributed to five vacant positions, $146,550 of non-personnel expenditures, $3.7 million of interest and fiscal charges, and $75 million in capital project costs. The variance in capital project costs does not include reimbursement requests from project sponsors that have not yet been received by the Authority for the second quarter. Consistent with prior year patterns, Authority staff anticipates a higher level of Prop K reimbursement requests during the next quarter.


As of December 31, 2009, approximately 97% of the Authority’s investable assets were invested in the City and County of San Francisco Treasury Pool. Other investment assets include a money market investment pool held by Deutsche Bank per the terms of the Authority’s Commercial Paper indenture. These investments are in compliance with both the California Government Code and the Authority’s Board-adopted Investment Policy, and provide sufficient liquidity to meet expenditures requirements for the next six months. Attachment 1 is the most recent investment report furnished by the Office of the Treasurer.

ALTERNATIVES

Not applicable – This is an information item.

FINANCIAL IMPACTS


RECOMMENDATION


Attachment: 1. Investment Report for December 31, 2009

Office of the Treasurer & Tax CollectorCity and County of San Francisco José Cisneros, Treasurer

Pauline Marx, Chief Assistant TreasurerNewlin Rankin, Chief Investment Officer

Investment Report for the month of December, 2009 January 13, 2010

The Honorable Gavin Newsom The Honorable Board of SupervisorsMayor of San Francisco City and County of San FranciscoCity Hall, Room 200 City Hall, Room 2441 Dr. Carlton B. Goodlett Place 1 Dr. Carlton B. Goodlett PlaceSan Francisco, CA. 94102-0917 San Francisco, CA. 94102-0917

Ladies and Gentleman,

This correspondence and its attachments show the investment activity for fiscal year-to-date of the portfolios under theTreasurer's management.

(in $ millions unless specified)

INCOME Pooled Fund All Funds Pooled Fund All FundsInterest Received 23.21 24.73 4.20 4.22 Total Net Earnings 19.45 20.88 3.56 3.71 Earned Income Yield (in %) 1.34 1.36 1.27 1.27 Current Yield to Maturity (in %) 1.39 1.38

PRINCIPALCost of Securities * 3,419 3,577 Unamortized Book Value 3,421 3,579 Market Value ** 3,411 3,570 Accrued Interest 10 11 Total Value (Market Value + Accrued Interest) 3,422 3,581 Average Daily Balance 2,872 3,057 3,297 3,455 Average Age of Portfolio (in days) 672 662 669 660

* Cost of Securities = Current Amortized Book Value less Cash in Bank Accounts

** Less Cash in Bank Accounts

In accordance with provisions of California State Government Code Section 53646, we forward this report detailing theCity’s investment portfolio as of 12/31/2009 These investments are in compliance with California Code and ourstatement of investment policy, and provide sufficient liquidity to meet expenditure requirements for the next six months.

Very truly yours,

José CisnerosTreasurer

cc: Harvey Rose, Budget Analyst

Ben Rosenfield, Controller

Controller – Internal Audit Division: Tania Lediju

Oversight Committee: J. Grazioli, Dr. Don Q. Griffin, Ben Rosenfield, T. Rydstrom, R. Sullivan

Transportation Authority – Cynthia Fong, San Francisco Public Library – 2 copies

Fiscal Year to Date Month Ending 12/31/2009

City Hall Room 140, 1 Dr. Carlton B. Goodlett Place, San Francisco, CA., 94102(415) 554-4478

Office of the Treasurer & Tax CollectorCity and County of San Francisco José Cisneros, Treasurer

Pauline Marx, Chief Assistant TreasurerNewlin Rankin, Chief Investment Officer

Investment Report for the month of December, 2009 January 13, 2010

The Honorable Gavin Newsom The Honorable Board of SupervisorsMayor of San Francisco City and County of San FranciscoCity Hall, Room 200 City Hall, Room 2441 Dr. Carlton B. Goodlett Place 1 Dr. Carlton B. Goodlett PlaceSan Francisco, CA. 94102-0917 San Francisco, CA. 94102-0917

Ladies and Gentleman,

This correspondence and its attachments show the investment activity for fiscal year-to-date of the portfolios under theTreasurer's management.

(in $ millions unless specified)

INCOME Pooled Fund All Funds Pooled Fund All FundsInterest Received 23.21 24.73 4.20 4.22 Total Net Earnings 19.45 20.88 3.56 3.71 Earned Income Yield (in %) 1.34 1.36 1.27 1.27 Current Yield to Maturity (in %) 1.39 1.38

PRINCIPALCost of Securities * 3,419 3,577 Unamortized Book Value 3,421 3,579 Market Value ** 3,411 3,570 Accrued Interest 10 11 Total Value (Market Value + Accrued Interest) 3,422 3,581 Average Daily Balance 2,872 3,057 3,297 3,455 Average Age of Portfolio (in days) 672 662 669 660

* Cost of Securities = Current Amortized Book Value less Cash in Bank Accounts

** Less Cash in Bank Accounts

In accordance with provisions of California State Government Code Section 53646, we forward this report detailing theCity’s investment portfolio as of 12/31/2009 These investments are in compliance with California Code and ourstatement of investment policy, and provide sufficient liquidity to meet expenditure requirements for the next six months.

Very truly yours,

José CisnerosTreasurer

cc: Harvey Rose, Budget Analyst

Ben Rosenfield, Controller

Controller – Internal Audit Division: Tania Lediju

Oversight Committee: J. Grazioli, Dr. Don Q. Griffin, Ben Rosenfield, T. Rydstrom, R. Sullivan

Transportation Authority – Cynthia Fong, San Francisco Public Library – 2 copies

Fiscal Year to Date Month Ending 12/31/2009

City Hall Room 140, 1 Dr. Carlton B. Goodlett Place, San Francisco, CA., 94102(415) 554-4478

Attachment 1

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42150 01/23/09 1.9700 F H L M C 01/23/12 50,000,000.00 50,000,000.00 1.962 10/23/09 738,750.00 306,444.44

42149 01/23/09 1.9700 F H L M C 01/23/12 50,000,000.00 50,000,000.00 1.962 10/23/09 738,750.00 306,444.44

42151 01/30/09 2.3000 FHLMC Bonds 01/30/12 50,000,000.00 50,000,000.00 2.293 10/30/09 862,500.00 380,138.89

42165 03/24/09 2.2000 J P MORGAN CHASE TLGP 06/15/12 25,000,000.00 25,119,000.00 2.025 275,000.00 256,428.33

42163 03/06/09 1.3200 COLLATERAL C Ds 09/02/09 25,000,000.00 25,000,000.00 1.338 MATURED 165,000.00 57,750.00

42148 01/23/09 1.9700 F H L M C 01/23/12 50,000,000.00 50,000,000.00 1.962 10/23/09 738,750.00 306,444.44

42132 01/02/09 4.3300 F N M A 07/28/11 20,000,000.00 20,376,080.00 -15.849 07/28/09 56,920.00 -238,884.11

42131 12/30/08 4.3300 F N M A 07/28/11 30,000,000.00 30,568,710.00 -15.946 07/28/09 80,790.00 -360,568.05

42133 01/02/09 4.3300 F N M A 07/28/11 50,000,000.00 50,940,200.00 -15.849 07/28/09 142,300.00 -597,210.27

42135 12/31/08 4.8750 T NOTE 08/15/09 50,000,000.00 51,414,062.50 .376 07/21/09 -207,398.14 10,597.74

42134 12/31/08 4.8750 T NOTE 08/15/09 25,000,000.00 25,707,031.25 .376 07/21/09 -103,699.07 5,298.87

42182 04/02/09 2.1500 BK OF THE WEST.BNP 2.15 03/27/12 5,000,000.00 5,026,950.00 1.941 52,256.94 49,200.63

42181 04/02/09 2.1250 C 2.125 04.30.12 TLGP 04/30/12 25,000,000.00 25,117,500.00 1.946 265,625.00 246,390.12

42183 04/02/09 2.1500 BK OF THE WEST.BNP 2.15 03/27/12 20,000,000.00 20,108,000.00 1.941 209,027.78 196,768.81

42190 04/21/09 3.0000 FHLMC 3 5NC1 04/21/14 50,000,000.00 50,000,000.00 2.976 750,000.00 750,000.00

42184 04/13/09 1.2000 FEDERAL FARM CR BKS GLOB 10/13/10 50,000,000.00 50,000,000.00 1.217 07/13/09 150,000.00 20,000.00

42178 04/14/09 2.1250 JPM 2.125 12.26.12 TLGP 12/26/12 25,000,000.00 24,992,250.00 5.839 11/06/09 519,590.28 511,764.69

42170 03/16/09 2.0000 MORGAN STANLEY FDIC GTD 09/22/11 25,000,000.00 25,037,750.00 1.921 250,000.00 242,450.00

42166 03/24/09 2.2500 GENL ELEC CAP CORP FDIC 03/12/12 35,000,000.00 35,185,150.00 2.042 367,500.00 362,322.33

42171 03/02/09 4.0000 T - NOTE 08/31/09 25,000,000.00 25,005,434.78 .512 MATURED 64,877.72 21,744.73

42177 04/14/09 2.3750 BAC 2.375 06.22.12 TLGP 06/22/12 50,000,000.00 50,685,000.00 1.900 593,750.00 485,561.16

42172 03/02/09 4.0000 T - NOTE 08/31/09 50,000,000.00 50,010,869.57 .512 MATURED 129,755.43 43,489.45

42130 12/30/08 4.3300 F N M A 07/28/11 50,000,000.00 50,947,850.00 -15.946 07/28/09 134,650.00 -600,946.76

NO. DATE RATE DESCRIPTION DATE PAR VALUE BOOK VALUE 365 SOLD/MAT THIS PER EARNINGS

------- -------- ------- ------------------------- -------- -------------- -------------- ------- -------- ----------- ------------

TICKER / SHARES / INCOME

INV PURCHASE COUPON MATURITY SCHEDULED SCHEDULED YIELD/ DATE RECEIVED TOTAL/NET

41916 12/07/07 .2220 F H L B FLOATER 11/23/09 15,000,000.00 14,995,410.00 .545 09/23/09 26,304.12 16,784.12

41937 01/09/08 .2220 F H L B FLOATER QTR ACT 11/23/09 50,000,000.00 50,010,000.00 .386 09/23/09 62,380.55 44,477.34

41862 10/23/07 4.6250 T NOTE 07/31/09 5,100,000.00 5,100,000.00 3.888 MATURED 52,394.53 16,508.56

41916 12/07/07 .4760 F H L B FLOATER 11/23/09 50,000,000.00 49,984,700.00 .711 07/10/09 37,228.33 8,759.14

(EIS / ERNEIS) E A R N E D I N C O M E S U M M A R Y

C I T Y / C O U N T Y O F S A N F R A N C I S C O

M R . N E W L I N R A N K I N 4 1 5 - 5 5 4 - 4 4 8 7

FUND: 100 POOLED FUNDS

07/01/09 THROUGH 12/31/09 PAGE: 1

SORT KEYS ARE FUND RUN: 01/11/10 10:39:36

42119 12/09/08 2.3900 US BANK COLLATERALIZE CD 12/08/09 50,000,000.00 50,000,000.00 2.423 MATURED 833,180.55 531,111.11


42110 12/04/08 1.2000 F N M A DISCOUNT NOTE 08/17/09 50,000,000.00 49,573,333.33 1.227 MATURED 426,666.67 78,333.33

42117 12/09/08 2.3200 US BANK COLLATERAL 11/23/09 15,000,000.00 15,000,000.00 2.352 MATURED 337,366.67 140,166.67

42127 12/22/08 4.1200 F N M A 05/06/13 50,000,000.00 51,050,000.00 -1.168 11/06/09 -20,000.00 -209,064.33

42128 12/22/08 4.1200 F N M A 05/06/13 20,000,000.00 20,420,000.00 -1.168 11/06/09 -8,000.00 -83,625.73


42126 12/22/08 4.1200 F N M A 05/06/13 50,000,000.00 51,050,000.00 -1.168 11/06/09 -20,000.00 -209,064.33

42107 11/03/08 1.0000 MISSION AREA CREDIT UNIO 11/02/09 100,000.00 100,000.00 1.022 MATURED 347.23 347.22

41994 03/31/08 2.0000 T NOTE 02/28/10 25,000,000.00 25,151,367.19 4.913 09/14/09 322,071.39 253,914.36

42044 07/16/08 3.9000 MISSION NATIONAL BANK PU 07/16/09 100,000.00 100,000.00 3.639 MATURED 173.33 149.56



42076 09/18/08 .1810 F H L B FLOATER MONTHLY 12/28/09 25,000,000.00 25,000,000.00 .177 09/23/09 10,681.25 10,206.25

42095 10/29/08 1.4800 T BILL 10/22/09 50,000,000.00 49,264,111.11 1.716 10/09/09 735,256.95 231,645.84

42055 07/31/08 2.7500 FIRST NATIONAL BANK CD 07/31/09 5,000,000.00 5,000,000.00 2.788 MATURED 46,215.27 11,458.33

42065 08/26/08 .7700 FFCB FLOATER QTR 10/26/09 50,000,000.00 50,000,000.00 .781 MATURED 195,708.33 125,124.12


42255 06/30/09 4.3750 T 4.375 12 15 10 12/15/10 50,000,000.00 52,718,557.89 1.821 11/02/09 327,175.12 326,130.62

42247 06/25/09 0.0000 b 7 23 09 4 of 4 07/23/09 25,000,000.00 24,997,569.44 .127 MATURED 2,430.56 1,909.73

42256 06/30/09 4.3750 T 4.375 12 15 10 12/15/10 50,000,000.00 52,718,557.89 1.821 11/02/09 327,175.12 326,130.62

42258 06/29/09 1.2500 CITIGROUP FDG INC GTD TL 06/03/11 50,000,000.00 49,957,000.00 1.285 267,361.11 323,737.86

42257 06/30/09 4.3750 T 4.375 12 15 10 12/15/10 25,000,000.00 26,359,278.95 1.821 11/02/09 163,587.56 163,065.31

42246 06/25/09 0.0000 b 7 23 09 3 of 4 07/23/09 50,000,000.00 49,995,138.89 .127 MATURED 4,861.11 3,819.44

42242 03/19/09 .4543 MORGAN STANLEY FDIC GTD 03/13/12 25,000,000.00 25,040,325.00 .583 83,989.84 73,645.22

42241 06/18/09 .1200 F H L B 07/07/09 50,000,000.00 49,996,833.33 .122 MATURED 3,166.67 1,000.00

42243 06/30/09 .5000 FHLB MULTI STEP 06/30/10 50,000,000.00 50,000,000.00 .499 12/30/09 125,000.00 124,305.56

42245 06/25/09 0.0000 b 7 23 09 2 of 4 07/23/09 50,000,000.00 49,995,138.89 .127 MATURED 4,861.11 3,819.44

42244 06/25/09 0.0000 B 7 23 09 1 of 4 07/23/09 50,000,000.00 49,995,138.89 .127 MATURED 4,861.11 3,819.44

42272 07/23/09 0.0000 B 8 20 09 08/20/09 25,000,000.00 24,997,063.88 .153 MATURED 2,936.12 2,936.12

42270 07/23/09 0.0000 B 8 20 09 08/20/09 50,000,000.00 49,994,127.78 .153 MATURED 5,872.22 5,872.22

42273 07/23/09 0.0000 b 8 20 09 08/20/09 50,000,000.00 49,994,127.78 .153 MATURED 5,872.22 5,872.22

42275 07/28/09 4.5000 T 4.5 11 15 10 11/15/10 50,000,000.00 52,929,008.15 1.740 09/28/09 156,419.84 156,419.84

42274 07/30/09 3.0000 GE TLGP 3 12 09 11 12/09/11 50,000,000.00 51,602,500.00 1.551 537,500.00 341,014.12

42269 07/23/09 0.0000 B 8 20 09 08/20/09 50,000,000.00 49,994,127.78 .153 MATURED 5,872.22 5,872.22

42260 07/10/09 2.0000 FHLMC 2 3 16 11 03/16/11 35,000,000.00 35,309,400.00 1.440 128,333.33 244,315.96

42259 06/29/09 1.2500 CITIGROUP FDG INC GTD TL 06/03/11 50,000,000.00 49,957,000.00 1.285 267,361.11 323,737.86

42261 07/20/09 2.1250 FHLB 2.125 7.20.12 2nc3m 07/20/12 19,000,000.00 18,976,250.00 2.147 184,141.47

42263 07/16/09 0.0000 FHLB disc 08.06.09 08/06/09 25,000,000.00 24,997,812.50 .152 MATURED 2,187.50 2,187.50

42262 07/16/09 0.0000 FHLB disc 08.06.09 08/06/09 50,000,000.00 49,995,625.00 .152 MATURED 4,375.00 4,375.00

42239 07/13/09 2.0000 FHLMC 2 7 13 11 2NC3mo 07/13/11 50,000,000.00 50,000,000.00 1.984 10/13/09 250,000.00 250,000.00


------- -------- ------- ------------------------- -------- -------------- -------------- ------- -------- ----------- ------------



42196 04/16/09 1.6250 GE 1.625 01.07.11 TLGP 01/07/11 25,000,000.00 25,165,750.00 1.220 91,406.25 154,792.20

42197 04/16/09 1.6250 C 1.625 03.30.11 TLGP 03/30/11 50,000,000.00 50,225,000.00 1.375 370,138.89 348,185.48

42191 04/02/09 2.1000 BAC 2.1 04.30.12 TLGP 04/30/12 25,000,000.00 25,093,000.00 1.955 262,500.00 247,275.80

42195 04/16/09 1.6250 GE 1.625 01.07.11 TLGP 01/07/11 25,000,000.00 25,167,500.00 1.216 91,406.25 154,281.90



M R . N E W L I N R A N K I N 4 1 5 - 5 5 4 - 4 4 8 7


07/01/09 THROUGH 12/31/09 PAGE: 2


42217 05/05/09 2.1250 FHLMC 2.125 5 4 12 05/04/12 25,000,000.00 25,000,000.00 2.103 11/04/09 264,149.31 181,510.42

42235 06/04/09 .1100 1 of 2 07/08/09 25,000,000.00 24,997,402.78 .112 MATURED 2,597.22 534.72

42214 05/18/09 1.2500 F N M A MULTI STEP BOND 11/18/11 29,825,000.00 29,825,000.00 1.240 11/18/09 186,406.25 141,875.87

42215 05/28/09 2.5000 F H L M C 03/23/12 50,000,000.00 50,540,000.00 2.070 399,305.56 528,533.99

42238 06/02/09 .8750 T 0.875 5 11 05/31/11 50,000,000.00 49,916,453.21 2.965 07/08/09 44,953.90 28,381.66

42238 06/02/09 .8750 T 0.875 5 11 05/31/11 25,000,000.00 24,958,226.61 30.866 07/09/09 42,621.89 21,105.50

42236 06/04/09 .1100 2 of 2 07/08/09 50,000,000.00 49,994,805.56 .112 MATURED 5,194.44 1,069.44

42237 06/01/09 2.8750 ffcb 2.875 5 6 13 05/06/13 22,000,000.00 22,043,923.61 2.841 09/25/09 200,291.66 147,583.33

42212 05/18/09 1.6000 BANK OF SAN FRANCISCO CD 05/17/10 100,000.00 100,000.00 1.622 817.78 817.78

42203 04/14/09 1.4500 B O A COLLATERIZED 04/14/10 100,000,000.00 100,000,000.00 1.470 737,083.33 741,111.10

42205 04/15/09 1.2000 UBOC COLLATERIZED 10/13/09 100,000,000.00 100,000,000.00 1.217 MATURED 603,333.33 346,666.66

42198 04/16/09 1.6250 GS 1.625 07.15.11 TLGP 07/15/11 50,000,000.00 50,204,500.00 1.423 200,868.05 360,362.54

42199 01/18/09 2.6500 FIRST NATIONAL BANK P 12/20/10 10,000,000.00 10,000,000.00 2.687 67,722.22 135,444.42

42208 04/29/09 1.7000 F N M A 04/29/11 50,000,000.00 50,000,000.00 1.686 425,000.00 425,000.00

42211 04/28/09 2.2400 USSA CAPITAL CO 03/30/12 16,000,000.00 16,125,600.00 1.936 151,324.44 157,540.77

42206 04/21/09 3.0000 F H L M C 04/21/14 30,000,000.00 30,000,000.00 2.976 450,000.00 450,000.00

42207 04/21/09 3.0000 F H L M C 04/21/14 50,000,000.00 50,000,000.00 2.976 750,000.00 750,000.00


42309 09/23/09 4.5000 FFCB 4.5 10 17 12 10/17/12 25,000,000.00 27,009,525.00 4.657 11/02/09 139,350.00 139,350.00

42308 09/23/09 4.5000 FFCB 4.5 10 17 12 10/17/12 25,000,000.00 27,009,525.00 4.657 11/02/09 139,350.00 139,350.00

42310 09/23/09 4.5000 FFCB 4.5 10 17 12 10/17/12 25,000,000.00 27,009,525.00 4.657 11/02/09 139,350.00 139,350.00

42313 08/24/09 1.5000 CA GO CP 10 06 09 10/06/09 12,500,000.00 12,500,000.00 1.500 MATURED 22,089.04 22,089.04

42312 09/28/09 2.0200 FFCB 2.02 4 20 12 2.5NC6 04/20/12 50,000,000.00 50,268,000.00 1.782 61,722.22 233,686.71

42307 09/23/09 4.5000 FFCB 4.5 10 17 12 10/17/12 25,000,000.00 27,009,525.00 4.657 11/02/09 139,350.00 139,350.00

42303 09/17/09 0.0000 B 10 29 09 10/29/09 50,000,000.00 49,996,791.67 .056 MATURED 3,208.33 3,208.33

42302 09/17/09 0.0000 B 10 29 09 10/29/09 50,000,000.00 49,996,791.67 .056 MATURED 3,208.33 3,208.33

42304 09/17/09 0.0000 B 10 29 09 10/29/09 50,000,000.00 49,996,791.67 .056 MATURED 3,208.33 3,208.33

42306 03/23/09 .4538 Union Bank TLGP Float 03 03/16/12 25,000,000.00 25,033,725.00 .592 83,949.97 74,706.10

42305 09/17/09 0.0000 B 10 29 09 10/29/09 25,000,000.00 24,998,395.83 .056 MATURED 1,604.17 1,604.17

42322 10/30/09 1.6700 FHLMC 1.67 4 30 12 2.5NC 04/30/12 75,000,000.00 75,000,000.00 1.639 212,229.17

42320 11/02/09 1.6250 FHLB 1.625 11 21 12 11/21/12 100,000,000.00 99,648,000.00 1.741 85,763.88 285,261.14

42323 10/27/09 1.6500 FHLMC 1.365 04 27 12 2.5 04/27/12 20,665,000.00 20,625,736.50 1.701 63,455.66

42325 10/29/09 1.0000 T 1 08 31 11 08/31/11 100,000.00 100,479.39 .832 146.62

42324 10/29/09 0.0000 B 11 27 09 11/27/09 175,000,000.00 174,995,065.98 .035 MATURED 4,934.02 4,934.02

42319 10/28/09 1.0000 FHLB 2nc3m Step 10/28/11 50,000,000.00 49,962,500.00 1.021 90,839.04

42315 10/29/09 2.0000 FHLB 2 10 29 12 3NC6mo 10/29/12 35,140,000.00 35,140,000.00 1.964 121,037.78

42314 10/06/09 .5000 CA GO CP 12 07 09 12/07/09 16,715,000.00 16,715,000.00 .500 MATURED 14,196.30 14,196.30

42316 10/13/09 .7000 UBOC PTD 0.7 10 13 10 10/13/10 50,000,000.00 50,000,000.00 .710 77,777.78

42318 10/20/09 .7500 FHLB 0.75 9 29 11 2NC1 s 09/29/11 48,450,000.00 48,417,901.88 .797 77,152.99

42317 10/22/09 1.6250 C 1.625 03.30.11 TLGP 03/30/11 35,000,000.00 35,458,256.94 .749 51,627.79

42301 09/16/09 1.3750 T 1.375 2 15 12 02/15/12 50,000,000.00 50,259,001.36 1.193 175,729.84


------- -------- ------- ------------------------- -------- -------------- -------------- ------- -------- ----------- ------------



42278 08/18/09 1.7500 T 1.75 8 15 12 08/15/12 50,000,000.00 50,304,008.15 15.897 08/19/09 21,908.97 21,908.97

42279 08/18/09 1.7500 T 1.75 8 15 12 08/15/12 50,000,000.00 50,304,008.15 8.811 08/19/09 10,954.49 12,143.35

42276 07/28/09 4.5000 T 4.5 11 15 10 11/15/10 50,000,000.00 52,929,008.15 1.606 11/02/09 225,883.15 225,883.15

42277 07/31/09 1.7500 CD FIRST NATL BANK OF NO 07/31/10 5,000,000.00 5,000,000.00 1.786 14,826.39 37,673.61



M R . N E W L I N R A N K I N 4 1 5 - 5 5 4 - 4 4 8 7


07/01/09 THROUGH 12/31/09 PAGE: 3


42295 09/10/09 2.1500 FNMA 2.15 09 10 12 3NC1 09/10/12 52,546,000.00 52,693,128.80 2.042 333,166.89

42296 09/24/09 2.0000 FHLB 2 9 24 12 3NC6MO 09/24/12 50,000,000.00 50,000,000.00 1.987 269,444.44

42293 08/26/09 0.0000 B 9 10 09 09/10/09 50,000,000.00 49,998,645.83 .066 MATURED 1,354.17 1,354.17

42294 09/02/09 .7200 B of A CD 0.72 09 02 10 09/02/10 25,000,000.00 25,000,000.00 .730 45,500.00 60,500.00

42299 09/16/09 3.1250 HSBC 3.125 12 16 11 TLGP 12/16/11 50,000,000.00 51,969,550.00 1.298 390,625.00 199,039.95

42300 09/16/09 1.8750 FNMA 1.875 04 20 2012 04/20/12 50,000,000.00 50,462,000.00 4.547 11/02/09 297,041.67 297,041.67

42297 09/24/09 2.0000 FHLB 2 9 24 12 3NC6MO 09/24/12 25,000,000.00 25,000,000.00 1.987 134,722.22

42298 09/04/09 .8750 T 0.875 02 28 11 02/28/11 50,000,000.00 50,184,521.75 .638 104,367.38

42287 08/20/09 0.0000 B 09 17 09 09/17/09 25,000,000.00 24,998,016.67 .103 MATURED 1,983.33 1,983.33

42281 08/19/09 1.0000 T 1 7 31 11 07/31/11 50,000,000.00 50,010,190.22 3.158 11/02/09 324,558.42 324,558.42

42282 08/27/09 1.5000 FHLB 1.5 3NC1 step-up 08/27/12 50,000,000.00 50,000,000.00 1.485 258,333.33

42279 08/18/09 1.7500 T 1.75 8 15 12 08/15/12 25,000,000.00 25,152,004.08 9.004 09/10/09 137,695.32 136,506.45

42280 08/19/09 1.0000 T 1 7 31 11 07/31/11 50,000,000.00 50,010,190.22 5.811 09/09/09 167,204.49 167,204.49

42285 08/20/09 0.0000 B 09 17 09 09/17/09 50,000,000.00 49,996,033.33 .103 MATURED 3,966.67 3,966.67

42286 08/20/09 0.0000 B 09 17 09 09/17/09 50,000,000.00 49,996,033.33 .103 MATURED 3,966.67 3,966.67

42283 08/27/09 1.5000 FHLB 1.5 3NC1 step-up 08/27/12 4,300,000.00 4,300,000.00 1.485 22,216.67

42284 08/20/09 0.0000 B 09 17 09 09/17/09 50,000,000.00 49,996,033.33 .103 MATURED 3,966.67 3,966.67


SUBTOTAL (FUND) 100 POOLED FUNDS - ASSETS 757 DAYS 3397251000.00 3421489011.59 23,207,619.0819,448,692.09

SUBTOTAL (FUND) 100 POOLED FUNDS - NET 3397251000.00 3421489011.59 23,207,619.0819,448,692.09

-------------- -------------- ----------- ------------

42358 11/19/09 0.0000 B 3 11 10 03/11/10 50,000,000.00 49,991,288.89 .057 3,344.44

42354 09/10/09 .8019 FHLMC 3nc1 float step-up 09/10/12 50,000,000.00 50,000,000.00 .799 100,235.00 123,623.17

42353 12/21/09 1.8000 FNMA 3NC6 1.80% fixed 12/21/12 58,450,000.00 58,496,760.00 1.631 28,755.69

42357 11/19/09 0.0000 B 12 31 09 12/31/09 30,000,000.00 29,998,915.00 .031 MATURED 1,085.00 1,085.00

42356 11/20/09 1.1250 FHLNC 1.125 6 1 11 06/01/11 28,600,000.00 28,779,470.72 .698 9,831.25 23,135.20

TOTAL INTEREST EARNED FOR FUTURE RECEIPT: 7,749,438.20

WEIGHTED AVG YIELD AT END OF PERIOD : 1.341 .000

EARNED INTEREST YIELD THIS PERIOD : 1.343 .000

FUND STATISTICS ASSETS LIABILITIES

AVERAGE DAILY INVESTMENT BALANCE :2,871,677,900.83

-------------------------------------- ---------------- ----------------

42352 12/09/09 1.1250 T 1.125 12 15 11 12/15/11 100,000,000.00 100,757,812.50 .744 18,442.62 47,302.19


------- -------- ------- ------------------------- -------- -------------- -------------- ------- -------- ----------- ------------



42328 11/04/09 2.2500 MS 2.25 3 13 12 03/13/12 20,000,000.00 20,495,550.00 1.294 42,128.60

42329 11/03/09 1.5000 T 1.5 10 31 10 10/31/10 50,000,000.00 50,545,277.97 .661 12/22/09 44,878.72 44,878.72

42326 10/29/09 1.0000 T 1 08 31 11 08/31/11 99,900,000.00 100,363,300.91 .841 147,958.94

42327 11/09/09 2.0000 FHLB 3NC3 1x 2% fixed co 11/09/12 100,000,000.00 100,000,000.00 1.990 288,888.89



M R . N E W L I N R A N K I N 4 1 5 - 5 5 4 - 4 4 8 7


07/01/09 THROUGH 12/31/09 PAGE: 4


42346 12/30/09 1.1250 FHLMC 1.125 12 30 11 2NC 12/30/11 50,000,000.00 49,995,000.00 .575 1,576.20

42347 12/21/09 1.1250 FHLMC 1.125 12 21 11 2NC 12/21/11 54,000,000.00 54,000,000.00 1.037 16,875.00

42342 11/19/09 3.8750 FFCB Bullet 3.875 8 25 1 08/25/11 50,000,000.00 53,157,083.33 .725 45,428.32

42345 11/27/09 0.0000 B 12 24 09 12/24/09 175,000,000.00 174,992,125.00 .061 MATURED 7,875.00 7,875.00

42350 12/28/09 1.7500 FNMA FIXED 1.75 3NC1 1X 12/28/12 100,000,000.00 100,000,000.00 1.331 14,583.33

42351 12/28/09 1.7500 FHLMC Fixed 1.75 3NC1 1X 12/28/12 100,000,000.00 100,000,000.00 1.331 14,583.33

42348 12/07/09 .8750 T 0.875 1 31 11 01/31/11 100,000,000.00 100,787,194.30 .447 30,843.60

42349 12/21/09 1.8500 FHLB 1.85 12 21 12 3NC1 12/21/12 100,000,000.00 100,000,000.00 1.705 51,388.89

42341 11/19/09 1.0000 T 1 7 31 11 07/31/11 120,000,000.00 121,163,519.04 .592 84,535.34

42332 11/06/09 2.1250 GE TLGP 2.125 12 21 12 12/21/12 25,000,000.00 25,253,750.00 1.762 66,406.25 68,709.20

42333 11/10/09 1.6250 FNMA 1.625% 2.5NC6 Ameri 05/10/12 75,000,000.00 75,000,000.00 1.616 172,656.25

42330 11/03/09 2.1250 FFCB Bullet 2.125 6 18 1 06/18/12 100,000,000.00 101,773,200.00 1.409 265,625.00 233,155.68

42331 11/06/09 2.2500 MS TLGP 2.25 03 13 12 03/13/12 50,000,000.00 51,249,625.00 1.286 101,124.42

42337 11/20/09 3.8750 FHLMC 3.875 6 29 11 Bull 06/29/11 50,000,000.00 52,592,852.50 .568 209,895.83 34,823.88

42338 11/20/09 1.7500 FNMA 1.75 3 23 2011 Bull 03/23/11 20,000,000.00 20,370,016.67 .545 12,784.88

42334 11/19/09 3.8750 FHLMC 3.875 6 29 11 06/29/11 50,000,000.00 52,552,500.00 .623 215,277.78 39,061.26

42335 11/19/09 1.7500 FNMA 1.75 3 23 11 03/23/11 50,000,000.00 50,906,111.11 .573 34,373.72



------- -------- ------- ------------------------- -------- -------------- -------------- ------- -------- ----------- ------------



FUND: 9703 SFUSD TRANS 08-09

M R . N E W L I N R A N K I N 4 1 5 - 5 5 4 - 4 4 8 7



07/01/09 THROUGH 12/31/09 PAGE: 5


42118 12/09/08 2.3200 US BANK COLLATERAL 11/23/09 35,000,000.00 35,000,000.00 2.352 MATURED 787,188.89 327,055.56

WEIGHTED AVG YIELD AT END OF PERIOD : .000 .000


AVERAGE DAILY INVESTMENT BALANCE : 27,581,521.74

TOTAL INTEREST EARNED FOR FUTURE RECEIPT:

-------------------------------------- ---------------- ----------------

-------------- -------------- ----------- ------------

SUBTOTAL (FUND) 9703 SFUSD TRANS 08-09- ASSETS 0 DAYS .00 .00 787,188.89 327,055.56


SUBTOTAL (FUND) 9703 SFUSD TRANS 08-09- NET .00 .00 787,188.89 327,055.56


SUBTOTAL (FUND) 9704 SFUSD BONDS 2006B- NET 158,225,000.00 157,835,600.00 737,897.27 1,105,856.48

-------------------------------------- ---------------- ----------------


-------------- -------------- ----------- ------------

42355 09/10/09 .8019 FHLMC 3nc1 float step-up 09/10/12 20,000,000.00 20,000,000.00 .799 40,094.00 49,449.27

42264 07/21/09 1.1250 T 1.125 06.30.11 06/30/11 30,000,000.00 30,093,750.00 .951 -19,259.51 128,737.34

SUBTOTAL (FUND) 9704 SFUSD BONDS 2006B- ASSETS 457 DAYS 158,225,000.00 157,835,600.00 737,897.27 1,105,856.48

AVERAGE DAILY INVESTMENT BALANCE : 157,737,646.99

GRAND TOTAL 100.00%(C) 744 DAYS 3555476000.00 3579324611.59 1.355 24,732,705.2420,881,604.13

WEIGHTED AVG YIELD AT END OF PERIOD : 1.143 .000


TOTAL INTEREST EARNED FOR FUTURE RECEIPT: 1,001,443.35

42221 05/12/09 1.7500 FNMA 1.75 3 23 11 03/23/11 30,000,000.00 30,359,458.33 8.130 07/21/09 185,525.00 135,243.14

FUND: 9704 SFUSD BONDS 2006B


07/01/09 THROUGH 12/31/09 PAGE: 6

M R . N E W L I N R A N K I N 4 1 5 - 5 5 4 - 4 4 8 7



42160 02/06/09 .5190 T BILL 01/14/10 50,000,000.00 49,757,750.00 .520 130,333.34

42159 02/06/09 2.8000 FEDERAL FARM CREDIT 01/28/14 18,225,000.00 18,152,100.00 2.869 243,810.00 262,532.27

42176 02/06/09 .9000 FREDDIE MAC DISCOUNT 01/08/10 20,000,000.00 19,832,000.00 .920 92,000.00

42161 02/06/09 .5190 T BILL 01/14/10 20,000,000.00 19,903,100.00 2.818 09/09/09 87,727.78 107,561.12

42156 02/11/09 2.0000 FANNIE MAE 02/11/11 20,000,000.00 20,000,000.00 1.984 200,000.00 200,000.00



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internal accounting report memo 1 21 10...accounting report and the investment report for the fy...

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