notice of teleconferencing in compliance with … · 2020. 8. 13. · notice of teleconferencing in...
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NOTICE OF TELECONFERENCING IN COMPLIANCE WITH EXECUTIVE ORDER N-29-20* This meeting will be conducted via teleconference in accordance with Executive Order N-29-20. The meeting will be conducted in a manner that protects the statutory and constitutional rights of the parties or the public appearing before the ICRMA Board of Directors. The following information can be utilized by the public who wish to attend and/or address the ICRMA Board of Directors: WebEx / (844) 368-3855.
BOARD OF DIRECTORS
MEETING AGENDA
Via Webinar / Teleconference August 13, 2020 WebEx/ 844-368-3855 (983-621-026) 9:00 a.m. CALL TO ORDER ESTABLISHMENT OF QUORUM/INTRODUCTIONS PUBLIC COMMENTS This time is reserved for members of the public to address the Board relative to matters of ICRMA that are not on the agenda. Persons wishing to address items on the agenda will be permitted to do so during the discussion of the item. No action may be taken on non-agenda items unless authorized by law. Comments will be limited to five minutes per person, twenty minutes in total. APPROVAL OF AGENDA AS POSTED OR AMENDED As a matter of procedure, the Board should approve the agenda. CONSENT CALENDAR If the Board would like to discuss any item listed, it may be pulled from the Consent Calendar.
A. Minutes of the June 11, 2020 Board of Directors Meeting ................................................................ 4 B. Minutes of the June 11, 2020 Special Board of Directors Meeting ................................................. 13 C. Minutes of the July 13, 2020 Special Board of Directors Meeting .................................................. 16 D. Appointment of Investment Delegate .............................................................................................. 19 E. Review Proposed Addition of Attorneys to the Workers’ Compensation Defense Panel .............. 20 F. Minutes of the May 13, 2019 Claims Committee Meeting .............................................................. 72 G. Board Attendance Record 2019-2020 .............................................................................................. 78 H. Board Attendance Record 2020-2021 .............................................................................................. 79 I. Check Register for June and July 2020 ............................................................................................ 80 J. Quarterly Treasurer’s Report as of June 30, 2020 ........................................................................... 82 K. Quarterly Investment Report as of June 30, 2020 .......................................................................... 125 L. Risk Management Fund Usage & Balance as of June 30, 2020 .................................................... 175
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Board of Directors Meeting Agenda August 13, 2020
M. Risk Control Plan 2020-21 & Education, Promotion & Training Opportunities ........................... 179 N. CAJPA Public Entity Tort Liability Project Update ...................................................................... 184 O. 2020-21 Workers’ Compensation Program Update & Final 2020-21 Budget Summary .............. 188 P. Liability Program Structure Update ............................................................................................... 190 Q. 2020 Strategic Planning Session: Meeting Dates and Format ...................................................... 191 R. City of San Bernardino Membership Update ................................................................................. 192
Action: Approval items A-E and direct staff to finalize, review and file items F-R.
OPEN SESSION As to each agenda item, the Board may take action and/or receive informational reports as appropriate.
A. CAJPA Accreditation with Excellence (Beth) ............................................................................... 193 Action: Review and file.
B. Investment Portfolio Review – COVID-19 implications and Investment Safety (PFM) .............. 194 Action: Review and file.
C. Account Receivable Status Update (Brent) ................................................................................... 217 Action: Review and file.
D. Approve Moss Adams to serve as ICRMA’s Financial Auditor (Brad) ........................................ 221 Action: Authorize the Executive Director to execute a contract with Moss Adams for Financial Auditing Services for the fiscal years ending June 30, 2020 through June 30, 2022, with two optional one year extensions.
E. Law Enforcement Legal Liability (Beth) ....................................................................................... 249 Action: Review and provide direction as appropriate.
F. Liability Resource – AAAtraq Website ADA Compliance (Beth/Jennifer) .................................. 252 Action: Review and recommend every member utilize the services of AAAtraq.
G. Membership Withdrawal Notices of El Segundo and Monterey Park (Beth) ............................... 256 Action: Review and file.
CLOSED SESSION Pursuant to Government Code Section 54956.95(a), the Board will hold a closed session to discuss any or all claims listed on the agenda. The confidential claims reports will be collected after the discussion at the meeting. Each Member should destroy his/her copy after the meeting.
A. Discussion of Open Claims and Conference with Legal Counsel: Existing Litigation • Fischer v. Glendora (GL) • Barreda v. Downey (GL) • Velasco v. El Monte (GL) • Lisner v. Huntington Park (GL) • Smith v. Redondo Beach (GL)
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Board of Directors Meeting Agenda August 13, 2020
REPORT FROM CLOSED SESSION Report from Closed Session: Pursuant to Government Code Section 54957.1, the Board must report in open session any action taken in closed session.
PRESIDENT’S REPORT CLOSING COMMENTS This time is reserved to identify matters for future Board business. ADJOURNMENT FUTURE MEETINGS
• October TBD – Board of Directors meeting, and Strategic Planning Session.
*Notice of teleconference meeting pursuant to Government Code Section 54953 (b), are temporarily revised per Executive Order N-29-20 (“the Order”). Specifically the order states: state and local agencies are now immediately authorized to: (1) hold public meetings by teleconference or electronically; and (2) to provide for public participation telephonically or electronically without requiring that a physical location be open and available to the public.
“A local legislative body or state body that holds a meeting via teleconferencing and allows members of the public to observe and address the meeting telephonically or otherwise electronically, consistent with the notice and accessibility requirements set forth below, shall have satisfied any requirement that the body allow members of the public to attend the meeting and offer public comment. Such a body need not make available any physical location from which members of the public may observe the meeting and offer public comment.”
In compliance with the Americans with Disabilities Act, if you need special assistance to participate in this meeting, please contact ICRMA’s administration team at (949) 349-9882. Notification 48 hours before the meeting will enable ICRMA to make reasonable arrangements to ensure accessibility (28 CFR 35.102.35.104 ADA Title II). The open session portion of this meeting may be recorded. The recording may be destroyed after 30 days.
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MINUTES OF THE BOARD OF DIRECTORS
June 11, 2020 10:00 A.M.
A meeting of the Board of Directors was held via webinar/teleconference on June 11, 2020. MEMBERS PRESENT: Adelanto Jessie Flores Bell Sergio Ibarra Downey Anil Gandhy El Monte John Nguyen El Segundo Joe Lillio Fullerton Pamela Mackie Glendora June Overholt Hawthorne Christine Tomikawa Hermosa Beach Vanessa Godinez (left at 12:10 p.m.) Inglewood Debra Carter Lynwood Cynthia Stafford Monterey Park Martha Garcia Hank Lu (left at 12:21 p.m.) San Fernando Nick Kimball (joined 11:10 a.m.) Santa Ana Debbie Scott-Leistra (left at 12:00 p.m.) South Gate Nellie Cobos MEMBERS ABSENT: Huntington Park OTHERS PRESENT: Johnson Schachter & Lewis Kellie Murphy Luther Lewis RPA Beth Lyons John Nielsen Jennifer Achterberg Bob May Cindy LaMantia Tyler LaMantia J.T. Babish Artex TJ Scherer (left at 12:21 p.m.) Arthur J. Gallagher Susan Blankenburg (left at 12:22 p.m.) Ryan Jacques (left at 12:21 p.m.) Carl Warren Michael Gates Robert Tran
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Minutes Board of Directors
June 11, 2020
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Bickmore Actuarial Mike Harrington (left at 11:05 p.m.) Greg Beaulieu (left at 11:22 p.m.) York Lee (left at 11:14 p.m.) Eide Bailly Jessica Andersen (left at 12:00 p.m.) Brad Rockabrand (left at 12:23 p.m.) Brent Mason (left at 12:21 p.m.) RMS Ken Maiolini (left at 10:37 a.m.) City of Hawthorne Felice Lopez (left at 12:21 p.m.) Woodruff, Spradlin & Smart Dan Spradlin (joined: 12:20 p.m., left at 12: 45 p.m.)
1. CALL TO ORDER Vice President Vanessa Godinez called the meeting to order at 10:08 a.m.
2. ESTABLISHMENT OF QUORUM/INTRODUCTIONS Introductions took place and it was determined a quorum was present.
3. PUBLIC COMMENTS There were no public comments.
4. APPROVAL OF AGENDA AS POSTED OR AMENDED Motion made by Jessie Flores, Adelanto, seconded by Debbie Scott-Leistra, Santa Ana, to approve the agendas as presented. Motion passed unanimously via roll call.
5. CONSENT CALENDAR
Mr. Sergio Ibarra, Bell, pulled items E, F, J and K. Motion made by June Overholt, Glendora, seconded by Joe Lillio, El Segundo, to approve items: A) Minutes of the May 14, 2020 Special Board of Directors Meeting, B) Approve Claims Committee Appointments for Expiring Terms, and C) Resolution 2019-01 LAIF; and receive and file items: D) Financial Services Vendor Update, G) Board Attendance Record 2019-2020, H) Minutes of the March 11, 2020 Claims Committee Meeting, I) Check Register for April and May 2020, L) Risk Management Fund Balance as of May 31, 2020, M) Biennial Review of Conflict of Interest Code, and N) Liability Program Management Services & Structure Update. Motion passed unanimously via roll call. Regarding Consent Item E) Risk Program Administrators Staffing Update, Mr. Ibarra requested an update. Ms. Cindy LaMantia indicated team member located in Southern California will begin to support the team starting next week. This person has experience with pooling and was part of a broker team on an account Beth Lyons was on years ago. Regarding Consent Item F) Carl Warren Staffing Update, Mr. Ibarra requested an update from Carl Warren to ensure a smooth transition with the sudden changes in staffing. Ms. Lyons provided a
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Minutes Board of Directors
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brief review of the steps taken between the Administration team, Mr. Michael Gates, and Mr. Robert Tran on the Liability Program. Regarding Consent Item J) Quarterly Treasurer’s Report – January through March 2020, and item K) Quarterly Investment Report – January through March 2020, Mr. Ibarra requested an update from PFM regarding ICRMA’s investment portfolio management. Ms. Lyons indicated a request would be sent to PFM for either Mr. Richard Babbe or Ms. Sarah Meacham to attend the next meeting and provide an update.
Motion made by Anil Gandhy, Downey, seconded by June Overholt, Glendora, to receive and file items: E) Risk Program Administrators Staffing Update, F) Carl Warren Staffing Update, J) Quarterly Treasurer’s Report – January through March 2020, K) Quarterly Investment Report – January through March 2020. Motion passed unanimously via roll call.
6. OPEN SESSION A. Liability Program Claims Audit
Mr. Ken Maiolini presented the results of the Liability Program Claims Audit performed in early 2020. The liability program is audited every two years, with the last audit performed in 2018. Since the prior audit, ICRMA entered into a single TPA contract with Carl Warren & Company for about half of the members for liability third party administration (TPA) services, and continues to contract with Carl Warren and Company to provide services as ICRMA’s Liability Program Manager. During the audit period, the other half of the members maintained individual contracts with AdminSure for liability TPA services. Mr. Maiolini presented an overview of the report as presented in the agenda, reiterating his approach was process based, focused on reserving practices within ICRMA’s layer, handling by TPA firms, and Litigation Management as compared to the guideline outlined in the TPA Performance Standards and Litigation Management Policies and Procedures (LMPP). Mr. Maiolini discussed multiple recommendations for the Board’s consideration. Recommendations were categorized as investigation, reserving, supervisor/management review, adjuster consistency, and litigation management. Recommendations were made to enhance the overall claims and litigation handling as well as increase member satisfaction. The Liability Program Manager is reviewing recommendations with the TPAs.
No action required.
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B. Liability Coverage Renewal: Top Layers (excess of $30M per occurrence) Mr. John Nielsen provided an update to the Board regarding efforts to obtain $40M coverage limits in the Liability Program. At its April 9th and May 14th meetings, the Board authorized binding coverage in the Liability Program up to $35M per occurrence. After months of scouring the market for a carrier to fill out the expiring $40M limit (including a total of 19 liability markets), Gallagher was only able to secure a single pricing indication from Berkley. Berkley offered terms $5M excess $30M at a cost of $400,000. Since Hallmark already agreed to provide that layer, it was asked to consider pricing the $5M excess $35M layer and responded with a quote of $100,000. Please note, the amounts shown above include premiums, only; administrative costs and broker fees have not been included. Based upon the one quote obtained and the reorganization of carriers willing to provide coverage in the $10M excess $30M, the pricing for this coverage would be three times as much as the cost for the 2019-20 program year. The Board opted to retain the coverage limits as approved at its previous meeting, with a total limit of $35M for 2020-21.
No action required. C. 2020-2021 ICRMA Renewal Benchmarking Analysis
The market has increasingly hardened and broker Susan Blankenburg provided a chart comparing coverage renewals with entities similar to ICRMA in California. As depicted in the benchmarking charts, the broker team was able to provide great program renewal results for ICRMA. One example provided was the average rate increase for liability placements. ICRMA had a rate increase 3%, whereas the range for other entities was 19% to 121%. Ms. Blankenburg reiterated the positive impact of having member underwriting data and loss runs early in the calendar year, which allowed ICRMA to be one of the first entities in the market.
No action required.
D. Liability Program Actuarial Report Update Ms. Lyons provided an update on the integration of historical liability data into Origami; there are about a dozen claims which continue to require manual resolution. The next step in the process is comparing individual payments in the financial system to the loss runs to ensure each occurrence is accurately captured. Mr. Greg Beaulieu then presented the liability actuarial report to the Board.
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Loss Development The liability program experienced favorable loss development between 12/31/18 and 12/31/19, with loss development of $1.9M instead of the expected $5.3M in the prior year’s study. Ultimate Losses increased by $237,121 over expected as of the prior report, which is only an increase of 0.1%. Outstanding Liabilities The actuary estimated ICRMA’s liabilities for unpaid losses as of June 30, 2020 is $44.9M, which was an increase of $1.7M over the outstanding liabilities as of June 30, 2019, and was calculated at the 70% probability and 2% discount rate. 2020-2021 Funding Rates In 2019-20, ICRMA funded loss contributions between the Member Retained Limits (MRLs) and $2M for liability losses using the 70% probability and a 2% discount factor. The funding estimates for 2020-21 as compared to the previous program year indicated a 9% - 10% increase in loss rate for each layer from MRLs to the $2M pool self-insured retention (SIR). While these may appear to be large increases, a single digit increase in California is a positive outcome. In order to fund the program for the 2020-21 program year, with a SIR of $2M, the projected funding amount is $7,253,000. The purchase of the $1M xs $2M reinsurance coverage layer was financially beneficial to the pool. Mr. Beaulieu discussed the breakdown of allocation by member for claims funding, each layer of the reinsurance layers, and Administration, Broker, and Third Party Administration (TPA) fees – which are dictated by contract. Ms. Lyons reminded the Board that TPA fees for both the liability and workers' compensation programs are now included in the ICRMA budget and allocation of costs, thus members do not need to budget separate line items in the city budgets anymore because they are included in the annual ICRMA program contributions collected for the program year. The fees for members were carried over from the individual contracts each member had in place with the TPAs. Mr. Beaulieu mentioned ICRMA will be reviewing its cost allocation methodology in the coming program year. ICRMA has had several changes since the time the current methodology was adopted in 2017: members of varying sizes (payroll and population) have left and joined programs; reinsurers on both the Liability and Workers’ Compensation programs now use payroll, not population, as exposure base; members have had changes to their MRLs; the pool has reduced its SIR in both programs, and the economic environment has dramatically changed.
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Ms. Lyons also indicated a review of member retained limits is scheduled to occur this fall. Motion mad by Debbie Scott-Leistra, Santa Ana, seconded by June Overholt, Glendora to direct the actuaries finalize the draft actuarial report, and authorize program funding using 70% probability and a 2% discount factor. Motion passed via roll call. Lynwood: Absent E. Liability Memorandum of Coverage 2020-21
At its May 14, 2020 Board meeting, the Board approved the liability memorandum of coverage (LMOC) with the clarifying language added to Section III. The Board also directed coverage counsel to add exclusionary language to the LMOC for communicable diseases.
The proposed communicable disease exclusion language presented by Ms. Murphy for Board consideration was developed based upon language used by ICRMA’s reinsurers in their policies. The Board discussed including specific reference such as “COVID-19” and “SARS-CoV-2." Ultimately the Board agreed that the LMOC is reviewed each program year, and therefore it would be beneficial to retain broad language without specific example until the exposures are better understood.
Motion made by Cyndi Stafford, Lynwood, seconded by Debbie Scott-Leistra, Santa Ana, to accept the proposed changes and adopt the Liability Memorandum of Coverage for 2020-21 as presented. Motion passed via roll call. Abstain: San Fernando F. Election of ICRMA Officers
At its meeting in June 2019, the President and Vice President offices were filled for a one-year term to stagger the positions in accordance with the Bylaws adopted in 2018, to be followed by two-year terms thereafter. The Nominating Committee recommended Nick Kimball and Vanessa Godinez continue to serve as President and Vice President respectively, with terms expiring on June 30, 2022.
Motion made by Anil Gandhy, Downey, seconded by June Overholt, Glendora, to elect President Nick Kimball (San Fernando) and Vice President: Vanessa Godinez (Hermosa Beach) for terms ending June 30, 2022. Motion passed unanimously via roll.
G. Risk Management Plan for 2020-2021
Mr. Bob May presented the Risk Management Plan for the program year. He informed the Board work is underway regarding the best manner in which to hold trainings and University Sessions, should the current restrictions regarding in-person gatherings remain in place for the foreseeable future.
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Mr. May informed the Board that some trainings require onsite demonstration and/or skill tests to ascertain proficiency of knowledge by the attendee, and therefore online trainings cannot currently be utilized for certain trainings, such as the Flagger training, so it will continue to be postponed. Members requested increased trainings in police liability and best practices, diversity and inclusion, workplace civility and others. Mr. May indicated he would add these types of trainings to the rotation.
Motion made by Vanessa Godinez, Hermosa Beach, seconded by Cyndi Stafford, Lynwood to approve the Risk Management Plan for 2020-2021. Motioned passed unanimously via roll call. H. Member Request to add Rick Navarette of Alvarado Smith, APC; Michelle Sassano and Colin
Tanner of Aleshire & Wynder to the Liability Defense Panel Mr. Michael Gates, Liability Program Manager (LPM) provided the Board with a review of attorneys member agencies have requested be added to the approved Liability Defense Panel. Two member agencies submitted requests to add five attorneys to the defense panel. Upon review by the Claims Committee, three attorneys are being recommended to the Board. Additional clarification was presented to the Board regarding nomination to the defense panel: 1) materials are provided by the city/attorney to the liability program manager, 2) the member request and attorney materials are presented to the Claims Committee for review, and 3) the Claims Committee recommendation is presented to the Board.
Motion made by Sergio Ibarra, Bell, seconded by June Overholt, Glendora, to approve the addition of Rick Navarette (Alvarado Smith), and Michelle Sassano and Colin Tanner (Aleshire & Wynder) to the Liability Defense Panel. Motion passed unanimously via roll call. I. Approve Primary Liability TPA Blanket Contract with AdminSure
Last year the Board directed the administrative team to negotiate contracts with both liability program TPAs (Carl Warren and AdminSure). Stated goals at the time included eliminating the burden associated with individual member contracts, ensuring consistent claims handling, streamlining processes, and keeping pricing similar to current. RPA reached out to both companies to begin negotiations. The contract with Carl Warren and Company was negotiated and executed for the 2019-20 program year. The contract with AdminSure was not implemented last year, however, due to pricing discrepancies that AdminSure was working to resolve with individual members.
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This year AdminSure is ready to move forward with the blanket contract. The proposed contract used is similar to the template adopted by the ICRMA Board in 2014 and mirrors the contract that was entered into with Carl Warren last year for primary TPA services. As previously noted during the actuarial presentation, the fees will be collected as part of the 2020-21 program contribution to ICRMA beginning July 1, 2020. Ms. Lyons indicated RPA will contact the two members whose fiscal years begin on October 1st to discuss a plan regarding budgeting and payment. In response to a question regarding the AdminiSure Property and APD TPA services discussed at the May 14th Board meeting, Ms. Lyons indicated AdminSure was amenable to the requested fee structure of a flat renewal.
Motion made by Cyndi Stafford, Lynwood, seconded by Pamela Mackie, Fullerton, to authorize the Executive Director to complete negotiations and execute a contract with AdminSure for $410,773, effective July 1, 2020, for primary Liability TPA services for a subset of the members. Motion passed by roll call. Abstain: Inglewood, Santa Ana
During the process of roll call on the above motion, an omission of the fees for Lynwood were noted. Ms. Lyons apologized and indicated the fees were noted in the actuarial and budget presentation materials, which indicated Lynwood’s annual fee of $51,615 for 2020-21.
Motion made by Cyndi Stafford, seconded by Pamela Mackie, Fullerton, to include Lynwood in the blanket contract with AdminSure at the rate contracted for the 2020-21 TPA Services. Motion passed by roll call. Abstain: Monterey Park, Santa Ana; Absent: Adelanto
*The Board held discussion regarding the item addressed on the Special Board of Directors Meeting. J. Budget for 2020-21 Program Year
Ms. Lyons provided an overview of ICRMA program expenses. Overall 84% of ICRMA expenses revolve around the purchase of excess and/or reinsurance (47%) and claims funding (37%), while 16% is operational expense (risk control and meeting expenses, and vendor contracts including TPAs, administration, finance, broker). Another chart displayed then detailed expense by program: Liability ($18M), Workers’ Compensation ($3.9M), and all other programs under $2M each. It was noted the charts did not include loss funding within the individual member retentions, which members need to include to determine their "total cost of coverage." Mr. T.J. Scherer provided an overview of the summary page of the 2020-21 Operating Budget. As noted in an earlier agenda item, the Workers’ Compensation Program may be revised based on the final insurance program structure.
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It was noted the broker team held discussions with many of the carriers, in both the current program year and future partners in the 2020-21 program year, regarding a realignment based on payroll changes. The carriers were unwilling to adjust the premium amounts collected for the 2019-20 or 2020-21 program years. One Board member indicated the renewal data collected for 2021-22 will likely see a decrease in exposure and asked if a decrease in premium could be expected for that program year. The broker stated that, unfortunately, nothing can be predicted with certainty based upon the current state of the insurance marketplace.
Motion made by Cyndi Stafford, Lynwood, seconded by Nick Kimball, San Fernando to adopt the operating budget for the 2020-21 program year, with the understanding the Workers’ Compensation Program Contributions may change based on final coverage placement. Motion passed via roll call. Absent: Adelanto
7. CLOSED SESSION
The Board entered closed session at 12:23 p.m. with legal counsel pursuant to Government Code Section 54956.95(a), and to discuss whether to initiate litigation and conference with legal counsel pursuant to Government Code Section 54956.9(d)(4).
8. REPORT FROM CLOSED SESSION
The Board reconvened in open session at 1:20 p.m., and General Counsel reported no reportable action was taken on the matters Torus Re (Starstone) v. ICRMA, Redondo Beach v. ICRMA, or Item B – Conference with Legal Counsel: Initiate Litigation, General Counsel.
9. PROCLAMATION OF APPRECIATON President Kimball presented and read the proclamation of appreciation to Mr. Luther Lewis for his service to ICRMA. Ms. Lyons expressed her appreciation for Mr. Lewis’ partnership throughout the years in his role as Coverage & General Counsel. Mr. Lewis shared his appreciation of the Board and staff throughout his tenure. He indicated he is most looking forward to future travel to see his grandchildren, one of which was born this past weekend.
10. PRESIDENT’S REPORT None
11. CLOSING COMMENTS
None
12. ADJOURNMENT President Kimball adjourned the meeting at 1:25 p.m.
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MINUTES OF THE BOARD OF DIRECTORS
SPECIAL MEETING June 11, 2020 10:00 A.M.
A special meeting of the Board of Directors was held via webinar/teleconference on June 11, 2020. MEMBERS PRESENT: Adelanto Jessie Flores Bell Sergio Ibarra Downey Anil Gandhy El Monte John Nguyen El Segundo Joe Lillio Fullerton Pamela Mackie Glendora June Overholt Hawthorne Christine Tomikawa Hermosa Beach Vanessa Godinez (left at 12:10 p.m.) Inglewood Debra Carter Lynwood Cynthia Stafford Monterey Park Martha Garcia Hank Lu (left at 12:21 p.m.) San Fernando Nick Kimball (joined 11:10 a.m.) Santa Ana Debbie Scott-Leistra (left at 12:00 p.m.) South Gate Nellie Cobos MEMBERS ABSENT: Huntington Park OTHERS PRESENT: Johnson Schachter & Lewis Kellie Murphy Luther Lewis RPA Beth Lyons John Nielsen Jennifer Achterberg Bob May Cindy LaMantia Tyler LaMantia J.T. Babish Artex TJ Scherer (left at 12:21 p.m.) Arthur J. Gallagher Susan Blankenburg (left at 12:22 p.m.) Ryan Jacques (left at 12:21 p.m.) Carl Warren Michael Gates Robert Tran
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Bickmore Actuarial Mike Harrington (left at 11:05 p.m.) Greg Beaulieu (left at 11:22 p.m.) York Lee (left at 11:14 p.m.) Eide Bailly Jessica Andersen (left at 12:00 p.m.) Brad Rockabrand (left at 12:23 p.m.) Brent Mason (left at 12:21 p.m.) RMS Ken Maiolini (left at 10:37 a.m.) City of Hawthorne Felice Lopez (left at 12:21 p.m.) Woodruff, Spradlin & Smart Dan Spradlin (joined: 12:20 p.m., left at 12: 45 p.m.)
1. CALL TO ORDER Vice President Vanessa Godinez called the meeting to order at 10:08 a.m.
2. ESTABLISHMENT OF QUORUM/INTRODUCTIONS Introductions took place and it was determined a quorum was present.
3. PUBLIC COMMENTS There were no public comments.
4. APPROVAL OF AGENDA AS POSTED OR AMENDED Motion made by Jessie Flores, Adelanto, seconded by Debbie Scott-Leistra, Santa Ana, to approve the agendas as presented. Motion passed unanimously via roll call.
5. OPEN SESSION A. Workers' Compensation Coverage – Buffer Layer Option Contingency Plan
Mr. Beaulieu provide an update regarding the Workers’ Compensation program member allocations. At a previous meeting the Board opted to purchase a buffer layer for coverage from $1.5M to $2M, thus reducing the program’s SIR to $1.5 million, for a cost of $98,000. Mr. Beaulieu indicated if the Worker’s Compensation Program retained an SIR of $2M, the funding to be collected would have been $250,000. Therefore, the buy-down of excess coverage was financially beneficial to the pool. Overall, the Workers’ Compensation Program saw an increase of 4.5% in funding as compared to the prior program year. Mr. John Nielsen informed the Board the Broker team received notice from Fortega that only 60% of the placement for the $500k excess of $1.5m layer (aka "buffer layer") had been “subscribed” (i.e., completed/fully underwritten). RPA recommended authorizing the Broker to continue the placement process and place as much excess coverage for the buffer layer as possible within the structure and pricing offered by Fortega. In the event full coverage is unable to be placed with a carrier, ICRMA members would need to self-fund the remaining portion of the layer. The additional cost would be $100,000. At the same time, the cost for the excess coverage would decrease approximately $39,000. The
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difference in cost, about $61,000 to fully fund the layer, would need to be collected from the members in the event it cannot be placed with a carrier.
Motion made by Cyndi Stafford, Lynwood, seconded by Debbie Scott-Leistra, Santa Ana, to authorize the expenditure of an additional amount, not to exceed $61,000, to purchase a more limited “quota share buy down” and to self-fund any part of an incomplete placement with Fortega if the coverage cannot be placed with a carrier.
6. ADJOURNMENT
President Kimball adjourned the meeting at 1:25 p.m.
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MINUTES OF THE
BOARD OF DIRECTORS SPECIAL MEETING
July 13, 2020 2:00 P.M.
A special meeting of the Board of Directors was held via webinar/teleconference on July 13, 2020. MEMBERS PRESENT: Adelanto Jessie Flores Bell Sergio Ibarra (joined at 2:08 p.m.) Downey Anil Gandhy El Monte John Nguyen El Segundo Joe Lillio Scot Nicol (left at 3:26 p.m.) Fullerton Pamela Mackie Glendora June Overholt Karen Resendez (left at 3:18 p.m.) Hawthorne Olivia Valentine Hermosa Beach Vanessa Godinez (joined at 2:09 p.m.) Inglewood Debra Carter Lynwood Cynthia Stafford Monterey Park Martha Garcia Hank Lu (left at 3:18 p.m.) San Fernando Nick Kimball (left at 3:23 p.m.) South Gate Nellie Cobos MEMBERS NOT PRESENT: Huntington Park Santa Ana OTHERS PRESENT Johnson Schachter & Lewis Kellie Murphy RPA Beth Lyons John Nielsen Jennifer Achterberg Bob May (left at 2:39 p.m.) Cindy LaMantia J.T. Babish Eide Bailly Brent Mason (left at 3:18 p.m.) Arthur J. Gallagher Susan Blankenburg (left at 3:18 p.m.) Ryan Jacques (left at 3:18 p.m.) Bickmore Actuarial Mike Harrington (left at 3:18 p.m.) Greg Beaulieu (left at 3:18 p.m.)
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Bickmore Actuarial York Lee (left at 3:18 p.m.) Carl Warren Michael Gates Robert Tran Gordon Pennington Angelique King Richard McAbee (left at 3:04 p.m.) AdminSure David Trautz (joineded at 3:47p.m.; left at 4:25 p.m.) City of San Bernardino Genevieve Valdez (left at 3:21 p.m.) Edelia Eveland (left at 3:18 p.m.) Jim Slobojan (left at 3:18 p.m.) Sam Singery (left at 3:18 p.m.) Aleshire & Winder, LLP Glen Tucker (joined at 3:45 p.m.; left at 4:25 p.m.) Andrea Oguntula (joined at 3:45 p.m.; left at 4:25 p.m.)
1. CALL TO ORDER President Nick Kimball called the meeting to order at 2:07 p.m.
2. ESTABLISHMENT OF QUORUM/INTRODUCTIONS Introductions took place and it was determined a quorum was present.
3. PUBLIC COMMENTS
There were no public comments.
4. APPROVAL OF AGENDA AS POSTED OR AMENDED Motion made by Olivia Valentine, Hawthorne, seconded by Jessie Flores, Adelanto, to approve the agenda as presented. Motion passed unanimously via roll call. Absent: Bell, Hermosa Beach
5. OPEN SESSION
A. Membership Consideration Ms. Beth Lyons presented information to the Board regarding the City of San Bernardino’s interest in joining ICRMA’s Liability program effective August 1, 2020. The City has also requested a quote from PRISM, formerly CSAC-EIA. In 2019-20 the City of San Bernardino's broker (Aon) placed direct coverage with carriers, however, it was unable to place liability coverage for the 2020-21 program year. The City's expiring coverage included a $30 million limit with a $5 million retention. Ms. Lyons informed the Board the ICRMA broker and administration were evaluating the city's data and exposure information with the actuaries and carriers to develop a quote. The carriers have requested additional information regarding the City's financial condition due to its bankruptcy and large loss analysis. Ms. Lyons and members of the city's financial team provided information addressing the city’s financial condition and efforts the city is undertaking to recover and stabilize.
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Minutes Special Board of Directors
July 13, 2020
Page 3 of 3
The Board posed additional questions regarding the City’s financial plans, police department, and governance. The City is preparing a November 2020 ballot measure that would increase the sales tax from the current 0.25% sales tax to 1.0%. The proposed increase appears to have support of residents based on two surveys conducted, the most recent in early June. The City has prepared 10-year financial modeling to depict its financial condition under a variety of scenarios. The City has worked diligently to bring financial filings current and indicated the City’s CAFR was processed within the required timeline this past year. The City’s Human Resources Director addressed questions regarding staff turnover and retirements in recent years. Additionally, she shared with the Board the five-year strategic targets and goals the City developed in a plan adopted by the Council in January 2020, which was reviewed and updated by the Council at its July 1 meeting. The action plan contains aggressive timelines to accomplish goals toward longer term targets. Despite the many challenges that have faced not only the City, but the country as a whole over the last several months, staff was able to stay on target for most of the agreed upon goals during the first half of the year. Focus areas include financial stability, aligned leadership, improved quality of life, and economic growth and development.
Motion was made by Nick Kimball, San Fernando, seconded by Jessie Flores, Adelanto, to approve the City of San Bernardino's membership application and participation in the Liability program, with a Member Retained Limit of $3 million, effective August 1, 2020; and direct staff to conduct a risk management evaluation within 90 days of membership. Motion passed unanimously via roll call.
6. CLOSED SESSION
The Board entered closed session at 3:26 p.m. with legal counsel pursuant to Government Code Section 54956.95(a).
7. REPORT FROM CLOSED SESSION
The board reconvened in open session at 4:24 p.m., and General Counsel reported direction was given in the Redondo Beach v. ICRMA matter, and no reportable action was taken in the Fisher v. Glendora matter.
8. ADJOURNMENT Vice President Vanessa Godinez adjourned the meeting at 4:24 p.m.
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August 13, 2020 Board of Directors
Subject: Appointment of Treasurer as Investment Delegate Action for consideration: Approve Treasurer Joe Lillio as ICRMA’s Investment Delegate. Background: Each year the Board approves the delegation of investment authority to the Treasurer. This delegation allows the Treasurer to invest and reinvest ICRMA funds. While the Treasurer is granted this authority, ICRMA under contract delegates the day-to-day investment activities to its independent investment manager, Public Financial Management (PFM), who follows the investment policy adopted by the Board. The Treasurer and Finance Director supervise the activities of the investment manager, who makes periodic reports to the Board on the investment activities, performance, and holdings. This action to delegate investment authority to the Treasurer occurs pursuant to Government Code §53607, which states:
“The authority of the legislative body to invest or to reinvest funds of a local agency, or to sell or exchange securities so purchased, may be delegated for a one-year period by the legislative body to the treasurer of the local agency, who shall thereafter assume full responsibility for those transactions until the delegation of authority is revoked or expires, and shall make a monthly report of those transactions to the legislative body. Subject to review, the legislative body may renew the delegation of authority pursuant to this section each year.”
Additionally, ICRMA’s Bylaws and Investment Policy state the following regarding the treasurer position:
• Bylaws Article 8 Section A.B.4.D: “Serves as Investment Delegate in accordance with Government Code §53607 and ICRMA Investment Policy;”
• Investment Policy Section C: “The Board’s management responsibility for the investment program is hereby delegated for a one-year period to the ICRMA Treasurer (Treasurer). Subject to review, the Board may renew the delegation of authority pursuant to this section each year.”
Attachments: None Prepared by: Jennifer Achterberg, Assistant Program Administrator
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August 13, 2020 Board of Directors
Subject: Member Request to add Attorneys to the Workers' Compensation Defense Panel
Action for consideration: Consider the addition of attorneys Sana Z. Shah of Kegel, Tobin & Truce;
Larry E. Ivey of The Ivey Law Firm; Richard A. Chavez of Coleman Chavez & Associates LLP; and, Carolyn J. Beliso of Armstrong & Sigel, LLP to the Workers' Compensation Defense Panel.
Background: The City of El Segundo submitted a request that ICRMA add attorneys Sana Z. Shah of Kegel, Tobin & Truce; Larry E. Ivey of The Ivey Law Firm; Richard A. Chavez of Coleman Chavez & Associates LLP; and, Carolyn J. Beliso of Armstrong & Sigel, LLP (see attached) to the Workers' Compensation Defense Panel. At its meeting on July 8, the Claims Committee recommended approval of the attorneys. According to ICRMA’s Litigation Management Policies and Procedures, Approved Panel Counsel, Section 1.A., attorney firms requesting to be added to the panel of approved defense counsel must meet and/or agree to the following provisions before the Board will consider their inclusion on the panel:
1. Nomination. The attorney must be nominated, in writing, by one of the current ICRMA Members, Third Party Administrator (TPA) or by ICRMA. The Board shall have the responsibility of approving the panel of defense attorneys and the authority to add or delete individual counsel from time to time pursuant to recommendations from the Member, Program Manager, or Executive Director.
2. Application. Upon application to ICRMA, the attorney shall provide a resume setting forth his/her experience as applicable to the handling of ICRMA claims and his/her areas of expertise. As part of the process, the attorney shall affirmatively agree to all previsions of this Litigation Management Policies & Procedures in order for his/her application to be considered.
3. Experience. The attorney on an ICRMA claim must have at least five years of civil litigation practice, which includes substantial and significant defense experience in the area of public sector litigation in California, unless otherwise approved by ICRMA.
4. Insurance. The attorney must carry liability insurance appropriate to the legal profession, and in an amount not less than $2,000,000 per claim.
The application packages, which includes the nomination letter, attorney resumes, signed agreement to comply with ICRMA’s Litigation Management Policies and Procedures, insurance information form, and responses to the attorney questionnaire, are attached. During the past several years, the ICRMA Board has expressed a desire to only add attorneys that offer members in-depth, specific knowledge and skill sets.
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Member Request to add Attorneys to the Workers' Compensation Defense Panel Page 2 of 4
August 13, 2020
Following is a summary of each attorney along with a brief assessment by the ICRMA Workers' Compensation Program Manager.
Larry Ivey, Founder (Glendale, CA) Workers' Compensation Litigation – 25 years Workers' Compensation Program Manager assessment: Mr. Ivey has over 25 years of experience handling Workers' Compensation cases including educating workers' compensation professionals on in-depth claims topics. He has a BA in Political Science from the University of California, Los Angeles, and earned his JD degree from the University of San Diego School of Law. He has published numerous articles and held multiple lectures on the topic of Workers' Compensation within the last 17 years. Mr. Ivey has also previously taught for several years a one-semester course entitled “Advanced Workers' Compensation” for the Insurance Education Association (IEA). Also, of note, he has defended 6 cases where the injured worker was convicted of workers' compensation fraud. Mr. Ivey appears to have a strong combination of professional and academic experience in the field of workers' compensation defense, and is recommended for addition to the workers' compensation panel.
Sana Z. Shah, Shareholder (Los Angeles, CA) Workers' Compensation Litigation – 6 years Workers' Compensation Program Manager assessment: Sana Shah has a BA in both Psychology and History from University of California, Los Angeles, graduating Cum Laude. She went on to earn her Juris Doctor from Pepperdine University School of Law. She has been practicing law for 10 years, and specifically handling Workers' Compensation claims for 6 years. She has handled 36 Public Entity matters, all of which were Workers' Compensation cases and 3 of which involved Safety Officers. The City of El Segundo notes having worked with her in the past with excellent results on a variety of cases, including complex workers' compensation cases involving ADA components, as well as her efforts in successfully securing an RFP panel apportionment with the Los Angeles Community College District. With a strong relationship already established with the City of El Segundo, her noted case successes and focus on Public Entity Workers' Compensation matters, Shana Shah is recommended for addition to the workers' compensation defense panel.
Carolyn J. Beliso, Associate (Los Angeles, CA) Workers' Compensation Litigation – 26 years Workers' Compensation Program Manager assessment: Carolyn Beliso holds a BS in Biology form Loyola Marymount University, Los Angeles, and later earned her Juris Doctor from Southwestern University School of Law, graduating Magna Cum Laude. Prior to attending Law School, Carolyn Beliso worked as a Workers' Compensation Supervisor and Settlement Specialist for Liberty Mutual Insurance for over 7 years. She has been defending Workers' Compensation claims since 1994 and has been recently titled “Attorney of the Year” by one of her clients (Roadway Express).With her prior experience supervising workers' compensation claims for one of the nation’s largest insurance carriers, and her extensive experience
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Member Request to add Attorneys to the Workers' Compensation Defense Panel Page 3 of 4
August 13, 2020
defending workers' compensation claims as an attorney, Carolyn Beliso offers a strong and versatile experience that should bring value to the workers' compensation defense panel. Richard Chavez, Partner (Los Angeles, CA) Workers' Compensation Experience– 17 years Workers' Compensation Program Manager assessment: Richard Chavez holds a Bachelor of Art in Political Science with a Minor in Criminal Justice from California State University at Sonoma. He earned his Juris Doctor from the University of Pacific, McGeorge School of Law, graduating within the top 25% of his class. He has been practicing law for 21 years and has 17 years of experience specifically defending Workers' Compensation claims. Mr. Chavez and his firm handle only Workers' Compensation claims. He notes in his questionnaire response that he and his team make a point to keep their caseloads lower than average, which allows a stronger focus on each case. He is a member of multiple legal and workers' compensation affiliations. His nomination by the City of El Segundo comes with a strong recommendation by Adminsure. With his vast affiliations, extensive experience and strong recommendations from both Adminsure and the City of El Segundo, Mr. Chavez appears to be a strong candidate to join the workers' compensation defense panel.
Attachments: Application Packages Prepared by: Robert Tran, Workers' Compensation Program Manager
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Member Request to add Attorneys to the Workers' Compensation Defense Panel Page 4 of 4
August 13, 2020
Nominations by David Serrano, Director of Human Resources, City of El Segundo: The City of El Segundo is currently reviewing its internal WC claims management practices, and its WC loss control program, based upon the benchmarking report provided by ICRMA. As such, the City would like to propose adding some attorneys to our WC defense panel. The City would like to propose Kegel Tobin & Truce, Sana Shah, Esq. to be included on the panel. Kegel, Tobin & Truce are already members of the ICRMA panel, with different attorneys. I am proposing Ms. Sana Shah based upon my prior experience working with Ms. Shah and her experience in working and defending employer’s in WC matters. Ms. Shah has a depth and breadth of experience both in court, and in settlement discussions. I have worked with her complex WC cases involving ADA components, and I feel she would be an asset in assisting the City provide a more vigorous defense of City’s cases, and in attempting to reduce associated liability and reserves. I previously worked with KTT and Ms. Shah, when she was able to secure an RFP panel appointment with the Los Angeles Community College District. The City requests inclusion of Ms. Shah on the ICRMA panel, and in particular associated with the City of El Segundo The City would like to propose the law firm of Larry Ivey. I have worked with Mr. Ivey in the past, and found he handles cases in the most professional manner. As you can see by his CV, Mr. Ivey has a depth and breadth of WC defense experience, including public and private sector clients. He vigorously defends his clients, and is known to make recommendations for State Fraud investigation of potentially fraudulent claims or activities within a claim. I have had the privilege of working with Larry both the County of Solano, and with the City of Pasadena. I have worked directly with Larry in the investigation of potentially fraudulent activities in two specific claim instances. Mr. Ivey has great deal of knowledge and expertise on WC claim issues, and including the ADA/FEHA overlay often associated. Mr. Ivey is excellent with both safety type claimants and with miscellaneous type claimants. The City requests inclusion of Mr. Ivey on the ICRMA panel, and in particular associated with the City of El Segundo. The City would like to propose the law firm of Coleman Chavez & Associates, and Richard Chavez, Attorney. Attached is information pertaining to Attorney Richard Chavez, with Coleman Chavez & Associates, LLP. Mr. Chavez comes recommended to the City by the City’s third party administrator- Adminsure. Mr. Chavez has a depth and breadth of experience in both WC matters as well as Employment law matters, ADA/FEHA matters, and civil rights matters. I believe Mr. Chavez would be a great addition to the ICRMA panel and associated with the City of El Segundo. Mr. Chavez will vigorously defend his clients, and ultimately lead to reduced overall liability (Total Incurred) and reserves associated with the City’s WC program. The City would like to propose the law firm of Armstrong & Sigel, Ms. Carolyn Beliso to added to the ICRMA WC defense panel. Attached is information pertaining to the firm, and Ms. Beliso. Ms. Beliso has a depth and breadth to her WC practice. She has experience as an Insurance Company litigator, as well as defense of clients directly. I believe Ms. Beliso would make a great addition to the ICRMA panel and associated with the City of El Segundo. Ms. Beliso will vigorously defend her clients, and assist the City to reduce overall liability (total incurred) and reserves associated with the City’s program. I believe Ms. Beliso would be a great addition to the ICRMA panel and directly associated with the City of El Segundo.
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The Ivey Law Firm
450 North Brand, Suite 600Glendale, CA 91203
Telephone: 818. 291.6433Cell: 818. 438.5570Fax: 855. 948.3700
www.iveylaw.netemail: [email protected]
Lawrence E. Ivey
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Lawrence E. Ivey is an attorney and owner of The Ivey Law Firm located in Glendale, CA. Mr. Ivey
received his BA degree in Political Sci-ence from the University of California, Los Angeles. He received his JD degree from the University Of San Diego School Of Law. Mr. Ivey is a Certified Workers’ Compensation Specialist and has served as an officer in the Workers’ Compensa-tion Defense Attorney’s Association.
He has over 25 years of experience liti-gating all facets of California workers’ compensation claims, including SIU/Fraud litigation. Mr. Ivey previously liti-gated a number of high profile workers’ compensation cases, including a multi-
case consolidation matter involving a number of workers’ compensation claims that were being litigated simultaneously in Federal Court as part of a RICO (fraud) action. The Dis-trict Attorneys’ offices of Los Angeles, Orange, San Bernardino and San Joaquin counties, and the California Department of Insurance’s Fraud Division, have called on Mr. Ivey on several occasions to assist them in their investigations concerning the prosecution of workers’ compensation fraud cases.
One of the most telling aspects of his approach to defending workers’ compensation claims are the results he achieves on his cases. This also is reflected in the number of fraud convictions received on behalf of his clients. While the vast majority of workers’ compen-sation defense attorneys have no cases in which a doctor or applicant was convicted of fraud, Mr. Ivey obtained six (6) convictions. For several years he taught a one-semester course entitled ”Advanced Workers’ Compen-sation” for the Insurance Education Association (IEA), a national organization involved in training employers and claims professionals concerning various topics relevant to the insurance industry. He enjoys teaching and typically is an invited speaker several times per year at various workers’ compensation seminars.
Mr. Ivey’s professional affiliations are, the Workers’ Compensation Defense Attorney’s Association; Los Angeles County Bar Association, San Fernando Valley Bar Association, the State Bar of California, Workers’ Compensation Law section, PARMA and COSIPA. Further information and references are available upon request.
Lawrence E. Ivey, Esq.
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“Workers’ Compensation Case Law Update”Presentation by Lawrence E. Ivey for the City of Glendale, CA, November 18, 2014 “Workers’ Compensation Fraud: How to Fight”Presentation by Lawrence E. Ivey for City of Pasadena, CA, June 3, 2014 “Lien Claimants: Ants at the Picnic – New Lien Rules Help Defendants”Presentation by Lawrence E. Ivey, Esq. for City of Pasadena, CA, April 24, 2013
“Lien Claimants: Ants at the Picnic – New Lien Rules Help Defendants”Presentation by Lawrence E. Ivey, Esq. for City of Simi Valley, CA, March 7, 2013
“Risk Management Through Proper Fitness Training”Presentation by Lawrence E. Ivey, Esq. and Mr. Kubanai Kalombo for Garland & Associates at the Hilton Garden Suites Hotel, San Bernardino, CA, June 7, 2012
“How to Define, Identify & Fight Workers’ Compensation Fraud”Presentation for AOHP (Association of Health Care Professionals, at Whittier Intercommunity Presbyterian Hospital by Lawrence E. Ivey, Esq., March 9, 2012
“Early Intervention: Beware and Be Prepared”Presentation by Lawrence E. Ivey, Esq. and David Douglass, Licensed Private Investigator, for PARMAWest at Cal Poly Pomona University Center, December 1, 2011 “Workers’ Compensation Strategy & Procedures: Handling the Surprises and The Unexpected” Presentation for City of Simi Valley and other local municipalities and claims professionals at Simi Valley City Hall Conference Room, November 30, 2011
“Workers’ Compensation Fraud: How To Fight It”Presentation for CorVel Corporation with Lawrence E. Ivey, Esq., and co-speaker, Riverside County D.A. David Simon, supervising attorney of the Riverside County D.A. Insurance Fraud Unit, October 11, 2011 “Workers’ Compensation Fraud: How To Fight It”Presentation for City of Brea and representatives from other Orange County governmental entities, with Lawrence E. Ivey, Esq., Dave Douglass, and Orange County Deputy D.A., Pamela Lateio, from the Orange County D.A. Fraud Unit, September 28, 2011
“Workers’ Compensation Fraud: How To Fight It” Fraud presentation for Keenan & Associates at its Riverside office, April 27, 2011
“Workers’ Compensation Fraud: How To Fight It”Presentation for City of Glendale Risk Management Department and other Local L.A. City and County representatives, with Lawrence E. Ivey, Esq. and co-speakers, along with L.A.D.A., John Morris, Supervisor of the L.A. County D.A.’s Insurance Fraud Unit, March 29, 2011
Articles & Lectures
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“Workers’ Compensation Fraud: How To Fight It”Presentation for Southern California meeting of COSIPA with co-speakers, along with L.A. Deputy D.A. Ted Loewen, Esq., Costa Mesa Hilton November 18, 2010
“Workers’ Compensation Fraud: How to Fight It”Presentation for Northern California Meeting of COSIPA (Council of Self-Insured Public Agencies), Concord Hilton, co-speaker along with San Francisco Deputy D.A., Diane Knolles, Esq., October 28, 2010
“Mental Stress Claims in California: How to Stay Sane Defending California Workers’ Compensation Claims”Presentation for Lorman Education Services at an all day seminar relating to California workers’ compensation mental stress claims at Courtyard Marriott, Pasadena, California, July 15, 2005.
“An Interpretation of Senate Bill 899”All day seminar for Lorman Education Services at Courtyard Marriott, Pasadena, California, May 26, 2005
“Application of the New Law - Senate Bill 899: To Infinity and Beyond” Presentation for the Insurance Educational Association, Glendale, California, April 5, 2005
“Underwriting Techniques and their Role in Workers’ Compensation Insurance Cost Control”Presentation for the Insurance Educational Association, Glendale, California, March 15, 2005
“A Historical View of the California Workers’ Compensation System” Presentation for the Insurance Educational Association, Glendale, California, February 8, 2005
“Depositions and Discovery”Presentation for the Insurance Educational Association, Glendale, California, April 19, 2004
“Does the California Workers’ Compensation System Currently Work or is it Broken?Presentation for the Insurance Educational Association, Glendale, California, March 22, 2004
“Trial Techniques: The Perspectives of both the Applicant’s and Defendant’s Attorneys”Presentation for the Insurance Educational Association, Woodland Hills, California, March 8, 2004
“The Burden of Proving Your Case Before the WCAB”Panel discussion with the Honorable Ralph Zamudio and David Rimbach, Esq, for the Insurance Educational Association, March 31, 2003
“Creative Settlements”Presentation for the Insurance Educational Association, Woodland Hills, California, March 31, 2003
“When a Settlement is No Longer a Settlement? Recent Contribution Decision may have Unintended Consequences”Workers’ Compensation Commentary, March/April 2002
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Admitted to the State Bar of California, June 1983 Admitted to practice in the State of California and the United States District Court, Southern and Central Districts of California.
California State Bar Workers’ Compensation Certified Specialist The Ivey Law Firm, Glendale & San Francisco, California Offices May 2013 - Present Workers’ Compensation defense of employers involving all aspects of workers’ compensation litigation and employment law matters.
Attorney, Lister, Martin & Thompson, Glendale & San Francisco, California Offices April 2002 – May 2013 Workers’ Compensation defense of employers involving all aspects of workers’ compensation litigation and employment law matters.
Attorney, Grancell, Lebovitz, Stander, Barnes & Reubens, L.A., California November 1997 - April 2002 Workers’ Compensation defense involving all aspects of trial and appellate work in the field of Workers’ Compensation Law.
Attorney, Ingber & Ivey, L.A., California January 1990 - November 1997 Equity partner in a workers’ compensation firm with offices in Oakland, Encino and Santa Ana, California. Involved in all aspects of firm’s personnel matters, including hiring and fir- ing. Also managed a full case load, involving all aspects of workers’ compensation litigation and employment law matters.
Attorney, Mischel, Trock and Ingber, L.A., California October 1985 - December 1989 Workers’ Compensation defense involving all aspects of trial and appellate work in the field of Workers’ Compensation Law. University of San Diego School of Law J.D., May 1982
Honors: Mexican and American Foundation Fellowship for Legal Research, Spring 1983
University of California, Los Angeles B.A., Political Science, June 1979
Lawrence E. Ivey450 N. Brand Boulevard, Suite 600
Glendale, California 91203Phone: 818. 291.6433
Fax: 855. [email protected]
State Bar Membership:
CURRICULUM VITAE
Legal Experience:
Legal Education:
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Advocacy Experience: Writing Experience: Motions for summary judgments, trial briefs, petitions for reconsideration, writs to the Court of Appeal, etc.
California State Bar, Workers’ Compensation Section
Los Angeles County Bar Association
Valley Industrial People (V.I.P), President 1991
Workers’ Compensation Defense Attorneys Association
UCLA Alumni Association, Life MemberNevada County Historical Society, Life MemberHistorical Society of Pomona Valley, Life Member
History, politics, music, basketball, swimming, hiking, traveling and reading
Ms. Cheryl Scott, Claims Supervisor, City of Glendale, CA (818) 550-4404Ms. Joanne Tesch, U.S. Workers’ Compensation Manager, Snap-On Tools, Inc., Kenosha, WI (262) 656-6450Mr. Perry Hoffman, Supervisor of workers’ compensation claims on Lockheed Martin account, Chatsworth, CA (818) 428-3665Mr. Ryan Burke, Director of Human Resources, Citrus Valley Health Partners (626) 858-8538Ms. Candice Fisher, Workers’ Comp. Division Supervisor City of Brea (714) 671-4446Mr. Jeff Haynes, Director of Risk Management for San Bernardino City Unified School District (909) 388-6476
Organizations:
Professional Memberships:
Interests:
References:
Qualifications:
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Mission, Vision, and Values Statements
Our goal on every case is to provide aggressive, cost effective, expeditious, professional and ethical representation for our clients within the boundaries & delays that encompass our legal system.
Mission Statement
Vision Statement
We are an integral partner in elevating the rights of our clients in the California Workers’ Compensation system. We not only pay attention to the current state of the law, but also to proposals to change it that may adversely affect our clients.
When a case concludes, we want our clients to know that we cared and defended their rights fully.
Values Statement
Care to achieve the best result possible on each and every case.
Aggressive ethical representation of our clients.
Respect each and every client and never underestimate our opponents.
Excellence is accomplished by not just “doing a job to get it done.” It con- cerns caring about the ultimate results and showing the drive to achieve them.
Drive: “The will and initiative to succeed.”
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©2016 The Ivey Law Firm
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AV Preeminent
Lawrence E. Ivey and his firm are rated AV Preeminent by Martindale-Hubbell. This rating is the highest possible Peer Review Rating in legal ability and ethical standards. Less than approximately 14.8% of attorneys in the United States are
rated this highly. Mr Ivey and his firm take this rating and honor very seriously since it represents his professionalism, dedication and work ethic for over 25 years while representing his clients.
AV Preeminet: The pinnacle of professional excellence earned through a strenuous peer review rating process that is managed and monitored by the world’s most trusted legal resource. The LexisNexis Martindale-Hubbell Peer Review Ratings have been an integral part of Martindale-Hubbell’s services to the legal community since 1887. The Peer Review Rating process, which evaluates lawyers in the United States and Canada, is solely based upon peer review. A rating from Martindale-Hubble attest to a lawyer’s legal ability and professional ethics, and reflects the confidential opinions of the Bar and the Judiciary.
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E. CHARLES MAKI JON E. von LEDEN JOSEPH D. KIEFFER PREETI G. SHAH STEVEN M. GREEN KAREN L. AHLSTEDT SCOTT F. CORNGOLD FIONA WOON DOVAN F. CALUMPANG MARK N. THOMAS HOANG T. NGUYEN ALAN D. BENNETT MATTHEW C. MALEN JUSTIN R. FARHANG NICHOLAS H. SANDOMIRSKY DAVID W. PLASKOW MARGARET L. MATASCI
SANA Z. SHAH ANTHONY J. MACAULEY PATRICK S. RAJASINGAM PHILLIP R. SOON ASHLEY S. RANDOLPH AUDREY K. NGUYEN PATRICK V. GUERRERO GABRIEL A. QUINTANILLA JOI L. ANDERSON JOHN M. ROBINSON IV KATHERINE A FITZGERALD
KEGEL, TOBIN & TRUCE A PROFESSIONAL CORPORATION
ATTORNEYS AT LAW
LOS ANGELES OFFICE
SEND PACKAGES TO: 800 WILSHIRE BOULEVARD, SUITE 1100 LOS ANGELES, CALIFORNIA 90017-2615
SEND MAILTO: POST OFFICE BOX 76907
LOS ANGELES, CALIFORNIA 90076-0907
E-mail: [email protected]
http://www.kttlaw.us
June 24, 2020
OFFICES:
LOS ANGELES: TELEPHONE (213) 380-3880 FACSIMILE (213) 383-8346
LONG BEACH: TELEPHONE (562) 437-1108 FACSIMILE (213) 383-8346
VENTURA: TELEPHONE (805) 644-2216 FACSIMILE (213) 383-8346
ONTARIO: TELEPHONE (909) 466-5555 FACSIMILE (213) 383-8346
SAN DIEGO: TELEPHONE (619) 696-0906 FACSIMILE (213) 383-8346
JOHN J. TOBIN, 1935-2013ROBERT A. KEGEL, 1927-2015 W. JOSEPH TRUCE, Of Counsel
VIA E-MAIL CARL WARREN & COMPANY POST OFFICE 2422 TUSTIN, CA 92781
Attention: Robert Tran
RE: Sana Shah / ICRMA Defense Panel Nomination - City of El Segundo
Dear Mr. Tran:
Thank you again for the opportunity to serve on the City of El Segundo’s defense panel. Below are the replies to the questions you had for our firm.
• Number and types (e.g., dangerous condition, employment, ADA, police, etc.) of public entity claims handled.
o 607 public entity matters handled by KT&T (on behalf of various cities, counties, school districts and community college districts).
28 such matters are safety officers.
o I handle 36 public entity matters, 3 of which are safety officer cases. All matters are workers’ compensation defense.
• Total number of civil litigation matters tried to a jury verdict.
o Not applicable, as we are exclusively a workers’ compensation and subrogation firm.
• Results of those trials (e.g., how many defense verdicts; how many verdicts under the last offer, etc.).
o Not applicable, as we are exclusively a workers’ compensation and subrogation firm.
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KEGEL, TOBIN & TRUCE
Attention: Robert Tran RE: SANA SHAH / ICRMA DEFENSE PANEL NOMINATION - CITY OF EL
SEGUNDO June 24, 2020 Page 2
• Any record of state bar discipline?
o None for myself or any member of Kegel, Tobin & Truce
• Whether you (or your firm) have been terminated for cause by any public entity; if so, the circumstances involved.
o No, neither I nor Kegel, Tobin & Truce have been terminated for cause by any public entity.
• Any other information you wish to bring to the attention of the Board, or which you believe the Board should know in considering your application.
o We have a very dynamic claims handling style and adapt quickly to client expectations. I specifically represent a public entity that favors expedited settlement over litigation, from a business perspective, and several public entities that favor trying issues. Our Firm excels in both strategies. We have successfully cut off unnecessary litigation by pressing for additional panels, and have also successfully strategized to maximize our clients’ savings through settlement at critical portions of litigation. I am available for interview via Zoom if you wish to inquire further.
Very truly yours,
KEGEL, TOBIN & TRUCE, A.P.C.
BY: SANA Z. SHAH
SZS/mv
Enclosures:
LPL Evidence of Insurance
Signed LMPP
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ANY PROPRIETOR/PARTNER/EXECUTIVEOFFICER/MEMBER EXCLUDED?
INSR ADDL SUBRLTR INSD WVD
PRODUCER CONTACTNAME:
FAXPHONE(A/C, No):(A/C, No, Ext):
E-MAILADDRESS:
INSURER A :
INSURED INSURER B :
INSURER C :
INSURER D :
INSURER E :
INSURER F :
POLICY NUMBER POLICY EFF POLICY EXPTYPE OF INSURANCE LIMITS(MM/DD/YYYY) (MM/DD/YYYY)
AUTOMOBILE LIABILITY
UMBRELLA LIAB
EXCESS LIAB
WORKERS COMPENSATIONAND EMPLOYERS' LIABILITY
DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required)
AUTHORIZED REPRESENTATIVE
EACH OCCURRENCE $DAMAGE TO RENTEDCLAIMS-MADE OCCUR $PREMISES (Ea occurrence)
MED EXP (Any one person) $
PERSONAL & ADV INJURY $
GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $PRO-POLICY LOC PRODUCTS - COMP/OP AGGJECT
OTHER: $COMBINED SINGLE LIMIT
$(Ea accident)ANY AUTO BODILY INJURY (Per person) $OWNED SCHEDULED
BODILY INJURY (Per accident) $AUTOS ONLY AUTOSHIRED NON-OWNED PROPERTY DAMAGE
$AUTOS ONLY AUTOS ONLY (Per accident)
$
OCCUR EACH OCCURRENCECLAIMS-MADE AGGREGATE $
DED RETENTION $PER OTH-STATUTE ER
E.L. EACH ACCIDENT
E.L. DISEASE - EA EMPLOYEE $If yes, describe under
E.L. DISEASE - POLICY LIMITDESCRIPTION OF OPERATIONS below
INSURER(S) AFFORDING COVERAGE NAIC #
COMMERCIAL GENERAL LIABILITY
Y / NN / A
(Mandatory in NH)
SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORETHE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED INACCORDANCE WITH THE POLICY PROVISIONS.
THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIODINDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THISCERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS,EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.
THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THISCERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIESBELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZEDREPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER.IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed.If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement onthis certificate does not confer rights to the certificate holder in lieu of such endorsement(s).
COVERAGES CERTIFICATE NUMBER: REVISION NUMBER:
CERTIFICATE HOLDER CANCELLATION
© 1988-2015 ACORD CORPORATION. All rights reserved.ACORD 25 (2016/03)
CERTIFICATE OF LIABILITY INSURANCE DATE (MM/DD/YYYY)
$
$
$
$
$
The ACORD name and logo are registered marks of ACORD
KEGEL-1 OP ID: RF
06/03/2020
Kelley L. Milks, CIC CRM RPLUAhern Insurance Brokerage9655 Granite Ridge Dr., #500San Diego, CA 92123Kelley L. Milks, CIC CRM RPLU
858-571-9030 [email protected]
Aspen Specialty Insurance Co.
Kegel, Tobin & Truce, APC800 Wilshire Blvd. Suite 1100Los Angeles, CA 90017
LRA777020 06/05/2020 06/05/2021 Per Claim 3,000,000Professional Liab Aggregate 5,000,000
Deductible $75,000 each claim;
EVIDENC
EVIDENCE OF INSURANCE
858-571-9030
Claims Made Lawyer
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Litigation Management Policies & Procedures Page 13 of 22 Effective January 1, 2020
AGREEMENT TO COMPLY WITH PROCEDURES
I AGREE TO ABIDE BY THE ICRMA’S LITIGATION MANAGEMENT POLICIES AND PROCEDURES. I UNDERSTAND THE CITY AND ICRMA HAVE THE RIGHT TO ENFORCE THE TERMS OF THIS AGREEMENT AS TO THE UNDERSIGNED ATTORNEY. Dated: [Attorney’s Law Firm]
By: [Signature of Individual Attorney]
[Print Name]
Sana Z. Shah, Esq.
06/24/2020KEGEL, TOBIN & TRUCE, APC
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E. CHARLES MAKI JON E. von LEDEN JOSEPH D. KIEFFER PREETI G. SHAH STEVEN M. GREEN KAREN L. AHLSTEDT SCOTT F. CORNGOLD FIONA WOON DOVAN F. CALUMPANG MARK N. THOMAS HOANG T. NGUYEN ALAN D. BENNETT MATTHEW C. MALEN JUSTIN R. FARHANG NICHOLAS H. SANDOMIRSKY DAVID W. PLASKOW MARGARET L. MATASCI
SANA Z. SHAH ANTHONY J. MACAULEY PATRICK S. RAJASINGAM PHILLIP R. SOON ASHLEY S. RANDOLPH AUDREY K. NGUYEN EVELYN MEDINA PATRICK V. GUERRERO BRENT E. SMITH GABRIEL A. QUINTANILLA JOI L. ANDERSON JOHN M. ROBINSON IV MICHAEL S. PREIS KATHERINE A FITZGERALD
KEGEL, TOBIN & TRUCE A PROFESSIONAL CORPORATION
ATTORNEYS AT LAW
LOS ANGELES OFFICE
SEND PACKAGES TO: 800 WILSHIRE BOULEVARD, SUITE 1100 LOS ANGELES, CALIFORNIA 90017-2615
SEND MAILTO: POST OFFICE BOX 76907
LOS ANGELES, CALIFORNIA 90076-0907
E-mail: [email protected]
http://www.kttlaw.us
December 19, 2019
OFFICES:
LOS ANGELES: TELEPHONE (213) 380-3880 FACSIMILE (213) 383-8346 LONG BEACH: TELEPHONE (562) 437-1108 FACSIMILE (213) 383-8346 VENTURA: TELEPHONE (805) 644-2216 FACSIMILE (213) 383-8346 ONTARIO: TELEPHONE (909) 466-5555 FACSIMILE (213) 383-8346 SAN DIEGO: TELEPHONE (619) 696-0906 FACSIMILE (213) 383-8346
JOHN J. TOBIN, 1935-2013 ROBERT A. KEGEL, 1927-2015 W. JOSEPH TRUCE, Of Counsel
CITY OF EL SEGUNDO 350 Main Street El Segundo, CA 90245 Attention: David Serrano, Director of Human Resources RE: KEGEL, TOBIN & TRUCE RÉSUMÉ Dear Mr. Serrano: Thank you for taking the time to review and consider our potential representation of the interests of the City of El Segundo. I have enclosed various materials about our firm in the hope of securing your faith and confidence in allowing us the opportunity to do so. Subsequent to your review, I would be happy to answer any questions or engage in further communication to that end.
FIRM PHILOSOPHY For the past 47 years our law firm has represented employers, including several public entities, third-party administrators and insurance companies in the defense of workers' compensation claims. We have five offices which cover Workers’ Compensation Appeals Boards from the Central Coast to the Inland Empire to San Diego. We’re more than capable of serving your needs and representing your interests with attorneys who know the judges, the doctors and the applicant attorneys in the area, and we are known to them in turn. I am proud to say that we have a well-earned reputation as an aggressive, trial-oriented law firm. Although most cases in fact settle we believe that by having an established reputation for preparing cases and, where appropriate, taking a strong trial posture, we can obtain the best outcome for our client. Kegel, Tobin & Truce was started in 1972 and from that date on we have represented public entities, insurance companies and self-insured corporations. We represent employers in Labor Code §132a and Serious & Willful litigation as well. We also have a subrogation attorney who will represent your interests where an injury is the result of a third party’s actions. While we are well known for assertive representation of our clients, we are very mindful that ultimately your goal is to achieve the best result at the earliest possible time, at the lowest possible cost. Thus,
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KEGEL, TOBIN & TRUCE
Attention: David Serrano, Director of Human Resources RE: KEGEL, TOBIN & TRUCE RÉSUMÉ December 19, 2019 Page 2
we exert our best efforts to keep cases moving toward the goal of a satisfactory and appropriate resolution. Every legal bill is carefully reviewed for substance and accuracy before it is sent out. We have a diary system to ensure that no file “falls through the cracks.” Our attorneys are available to respond to your questions or concerns and we pride ourselves on responding to client calls and e-mail in a timely manner. Being unable to reach an attorney is one of the most commonly heard complaints among respondents in national surveys and we strive mightily to separate ourselves from the crowd on that score.
TRAINING Our law firm highlights an ongoing in-house training program for all attorneys and especially for newly hired attorneys. Our training addresses the entirety of law dealing with and affecting the practice of workers' compensation litigation. Training includes sessions on current statutes, case law emanating from the WCAB and all appellate courts, case analysis and development of strategies for effective legal representation of our clients beginning with the initial review of the file and including all phases of the case through appeal.
FEES With regard to our attorney fees, our hourly rates are $175.00 for partners, $165.00 for associates and $95.00 for paralegals/legal assistants. Our firm has also pioneered an Integrated Fee Schedule which combines fee-for-service items along with activities which are charged at an hourly rate. Please refer to tab four (4) for the specifics and note that this Schedule is predicated on an hourly fee of $160.00 for those workers’ compensation activities which are performed by an attorney and billed at an hourly rate, $80.00 per hour for those paralegal and legal assistant activities billed at an hourly rate, and $180.00 per hour for those appellate, subrogation, Labor Code §132a and Serious & Willful defense activities which are billed at an hourly rate, combined with a task-based schedule which lists the price of a particular activity. Some activities can be performed by either the claims administrator or the handling attorney. Much will depend upon your individual desire and the arrangements you have with the employer. For example, we have a set price for such activities as writing a letter to a physician, arranging a medical examination, etc. Many of our larger clients prefer the Integrated Fee Schedule as it facilitates the making of a legal budget and the client can then decide whether they prefer to have certain activities performed by the claims administrator or by the attorney.
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KEGEL, TOBIN & TRUCE
Attention: David Serrano, Director of Human Resources RE: KEGEL, TOBIN & TRUCE RÉSUMÉ December 19, 2019 Page 3
CLIENT EDUCATION
We are excited to announce the development of a training program. Teams of attorneys are now available to make educational presentations on salient topics within the field of workers’ compensation for your claims staff, offering continuing education credits. In summary, our law firm has a proven record of achieving positive results that have yielded substantial benefits and measurable savings to our clients in a broad range of actual situations and legal issues. We take great pride in our work and our successes over the years and would welcome the opportunity to meet with you and discuss our firm and the potential partnership we can form to efficiently and effectively defend workers’ compensation claims. Very truly yours,
KEGEL, TOBIN & TRUCE, A.P.C.
BY: SANA Z. SHAH
SZS/mv Enclosures: Atty Bios Sana Shah CV Integrated Fee Schedule WCAB Coverage List Sample Client List
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LOS ANGELES OFFICE - WORKERS' COMPENSATION ATTORNEYS
JOSEPH D. KIEFFER, MANAGING SHAREHOLDER FIONA WOON, MANAGING SHAREHOLDER
JUSTIN R. FARHANG: Born Los Alamitos, California. Undergraduate: University of California, Irvine, B.A. Philosophy, with a minor in Religious Studies, 2005. Law School: Southwestern Law School, J.D., 2009. Admitted to practice 2010. Member of the State Bar of California; U.S. District Court- Central District of California. Managing shareholder of our Ontario Office. STEVEN M. GREEN: Born Los Angeles, California. Undergraduate: University of Chicago, B.S., 1982. Law School: University of Oregon, J.D., 1985. Admitted to practice in Oregon 1985; California 1987. Member of the State Bar of California. JOSEPH D. KIEFFER: Born New York City, New York. Undergraduate: University of California, Santa Barbara, B.A., 1971. Law School: American University, Washington, D.C., J.D., 1976. Law Review 1975, 1976. Law Clerk to United States Tax Court Judge Lehman Aarons. Legislative Assistant to Congressman William S. Cohen (R-Maine). Admitted to practice 1977. Member of the State Bar of California; U.S. District Court- Central District of California, 1986. Co-managing shareholder of our Los Angeles Office. ANTHONY J. MACAULEY: Born San Francisco, CA. Undergraduate: University of California, Berkeley, B.A., English, 1981. Law school: Golden Gate University School of Law, J.D., 1986. Admitted to practice 1987. Member of the State Bar of California. MARGARET L. MATASCI: Born Melrose, Massachusetts. Undergraduate: California Lutheran University, B.A., Economics, 2006. Law School: Boston College Law School, J.D., 2010. Admitted to practice 2010. Member of the State Bar of California. EVELYN MEDINA: Undergraduate: University of California, Irvine, B.A., Criminology, Law and Society, Minors in Social Ecology & Psychology, 2005. Law School: Thomas Jefferson School of Law, J.D., 2016. Admitted to practice 2016. Member of the State Bar of California. HOANG T. NGUYEN: Born Thailand. Undergraduate: San Diego State University, B.S., Criminal Justice Administration, 1999. Law School: California Western School of Law, J.D., 2005. Admitted to practice 2005. Member of the State Bar of California. PATRICK S. RAJASINGAM: Undergraduate: Hampton University, Hampton, VA, B.A., Advertising, 2005. Law school: Florida A&M University, College of Law, J.D., 2013. Admitted to practice 2015. Member of the State Bar of California.
PREETI G. SHAH: Born Bombay, India. Undergraduate: Sydenham College of Commerce and Economics, Bombay, India, B. Com., 1979. Law School: Government Law College, Bombay, India, LL.B., 1983. Admitted to practice in India 1983 and in California 1988. Member of the Los Angeles County Bar Association and San Fernando Valley Bar Association. Shareholder. SANA Z. SHAH: Born Pakistan. Undergraduate: University of California, Los Angeles, B.A., double major in Psychology and History, 2007. Law School: Pepperdine University School of Law, J.D. 2010. Admitted to practice 2010. Member of the State Bar of California. Shareholder. PHILLIP R. SOON: Undergraduate: University of Southern California, B.A., History, 2007. Law School: Southwestern Law School, J.D. 2011. Admitted to practice 2012. Member of the State Bar of California.
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LOS ANGELES OFFICE - WORKERS' COMPENSATION ATTORNEYS (Continued - Page Two)
JOSEPH D. KIEFFER, MANAGING SHAREHOLDER
FIONA WOON, MANAGING SHAREHOLDER MARK N. THOMAS: Born Manchester, England. Undergraduate: California State University, Fullerton, B.A. International Business, 1988. Law School: Loyola Law School, J.D., 2001. Admitted to practice 2005. Prior Experience: Hanna, Brophy, MacLean, McAleer & Jensen LLP. 10 years as an employer representative for the Naval Surface Warfare Center. 3 years of paralegal experience for the law offices of Lyle L. Blane. Member of the State Bar of California. Shareholder. FIONA WOON: Born Los Angeles, California. Undergraduate: University of Southern California, B.A., 1999. Law school: Southwestern Law School, J.D., 2002. Admitted to practice 2003. Member of the State Bar of California. Member of Phi Alpha Delta Law Fraternity. Managing shareholder of our San Diego Office. Co-managing shareholder of our Los Angeles Office.
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ONTARIO OFFICE - WORKERS' COMPENSATION ATTORNEYS
JUSTIN R. FARHANG, MANAGING SHAREHOLDER KATHERINE A. FITZGERALD: Born Lake Elizabeth, California. Undergraduate: University of California, Irvine, B.A., Anthropology, 2009. Law School: University of Southern California Gould School of Law, J.D. 2013. Admitted to practice 2013. Member of the State Bar of California. PATRICK V. GUERRERO: Born Diamond Bar, California. Undergraduate: University of California, Irvine, B.A., Political Science, cum laude, 2009. Law School: University of San Diego School of Law, J.D., 2013. Admitted to practice 2013. Member of the State Bar of California. JOHN M. ROBINSON IV: Undergraduate: Saint Peter’s University, Jersey City, NJ, B.A., English Literature, 2006. Law School: Pepperdine University School of Law, J.D., 2010. Admitted to practice 2010. Member of the State Bar of California.
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VENTURA OFFICE - WORKERS' COMPENSATION ATTORNEYS
E. CHARLES MAKI, MANAGING SHAREHOLDER JOI L. ANDERSON: Undergraduate: University of California, Los Angeles, B.A., History, 1986. Law School: University of West Los Angeles School of Law, J.D., 1991. Admitted to practice 1994. Member of the State Bar California. E. CHARLES MAKI: Born Glendale, West Virginia. Undergraduate: Loyola University and San Fernando Valley State College, B.A., Economics, 1967. Law School: San Fernando Valley College of Law, J.D., 1971. Prior experience: State Compensation Insurance Fund. Admitted to practice 1972. Member of the State Bar of California. Joined firm in 1976. Managing shareholder of our Ventura Office. MATTHEW C. MALEN: Born Orange, California. Undergraduate: University of California, Los Angeles, B.A., Sociology with a minor in Political Science, 2004. Law school: Western State University College of Law, J.D., 2007. Admitted to practice 2007. Member of the State Bar of California. Shareholder. DAVID W. PLASKOW: Born New York City, New York. Undergraduate: University of California, Los Angeles, B.S., Business Administration, 1968. Law School: Southwestern Law School, J.D., 1973. Admitted to practice 1973. Member of the State Bar California; U.S. District Court- Central District of California. MICHAEL S. PREIS: Undergraduate: University of Maryland, College Park, Maryland, B.A., Economics, 1989. Law School: Southwestern University School of Law, J.D., 1992. Admitted to practice 1993. Member of the State Bar California.
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LONG BEACH OFFICE - WORKERS' COMPENSATION ATTORNEYS
DOVAN F. CALUMPANG, MANAGING SHAREHOLDER
KAREN L. AHLSTEDT: Born Melrose, Massachusetts. Undergraduate: Boston University, B.A., 1994. Law School: Boston University School of Law, J.D., cum laude, 1998. Member of Journal of Science & Technology Law. Internship, EEOC, 1997. Internship, Massachusetts Office for Children, 1997. Admitted to practice 1998. Member of State Bar of California. Shareholder. ALAN D. BENNETT: Born Richmond, California. Undergraduate: University of Southern California, B.A., Cum Laude, English, 1973. Law school: Loyola Law School, JD, Cum Laude, 1976. Assistant Attorney General of the Commonwealth of the Northern Marianas Islands, 1984-1985. Certified Workers’ Compensation Specialist, 1993-2008. Admitted to practice 1976. Member of the State Bar of California. DOVAN F. CALUMPANG: Born Philippines. Undergraduate: California State University, Los Angeles, B.A., English, 1995. Law School: Loyola Law School, J.D., 1999. Admitted to practice 1999. Member of the State Bar of California; U.S. District Court- Central, Northern and Southern Districts of California. Managing shareholder of our Long Beach Office. SCOTT F. CORNGOLD: Born Shrewsbury, Massachusetts. Undergraduate: University of California, Berkeley, B.A., 1993. Law School: University of California, Berkeley, Boalt Hall, J.D., 1998. Admitted to practice 2002. Member of the State Bar of California; U.S. District Court- Central District of California. Shareholder. AUDREY K. NGUYEN: Undergraduate: University of California, Los Angeles, B.A., Pyschology, minor in Political Science, 2008. Law School: Chapman University School of Law, J.D., 2013. Admitted to practice 2013. Member of the State Bar of California. ASHLEY S. RANDOLPH: Born Huntington Beach, California. Undergraduate: University of California, Irvine, B.A., Criminology, 2007. Law School: Chapman University School of Law, J.D., 2012. Admitted to practice 2012. Member of the State Bar of California. NICHOLAS H. SANDOMIRSKY: Born Boston, Massachusetts. Undergraduate: Harvard University, B.A., Visual and Environmental Studies, 1998. Graduate Degree: University of Southern California, Master of Urban Planning, 2004. Law School: University of Southern California, J.D., 2007. Admitted to practice 2009. Member of the State Bar of California.
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LOS ANGELES OFFICE - SUBROGATION JON E. von LEDEN: Born Evanston, Illinois. Undergraduate: California State University, Northridge, B.A. in Political Science, 1976. Law School: Southwestern Law School, J.D., 1979. Member of the American Bar Association; State Bar of California; U.S. District Court- Central and Southern Districts of California. Shareholder.
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SAN DIEGO OFFICE - WORKERS' COMPENSATION
FIONA WOON, MANAGING SHAREHOLDER
GABRIEL A. QUINTANILLA: Undergraduate: University of California, Santa Barbara, B.A., Political Science, 2006. Law School: California Western School of Law, J.D. 2010. Admitted to practice 2010. Member of the State Bar of California. BRENT E. SMITH: Undergraduate: University of Arizona, B.S., General Studies, with a minor in Economics, Marketing and Communications, 1989. Law School: Whittier Law School, J.D. 2000. Admitted to practice 2003. Member of the State Bar of California.
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Sana Shah
800 Wilshire Boulevard, Suite 1100, Los Angeles, CA 90017 (213) 380-3880 [email protected] SBN: 274606
Page 1
EDUCATION
Pepperdine University School of Law Malibu, CA Juris Doctor May 2010
Activities: California State Bar Member 2010 to Present
American Bar Association Member 2010 to Present
International Justice Mission, Pepperdine Chapter
University of California, Los Angeles Los Angeles, CA Bachelor of Art, Psychology and History June 2007
Honors: Dean’s List; Cum Laude; College Honors
Activities: Indian Students’ Association, Asian Youth for Career Opportunities, South Asians Promoting
a Needed Awareness
EXPERIENCE
Kegel, Tobin & Truce, A.P.C. Los Angeles, CA Shareholder December 2019 – Present Associate Attorney April 2014 – November 2019
Represent interests of clients at Mandatory Settlement Conferences, AOE/COE Priority Conferences, Lien Trials, Lien Conferences, and Status Conferences at various WCABs.
Draft hearing reports, deposition reports, status updates, joint interrogatories, PQME advocacy letters, Petitions for Dismissal, DORs, objections to DORs, and more; review, analyze, and open new files.
Take depositions of applicant; review medical reports and subpoenaed records, and provide summaries of significant aspects of the voluminous records; review transcripts of depositions of doctors and summarize.
The Dorton Firm, P.C. Beverly Hills, CA Associate Attorney February 2011 – March 2014
Extensive research and writing experience in vast practice areas, including but not limited to contract litigation, medical malpractice, personal injury, family law, entertainment, general tort liability, constitutional issues, criminal law and procedure, and claims against both State and Federal entities.
Extensive experience in research and drafting of papers in every phase of litigation from pleading through discovery, law and motion, settlement, trial, and post-judgment procedures.
Extensive experience in appellate proceedings including Petition for Review to California Supreme Court and briefing in California Courts of Appeal, as well as Petition for Rehearing in California Courts of Appeal.
Extensive experience in trial preparation including preparing trial binders, jury instructions, and exhibits. Detailed experience in contract review and negotiation.
Los Angeles County District Attorney’s Office – Long Beach Homicide Division Long Beach, CA Law Clerk August 2009 – December 2009
Researched criminal law statutes and cases (Federal and State) pertaining to arrests, admissibility of evidence, jury instructions, and special circumstances for qualification for capital punishment.
Organized murder books and converted them into trial binders of testimony, depositions, transcripts, phone records, crime scene diagrams, autopsy reports, prior convictions of Defendant, etc.
Assisted extensively in voir dire, and prepared power point presentations for opening, closing, and rebuttal. Worked on both guilt and penalty phases of bifurcated trial, including a death penalty retrial. Evaluated
psychology reports of defendants, and strategized how to rebut expert testimony on mental capacity and psychological fitness for conviction
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Sana Shah
800 Wilshire Boulevard, Suite 1100, Los Angeles, CA 90017 (213) 380-3880 [email protected] SBN: 274606
Page 2
The Amin Law Group, Ltd. Newport Beach, CA Law Clerk/Summer Associate June 2008 – August 2008, March 2010
Researched law in California and Nevada regarding contract disputes, labor law, property rights, and gaming regulations.
Drafted legal memoranda regarding contract law, property rights, and employment discrimination under 42 USC §§ 1981, 1983, 1985, 1988, and 2000e.
Prepared summaries of the Rules of Arbitration for attorney reference. Drafted complaints for causes of action including breach of contract, breach of duties under California,
Nevada, and Federal statutes, property claims, and reverse discrimination under Title VII.
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KEGEL, TOBIN TRUCE INTEGRATED FEE SCHEDULE
PARALEGAL &
PARALEGAL & LEGAL ASST
ORDINARY LEGAL ASST APPELLATE APPELLATE
CODE DESCRIPTION OF ACTIVITY WORKERS' COMP WORK COMP S&W, 132(a) S&W, 132(a)
00 TELEPHONE CALL - LEFT SUBSTANTIAL MSG $18.00 $12.00 $23.00 $15.00
01 INITIAL FILE REVIEW $350.00 N/A $450.00 N/A
02 ADDITIONAL FILE $55.00 N/A $70.00 N/A
03 LETTER OF ADVICE $300.00 N/A $400.00 N/A
05 INTERIM REVIEW by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr
06 PREPARE AND FILE ANSWER $154.00 $105.00 $200.00 $134.00
07 SERVE MEDS $44.00 $44.00 $55.00 $55.00
08 SCHEDULE/ARRANGE DEPOSITION $75.00 $75.00 $95.00 $95.00
09 ATTENDANCE AT DEPOSITION (<3HRS) $525.00 N/A $675.00 N/A
10 ATTENDANCE AT HEARING ( 1/2 DAY) $700.00 N/A $890.00 N/A
11 CONFERENCE WITH by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr
12 DRAFT/ARRANGE/PREPARE S.D.T. $44.00 $44.00 $55.00 $55.00
13 DRAFT/ARRANGE/PREP. PERS. SUBPOENA $44.00 $44.00 $55.00 $55.00
14 ARRANGE TO PHOTOCOPY RECORDS $44.00 $44.00 $55.00 $55.00
15 SCHED/ARRANGE MEDICAL EXAM $90.00 $90.00 $115.00 $115.00
16 ROUND UP X-RAYS/SCANS $44.00 $44.00 $55.00 $55.00
17 DETAILED LETTER TO DOCTOR $125.00 $85.00 $160.00 $105.00
18 REVIEW REPORT OF DR. $120.00 $82.00 $152.00 $104.00
19 REVIEW RECORDS OF by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr
20 REVIEW EARNINGS DATA $55.00 $35.00 $70.00 $45.00
21 REV MED REPORT (REDUCED RATE) $75.00 $51.00 $95.00 $65.00
22 REVIEW INVESTIGATION REPORT $75.00 $51.00 $95.00 $65.00
23 VIEW MOTION PICTURES/VIDEOTAPE by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr
24 REVIEW DISABILITY RATING $110.00 $75.00 $140.00 $95.00
25 PREPARE COMPROMISE & RELEASE $165.00 $112.00 $210.00 $140.00
26 PREPARE DECL. OF READINESS $75.00 $51.00 $95.00 $65.00
27 CSP. PREPARE/DICTATE/TRANSMIT $100.00 $68.00 $130.00 $87.00
28 CSP REC'D W/ FILE REV & ANALYSIS $75.00 $51.00 $95.00 $65.00
29 TRANSMITTAL SENT $44.00 $44.00 $55.00 $55.00
30 TELEPHONE CONFERENCE WITH by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr
31 REVIEW ORDER APPROVING C&R/STIPS $77.00 $53.00 $98.00 $57.00
32 REVIEW FINDINGS AND AWARD $150.00 $102.00 $190.00 $130.00
33 PETITION FOR RECONSIDERATION N/A N/A $560.00 N/A
34 ANSWER TO PETITION FOR RECON. N/A N/A $350.00 N/A
36 REVIEW OF by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr
37 PREPARE PETITION TO REOPEN $110.00 $75.00 $140.00 $95.00
38 PETITION TO TERMINATE $150.00 $102.00 $190.00 $130.00
39 PREP ANSWER/OBJ. TO $88.00 $60.00 $112.00 $76.00
40 LEGAL RESEARCH by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr
41 PETITION FOR WRIT OF REVIEW N/A N/A by time @ $180/hr N/A
43 BRIEF LETTER SENT (REDUCED RATE) $55.00 $35.00 $70.00 $45.00
44 BRIEF CSP. REC'D (REDUCED RATE) $45.00 $30.00 $58.00 $38.00
45 ORAL ARGUMENT AT APPELLATE LEVEL N/A N/A by time @ $180/hr N/A
49 PREPARE STIPULATIONS $88.00 $60.00 $112.00 $76.00
63 TELEPHONE CALL (REDUCED RATE) $35.00 $24.00 $45.00 $30.00
68 PREPARE POINTS AND AUTHORITIES by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr
69 PREPARE ADVISORY RATING AND LETTER $110.00 $75.00 $140.00 $95.00
70 PREPARE/FILE LIEN $44.00 $35.00 $55.00 $45.00
71 PREPARE APPLICATION $154.00 $105.00 $196.00 $134.00
72 ATTEND HEARING <1/2 DAY)[RED.RATE] $435.00 N/A $550.00 N/A
73 ATTEND FULL DAY HEARING $1,400.00 N/A $1,780.00 N/A
75 DEPOSITION ACTIVITIES EXCEEDING 3 HOURSby time @ $160/hr N/A by time @ $180/hr N/A
76 REVIEW VOC. REHAB REPORT $66.00 $45.00 $84.00 $57.00
77 PREPARE STIPS W/ REQ FOR AWARD $132.00 $90.00 $168.00 $115.00
78 PREPARE ADD'L STIP/C&R $55.00 $38.00 $70.00 $48.00
80 COMPLEX INITIAL FILE REVIEW by time @ $160/hr N/A by time @ $180/hr N/A
81 PREPARE COMPLEX STIP/C&R by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr
82 PREPARE ORDER by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr
Dec'19 Int Fee Sched El Segundo Page 1 of 2 Prepared by EM Wagner
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KEGEL, TOBIN TRUCE INTEGRATED FEE SCHEDULE
PARALEGAL & LEGAL ASST
ORDINARY LEGAL ASST APPELLATE APPELLATE
CODE DESCRIPTION OF ACTIVITY WORKERS' COMP WORK COMP S&W, 132(a) S&W, 132(a)
88 CONDUCT PUBLIC RECORDS SEARCH $75.00 $75.00 $75.00 $75.00
90 PREPARE REHAB APPEAL $209.00 $145.00 $266.00 $185.00
92 PREPARE PET FOR CONTRIBUTION $175.00 $120.00 $220.00 $150.00
93 (MISC) by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr
94 PREPARE (STANDARD PLEADINGS & FORMS):per Sep Schedule per Sep Schedule Per Forms Man Per Forms Man
95 REVIEW FILE FOR CLOSE/PRESERVE $60.00 $60.00 $75.00 $75.00
96 REVIEW REHAB UNIT D&O $110.00 $75.00 $140.00 $95.00
98 LEXIS $75.00 $75.00 $75.00 $75.00
99 CHECK REQUEST/PREPARATION/ACCTG $40.00 $40.00 $40.00 $40.00
100 E-MAIL RECEIVED FROM by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr
101 E-MAIL PREPARED AND SENT TO by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr
102 REVIEW LENGHTY OR COMPLEX MED RPT by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr
105 ROUND TRIP TRAVEL TIME by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr
106 PREPARE REQUIRED EAMS FORMS FOR FILING OFby time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr
107 PREPARE PRE-TRIAL CONFERENCE STMT $175.00 $105.00 $225.00 $135.00
108 PREPARE DEFENSE EXHIBIT PACKAGE FOR by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr
109 PREPARE REQUEST FOR QME PANEL $75.00 $75.00 $95.00 $75.00
110 CANCEL/RESCHEDULE DEPOSITION $55.00 $55.00 $55.00 $55.00
111 PREPARE MINUTES OF HEARING FOR $44.00 $44.00 $55.00 $55.00
114 HEARING ACTIVITIES > 1/2 DAY YET < FULL DAYby time @ $160/hr N/A N/A
115 PREPARE NOTICE OF HEARING $44.00 $44.00 $55.00 $55.00
U&C PHOTOCOPIES 1-20 @ $0.50/Page; 20+ @ $0.35/PageU&C FACSIMILES $1.50/Page
Note: The fees for services listed above are not based solely on the professional time
involved. This is simply the charge for the specified service. Fees are based upon
the relative complexity of each task, professional skill and experience, as well as
the degree to which firm resources are involved in accomplishing the task. All legal assistant
activities are reduced accordingly. If you have any questions as to our billing
philosophy, please call our Administrator, Ms. Elizabeth M. Wagner at (213) 380-3880.
Revised April 12, 2019
Dec'19 Int Fee Sched El Segundo Page 2 of 2 Prepared by EM Wagner
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OFFICE ATTORNEYS OFFICE ATTORNEYS
ONTARIO VENTURAJustin R. Farhang Katherine A. Fitzgerald E. Charles Maki Joi L. Anderson
Managing Shareholder Patrick V. Guerrero Managing Shareholder E. Charles Maki
[email protected] John M. Robinson IV [email protected] Matthew C. Malen
David W. Plaskow
P.O. Box 76907 P.O. Box 76907 Michael S. Preis
Los Angeles, CA 90076-0907 Los Angeles, CA 90076-0907
Tel: 909-466-5555 Tel: 805-644-2216
Fax: 213-383-8346 Fax: 213-383-8346
OFFICE ATTORNEYS WCAB COVERAGE WCAB COVERAGEPomona Bakersfield
LOS ANGELES Riverside Oxnard
Joseph D. Kieffer Justin R. Farhang San Bernardino San Luis Obispo
Managing Shareholder Steven M. Green Santa Barbara
[email protected] Joseph D. Kieffer LONG BEACH Van Nuys
Jon E. von Leden (Subro) Dovan Calumpang Karen L. Ahlstedt
Fiona Woon Anthony J. Macauley Managing Shareholder Alan D. Bennett SAN DIEGOManaging Shareholder Margaret L. Matasci [email protected] Dovan F. Calumpang Fiona Woon Gabriel A. Quintanilla
[email protected] Evelyn Medina Scott F. Corngold Managing Shareholder Brent E. Smith
P.O. Box 76907 (90076-0907) Hoang T. Nguyen P.O. Box 76907 Audrey K. Nguyen [email protected]
800 Wilshire Blvd., #1100 Patrick S. Rajasingam Los Angeles, CA 90076-0907 Ashley S. Randolph
Los Angeles, CA 90017-2615 Preeti G. Shah Tel: 562-437-1108 Nicholas H. Sandomirsky P.O. Box 76907
Tel: 213-380-3880 Sana Z. Shah Fax: 213-383-8346 Los Angeles, CA 90076-0907
Fax: 213-383-8346 Phillip R. Soon Tel: 619-696-0906
Mark N. Thomas WCAB COVERAGE Fax: 213-383-8346
WCAB COVERAGE Fiona Woon Anaheim
Los Angeles Long Beach WCAB COVERAGEMarina del Rey Marina del Rey All San Diego County Boards
Pomona Santa Ana
Van Nuys
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SAMPLE CLIENT LISTPublic Entities
California Department of Social Services (York Risk Insurance Group, Inc.) – 5 years
California State University (Including Los Angeles, Fullerton, Dominguez Hills, Long Beach and San Bernardino) (Sedgwick CMS) – 11 years
City of Alhambra (Including Alhambra Police and Fire Departments) (Adminsure Inc.) – 27 years
City of Anaheim – 3 years
City of Azusa (Including Azusa Police Department) (California Claims Management Services) – 11 years
City of Culver City (Including Culver City Police and Fire Departments) (California Claims Management Services) – 19 years
City of Inglewood (Including The Inglewood Police Department) (Adminsure Inc.) – 32 years
City of Los Angeles (Including Department of Transportation and Police Department) (ACME Administrators, Inc.) – 22 years
City of Oxnard (Including Oxnard Police Department) (AIMS) – 13 years
City of San Fernando (Including San Fernando Police Department) (CCMS) – 19 years
City of Simi Valley (Including Simi Valley Police Department) – 20 years
City of Ventura (Including Ventura Police and Fire Departments) (Intercare Insurance Services) – 16 years
County of Los Angeles
County of Orange
County of San Bernardino (Including San Bernardino County Sheriffs) – 5 years
Garden Grove Unified School District – 4 years
Los Angeles Unified School District (Including District’s Police Officers) (Sedgwick CMS) – 27 years
Los Angeles Community College District – 2 years
Pomona Unified School District (Corvel) – 17 years
University of California- Irvine (Sedgwick CMS) – 3 years
University of California- Santa Barbara (Sedgwick CMS) – 22 years
Corporate Clients AutoZone Stores – 16 years
Auto Club of Southern California – 21 years
Barrett Business Services, Inc. – 6 years
Bank of America – 22 years
Macy’s Corporate Services – 17 years
Northrop Grumman Corporation – 23 years
Insurance Companies ACE USA – 16 years
American Claims Management (ACM) – 10 years
American International Group – over 33 years
Arch Insurance
Berkshire Hathaway Homestate Companies – 12 years
Everest National Insurance Company – 15 years
The Travelers – 28 years
Tristar Risk Management – 18 years
Zenith Insurance Company – 16 years
Zurich Insurance Group – 13 years
Health Care Delivery Clients DaVita HealthCare Partners Inc. – 5 years
St. Joseph Health – 17 years Page 52 of 263
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MINUTES OF THE CLAIMS COMMITTEE MEETING
May 13, 2020 9:30 A.M.
A meeting of the Claims Committee was held on May 13, 2020. Members Present Yvette Garcia, Chair Downey Alison Stevens, Vice Chair Hawthorne Sergio Ibarra Bell Sara Nazir Lynwood Deborah Scott-Leistra Santa Ana Nellie Cobos South Gate Others in Attendance: Carl Warren Robert Tran Heather Mendez Gordon Pennington (left at 1:11 p.m.) Angelique King (left at 1:11 p.m.) Michael Gates Richard McAbee (left at 10:56 a.m.) Robert Tran (arrived at 12:49 p.m.) Johnson, Schachter & Lewis Kellie Murphy, General Counsel RPA Beth Lyons John Nielsen Jennifer Achterberg Bob May Sara Peterson Consulting Sara Peterson (left at 1:11 p.m.) RMS Ken Maiolini (left at 10:10 a.m.) 1. CALL TO ORDER
Chair Yvette Garcia, Downey, called the meeting to order at 9:40 a.m. 2. ESTABLISHMENT OF QUORUM/INTRODUCTIONS
Introductions took place and roll call determined a quorum was present. 3. PUBLIC COMMENTS
None
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MINUTES ICRMA Claims Committee
May 13, 2020
4. APPROVAL OF AGENDA AS POSTED OR AMENDED A motion was made by Debbie Scott-Leistra, Santa Ana, seconded by Alison Stevens, Hawthorne, to approve the agenda as posted. The motion carried unanimously by roll call vote.
5. CONSENT CALENDAR
Sergio Ibarra, Bell, pulled item C) Proposed Meeting Dates for Program Year 2020-2021. A motion was made by Sergio Ibarra, Bell, seconded by Alison Steven, Hawthorne, to approve items A) Minutes of the March 11, 2020 Claims Committee Meeting; B) Workers’ Compensation Memorandum of Coverage 2020-21, and D) Claims Committee Appointments for Expiring Terms and to finalize or forward to the Board; and to review and file the E) 2019-20 Claims Committee Attendance Record. The motion carried unanimously by roll call vote.
Mr. Ibarra requested an update regarding the manner in which the meetings will be held. Ms. Lyons indicated RPA staff continue to monitor the situation and will propose action based on local and state ordinances. Mr. Ibarra requested the July meeting be held via WebEx/teleconference. A motion was made by Sara Nazir, Lynwood, seconded by Sergio Ibarra, Bell to approve item C) Proposed Meeting dates for Program Year 2020-21 with the July meeting scheduled to be held via WebEx and teleconference. The motion carried unanimously by roll call vote.
6. OPEN SESSION
A. Liability Program Claims Audit The liability program is audited every two years, with the last audit performed in 2018. Since the prior audit, ICRMA entered into a single TPA contract with Carl Warren & Company for about half of the members for liability third party administration (TPA) services, and continues to contract with Carl Warren and Company to provide services as ICRMA’s Liability Program Manager. During the audit period, the other half of the members maintained individual contracts with AdminSure for liability TPA services. Mr. Maiolini presented an overview of the report as presented in the agenda, reiterating his approach was process based, focused on reserving practices within ICRMA’s layer, handling by TPA firms, and Litigation Management as compared to the guideline outlined in the TPA Performance Standards and Litigation Management Policies and Procedures (LMPP). Mr. Maiolini discussed multiple recommendations for the committee’s consideration, which will also be presented to the Board at a future meeting. Recommendations were categorized as investigation, reserving, supervisor/management review, adjuster consistency, and litigation management. Recommendations were made to enhance the overall claims and litigation handling as well as increase member satisfaction. Members of the committee discussed the changes to the program and its structure and indicated changes should address some of the deficiencies discussed. Mr. Gordon Pennington responded to specific information regarding reporting structure and adjuster support for each member agency in which Carl Warren is the primary TPA. The Committee noted the audit reviewed the program
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MINUTES ICRMA Claims Committee
May 13, 2020
structure from 2018 through 2020, and some changes (e.g. the blanket TPA contract with Carl Warren) were not in place the entire time. Additionally, while there are policies and procedures in place, like attorneys acknowledging and signing the LMPP, enforcement of the guidelines as outlined in the LMPP by both the TPA and the member agencies does not consistently occur. RPA and Carl Warren staff will review the recommendations with the TPAs. Motion made by Sergio Ibarra, Bell, seconded by Yvette Garcia, Downey, to forward the report to the Board at its June meeting. The motion carried unanimously via roll call vote.
B. Liability Memorandum of Coverage 2020-21 Ms. Lyons informed the Committee the Board requested additional information be presented regarding draft language in the Memorandum of Coverage (MOC) for 2020-21. Ms. Kellie Murphy provided an overview regarding draft language to be included in Section III – Defense and Settlement (p. 15 of the MOC). Language to be added is as follows: “The duty to fully cooperate also includes the MEMBER placing on the MEMBER’s legislative agenda all matters necessary or appropriate for approval of settlements as soon as reasonably practicable under the circumstances.” Motion made by Yvette Garcia, Downey, seconded by Debbie Scott-Leistra, Santa Ana to recommend Board adoption of the revised Liability MOC for 2020-21 with respect to Section III – Defense of Settlement. The motion carried unanimously via roll call vote. The second item discussed was the issue of coverage for communicable disease/pandemic as a result of the current situation involving COVID-19. The broker provided an update to RPA that reinsurers will be adding express communicable disease/pandemic exclusions to policies for the 2020-21 coverage period as this is a risk they never intended to cover. The Committee discussed the fact that many health organizations indicate there may be additional COVID waves in the next two to three years, before there is a vaccination. The Board will look at policy decisions regarding communicable disease claims because they were not factored into the liability funding estimates for the current program year, and currently there are no clear funding models with which to estimate costs. Board options include but are not limited to: excluding coverage, creation of a pandemic fund in which members would contribute monies to support claim costs, or creation of a shared risk program specific to pandemics. The Committee discussed immunities for governmental agencies related to State of Emergency declarations. The committee directed RPA staff and legal counsel to perform additional research regarding communicable disease, the types of claims, information from other JPAs in California and the actions they are taking regarding their coverage documents for 2020-21. Ms. Murphy indicated that other JPAs she currently works with are all considering exclusions. Ms. Sara Peterson indicated she will share information with legal counsel and RPA staff that was gathered by AGRiP.
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MINUTES ICRMA Claims Committee
May 13, 2020
Motion made by Alison Stevens, Hawthorne, seconded by Yvette Garcia, Downey, to direct staff to perform additional research on immunities, how other communicable disease lawsuits and claims have been handled in recent years, and share information from today’s meeting with the Board on May 14th. The motion carried unanimously via roll call vote.
C. Member Requests to add Attorneys to the Liability Defense Panel Ms. Heather Mendez reviewed the materials submitted by two member agencies in their request to add attorneys to the liability defense panel. The committee discussed the request to add attorneys who are not local to Southern California and/or do not have experience in litigating matters that are covered by ICRMA. The committee discussed the requirements by which an attorney may be added to the liability defense panel after having been removed. Should an attorney be removed for cause, the LMPP indicates the attorney may not be placed on the panel again for at least three years. It was noted that a proposed attorney was removed in 2018 as he did not work on matters covered by ICRMA. Mr. Ibarra provided additional information regarding the request to add each of the four attorneys from Aleshire & Wynder. The city’s current city attorney has begun succession planning, and two attorneys are proposed to onboard on specific matters for the city. The committee was informed Mr. Tanner is currently working on a litigated matter. Ms. Lyons indicated the liability defense panel is comprised of attorneys who are experts in their field and work on ICRMA reportable claims, however, members are encouraged to utilize attorneys on the panel for all litigation at the member agencies. The number of attorneys on the panel can increase costs on the program. Ms. Lyons reiterated the Committee has historically attempted to ensure members concerns are addressed, while also being mindful of directives to manage program costs. The committee discussed the process by which ICRMA has been reviewing attorneys in the effort to reduce overall program costs, and increase effective analysis of attorneys on ICRMA reportable matters. In an effort to continue to reduce the panel size and reduce costs in the liability program, the committee discussed recommending two of the four attorneys from Aleshire & Wynder for Board consideration. Motion made by Alison Stevens, Hawthorne, seconded by Sergio Ibarra, Bell, to recommend the Board consider the addition of attorneys Rick Navarette of Alvarado Smith, APC, and Michelle Sassano and Colin Tanner of Aleshire & Wynder to the Liability Defense Panel. The motion carried unanimously via roll call vote.
D. Liability Program Manager Resignation and Proposed Replacement Ms. Lyons informed the Committee of Ms. Rose Nuno’s resignation from Carl Warren and Company and read a portion of her email which expressed her appreciation of ICRMA’s Claims Committee and Board. Mr. Pennington provided an overview of Carl Warren’s proposed staffing structure, which included Mr. Michael Gates as the Liability Program Manager, Heather Mendez as Assistant Liability Program Manager, and additional support and executive support staff.
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MINUTES ICRMA Claims Committee
May 13, 2020
The Committee interviewed Mr. Gates for nearly an hour to better understand his experience as well as his philosophy regarding management and partnership of the program. Mr. Pennington reiterated, based on Committee discussion, Mr. Gates would be solely dedicated to ICRMA and not working on any other Carl Warren accounts. Additionally, Carl Warren reiterated this change will continue to expand effective communication with ICRMA members. Motion made by Yvette Garcia, Downey, seconded by Alison Stevens, Hawthorne, to approve Michael Gates as the Liability Program Manager. The motion carried unanimously via roll call vote.
E. Liability Program Management Services & Structure Ms. Sara Peterson provided a review regarding processes taken both by the Committee and the Board over the last year. The current contract for Liability Program Management Services with Carl Warren and Company expires at the end of calendar year 2020. The Board delegated the review of the Liability Program structure to the Committee, and requested the Administration firm, RPA, provide information regarding services it could provide in connection with ICRMA’s Liability Program. Ms. Peterson facilitated the Committee’s discussion regarding the proposal for services provided by Western Litigation, which is a Gallagher subsidiary. The Committee discussed the services proposed, and staffing structure, are unclear and do not appear to meet expectations as discussed during review of the program structure. The Board has emphasized that any vendor contemplating provision of services must understand the “art” and soft skills involved in the program administration – rather than the adjuster tasks. In fact, there are three elements to the program: Claims Management, Litigation Management, and Data & Systems Management. The Committee directed the consultant to convey an appreciation for the proposal received from Western Litigation and inform them of ICRMA’s next steps to analyze the program structure and expectations over the next several months. Upon which either a direct request for a revised proposal or an RFP will be issued. Additional direction was given to Ms. Peterson to work through next steps as outlined in the memo: Speak with ICRMA’s Claims Auditor at RMS to incorporate his insights into past program management and recommendations re the position, structure and process forward; Speak with 2-3 field experts to clarify content; Revise the vendor parameters and assessment process per inputs; and compile recommendations based on the above regarding the optimal structure for ICRMA’s Liability Program (ex: single TPA v. multiple TPAs, defense panel, etc.). Both the chair and vice-chair agreed to be resources to Ms. Peterson, as needed, regarding analysis to be presented to the Committee at future meetings.
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MINUTES ICRMA Claims Committee
May 13, 2020
No action required. 7. CLOSED SESSION
The Committee entered closed session at 1:12 p.m.
8. REPORT FROM CLOSED SESSION The Committee convened in open session at 1:16 p.m. General Counsel, Kellie Murphy, reported in the Williams v. El Segundo matter, a reimbursement request of $84,556.62 was granted and authorization was confirmed for the June 2017 Stipulation for permanent disability in the amount of $171,682.50.
9. CLOSING COMMENTS None
10. ADJOURNMENT
The meeting was adjourned at 1:17 p.m.
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August 13, 2020 Board of Directors
Subject: Board Attendance Record 2019-20 Action for consideration: Review and file Background: The Board of Directors (Board) attendance record is presented for review. Attendance at Board meetings during the 2019-20 fiscal year is noted below. Section G.2.a.iii of the Program Underwriting & Administration Policy Manual states that every member is expected to attend meetings of the Board and relevant committees, be well informed, and be prepared to actively participate in Board discussions.
Attachments: None Prepared by: Jennifer Achterberg, Assistant Program Administrator
City 8/8/19 10/9-10/10w/ SPS
12/5/19 2/13/20 4/9/20 5/14/20Sp. Mtg
6/11/20 % of Attendance
Adelanto 1 1 1 1 1 1 1 100%Bell 1 1 1 1 1 1 1 100%Downey 1 1 1 1 1 1 1 100%El Monte Absent 1 1 1 Absent 1 1 71%El Segundo 1 1 1 1 1 1 1 100%Fullerton 1 1 1 1 1 1 1 100%Glendora 1 1 1 1 1 1 1 100%Hawthorne 1 1 1 1 1 1 1 100%Hermosa Beach Absent 1 1 Absent 1 1 1 71%Huntington Park 1 1 Absent 1 1 1 Absent 71%Inglewood 1 1 1 1 1 1 1 100%Lynwood 1 1 1 1 1 1 1 100%Monterey Park 1 1 1 1 1 1 1 100%San Fernando 1 1 1 1 1 1 1 100%Santa Ana Absent 1 1 1 1 1 1 86%South Gate 1 1 Absent 1 1 1 1 86%Total Cities: 13 16 14 15 15 16 15
FY2019/2020BOARD ATTENDANCE RECORD
ICRMA
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August 13, 2020 Board of Directors
Subject: Board Attendance Record 2020-21 Action for consideration: Review and file Background: The Board of Directors (Board) attendance record is presented for review. Attendance at Board meetings during the 2020-21 fiscal year is noted below. Section G.2.a.iii of the Program Underwriting & Administration Policy Manual states that every member is expected to attend meetings of the Board and relevant committees, be well informed, and be prepared to actively participate in Board discussions.
Attachments: None Prepared by: Jennifer Achterberg, Assistant Program Administrator
City 7/13/20Speical Mtg
8/13/20 10/14-10/15w/ SPS
12/10/20 2/11/21 4/8/21 5/26/21 6/10/21 % of Attendance
Adelanto 1 100%Bell 1 100%Downey 1 100%El Monte 1 100%El Segundo 1 100%Fullerton 1 100%Glendora 1 100%Hawthorne 1 100%Hermosa Beach 1 100%Huntington Park 0 0%Inglewood 1 100%Lynwood 1 100%Monterey Park 1 100%San Fernando 1 100%Santa Ana 0 0%South Gate 1 100%Total Cities: 14 0 0 0 0 0 0 0
ICRMABOARD ATTENDANCE RECORD
FY2020/2021
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Bank Date Vendor Document No Amount
General Checking ‐ California Bank and Trust Account No: 1030068561
6/23/2020 VEN_1160‐‐BANKCARD CENTER‐Beth Lyons 100.00
6/5/2020 VEN_1416‐‐Safety in Design LLC 12046 190.00
6/5/2020 VEN_1162‐‐Alvarez‐Glasman and Colvin 12047 125.00
6/5/2020 VEN_1426‐‐Craig R. Wheaton Consulting 12048 1,125.00
6/5/2020 VEN_1161‐‐Carl Warren and Company 12049 50,326.86
6/5/2020 VEN_1403‐‐Kessel and Megrabyan 12050 34,643.05
6/22/2020 VEN_1066‐‐Alliant Insurance Services, Inc. 12051 11,873.75
6/22/2020 VEN_1107‐‐Occu‐Med 12052 3,240.00
6/22/2020 VEN_1109‐‐Origami Risk LLC 12053 88,350.00
6/22/2020 VEN_1123‐‐Sara Peterson Consulting 12054 5,000.00
6/22/2020 VEN_1143‐‐City of Hawthorne 12055 3,335.94
6/22/2020 VEN_1156‐‐Risk Program Administrators 12056 305,468.25
6/22/2020 VEN_1159‐‐Risk Management Services 12057 20,000.00
6/22/2020 VEN_1239‐‐Express Auto Appraisals 12058 120.00
6/22/2020 VEN_1366‐‐VARI Sales Corporation 12059 2,321.87
6/22/2020 VEN_1372‐‐Bickmore Actuarial 12060 40,000.00
6/22/2020 VEN_1390‐‐City of Glendora 12061 10,293.56
6/22/2020 VEN_1426‐‐Craig R. Wheaton Consulting 12062 225.00
6/22/2020 VEN_1433‐‐Rosanna Anaya 12063 240,000.00
6/22/2020 VEN_1434‐‐Kunz Mediation, LLC 12064 840.00
Total for General Checking 817,578.28
ICRMA
Check Register
6/1/2020 ‐ 6/30/2020
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Bank Date Vendor Document No Amount
General Checking ‐ California Bank and Trust
7/6/2020 VEN_1367‐‐Woodruff, Spradlin and Smart 12065 217,792.82
7/6/2020 VEN_1435‐‐Hall Arbitrations LLC 12066 23,650.00
7/20/2020 VEN_1107‐‐Occu‐Med 12067 3,240.00
7/20/2020 VEN_1372‐‐Bickmore Actuarial 12068 500.00
7/20/2020 VEN_1235‐‐AdminSure Inc 12069 106,434.48
Total for General Checking 351,617.30
ICRMA
Check Register
7/1/2020 ‐ 7/31/2020
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Yield Reconciled Balance
0.00% 1,069,736$
1.22% 3,167,723$
0.51% 134,296$
1.92% 72,798,579$
1.86% 77,170,334$
COMPLIANCE WITH INVESTMENT POLICY
The operating cash is held in a non-interest bearing analysis checking account in which an earnings credit offsetsall or a portion of the banking service charges.
Attached are the Cal Bank & Trust, PFM/CAMP, and Local Agency Investment Fund (LAIF) statementsdetailing all cash and investment transactions. Market prices are derived from closing bid prices as of the last business day of the month from either Interactive Data, Bloomberg or Telerate.
I certify that this report reflects all cash and investments and is in conformance with the Authority's Investment Policy.The investment program herein shown provides sufficient cash flow liquidity to meet the Authority’s expenditures, as currently known, for the next six months.
Respectfully Submitted, Accepted,
Brent A. Mason Joe LillioFinance Manager Treasurer
CAMP/U.S. Bank - Investments managed by PFM ** 72,798,579$
Total Cash and Investments 77,277,747$
** - Market Value represents the full value of the managed portfolio, including accrued interest.
State of California Local Agency Investment Fund 3,167,723$
California Asset Management Program (CAMP) Cash Balance 134,296$
California Bank & Trust - General 1,177,150$
Independent Cities Risk Management AuthorityTreasurer's Report
June 30, 2020
Description of Accounts Market Value
B t A M
Joseph LillioDigitally signed by Joseph Lillio DN: cn=Joseph Lillio, o=City of El Segundo, ou=Director of Finance, [email protected], c=US Date: 2020.07.23 16:38:54 -07'00'
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DIRECT INQUIRIES TO:Customer Service 1 (800) 400-6080
Statement of Accounts
This Statement: June 30, 2020Last Statement: May 29, 2020
Account 1030068561
Sacramento Main520 Capitol Mall Suite 100Sacramento, CA 95814-4714(916) 341-4800
A division of Zions Bancorporation, N.A. Member FDIC
Effective July 1, 2020, we are revising our funds availability policy. At least $225 of every daily deposit of checkswill be made available to you by the next business day after the date of deposit (increasing from $200 inparagraph 6(a)(i)). Also, the large daily deposit level of checks that may trigger a delay on funds availability isincreased to $5,525 (increasing from $5,000 in paragraph 6(a)(ii)(2)). In addition, for accounts of new customers,the first $5,525 deposited in one day from cashier's, certified, teller's, traveler's, and government checks willgenerally be made available to you by the next business day after the date of deposit (increasing from $5,000 inparagraph 6(b)).
We are revising our Deposit Account Agreement, a copy which can be obtained by visiting your local branch orfound in the Agreement Center online at www.calbanktrust.com. Effective 08/19/2020, the Daily OverdraftService Fee (Section 7(q)) will be replaced by a Continuing Overdraft Fee ("COF"). We will charge a COF of $30if your account remains overdrawn more than $5.00 for 7 consecutive calendar days. The COF will be chargedfor up to three consecutive 7-calendar day periods that your account is overdrawn more than $5.00. Foradditional details, please refer to calbanktrust.com/overdrafts or visit your local branch.
Effective 08/19/2020, the fees in the schedule provided below will apply to all CB&T deposit accounts. Thesefees will replace those in effect when you opened your account or disclosed to you in prior notifications. If youhave any questions, please contact your banker to discuss solutions that can minimize your fees.
Overdraft Transactions
Insufficient Funds - Paid and Returned Items -$36/each-Per check, ACH, or wire transaction posted against insufficient funds, whether the bank pays or returns thetransaction.-Per multiple-use debit card transaction paid against insufficient funds.-Per non-debit card withdrawal transaction paid against insufficient funds.
A maximum of 10 fees will be charged per account per business day. Fees will be charged if the account isoverdrawn $5 or less after all transactions post following the close of business.
SUMMARY OF ACCOUNT BALANCE
Account Type Account NumberChecking/Savings
Ending BalanceOutstanding
Balances OwedPF Business Analyzed Account 1030068561 $1,177,149.90
PF BUSINESS ANALYZED ACCOUNT 1030068561 129 0
Previous Balance Deposits/Credits Charges/Debits Checks Processed Ending Balance1,472,427.62 1,135,000.00 440.37 1,429,837.35 1,177,149.90
0048126 4183-06-0000-CBT-PG0030-00000
0048126-0000001-0129014
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INDEPENDENT CITIES RISK MGMT AUTHORITY ARTEX RISK SOLUTIONS INC, ADMINISTRATOR 6040 E MAIN ST # 132 MESA AZ 85205-8928
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0048126-0000001-0129014
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A division of Zions Bancorporation, N.A. Member FDIC
June 30, 2020INDEPENDENT CITIES RISK MGMT AUTHORITY1030068561
...........................................................................................................................................................................................2 DEPOSITS/CREDITS
Date Amount Description06/22 135,000.00 RDC DEPOSIT - SCANNER 5353025619 06/22 1,000,000.00 WIRE/IN-2020062200006883;ORG STATE OF CALIFORNIA - LAIF;REF 1307301738
...........................................................................................................................................................................................2 CHARGES/DEBITS
Date Amount Description06/22 340.37 ANALYSIS SERVICE FEE 06/23 100.00 BANKCARD CENTER PAYMENT *******101109REF # 020175009078764 1107602184
...........................................................................................................................................................................................17 CHECKS PROCESSED
Number..............Date............................Amount Number..............Date............................Amount Number..............Date............................Amount1084 06/01 74,065.34 12046 06/15 190.00 12054 06/29 5,000.0012039* 06/12 24,712.24 12047 06/17 125.00 12056* 06/29 305,468.2512041* 06/17 33,567.00 12048 06/15 1,125.00 12059* 06/29 2,321.8712042 06/12 19,102.74 12049 06/11 50,326.86 12063* 06/29 240,000.0012043 06/15 61,969.32 12050 06/24 34,643.05 12064 06/29 840.0012045* 06/04 488,030.68 12053* 06/29 88,350.00* Not in check sequence
..........................................................................................................................................................................................AGGREGATE OVERDRAFT AND RETURNED ITEM FEES
Total for This Period Total Year-to-DateTotal Overdraft Fees $0.00 $0.00Total Returned Item Fees $0.00 $0.00
To learn more about our other products and services that may lower the cost of managing accountoverdrafts or to discuss removing overdraft coverage from your account, please contact CustomerService or visit your local branch.
..........................................................................................................................................................................................DAILY BALANCES
Date..........................Balance Date..........................Balance Date..........................Balance06/01 1,398,362.28 06/15 752,905.44 06/23 1,853,773.0706/04 910,331.60 06/17 719,213.44 06/24 1,819,130.0206/11 860,004.74 06/22 1,853,873.07 06/29 1,177,149.9006/12 816,189.76
0048126-0000002-0129015
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California Bank & Trust
0048126-0000002-0129015
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For the Month Ending June 30, 2020Account Statement - Transaction Summary
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00
Opening Market Value
Purchases
Redemptions
Change in Value
Closing Market Value
508,754.54
1,721,535.35
(2,095,994.36)
0.00
$134,295.53
CAMP Pool
Unsettled Trades 0.00
161.15 Cash Dividends and Income
Opening Market Value
Purchases
Redemptions
Change in Value
Closing Market Value
71,989,595.85
1,989,903.25
(1,567,689.31)
26,012.40
$72,437,822.19
CAMP Managed Account
Unsettled Trades 0.00
147,642.26 Cash Dividends and Income
June 30, 2020 May 31, 2020
Asset Summary
CAMP Pool 134,295.53 508,754.54
CAMP Managed Account 72,437,822.19 71,989,595.85
$72,572,117.72 $72,498,350.39 Total
Asset Allocation
0.19%CAMP Pool
99.81%
CAMP ManagedAccount
Account 520-00 Page 1
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For the Month Ending June 30, 2020Managed Account Summary Statement
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Dividend
Closing Market Value
Redemptions
Purchases
Opening Market Value
Closing Market Value
Change in Current Value
Unsettled Trades
Principal Acquisitions
Principal Dispositions
Maturities/Calls
Opening Market Value
Closing Market Value
Opening Market Value
Account Total
Total Cash Basis Earnings
Plus Net Realized Gains/Losses
Less Purchased Interest Related to Interest/Coupons
Interest/Dividends/Coupons Received
Earnings Reconciliation (Cash Basis) - Managed Account
Dividends
Less Beginning Accrued Interest
Less Beginning Amortized Value of Securities
Less Cost of New Purchases
Plus Coupons/Dividends Received
Plus Proceeds of Maturities/Calls/Principal Payments
Plus Proceeds from Sales
Ending Accrued Interest
Ending Amortized Value of Securities
Earnings Reconciliation (Accrual Basis)
Reconciling Transactions
Net Cash Contribution
Security Purchases
Principal Payments
Coupon/Interest/Dividend Income
Sale Proceeds
Maturities/Calls
Cash Transactions Summary- Managed Account
$508,754.54
1,721,535.35
(2,095,994.36)
$134,295.53
161.15
$71,989,595.85
(127,768.51)
(1,439,920.80)
1,989,903.25
0.00
26,012.40
$72,437,822.19
$72,498,350.39
$72,572,117.72
124,031.76
(604.17)
24,214.67
$147,642.26
0.00
1,451,611.33
112,341.23
127,768.51
(2,090,507.42)
398,786.35
0.00
Managed Account Total
70,034,870.79 70,169,166.32
360,756.60
1,451,611.33
127,768.51
112,341.23
(1,990,507.42)
(69,610,640.03)
(351,316.11)
0.00
360,756.60
3,547,605.69
127,768.51
112,341.23
(3,712,042.77)
(70,119,394.57)
(351,316.11)
161.15
Total Accrual Basis Earnings $134,884.90 $135,046.05
Transaction Summary - Managed AccountTransaction Summary - Money Market
_______________________________________________ _______________________________________________ _____________________________________________________
Cash Balance
$0.00 Closing Cash Balance
Account 520-00 Page 2
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For the Month Ending June 30, 2020Portfolio Summary and Statistics
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Account Summary
Percent Par Value Market ValueDescription
U.S. Treasury Bond / Note 27,030,000.00 28,305,032.65 38.99
Supra-National Agency Bond / Note 930,000.00 953,909.15 1.31
Municipal Bond / Note 2,390,000.00 2,564,249.25 3.53
Federal Agency Collateralized Mortgage
Obligation
2,269,774.17 2,386,032.06 3.29
Federal Agency Bond / Note 12,915,000.00 13,713,460.05 18.90
Corporate Note 15,295,000.00 16,014,255.78 22.07
Certificate of Deposit 5,250,000.00 5,361,991.15 7.39
Asset-Backed Security 3,071,021.39 3,138,892.10 4.33
Managed Account Sub-Total 69,150,795.56 72,437,822.19 99.81%
Accrued Interest 360,756.60
Total Portfolio 69,150,795.56 72,798,578.79
CAMP Pool 134,295.53 134,295.53 0.19
Total Investments 69,285,091.09 72,932,874.32 100.00%
Unsettled Trades 0.00 0.00
Sector Allocation
4.33%ABS
7.39%Cert of Deposit
22.07%Corporate Note
3.29%Fed Agency CMO
18.90%
Fed Agy Bond /Note
0.19%Mny Mkt Fund
3.53%Muni Bond / Note
1.31%
Supra-NationalAgency Bond / Note
38.99%US TSY Bond / Note
0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years
1.53%
7.91%
20.72%
27.25%
16.48%
26.11%
0.00%
Maturity Distribution Characteristics
Yield to Maturity at Cost
Yield to Maturity at Market
Weighted Average Days to Maturity 1023
1.92%
0.53%
Account 520-00 Page 3
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For the Month Ending June 30, 2020Managed Account Issuer Summary
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Credit Quality (S&P Ratings)
5.75%A
4.39%A+
7.64%A-
2.81%A-1
1.38%A-1+
0.58%AA
62.76%AA+
4.28%AA-
4.53%AAA
0.19%AAAm
0.71%BBB
2.84%BBB+
2.14%NR
Issuer Summary
Percentof HoldingsIssuer
Market Value
544,473.00 0.75 ABBOTT LABORATORIES
67,332.01 0.09 ADOBE INC
154,900.49 0.21 AMAZON.COM INC
575,591.66 0.79 AMERICAN EXPRESS CO
591,815.61 0.82 AMERICAN HONDA FINANCE
407,809.60 0.56 APPLE INC
725,976.60 1.00 ARIZONA ST TRANSPRTN BRD HIGHW
221,183.93 0.30 BANK OF AMERICA CO
1,139,710.95 1.57 CALIFORNIA ST
134,295.53 0.19 CAMP Pool
169,351.91 0.23 CAPITAL ONE PRIME AUTO REC TRUST
154,333.08 0.21 CARMAX AUTO OWNER TRUST
594,813.45 0.82 CATERPILLAR INC
327,168.00 0.45 CHARLES SCHWAB
419,208.07 0.58 CHEVRON CORPORATION
517,728.29 0.71 CITIGROUP INC
512,117.81 0.71 COMCAST CORP
559,901.10 0.77 CREDIT AGRICOLE SA
488,165.44 0.67 DEERE & COMPANY
423,628.40 0.58 DISCOVER FINANCIAL SERVICES
519,110.50 0.72 DNB ASA
4,068,905.61 5.62 FANNIE MAE
6,237,725.03 8.61 FEDERAL HOME LOAN BANKS
204,974.04 0.28 FIFTH THIRD AUTO TRUST
205,524.92 0.28 FORD CREDIT AUTO LEASE TRUST
5,792,861.47 7.99 FREDDIE MAC
96,845.10 0.13 GM FINANCIAL AUTO LEASING TRUST
362,995.75 0.50 GM FINANCIAL SECURITIZED TERM
492,279.85 0.68 GOLDMAN SACHS GROUP INC
240,728.83 0.33 HERSHEY COMPANY
241,222.16 0.33 HOME DEPOT INC
425,355.23 0.59 HYUNDAI AUTO RECEIVABLES
Account 520-00 Page 4
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For the Month Ending June 30, 2020Managed Account Issuer Summary
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Percentof HoldingsIssuer
Market Value
494,074.35 0.68 IBM CORP
597,661.52 0.82 INTEL CORPORATION
676,800.86 0.93 INTER-AMERICAN DEVELOPMENT BANK
277,108.29 0.38 INTL BANK OF RECONSTRUCTION AND DEV
60,636.67 0.08 JOHN DEERE OWNER TRUST
584,054.63 0.80 JP MORGAN CHASE & CO
263,342.34 0.36 MERCEDES-BENZ AUTO RECEIVABLES
498,892.52 0.69 MITSUBISHI UFJ FINANCIAL GROUP INC
994,231.80 1.37 MORGAN STANLEY
492,866.22 0.68 NATIONAL RURAL UTILITIES CO FINANCE CORP
618,221.40 0.85 NORDEA BANK AB
286,987.02 0.40 PACCAR FINANCIAL CORP
348,887.46 0.48 PEPSICO INC
832,425.44 1.15 PFIZER INC
423,414.80 0.58 PNC FINANCIAL SERVICES GROUP
1,002,221.03 1.38 ROYAL BANK OF CANADA
174,533.70 0.24 SAN DIEGO CA CMNTY CLG DIST
618,349.80 0.85 SKANDINAVISKA ENSKILDA BANKEN AB
563,477.60 0.78 SOCIETE GENERALE
103,240.00 0.14 STATE OF CONNECTICUT
981,817.20 1.35 SWEDBANK AB
420,788.00 0.58 TAMALPAIS CA UNION HIGH SCH DIST
561,520.38 0.77 THE BANK OF NEW YORK MELLON CORPORATION
636,805.44 0.88 THE WALT DISNEY CORPORATION
1,059,208.96 1.46 TOYOTA MOTOR CORP
1,332,028.34 1.84 TRUIST FIN CORP
240,162.53 0.33 UNILEVER PLC
394,974.06 0.54 UNITED PARCEL SERVICE INC
28,305,032.65 39.01 UNITED STATES TREASURY
600,320.41 0.83 US BANCORP
203,333.18 0.28 VOLKSWAGEN AUTO LEASE TURST
306,665.70 0.42 WASTE MANAGEMENT INC
$72,572,117.72 Total 100.00%
Account 520-00 Page 5
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For the Month Ending June 30, 2020Managed Account Detail of Securities Held
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value
Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle
Par
U.S. Treasury Bond / Note
US TREASURY NOTES
DTD 08/15/2018 2.750% 08/15/2021
493,800.00 485,334.86 4,968.13 489,056.25 09/19/1909/18/19AaaAA+ 480,000.00 9128284W7 1.74
US TREASURY NOTES
DTD 09/02/2014 2.000% 08/31/2021
153,187.50 151,187.68 1,002.72 154,957.03 10/18/1610/17/16AaaAA+ 150,000.00 912828D72 1.30
US TREASURY N/B NOTES
DTD 08/31/2016 1.125% 08/31/2021
318,445.31 313,509.54 1,184.46 312,452.93 09/03/1908/30/19AaaAA+ 315,000.00 9128282F6 1.54
US TREASURY N/B NOTES
DTD 08/31/2016 1.125% 08/31/2021
960,390.63 942,773.21 3,572.18 936,937.50 07/23/1907/19/19AaaAA+ 950,000.00 9128282F6 1.79
US TREASURY NOTES
DTD 09/30/2016 1.125% 09/30/2021
161,875.01 159,347.07 452.46 159,143.75 02/10/2002/07/20AaaAA+ 160,000.00 912828T34 1.46
UNITED STATES TREASURY NOTES
DTD 10/15/2018 2.875% 10/15/2021
325,926.56 319,675.30 1,905.28 322,395.12 10/01/1909/27/19AaaAA+ 315,000.00 9128285F3 1.70
UNITED STATES TREASURY NOTES
DTD 11/15/2018 2.875% 11/15/2021
497,700.00 487,694.14 1,762.50 491,250.00 11/12/1911/08/19AaaAA+ 480,000.00 9128285L0 1.68
UNITED STATES TREASURY NOTES
DTD 11/15/2018 2.875% 11/15/2021
3,649,800.00 3,580,021.74 12,925.00 3,610,750.00 10/18/1910/17/19AaaAA+ 3,520,000.00 9128285L0 1.61
US TREASURY NOTES
DTD 12/31/2014 2.125% 12/31/2021
102,921.88 100,556.64 5.77 101,746.09 04/17/1704/17/17AaaAA+ 100,000.00 912828G87 1.74
US TREASURY NOTES
DTD 01/03/2017 2.000% 12/31/2021
960,566.45 938,779.37 50.82 946,358.79 06/28/1706/26/17AaaAA+ 935,000.00 912828U81 1.72
US TREASURY NOTES
DTD 02/02/2015 1.500% 01/31/2022
1,046,460.94 1,019,152.26 6,420.33 1,008,143.55 07/07/1707/05/17AaaAA+ 1,025,000.00 912828H86 1.88
US TREASURY NOTES
DTD 02/15/2019 2.500% 02/15/2022
425,439.04 415,537.58 3,857.83 417,495.31 12/04/1912/02/19AaaAA+ 410,000.00 9128286C9 1.65
US TREASURY N/B NOTES
DTD 04/30/2015 1.750% 04/30/2022
349,828.11 335,525.28 1,002.45 330,039.06 04/04/1804/02/18AaaAA+ 340,000.00 912828WZ9 2.51
UNITED STATES TREASURY NOTES
DTD 05/15/2019 2.125% 05/15/2022
67,376.56 65,407.04 176.41 65,604.30 08/05/1908/01/19AaaAA+ 65,000.00 9128286U9 1.78
Account 520-00 Page 6
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For the Month Ending June 30, 2020Managed Account Detail of Securities Held
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value
Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle
Par
U.S. Treasury Bond / Note
UNITED STATES TREASURY NOTES
DTD 05/15/2019 2.125% 05/15/2022
1,088,390.63 1,060,488.84 2,849.69 1,063,207.03 01/06/2001/02/20AaaAA+ 1,050,000.00 9128286U9 1.58
US TREASURY NOTES
DTD 05/31/2017 1.750% 05/31/2022
257,539.05 250,974.13 370.56 251,308.59 11/04/1910/31/19AaaAA+ 250,000.00 912828XR6 1.54
US TREASURY NOTES
DTD 07/31/2017 1.875% 07/31/2022
1,108,118.75 1,062,767.56 8,377.75 1,054,117.19 01/04/1801/02/18AaaAA+ 1,070,000.00 9128282P4 2.22
UNITED STATES TREASURY NOTES
DTD 08/15/2019 1.500% 08/15/2022
1,542,656.25 1,497,755.89 8,468.41 1,497,011.72 10/18/1910/17/19AaaAA+ 1,500,000.00 912828YA2 1.57
US TREASURY NOTES
DTD 10/02/2017 1.875% 09/30/2022
778,828.13 739,396.26 3,534.84 728,818.36 04/04/1804/02/18AaaAA+ 750,000.00 9128282W9 2.54
US TREASURY NOTES
DTD 12/31/2015 2.125% 12/31/2022
1,043,506.25 979,811.12 57.46 968,764.66 09/06/1809/04/18AaaAA+ 995,000.00 912828N30 2.78
UNITED STATES TREASURY NOTES
DTD 02/15/2020 1.375% 02/15/2023
1,273,979.69 1,253,540.04 6,391.29 1,255,840.63 03/04/2003/02/20AaaAA+ 1,235,000.00 912828Z86 0.80
US TREASURY NOTES
DTD 03/31/2016 1.500% 03/31/2023
321,285.92 302,404.91 1,168.85 298,580.86 02/12/1902/08/19AaaAA+ 310,000.00 912828Q29 2.44
US TREASURY NOTES
DTD 03/31/2016 1.500% 03/31/2023
720,302.31 671,686.12 2,620.49 653,300.00 05/02/1805/01/18AaaAA+ 695,000.00 912828Q29 2.82
US TREASURY NOTES
DTD 03/31/2016 1.500% 03/31/2023
751,394.50 699,875.03 2,733.61 685,521.48 12/06/1812/04/18AaaAA+ 725,000.00 912828Q29 2.85
US TREASURY N/B NOTES
DTD 05/31/2018 2.750% 05/31/2023
451,368.75 433,044.23 978.28 435,618.75 12/04/1912/02/19AaaAA+ 420,000.00 9128284S6 1.65
US TREASURY NOTES
DTD 06/30/2016 1.375% 06/30/2023
196,798.43 188,924.65 7.10 188,678.91 10/25/1910/23/19AaaAA+ 190,000.00 912828S35 1.57
US TREASURY N/B NOTES
DTD 07/02/2018 2.625% 06/30/2023
375,593.75 360,574.72 24.97 362,140.63 01/21/2001/16/20AaaAA+ 350,000.00 9128284U1 1.59
US TREASURY N/B
DTD 09/30/2016 1.375% 09/30/2023
259,648.45 245,955.83 864.07 244,619.14 06/05/1906/03/19AaaAA+ 250,000.00 912828T26 1.90
Account 520-00 Page 7
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For the Month Ending June 30, 2020Managed Account Detail of Securities Held
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value
Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle
Par
U.S. Treasury Bond / Note
US TREASURY NOTES
DTD 10/31/2016 1.625% 10/31/2023
612,787.50 582,695.67 1,601.60 582,006.45 07/03/1907/01/19AaaAA+ 585,000.00 912828T91 1.75
UNITED STATES TREASURY NOTES
DTD 11/30/2018 2.875% 11/30/2023
545,625.00 521,132.90 1,217.55 525,488.28 10/18/1910/17/19AaaAA+ 500,000.00 9128285P1 1.59
US TREASURY N/B
DTD 03/31/2017 2.125% 03/31/2024
567,762.50 527,045.67 2,831.01 526,128.51 05/03/1905/01/19AaaAA+ 530,000.00 912828W71 2.28
US TREASURY N/B NOTES
DTD 05/01/2017 2.000% 04/30/2024
555,262.50 531,293.59 1,752.17 533,771.88 08/29/1908/27/19AaaAA+ 520,000.00 912828X70 1.41
US TREASURY N/B NOTES
DTD 06/30/2017 2.000% 06/30/2024
834,843.75 786,706.80 42.39 788,378.91 07/03/1907/01/19AaaAA+ 780,000.00 912828XX3 1.77
US TREASURY NOTES
DTD 08/15/2014 2.375% 08/15/2024
1,957,781.16 1,855,738.23 16,089.97 1,865,250.00 10/18/1910/17/19AaaAA+ 1,800,000.00 912828D56 1.59
US TREASURY NOTES
DTD 10/02/2017 2.125% 09/30/2024
1,532,712.50 1,445,699.22 7,584.97 1,449,176.56 12/04/1912/02/19AaaAA+ 1,420,000.00 9128282Y5 1.68
US TREASURY N/B
DTD 11/30/2017 2.125% 11/30/2024
611,347.63 576,037.80 1,016.92 577,249.02 01/06/2001/02/20AaaAA+ 565,000.00 9128283J7 1.66
UNITED STATES TREASURY NOTES
DTD 01/31/2018 2.500% 01/31/2025
297,421.88 283,564.63 2,818.68 284,755.08 02/05/2002/03/20AaaAA+ 270,000.00 9128283V0 1.36
US TREASURY N/B
DTD 02/17/2015 2.000% 02/15/2025
1,106,359.38 1,100,146.49 7,715.66 1,104,237.30 03/31/2003/30/20AaaAA+ 1,025,000.00 912828J27 0.40
120,404.63 28,305,032.65 27,271,762.04 1.74 27,270,299.62 27,030,000.00 Security Type Sub-Total
Supra-National Agency Bond / Note
INTL BANK OF RECONSTRUCTION AND DEV
NOTE
DTD 07/25/2018 2.750% 07/23/2021
277,108.29 269,776.50 3,258.75 269,368.20 07/25/1807/18/18AaaAAA 270,000.00 459058GH0 2.83
INTER-AMERICAN DEVELOPMENT BANK
NOTE
DTD 01/18/2018 2.500% 01/18/2023
274,448.46 257,522.01 2,943.06 255,509.80 06/06/1806/04/18AaaAAA 260,000.00 4581X0DA3 2.90
Account 520-00 Page 8
Page 94 of 263
For the Month Ending June 30, 2020Managed Account Detail of Securities Held
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value
Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle
Par
Supra-National Agency Bond / Note
INTER-AMERICAN DEVEL BK CORPORATE
NOTES
DTD 04/24/2020 0.500% 05/24/2023
402,352.40 399,872.22 205.56 399,864.00 04/24/2004/17/20AaaAAA 400,000.00 4581X0DM7 0.51
6,407.37 953,909.15 927,170.73 1.87 924,742.00 930,000.00 Security Type Sub-Total
Municipal Bond / Note
CA ST TXBL GO BONDS
DTD 04/25/2018 2.800% 04/01/2021
595,921.95 585,005.98 4,095.00 585,023.40 04/25/1804/18/18Aa2AA- 585,000.00 13063DGA0 2.80
CT ST TXBL GO BONDS
DTD 06/11/2020 1.998% 07/01/2024
103,240.00 100,000.00 111.00 100,000.00 06/11/2005/29/20A1A 100,000.00 20772KJW0 2.00
AZ TRAN BOARD TXBL REV BONDS
DTD 02/12/2020 1.958% 07/01/2024
725,976.60 690,000.00 5,216.44 690,000.00 02/12/2001/10/20Aa1AA+ 690,000.00 040654XU4 1.96
SAN DIEGO CCD, CA TXBL GO BONDS
DTD 10/16/2019 2.046% 08/01/2024
174,533.70 165,000.00 1,406.63 165,000.00 10/16/1909/18/19AaaAAA 165,000.00 797272QP9 2.05
TAMALPAIS UHSD, CA TXBL GO BONDS
DTD 10/09/2019 2.021% 08/01/2024
420,788.00 400,000.00 3,368.33 400,000.00 10/09/1909/20/19AaaNR 400,000.00 874857KK0 2.02
CA ST T/E GO BONDS
DTD 04/22/2020 5.000% 03/01/2025
543,789.00 530,656.64 4,312.50 533,970.00 04/22/2004/17/20Aa2AA- 450,000.00 13063DUY2 1.05
18,509.90 2,564,249.25 2,470,662.62 1.98 2,473,993.40 2,390,000.00 Security Type Sub-Total
Federal Agency Collateralized Mortgage Obligation
FANNIE MAE SERIES 2016-M1 ASQ2
DTD 01/01/2016 2.132% 02/01/2021
67,115.41 67,199.75 119.25 67,791.06 01/29/1601/19/16AaaAA+ 67,121.03 3136AQV56 1.92
FHLMC SERIES K721 A2
DTD 12/01/2015 3.090% 08/01/2022
616,852.12 602,468.72 1,545.00 605,109.38 04/09/1804/04/18AaaAA+ 600,000.00 3137BM6P6 2.88
FNA 2013-M7 A2
DTD 05/01/2013 2.280% 12/01/2022
200,565.17 197,463.28 371.53 198,106.45 09/09/1909/04/19AaaAA+ 195,544.62 3136AEGQ4 1.86
FHMS KP05 A
DTD 12/01/2018 3.203% 07/01/2023
221,907.96 215,037.08 573.97 215,036.86 12/17/1812/07/18AaaAA+ 215,037.51 3137FKK39 3.20
Account 520-00 Page 9
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For the Month Ending June 30, 2020Managed Account Detail of Securities Held
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value
Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle
Par
Federal Agency Collateralized Mortgage Obligation
FANNIEMAE-ACES
DTD 04/01/2014 3.346% 03/01/2024
447,961.58 429,423.43 1,148.68 431,979.57 12/18/1912/13/19AaaAA+ 411,960.85 3136AJB54 2.14
FHMS KJ27 A1
DTD 11/01/2019 2.092% 07/25/2024
176,409.10 172,235.44 300.27 172,234.91 11/26/1911/20/19AaaAA+ 172,239.03 3137FQ3V3 2.09
FHMS K730 A1
DTD 03/01/2018 3.452% 09/01/2024
221,469.71 215,610.12 612.36 217,122.59 03/13/1802/28/18AaaAA+ 212,871.13 3137FEU99 3.11
FHMS K043 A2
DTD 03/01/2015 3.062% 12/25/2024
433,751.01 413,460.37 1,007.91 414,564.84 03/25/2003/19/20AaaAA+ 395,000.00 3137BGK24 1.97
5,678.97 2,386,032.06 2,312,898.19 2.46 2,321,945.66 2,269,774.17 Security Type Sub-Total
Federal Agency Bond / Note
FEDERAL HOME LOAN BANKS NOTES
DTD 02/21/2020 1.375% 02/17/2023
699,737.68 678,898.90 3,376.39 678,748.80 02/21/2002/20/20AaaAA+ 680,000.00 3130AJ7E3 1.44
FREDDIE MAC NOTES
DTD 04/20/2020 0.375% 04/20/2023
802,214.40 798,131.51 591.67 798,000.00 04/20/2004/17/20AaaAA+ 800,000.00 3137EAEQ8 0.46
FREDDIE MAC NOTES
DTD 05/07/2020 0.375% 05/05/2023
566,426.63 564,774.64 317.81 564,762.70 05/07/2005/05/20AaaAA+ 565,000.00 3137EAER6 0.39
FANNIE MAE NOTES
DTD 05/22/2020 0.250% 05/22/2023
1,028,939.10 1,027,012.95 278.96 1,026,899.70 05/22/2005/20/20AaaAA+ 1,030,000.00 3135G04Q3 0.35
FREDDIE MAC NOTES
DTD 06/26/2020 0.250% 06/26/2023
919,022.04 917,325.87 31.94 917,313.60 06/26/2006/24/20AaaAA+ 920,000.00 3137EAES4 0.35
FEDERAL HOME LOAN BANK NOTES
DTD 08/28/2013 3.375% 09/08/2023
795,739.70 740,307.15 7,680.47 747,395.25 01/09/1901/07/19AaaAA+ 725,000.00 313383YJ4 2.67
FEDERAL HOME LOAN BANK NOTES
DTD 08/28/2013 3.375% 09/08/2023
932,936.20 859,908.81 9,004.69 864,786.60 12/06/1812/04/18AaaAA+ 850,000.00 313383YJ4 2.98
FEDERAL HOME LOAN BANKS NOTES
DTD 12/09/2013 3.375% 12/08/2023
921,625.41 852,430.26 1,800.47 859,610.69 01/31/1901/30/19AaaAA+ 835,000.00 3130A0F70 2.72
FANNIE MAE NOTES
DTD 02/08/2019 2.500% 02/05/2024
883,045.70 817,801.30 8,313.89 816,949.60 02/08/1902/07/19AaaAA+ 820,000.00 3135G0V34 2.58
Account 520-00 Page 10
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For the Month Ending June 30, 2020Managed Account Detail of Securities Held
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value
Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle
Par
Federal Agency Bond / Note
FEDERAL HOME LOAN BANK NOTES
DTD 08/20/2004 5.375% 08/15/2024
2,105,761.00 2,087,997.10 35,534.72 2,108,645.00 03/31/2003/30/20AaaAA+ 1,750,000.00 3133X8EW8 0.62
FANNIE MAE NOTES
DTD 01/10/2020 1.625% 01/07/2025
458,071.10 433,743.96 3,357.66 433,612.35 01/10/2001/08/20AaaAA+ 435,000.00 3135G0X24 1.69
FREDDIE MAC NOTES
DTD 02/14/2020 1.500% 02/12/2025
1,834,808.50 1,797,634.86 9,989.58 1,800,995.00 03/04/2003/03/20AaaAA+ 1,750,000.00 3137EAEP0 0.90
FEDERAL HOME LOAN BANK NOTES
DTD 04/16/2020 0.500% 04/14/2025
300,740.40 300,326.07 312.50 300,327.00 06/26/2006/25/20AaaAA+ 300,000.00 3130AJHU6 0.48
FEDERAL HOME LOAN BANK NOTES
DTD 04/16/2020 0.500% 04/14/2025
481,184.64 477,718.40 500.00 477,619.20 04/16/2004/15/20AaaAA+ 480,000.00 3130AJHU6 0.60
FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025
453,788.10 452,667.98 523.44 452,709.00 06/04/2006/02/20AaaAA+ 450,000.00 3135G03U5 0.50
FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025
529,419.45 523,958.82 610.67 523,918.50 04/24/2004/22/20AaaAA+ 525,000.00 3135G03U5 0.67
82,224.86 13,713,460.05 13,330,638.58 1.22 13,372,292.99 12,915,000.00 Security Type Sub-Total
Corporate Note
IBM CREDIT CORP NOTE
DTD 09/08/2017 1.800% 01/20/2021
494,074.35 489,832.60 3,944.50 488,985.70 09/08/1709/05/17A2A 490,000.00 44932HAB9 1.86
PACCAR FINANCIAL CORP NOTES
DTD 02/27/2018 2.800% 03/01/2021
121,871.52 119,986.99 1,120.00 119,941.20 02/27/1802/22/18A1A+ 120,000.00 69371RN93 2.82
JOHN DEERE CAPITAL CORP NOTES
DTD 03/13/2018 2.875% 03/12/2021
142,268.56 139,977.92 1,218.68 139,904.80 03/13/1803/08/18A2A 140,000.00 24422EUD9 2.90
NATIONAL RURAL UTIL COOP NOTE
DTD 02/26/2018 2.900% 03/15/2021
238,811.47 234,939.77 2,006.64 234,739.15 02/26/1802/21/18A2A 235,000.00 63743HER9 2.94
NATIONAL RURAL UTIL COOP NOTE
DTD 02/26/2018 2.900% 03/15/2021
254,054.75 249,743.85 2,134.72 248,942.50 04/19/1804/12/18A2A 250,000.00 63743HER9 3.05
Account 520-00 Page 11
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For the Month Ending June 30, 2020Managed Account Detail of Securities Held
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value
Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle
Par
Corporate Note
UNITED PARCEL SERVICE CORPORATE
BOND
DTD 11/14/2017 2.050% 04/01/2021
394,974.06 389,853.44 1,998.75 389,383.80 11/14/1711/09/17A2A- 390,000.00 911312BP0 2.10
PEPSICO INC CORP (CALLABLE) NOTE
DTD 10/10/2017 2.000% 04/15/2021
212,666.79 209,990.57 886.67 209,958.00 10/10/1710/05/17A1A+ 210,000.00 713448DX3 2.01
GOLDMAN SACHS GRP INC CORP NT
(CALLABLE)
DTD 04/25/2016 2.625% 04/25/2021
492,279.85 485,423.65 2,334.06 486,969.10 10/31/1710/27/17A3BBB+ 485,000.00 38141GVU5 2.50
HERSHEY COMPANY CORP NOTES
DTD 05/10/2018 3.100% 05/15/2021
240,728.83 234,953.17 930.86 234,837.85 05/10/1805/03/18A1A 235,000.00 427866BA5 3.12
CHARLES SCHWAB CORP NOTES
DTD 05/22/2018 3.250% 05/21/2021
327,168.00 319,997.16 1,155.56 319,990.40 05/22/1805/17/18A2A 320,000.00 808513AW5 3.25
AMERICAN HONDA FINANCE CORP NOTES
DTD 10/10/2018 3.375% 12/10/2021
591,815.61 569,875.38 1,122.19 569,726.40 10/10/1810/03/18A3A- 570,000.00 02665WCP4 3.39
JOHN DEERE CAPITAL CORP NOTES
DTD 01/06/2017 2.650% 01/06/2022
345,896.88 334,534.44 4,315.45 333,522.65 03/15/1703/10/17A2A 335,000.00 24422ETL3 2.75
BANK OF AMERICA CORP CORP NOTES
DTD 01/24/2012 5.700% 01/24/2022
221,183.93 214,175.23 5,095.96 231,900.10 06/22/1706/19/17A2A- 205,000.00 06051GEM7 2.64
BANK OF NY MELLON CORP (CALLABLE)
NOTES
DTD 02/07/2017 2.600% 02/07/2022
335,543.98 326,312.11 3,380.00 328,955.25 06/09/1706/07/17A1A 325,000.00 06406RAA5 2.32
HOME DEPOT INC
DTD 12/06/2018 3.250% 03/01/2022
241,222.16 229,675.56 2,491.67 229,369.80 12/06/1811/27/18A2A 230,000.00 437076BV3 3.34
BB&T CORP (CALLABLE) NOTES
DTD 03/21/2017 2.750% 04/01/2022
756,501.19 731,872.06 5,018.75 735,511.50 04/06/1704/03/17A3A- 730,000.00 05531FAX1 2.59
BRANCH BANKING & TRUST CORP NOTES
DTD 03/18/2019 3.050% 06/20/2022
575,527.15 552,056.47 512.57 553,355.00 04/04/1904/02/19A3A- 550,000.00 05531FBG7 2.85
COMCAST CORPORATION CORP NOTES
DTD 07/02/2012 3.125% 07/15/2022
512,117.81 493,643.52 6,988.72 505,656.15 09/01/1708/29/17A3A- 485,000.00 20030NBD2 2.20
Account 520-00 Page 12
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For the Month Ending June 30, 2020Managed Account Detail of Securities Held
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value
Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle
Par
Corporate Note
INTEL CORP CORP NOTES
DTD 12/11/2012 2.700% 12/15/2022
597,661.52 558,160.93 678.00 553,959.90 12/28/1812/26/18A1A+ 565,000.00 458140AM2 3.23
JPMORGAN CHASE & CO (CALLABLE) NOTES
DTD 12/08/2016 2.972% 01/15/2023
584,054.63 554,458.77 7,742.89 547,620.60 11/07/1811/05/18A2A- 565,000.00 48128BAB7 3.77
ADOBE INC CORP NOTE
DTD 02/03/2020 1.700% 02/01/2023
67,332.01 64,923.08 454.28 64,910.95 02/03/2001/22/20A2A 65,000.00 00724PAA7 1.75
PEPSICO INC CORPORATE NOTES
DTD 05/01/2020 0.750% 05/01/2023
136,220.67 134,747.59 168.75 134,732.70 05/01/2004/29/20A1A+ 135,000.00 713448EY0 0.82
CHEVRON CORP CORPORATE NOTES
DTD 05/11/2020 1.141% 05/11/2023
137,237.09 135,000.00 213.94 135,000.00 05/11/2005/07/20Aa2AA 135,000.00 166764BV1 1.14
CITIGROUP INC CORP NOTES
DTD 05/14/2013 3.500% 05/15/2023
517,728.29 490,127.66 2,169.03 492,207.10 05/03/1905/01/19Baa2BBB 485,000.00 172967GT2 3.10
AMAZON.COM INC CORPORATE NOTES
DTD 06/03/2020 0.400% 06/03/2023
154,900.49 154,788.55 48.22 154,783.00 06/03/2006/01/20A2NR 155,000.00 023135BP0 0.45
PACCAR FINANCIAL CORP CORPORATE
NOTES
DTD 06/08/2020 0.800% 06/08/2023
165,115.50 164,775.47 84.33 164,770.65 06/08/2006/01/20A1A+ 165,000.00 69371RQ82 0.85
ABBOTT LABORATORIES CORP NOTES
DTD 11/22/2016 3.400% 11/30/2023
544,473.00 509,632.54 1,463.89 512,995.00 05/14/1905/10/19A3A- 500,000.00 002824BE9 2.79
AMERICAN EXPRESS CO CORP NOTES
DTD 02/22/2019 3.400% 02/22/2024
575,591.66 540,540.53 6,457.17 543,652.80 06/04/1905/31/19A3BBB+ 530,000.00 025816CC1 2.81
PFIZER INC CORP NOTES
DTD 03/11/2019 2.950% 03/15/2024
832,425.44 776,976.15 6,688.31 779,317.00 04/04/1904/02/19A1AA- 770,000.00 717081ES8 2.69
MORGAN STANLEY CORP NOTES
DTD 04/28/2014 3.875% 04/29/2024
994,231.80 942,274.65 6,006.25 952,677.00 07/23/1907/19/19A3BBB+ 900,000.00 61746BDQ6 2.56
UNILEVER CAPITAL CORP (CALLABLE)
BONDS
DTD 05/05/2017 2.600% 05/05/2024
240,162.53 230,511.66 910.00 231,738.75 09/06/1909/03/19A1A+ 225,000.00 904764AX5 1.93
Account 520-00 Page 13
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For the Month Ending June 30, 2020Managed Account Detail of Securities Held
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value
Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle
Par
Corporate Note
CATERPILLAR FINL SERVICE CORP NOTES
DTD 05/17/2019 2.850% 05/17/2024
205,481.01 193,569.98 661.83 194,465.00 07/12/1907/10/19A3A 190,000.00 14913Q2V0 2.33
CATERPILLAR FINL SERVICE CORP NOTES
DTD 05/17/2019 2.850% 05/17/2024
389,332.44 366,830.21 1,254.00 368,586.00 07/03/1907/01/19A3A 360,000.00 14913Q2V0 2.33
WASTE MANAGEMENT INC CORP NOTES
DTD 05/22/2019 2.950% 06/15/2024
306,665.70 306,930.49 393.33 308,307.00 09/18/1909/16/19Baa1A- 300,000.00 94106LBF5 2.33
US BANCORP
DTD 07/29/2019 2.400% 07/30/2024
600,320.41 564,589.45 5,687.67 564,497.15 08/01/1907/30/19A1A+ 565,000.00 91159HHX1 2.42
WALT DISNEY COMPANY/THE
DTD 09/06/2019 1.750% 08/30/2024
636,805.44 612,903.03 3,677.19 612,490.80 09/06/1909/03/19A2A- 615,000.00 254687FK7 1.83
BANK OF NY MELLON CORP
DTD 10/24/2019 2.100% 10/24/2024
225,976.40 215,861.29 840.29 215,946.00 01/28/2001/21/20A1A 215,000.00 06406RAL1 2.00
PNC BANK NA CORP NOTES
DTD 11/01/2019 2.200% 11/01/2024
423,414.80 399,885.12 1,466.67 399,868.00 11/08/1911/05/19A3A- 400,000.00 693475AY1 2.21
TOYOTA MOTOR CREDIT CORP CORP
NOTES
DTD 02/13/2020 1.800% 02/13/2025
232,407.23 227,152.35 1,552.50 227,198.25 05/26/2005/20/20A1A+ 225,000.00 89236TGT6 1.58
TOYOTA MOTOR CREDIT CORP CORP
NOTES
DTD 02/13/2020 1.800% 02/13/2025
258,230.25 252,391.50 1,725.00 252,442.50 05/26/2005/20/20A1A+ 250,000.00 89236TGT6 1.58
CHEVRON CORP (CALLABLE) NOTES
DTD 05/11/2020 1.554% 05/11/2025
281,970.98 276,328.23 593.54 276,364.00 05/15/2005/13/20Aa2AA 275,000.00 166764BW9 1.45
APPLE INC (CALLABLE) CORP NOTES
DTD 05/11/2020 1.125% 05/11/2025
407,809.60 400,817.51 625.00 400,840.00 05/14/2005/12/20Aa1AA+ 400,000.00 037833DT4 1.08
98,217.83 16,014,255.78 15,401,020.63 2.48 15,451,019.50 15,295,000.00 Security Type Sub-Total
Certificate of Deposit
SWEDBANK (NEW YORK) CERT DEPOS
DTD 05/18/2020 2.270% 11/16/2020
981,817.20 975,000.00 2,705.09 975,000.00 11/17/1711/16/17P-1A-1 975,000.00 87019U6D6 2.27
Account 520-00 Page 14
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For the Month Ending June 30, 2020Managed Account Detail of Securities Held
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value
Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle
Par
Certificate of Deposit
MUFG BANK LTD/NY CERT DEPOS
DTD 02/28/2019 2.970% 02/26/2021
498,892.52 490,000.00 5,093.55 490,000.00 02/28/1902/27/19P-1A-1 490,000.00 55379WZT6 2.94
CREDIT AGRICOLE CIB NY CERT DEPOS
DTD 04/04/2019 2.830% 04/02/2021
559,901.10 550,000.00 3,718.31 550,000.00 04/04/1904/03/19P-1A-1 550,000.00 22535CDU2 2.83
ROYAL BANK OF CANADA NY CD
DTD 06/08/2018 3.240% 06/07/2021
1,002,221.03 975,000.00 2,106.00 975,000.00 06/08/1806/07/18P-1A-1+ 975,000.00 78012UEE1 3.24
SOCIETE GENERALE NY CERT DEPOS
DTD 02/19/2020 1.800% 02/14/2022
563,477.60 560,000.00 3,696.00 560,000.00 02/19/2002/14/20A1A 560,000.00 83369XDL9 1.80
NORDEA BANK ABP NEW YORK CERT DEPOS
DTD 08/29/2019 1.850% 08/26/2022
618,221.40 600,000.00 3,885.00 600,000.00 08/29/1908/27/19Aa3AA- 600,000.00 65558TLL7 1.84
SKANDINAV ENSKILDA BANK LT CD
DTD 09/03/2019 1.860% 08/26/2022
618,349.80 600,000.00 3,906.00 600,000.00 09/03/1908/29/19Aa2A+ 600,000.00 83050PDR7 1.85
DNB BANK ASA/NY LT CD
DTD 12/06/2019 2.040% 12/02/2022
519,110.50 500,000.00 821.67 500,000.00 12/06/1912/04/19Aa2AA- 500,000.00 23341VZT1 2.03
25,931.62 5,361,991.15 5,250,000.00 2.40 5,250,000.00 5,250,000.00 Security Type Sub-Total
Asset-Backed Security
GMALT 2018-3 A3
DTD 09/26/2018 3.180% 06/20/2021
96,845.10 96,334.65 93.61 96,329.73 09/26/1809/18/18AaaAAA 96,337.35 36256GAD1 3.18
FORDL 2018-B A3
DTD 09/21/2018 3.190% 12/15/2021
205,524.92 204,075.55 289.34 204,066.08 09/21/1809/18/18AaaNR 204,083.32 34531LAD2 3.19
JDOT 2018-A A3
DTD 02/28/2018 2.660% 04/15/2022
60,636.67 60,174.34 71.14 60,171.89 02/28/1802/21/18AaaNR 60,176.21 47788CAC6 2.66
VWALT 2019-A A3
DTD 10/04/2019 1.990% 11/21/2022
203,333.18 199,997.59 121.61 199,996.84 10/04/1910/01/19NRAAA 200,000.00 92867XAD8 1.99
TOYOTA ABS 2018-C A3
DTD 08/22/2018 3.020% 12/15/2022
280,618.33 274,972.16 369.11 274,951.08 08/22/1808/14/18AaaAAA 275,000.00 89231AAD3 3.02
MBART 2018-1 A3
DTD 07/25/2018 3.030% 01/15/2023
263,342.34 259,850.50 349.94 259,846.18 07/25/1807/17/18AaaAAA 259,856.16 58772RAD6 3.03
Account 520-00 Page 15
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For the Month Ending June 30, 2020Managed Account Detail of Securities Held
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value
Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle
Par
Asset-Backed Security
GMCAR 2018-3 A3
DTD 07/18/2018 3.020% 05/16/2023
71,805.55 70,558.55 88.80 70,551.88 07/18/1807/11/18NRAAA 70,568.35 36255JAD6 3.03
HYUNDAI AUTO RECEIVABLES TRUST
DTD 04/10/2019 2.660% 06/15/2023
251,126.45 244,977.22 289.64 244,967.76 04/10/1904/03/19NRAAA 245,000.00 44932NAD2 2.66
TAOT 2019-B A3
DTD 05/08/2019 2.570% 08/15/2023
287,953.15 279,967.36 319.82 279,955.34 05/08/1904/30/19AaaAAA 280,000.00 89239JAD6 2.57
COPAR 2019-1 A3
DTD 05/30/2019 2.510% 11/15/2023
169,351.91 164,974.73 184.07 164,966.57 05/30/1905/21/19AaaAAA 165,000.00 14042WAC4 2.51
GMCAR 2019-1 A3
DTD 01/16/2019 2.970% 11/16/2023
291,190.20 284,977.96 352.69 284,968.45 01/16/1901/08/19AaaNR 285,000.00 36256XAD4 2.97
FIFTH THIRD AUTO TRUST
DTD 05/08/2019 2.640% 12/15/2023
204,974.04 199,967.02 234.67 199,956.04 05/08/1904/30/19AaaAAA 200,000.00 31680YAD9 2.65
HART 2019-B A3
DTD 11/06/2019 1.940% 02/15/2024
174,228.78 169,993.35 146.58 169,992.16 11/06/1910/29/19NRAAA 170,000.00 44891JAC2 1.94
DCENT 2019-A3 A
DTD 10/31/2019 1.890% 10/15/2024
423,628.40 409,923.80 344.40 409,911.93 10/31/1910/24/19AaaNR 410,000.00 254683CM5 1.89
CARMX 2020-1 A3
DTD 01/22/2020 1.890% 12/16/2024
154,333.08 149,973.22 126.00 149,970.57 01/22/2001/14/20NRAAA 150,000.00 14315XAC2 1.89
3,381.42 3,138,892.10 3,070,718.00 2.57 3,070,602.50 3,071,021.39 Security Type Sub-Total
69,150,795.56 70,134,895.67 1.92 360,756.60 70,034,870.79 72,437,822.19 Managed Account Sub-Total
Money Market Mutual Fund
CAMP Pool 134,295.53 134,295.53 0.00 134,295.53 NRAAAm 134,295.53
134,295.53 134,295.53 0.00 134,295.53 134,295.53 Money Market Sub-Total
Account 520-00 Page 16
Page 102 of 263
For the Month Ending June 30, 2020Managed Account Detail of Securities Held
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
$69,285,091.09 $70,269,191.20 $360,756.60 $70,169,166.32 $72,572,117.72 1.92%
$72,932,874.32
$360,756.60
Total Investments
Accrued Interest
Securities Sub-Total
Account 520-00 Page 17
Page 103 of 263
For the Month Ending June 30, 2020Managed Account Fair Market Value & Analytics
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt
Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective
Duration
U.S. Treasury Bond / Note
8,465.14 4,743.75 493,800.00 102.88 BARCLAYS 480,000.00 9128284W7US TREASURY NOTES
DTD 08/15/2018 2.750% 08/15/2021
0.19 1.11
1,999.82 (1,769.53) 153,187.50 102.13 MORGANST 150,000.00 912828D72US TREASURY NOTES
DTD 09/02/2014 2.000% 08/31/2021
0.18 1.15
4,935.77 5,992.38 318,445.31 101.09 JEFFERIE 315,000.00 9128282F6US TREASURY N/B NOTES
DTD 08/31/2016 1.125% 08/31/2021
0.19 1.16
17,617.42 23,453.13 960,390.63 101.09 CITIGRP 950,000.00 9128282F6US TREASURY N/B NOTES
DTD 08/31/2016 1.125% 08/31/2021
0.19 1.16
2,527.94 2,731.26 161,875.01 101.17 MORGAN_S 160,000.00 912828T34US TREASURY NOTES
DTD 09/30/2016 1.125% 09/30/2021
0.19 1.24
6,251.26 3,531.44 325,926.56 103.47 CITIGRP 315,000.00 9128285F3UNITED STATES TREASURY NOTES
DTD 10/15/2018 2.875% 10/15/2021
0.19 1.27
10,005.86 6,450.00 497,700.00 103.69 CITIGRP 480,000.00 9128285L0UNITED STATES TREASURY NOTES
DTD 11/15/2018 2.875% 11/15/2021
0.19 1.35
69,778.26 39,050.00 3,649,800.00 103.69 MORGAN_S 3,520,000.00 9128285L0UNITED STATES TREASURY NOTES
DTD 11/15/2018 2.875% 11/15/2021
0.19 1.35
2,365.24 1,175.79 102,921.88 102.92 JEFFERIE 100,000.00 912828G87US TREASURY NOTES
DTD 12/31/2014 2.125% 12/31/2021
0.17 1.48
21,787.08 14,207.66 960,566.45 102.73 HSBC 935,000.00 912828U81US TREASURY NOTES
DTD 01/03/2017 2.000% 12/31/2021
0.17 1.49
27,308.68 38,317.39 1,046,460.94 102.09 MORGAN_S 1,025,000.00 912828H86US TREASURY NOTES
DTD 02/02/2015 1.500% 01/31/2022
0.18 1.56
9,901.46 7,943.73 425,439.04 103.77 CITIGRP 410,000.00 9128286C9US TREASURY NOTES
DTD 02/15/2019 2.500% 02/15/2022
0.18 1.59
14,302.83 19,789.05 349,828.11 102.89 MORGAN_S 340,000.00 912828WZ9US TREASURY N/B NOTES
DTD 04/30/2015 1.750% 04/30/2022
0.17 1.81
1,969.52 1,772.26 67,376.56 103.66 NOMURA 65,000.00 9128286U9UNITED STATES TREASURY NOTES
DTD 05/15/2019 2.125% 05/15/2022
0.17 1.84
27,901.79 25,183.60 1,088,390.63 103.66 CITIGRP 1,050,000.00 9128286U9UNITED STATES TREASURY NOTES
DTD 05/15/2019 2.125% 05/15/2022
0.17 1.84
6,564.92 6,230.46 257,539.05 103.02 MERRILL 250,000.00 912828XR6US TREASURY NOTES
DTD 05/31/2017 1.750% 05/31/2022
0.17 1.89
45,351.19 54,001.56 1,108,118.75 103.56 HSBC 1,070,000.00 9128282P4US TREASURY NOTES
DTD 07/31/2017 1.875% 07/31/2022
0.16 2.04
Account 520-00 Page 18
Page 104 of 263
For the Month Ending June 30, 2020Managed Account Fair Market Value & Analytics
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt
Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective
Duration
U.S. Treasury Bond / Note
44,900.36 45,644.53 1,542,656.25 102.84 CITIGRP 1,500,000.00 912828YA2UNITED STATES TREASURY NOTES
DTD 08/15/2019 1.500% 08/15/2022
0.16 2.09
39,431.87 50,009.77 778,828.13 103.84 MORGAN_S 750,000.00 9128282W9US TREASURY NOTES
DTD 10/02/2017 1.875% 09/30/2022
0.16 2.21
63,695.13 74,741.59 1,043,506.25 104.88 BNP_PARI 995,000.00 912828N30US TREASURY NOTES
DTD 12/31/2015 2.125% 12/31/2022
0.17 2.45
20,439.65 18,139.06 1,273,979.69 103.16 NOMURA 1,235,000.00 912828Z86UNITED STATES TREASURY NOTES
DTD 02/15/2020 1.375% 02/15/2023
0.17 2.58
18,881.01 22,705.06 321,285.92 103.64 TD 310,000.00 912828Q29US TREASURY NOTES
DTD 03/31/2016 1.500% 03/31/2023
0.17 2.70
48,616.19 67,002.31 720,302.31 103.64 MERRILL 695,000.00 912828Q29US TREASURY NOTES
DTD 03/31/2016 1.500% 03/31/2023
0.17 2.70
51,519.47 65,873.02 751,394.50 103.64 RBS 725,000.00 912828Q29US TREASURY NOTES
DTD 03/31/2016 1.500% 03/31/2023
0.17 2.70
18,324.52 15,750.00 451,368.75 107.47 MERRILL 420,000.00 9128284S6US TREASURY N/B NOTES
DTD 05/31/2018 2.750% 05/31/2023
0.18 2.82
7,873.78 8,119.52 196,798.43 103.58 MORGAN_S 190,000.00 912828S35US TREASURY NOTES
DTD 06/30/2016 1.375% 06/30/2023
0.18 2.95
15,019.03 13,453.12 375,593.75 107.31 NOMURA 350,000.00 9128284U1US TREASURY N/B NOTES
DTD 07/02/2018 2.625% 06/30/2023
0.18 2.91
13,692.62 15,029.31 259,648.45 103.86 MERRILL 250,000.00 912828T26US TREASURY N/B
DTD 09/30/2016 1.375% 09/30/2023
0.18 3.18
30,091.83 30,781.05 612,787.50 104.75 MERRILL 585,000.00 912828T91US TREASURY NOTES
DTD 10/31/2016 1.625% 10/31/2023
0.20 3.25
24,492.10 20,136.72 545,625.00 109.13 MORGAN_S 500,000.00 9128285P1UNITED STATES TREASURY NOTES
DTD 11/30/2018 2.875% 11/30/2023
0.20 3.28
40,716.83 41,633.99 567,762.50 107.13 NOMURA 530,000.00 912828W71US TREASURY N/B
DTD 03/31/2017 2.125% 03/31/2024
0.22 3.61
23,968.91 21,490.62 555,262.50 106.78 MORGAN_S 520,000.00 912828X70US TREASURY N/B NOTES
DTD 05/01/2017 2.000% 04/30/2024
0.22 3.70
48,136.95 46,464.84 834,843.75 107.03 JEFFERIE 780,000.00 912828XX3US TREASURY N/B NOTES
DTD 06/30/2017 2.000% 06/30/2024
0.23 3.87
102,042.93 92,531.16 1,957,781.16 108.77 MERRILL 1,800,000.00 912828D56US TREASURY NOTES
DTD 08/15/2014 2.375% 08/15/2024
0.24 3.93
Account 520-00 Page 19
Page 105 of 263
For the Month Ending June 30, 2020Managed Account Fair Market Value & Analytics
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt
Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective
Duration
U.S. Treasury Bond / Note
87,013.28 83,535.94 1,532,712.50 107.94 CITIGRP 1,420,000.00 9128282Y5US TREASURY NOTES
DTD 10/02/2017 2.125% 09/30/2024
0.25 4.08
35,309.83 34,098.61 611,347.63 108.20 NOMURA 565,000.00 9128283J7US TREASURY N/B
DTD 11/30/2017 2.125% 11/30/2024
0.26 4.24
13,857.25 12,666.80 297,421.88 110.16 MERRILL 270,000.00 9128283V0UNITED STATES TREASURY NOTES
DTD 01/31/2018 2.500% 01/31/2025
0.27 4.33
6,212.89 2,122.08 1,106,359.38 107.94 BNP_PAR 1,025,000.00 912828J27US TREASURY N/B
DTD 02/17/2015 2.000% 02/15/2025
0.27 4.42
1,034,733.03 0.20 1,033,270.61 28,305,032.65 27,030,000.00 Security Type Sub-Total 2.51
Supra-National Agency Bond / Note
7,331.79 7,740.09 277,108.29 102.63 MORGAN_S 270,000.00 459058GH0INTL BANK OF RECONSTRUCTION AND
DEV NOTE
DTD 07/25/2018 2.750% 07/23/2021
0.27 1.04
16,926.45 18,938.66 274,448.46 105.56 BARCLAYS 260,000.00 4581X0DA3INTER-AMERICAN DEVELOPMENT BANK
NOTE
DTD 01/18/2018 2.500% 01/18/2023
0.31 2.46
2,480.18 2,488.40 402,352.40 100.59 RBC 400,000.00 4581X0DM7INTER-AMERICAN DEVEL BK CORPORATE
NOTES
DTD 04/24/2020 0.500% 05/24/2023
0.30 2.88
29,167.15 0.29 26,738.42 953,909.15 930,000.00 Security Type Sub-Total 2.23
Municipal Bond / Note
10,915.97 10,898.55 595,921.95 101.87 JPM_CHAS 585,000.00 13063DGA0CA ST TXBL GO BONDS
DTD 04/25/2018 2.800% 04/01/2021
0.31 0.75
3,240.00 3,240.00 103,240.00 103.24 SIEBERT 100,000.00 20772KJW0CT ST TXBL GO BONDS
DTD 06/11/2020 1.998% 07/01/2024
1.17 3.87
35,976.60 35,976.60 725,976.60 105.21 JPM_CHAS 690,000.00 040654XU4AZ TRAN BOARD TXBL REV BONDS
DTD 02/12/2020 1.958% 07/01/2024
0.64 3.85
9,533.70 9,533.70 174,533.70 105.78 RBC 165,000.00 797272QP9SAN DIEGO CCD, CA TXBL GO BONDS
DTD 10/16/2019 2.046% 08/01/2024
0.61 3.91
Account 520-00 Page 20
Page 106 of 263
For the Month Ending June 30, 2020Managed Account Fair Market Value & Analytics
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt
Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective
Duration
Municipal Bond / Note
20,788.00 20,788.00 420,788.00 105.20 RBC 400,000.00 874857KK0TAMALPAIS UHSD, CA TXBL GO BONDS
DTD 10/09/2019 2.021% 08/01/2024
0.73 3.92
13,132.36 9,819.00 543,789.00 120.84 MERRILL 450,000.00 13063DUY2CA ST T/E GO BONDS
DTD 04/22/2020 5.000% 03/01/2025
0.48 4.24
90,255.85 0.56 93,586.63 2,564,249.25 2,390,000.00 Security Type Sub-Total 3.23
Federal Agency Collateralized Mortgage Obligation
(84.34)(675.65) 67,115.41 99.99 MORGANST 67,121.03 3136AQV56FANNIE MAE SERIES 2016-M1 ASQ2
DTD 01/01/2016 2.132% 02/01/2021
2.15 0.44
14,383.40 11,742.74 616,852.12 102.81 CITIGRP 600,000.00 3137BM6P6FHLMC SERIES K721 A2
DTD 12/01/2015 3.090% 08/01/2022
1.72 1.89
3,101.89 2,458.72 200,565.17 102.57 BAIRD 195,544.62 3136AEGQ4FNA 2013-M7 A2
DTD 05/01/2013 2.280% 12/01/2022
1.20 2.30
6,870.88 6,871.10 221,907.96 103.20 CSFB 215,037.51 3137FKK39FHMS KP05 A
DTD 12/01/2018 3.203% 07/01/2023
2.10 1.55
18,538.15 15,982.01 447,961.58 108.74 JPM_CHAS 411,960.85 3136AJB54FANNIEMAE-ACES
DTD 04/01/2014 3.346% 03/01/2024
0.92 3.31
4,173.66 4,174.19 176,409.10 102.42 JPM_CHAS 172,239.03 3137FQ3V3FHMS KJ27 A1
DTD 11/01/2019 2.092% 07/25/2024
1.48 2.57
5,859.59 4,347.12 221,469.71 104.04 MORGAN_S 212,871.13 3137FEU99FHMS K730 A1
DTD 03/01/2018 3.452% 09/01/2024
2.43 1.75
20,290.64 19,186.17 433,751.01 109.81 CITIGRP 395,000.00 3137BGK24FHMS K043 A2
DTD 03/01/2015 3.062% 12/25/2024
0.83 4.14
64,086.40 1.46 73,133.87 2,386,032.06 2,269,774.17 Security Type Sub-Total 2.56
Federal Agency Bond / Note
20,838.78 20,988.88 699,737.68 102.90 WELLS_FA 680,000.00 3130AJ7E3FEDERAL HOME LOAN BANKS NOTES
DTD 02/21/2020 1.375% 02/17/2023
0.27 2.58
4,082.89 4,214.40 802,214.40 100.28 CITIGRP 800,000.00 3137EAEQ8FREDDIE MAC NOTES
DTD 04/20/2020 0.375% 04/20/2023
0.28 2.79
1,651.99 1,663.93 566,426.63 100.25 WELLS_F 565,000.00 3137EAER6FREDDIE MAC NOTES
DTD 05/07/2020 0.375% 05/05/2023
0.29 2.83
Account 520-00 Page 21
Page 107 of 263
For the Month Ending June 30, 2020Managed Account Fair Market Value & Analytics
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt
Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective
Duration
Federal Agency Bond / Note
1,926.15 2,039.40 1,028,939.10 99.90 CITIGRP 1,030,000.00 3135G04Q3FANNIE MAE NOTES
DTD 05/22/2020 0.250% 05/22/2023
0.29 2.89
1,696.17 1,708.44 919,022.04 99.89 TD 920,000.00 3137EAES4FREDDIE MAC NOTES
DTD 06/26/2020 0.250% 06/26/2023
0.29 2.98
55,432.55 48,344.45 795,739.70 109.76 WELLS_FA 725,000.00 313383YJ4FEDERAL HOME LOAN BANK NOTES
DTD 08/28/2013 3.375% 09/08/2023
0.30 3.03
73,027.39 68,149.60 932,936.20 109.76 TD 850,000.00 313383YJ4FEDERAL HOME LOAN BANK NOTES
DTD 08/28/2013 3.375% 09/08/2023
0.30 3.03
69,195.15 62,014.72 921,625.41 110.37 BARCLAYS 835,000.00 3130A0F70FEDERAL HOME LOAN BANKS NOTES
DTD 12/09/2013 3.375% 12/08/2023
0.34 3.28
65,244.40 66,096.10 883,045.70 107.69 NOMURA 820,000.00 3135G0V34FANNIE MAE NOTES
DTD 02/08/2019 2.500% 02/05/2024
0.35 3.44
17,763.90 (2,884.00) 2,105,761.00 120.33 AMHERST 1,750,000.00 3133X8EW8FEDERAL HOME LOAN BANK NOTES
DTD 08/20/2004 5.375% 08/15/2024
0.40 3.73
24,327.14 24,458.75 458,071.10 105.30 BARCLAYS 435,000.00 3135G0X24FANNIE MAE NOTES
DTD 01/10/2020 1.625% 01/07/2025
0.44 4.35
37,173.64 33,813.50 1,834,808.50 104.85 MORGAN_ 1,750,000.00 3137EAEP0FREDDIE MAC NOTES
DTD 02/14/2020 1.500% 02/12/2025
0.44 4.46
414.33 413.40 300,740.40 100.25 RBC 300,000.00 3130AJHU6FEDERAL HOME LOAN BANK NOTES
DTD 04/16/2020 0.500% 04/14/2025
0.45 4.73
3,466.24 3,565.44 481,184.64 100.25 CITIGRP 480,000.00 3130AJHU6FEDERAL HOME LOAN BANK NOTES
DTD 04/16/2020 0.500% 04/14/2025
0.45 4.73
1,120.12 1,079.10 453,788.10 100.84 NOMURA 450,000.00 3135G03U5FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025
0.45 4.74
5,460.63 5,500.95 529,419.45 100.84 CITIGRP 525,000.00 3135G03U5FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025
0.45 4.74
341,167.06 0.36 382,821.47 13,713,460.05 12,915,000.00 Security Type Sub-Total 3.58
Corporate Note
4,241.75 5,088.65 494,074.35 100.83 JPM_CHAS 490,000.00 44932HAB9IBM CREDIT CORP NOTE
DTD 09/08/2017 1.800% 01/20/2021
0.30 0.55
1,884.53 1,930.32 121,871.52 101.56 JPM_CHAS 120,000.00 69371RN93PACCAR FINANCIAL CORP NOTES
DTD 02/27/2018 2.800% 03/01/2021
0.46 0.66
Account 520-00 Page 22
Page 108 of 263
For the Month Ending June 30, 2020Managed Account Fair Market Value & Analytics
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt
Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective
Duration
Corporate Note
2,290.64 2,363.76 142,268.56 101.62 BARCLAYS 140,000.00 24422EUD9JOHN DEERE CAPITAL CORP NOTES
DTD 03/13/2018 2.875% 03/12/2021
0.55 0.69
3,871.70 4,072.32 238,811.47 101.62 RBC 235,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE
DTD 02/26/2018 2.900% 03/15/2021
0.60 0.70
4,310.90 5,112.25 254,054.75 101.62 RBC 250,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE
DTD 02/26/2018 2.900% 03/15/2021
0.60 0.70
5,120.62 5,590.26 394,974.06 101.28 JPM_CHAS 390,000.00 911312BP0UNITED PARCEL SERVICE CORPORATE
BOND
DTD 11/14/2017 2.050% 04/01/2021
0.35 0.75
2,676.22 2,708.79 212,666.79 101.27 03/15/21MERRILL 210,000.00 713448DX3PEPSICO INC CORP (CALLABLE) NOTE
DTD 10/10/2017 2.000% 04/15/2021
0.39 0.70
6,856.20 5,310.75 492,279.85 101.50 03/25/21MORGAN_S 485,000.00 38141GVU5GOLDMAN SACHS GRP INC CORP NT
(CALLABLE)
DTD 04/25/2016 2.625% 04/25/2021
0.78 0.73
5,775.66 5,890.98 240,728.83 102.44 MERRILL 235,000.00 427866BA5HERSHEY COMPANY CORP NOTES
DTD 05/10/2018 3.100% 05/15/2021
0.31 0.87
7,170.84 7,177.60 327,168.00 102.24 04/21/21CSFB 320,000.00 808513AW5CHARLES SCHWAB CORP NOTES
DTD 05/22/2018 3.250% 05/21/2021
0.72 0.80
21,940.23 22,089.21 591,815.61 103.83 JPM_CHAS 570,000.00 02665WCP4AMERICAN HONDA FINANCE CORP NOTES
DTD 10/10/2018 3.375% 12/10/2021
0.71 1.42
11,362.44 12,374.23 345,896.88 103.25 MITSU 335,000.00 24422ETL3JOHN DEERE CAPITAL CORP NOTES
DTD 01/06/2017 2.650% 01/06/2022
0.49 1.48
7,008.70 (10,716.17) 221,183.93 107.89 GOLDMAN 205,000.00 06051GEM7BANK OF AMERICA CORP CORP NOTES
DTD 01/24/2012 5.700% 01/24/2022
0.63 1.49
9,231.87 6,588.73 335,543.98 103.24 01/07/22HSBC 325,000.00 06406RAA5BANK OF NY MELLON CORP (CALLABLE)
NOTES
DTD 02/07/2017 2.600% 02/07/2022
0.56 1.49
11,546.60 11,852.36 241,222.16 104.88 JPM_CHAS 230,000.00 437076BV3HOME DEPOT INC
DTD 12/06/2018 3.250% 03/01/2022
0.32 1.62
24,629.13 20,989.69 756,501.19 103.63 03/01/22MORGAN_S 730,000.00 05531FAX1BB&T CORP (CALLABLE) NOTES
DTD 03/21/2017 2.750% 04/01/2022
0.66 1.63
23,470.68 22,172.15 575,527.15 104.64 DAIWA 550,000.00 05531FBG7BRANCH BANKING & TRUST CORP NOTES
DTD 03/18/2019 3.050% 06/20/2022
0.68 1.93
Account 520-00 Page 23
Page 109 of 263
For the Month Ending June 30, 2020Managed Account Fair Market Value & Analytics
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt
Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective
Duration
Corporate Note
18,474.29 6,461.66 512,117.81 105.59 TD 485,000.00 20030NBD2COMCAST CORPORATION CORP NOTES
DTD 07/02/2012 3.125% 07/15/2022
0.37 1.97
39,500.59 43,701.62 597,661.52 105.78 US_BANCO 565,000.00 458140AM2INTEL CORP CORP NOTES
DTD 12/11/2012 2.700% 12/15/2022
0.34 2.40
29,595.86 36,434.03 584,054.63 103.37 01/15/22BNP_PARI 565,000.00 48128BAB7JPMORGAN CHASE & CO (CALLABLE)
NOTES
DTD 12/08/2016 2.972% 01/15/2023
1.61 1.50
2,408.93 2,421.06 67,332.01 103.59 MERRILL 65,000.00 00724PAA7ADOBE INC CORP NOTE
DTD 02/03/2020 1.700% 02/01/2023
0.31 2.52
1,473.08 1,487.97 136,220.67 100.90 GOLDMAN 135,000.00 713448EY0PEPSICO INC CORPORATE NOTES
DTD 05/01/2020 0.750% 05/01/2023
0.43 2.81
2,237.09 2,237.09 137,237.09 101.66 JPM_CHA 135,000.00 166764BV1CHEVRON CORP CORPORATE NOTES
DTD 05/11/2020 1.141% 05/11/2023
0.56 2.82
27,600.63 25,521.19 517,728.29 106.75 SUSQ 485,000.00 172967GT2CITIGROUP INC CORP NOTES
DTD 05/14/2013 3.500% 05/15/2023
1.11 2.75
111.94 117.49 154,900.49 99.94 GOLDMAN 155,000.00 023135BP0AMAZON.COM INC CORPORATE NOTES
DTD 06/03/2020 0.400% 06/03/2023
0.42 2.91
340.03 344.85 165,115.50 100.07 TD 165,000.00 69371RQ82PACCAR FINANCIAL CORP CORPORATE
NOTES
DTD 06/08/2020 0.800% 06/08/2023
0.78 2.91
34,840.46 31,478.00 544,473.00 108.89 09/30/23BNP_PARI 500,000.00 002824BE9ABBOTT LABORATORIES CORP NOTES
DTD 11/22/2016 3.400% 11/30/2023
0.76 3.10
35,051.13 31,938.86 575,591.66 108.60 BARCLAYS 530,000.00 025816CC1AMERICAN EXPRESS CO CORP NOTES
DTD 02/22/2019 3.400% 02/22/2024
0.99 3.43
55,449.29 53,108.44 832,425.44 108.11 BNP_PARI 770,000.00 717081ES8PFIZER INC CORP NOTES
DTD 03/11/2019 2.950% 03/15/2024
0.73 3.52
51,957.15 41,554.80 994,231.80 110.47 WELLS_FA 900,000.00 61746BDQ6MORGAN STANLEY CORP NOTES
DTD 04/28/2014 3.875% 04/29/2024
1.08 3.59
9,650.87 8,423.78 240,162.53 106.74 03/05/24MERRILL 225,000.00 904764AX5UNILEVER CAPITAL CORP (CALLABLE)
BONDS
DTD 05/05/2017 2.600% 05/05/2024
0.82 3.53
11,911.03 11,016.01 205,481.01 108.15 SUSQ 190,000.00 14913Q2V0CATERPILLAR FINL SERVICE CORP NOTES
DTD 05/17/2019 2.850% 05/17/2024
0.72 3.70
Account 520-00 Page 24
Page 110 of 263
For the Month Ending June 30, 2020Managed Account Fair Market Value & Analytics
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt
Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective
Duration
Corporate Note
22,502.23 20,746.44 389,332.44 108.15 BMO 360,000.00 14913Q2V0CATERPILLAR FINL SERVICE CORP NOTES
DTD 05/17/2019 2.850% 05/17/2024
0.72 3.70
(264.79)(1,641.30) 306,665.70 102.22 MERRILL 300,000.00 94106LBF5WASTE MANAGEMENT INC CORP NOTES
DTD 05/22/2019 2.950% 06/15/2024
2.36 3.76
35,730.96 35,823.26 600,320.41 106.25 CSFB 565,000.00 91159HHX1US BANCORP
DTD 07/29/2019 2.400% 07/30/2024
0.84 3.88
23,902.41 24,314.64 636,805.44 103.55 JPM_CHAS 615,000.00 254687FK7WALT DISNEY COMPANY/THE
DTD 09/06/2019 1.750% 08/30/2024
0.88 4.02
10,115.11 10,030.40 225,976.40 105.11 MORGAN_S 215,000.00 06406RAL1BANK OF NY MELLON CORP
DTD 10/24/2019 2.100% 10/24/2024
0.89 4.14
23,529.68 23,546.80 423,414.80 105.85 PNC 400,000.00 693475AY1PNC BANK NA CORP NOTES
DTD 11/01/2019 2.200% 11/01/2024
0.82 4.15
5,254.88 5,208.98 232,407.23 103.29 CITIGRP 225,000.00 89236TGT6TOYOTA MOTOR CREDIT CORP CORP
NOTES
DTD 02/13/2020 1.800% 02/13/2025
1.07 4.43
5,838.75 5,787.75 258,230.25 103.29 CITIGRP 250,000.00 89236TGT6TOYOTA MOTOR CREDIT CORP CORP
NOTES
DTD 02/13/2020 1.800% 02/13/2025
1.07 4.43
5,642.75 5,606.98 281,970.98 102.53 04/11/25RBC 275,000.00 166764BW9CHEVRON CORP (CALLABLE) NOTES
DTD 05/11/2020 1.554% 05/11/2025
1.02 4.62
6,992.09 6,969.60 407,809.60 101.95 04/11/25MITSU 400,000.00 037833DT4APPLE INC (CALLABLE) CORP NOTES
DTD 05/11/2020 1.125% 05/11/2025
0.72 4.66
563,236.28 0.77 613,235.15 16,014,255.78 15,295,000.00 Security Type Sub-Total 2.56
Certificate of Deposit
6,817.20 6,817.20 981,817.20 100.70 MERRILL 975,000.00 87019U6D6SWEDBANK (NEW YORK) CERT DEPOS
DTD 05/18/2020 2.270% 11/16/2020
2.25 0.38
8,892.52 8,892.52 498,892.52 101.81 MITSU 490,000.00 55379WZT6MUFG BANK LTD/NY CERT DEPOS
DTD 02/28/2019 2.970% 02/26/2021
0.18 0.67
9,901.10 9,901.10 559,901.10 101.80 CREDAG 550,000.00 22535CDU2CREDIT AGRICOLE CIB NY CERT DEPOS
DTD 04/04/2019 2.830% 04/02/2021
0.44 0.76
27,221.03 27,221.03 1,002,221.03 102.79 RBC 975,000.00 78012UEE1ROYAL BANK OF CANADA NY CD
DTD 06/08/2018 3.240% 06/07/2021
0.25 0.93
Account 520-00 Page 25
Page 111 of 263
For the Month Ending June 30, 2020Managed Account Fair Market Value & Analytics
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt
Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective
Duration
Certificate of Deposit
3,477.60 3,477.60 563,477.60 100.62 MERRILL 560,000.00 83369XDL9SOCIETE GENERALE NY CERT DEPOS
DTD 02/19/2020 1.800% 02/14/2022
1.41 1.60
18,221.40 18,221.40 618,221.40 103.04 MERRILL 600,000.00 65558TLL7NORDEA BANK ABP NEW YORK CERT
DEPOS
DTD 08/29/2019 1.850% 08/26/2022
0.43 2.11
18,349.80 18,349.80 618,349.80 103.06 BARCLAYS 600,000.00 83050PDR7SKANDINAV ENSKILDA BANK LT CD
DTD 09/03/2019 1.860% 08/26/2022
0.43 2.11
19,110.50 19,110.50 519,110.50 103.82 GOLDMAN 500,000.00 23341VZT1DNB BANK ASA/NY LT CD
DTD 12/06/2019 2.040% 12/02/2022
0.45 2.38
111,991.15 0.81 111,991.15 5,361,991.15 5,250,000.00 Security Type Sub-Total 1.27
Asset-Backed Security
510.45 515.37 96,845.10 100.53 RBC 96,337.35 36256GAD1GMALT 2018-3 A3
DTD 09/26/2018 3.180% 06/20/2021
2.63 0.24
1,449.37 1,458.84 205,524.92 100.71 JPM_CHAS 204,083.32 34531LAD2FORDL 2018-B A3
DTD 09/21/2018 3.190% 12/15/2021
2.70 0.32
462.33 464.78 60,636.67 100.77 RBC 60,176.21 47788CAC6JDOT 2018-A A3
DTD 02/28/2018 2.660% 04/15/2022
2.22 0.37
3,335.59 3,336.34 203,333.18 101.67 JPM_CHAS 200,000.00 92867XAD8VWALT 2019-A A3
DTD 10/04/2019 1.990% 11/21/2022
1.28 1.45
5,646.17 5,667.25 280,618.33 102.04 CITIGRP 275,000.00 89231AAD3TOYOTA ABS 2018-C A3
DTD 08/22/2018 3.020% 12/15/2022
2.17 0.83
3,491.84 3,496.16 263,342.34 101.34 BNP_PARI 259,856.16 58772RAD6MBART 2018-1 A3
DTD 07/25/2018 3.030% 01/15/2023
2.48 0.62
1,247.00 1,253.67 71,805.55 101.75 JPM_CHAS 70,568.35 36255JAD6GMCAR 2018-3 A3
DTD 07/18/2018 3.020% 05/16/2023
2.39 0.76
6,149.23 6,158.69 251,126.45 102.50 SOCGEN 245,000.00 44932NAD2HYUNDAI AUTO RECEIVABLES TRUST
DTD 04/10/2019 2.660% 06/15/2023
1.79 1.17
7,985.79 7,997.81 287,953.15 102.84 MERRILL 280,000.00 89239JAD6TAOT 2019-B A3
DTD 05/08/2019 2.570% 08/15/2023
1.64 1.36
4,377.18 4,385.34 169,351.91 102.64 JPM_CHAS 165,000.00 14042WAC4COPAR 2019-1 A3
DTD 05/30/2019 2.510% 11/15/2023
1.71 1.33
Account 520-00 Page 26
Page 112 of 263
For the Month Ending June 30, 2020Managed Account Fair Market Value & Analytics
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt
Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective
Duration
Asset-Backed Security
6,212.24 6,221.75 291,190.20 102.17 RBC 285,000.00 36256XAD4GMCAR 2019-1 A3
DTD 01/16/2019 2.970% 11/16/2023
2.30 0.89
5,007.02 5,018.00 204,974.04 102.49 CSFB 200,000.00 31680YAD9FIFTH THIRD AUTO TRUST
DTD 05/08/2019 2.640% 12/15/2023
1.90 1.16
4,235.43 4,236.62 174,228.78 102.49 RBC 170,000.00 44891JAC2HART 2019-B A3
DTD 11/06/2019 1.940% 02/15/2024
1.24 1.68
13,704.60 13,716.47 423,628.40 103.32 MERRILL 410,000.00 254683CM5DCENT 2019-A3 A
DTD 10/31/2019 1.890% 10/15/2024
1.10 2.25
4,359.86 4,362.51 154,333.08 102.89 MERRILL 150,000.00 14315XAC2CARMX 2020-1 A3
DTD 01/22/2020 1.890% 12/16/2024
1.22 2.23
68,289.60 1.84 68,174.10 3,138,892.10 3,071,021.39 Security Type Sub-Total 1.23
69,150,795.56 72,437,822.19 2,302,926.52 2,402,951.40 0.53 Managed Account Sub-Total 2.60
Money Market Mutual Fund
0.00 0.00 134,295.53 1.00 134,295.53 CAMP Pool 0.00
134,295.53 134,295.53 0.00 0.00 Money Market Sub-Total 0.00
Total Investments $72,932,874.32
$360,756.60
$72,572,117.72
Accrued Interest
Securities Sub-Total $69,285,091.09 $2,302,926.52 $2,402,951.40 0.53% 2.60
Account 520-00 Page 27
Page 113 of 263
For the Month Ending June 30, 2020Managed Account Security Transactions & Interest
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Transaction Type
Trade CUSIPSecurity DescriptionSettle Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
BUY
06/11/20 CT ST TXBL GO BONDS
DTD 06/11/2020 1.998% 07/01/2024
20772KJW0 (100,000.00) 0.00 (100,000.00) 100,000.00 05/29/20
06/03/20 AMAZON.COM INC CORPORATE NOTES
DTD 06/03/2020 0.400% 06/03/2023
023135BP0 (154,783.00) 0.00 (154,783.00) 155,000.00 06/01/20
06/08/20 PACCAR FINANCIAL CORP CORPORATE
NOTES
DTD 06/08/2020 0.800% 06/08/2023
69371RQ82 (164,770.65) 0.00 (164,770.65) 165,000.00 06/01/20
06/04/20 FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025
3135G03U5 (452,709.00) (312.50) (453,021.50) 450,000.00 06/02/20
06/26/20 FREDDIE MAC NOTES
DTD 06/26/2020 0.250% 06/26/2023
3137EAES4 (917,313.60) 0.00 (917,313.60) 920,000.00 06/24/20
06/26/20 FEDERAL HOME LOAN BANK NOTES
DTD 04/16/2020 0.500% 04/14/2025
3130AJHU6 (300,327.00) (291.67) (300,618.67) 300,000.00 06/25/20
(604.17) (2,090,507.42)(2,089,903.25) 2,090,000.00 Transaction Type Sub-Total
INTEREST
06/25/20 FNA 2013-M7 A2
DTD 05/01/2013 2.280% 12/01/2022
3136AEGQ4 0.00 464.47 464.47 202,947.94 06/01/20
06/25/20 FHMS KP05 A
DTD 12/01/2018 3.203% 07/01/2023
3137FKK39 0.00 649.24 649.24 243,238.77 06/01/20
06/25/20 FHMS K043 A2
DTD 03/01/2015 3.062% 12/25/2024
3137BGK24 0.00 1,007.91 1,007.91 395,000.00 06/01/20
06/25/20 FHMS KJ27 A1
DTD 11/01/2019 2.092% 07/25/2024
3137FQ3V3 0.00 300.76 300.76 172,521.49 06/01/20
06/25/20 FHMS K730 A1
DTD 03/01/2018 3.452% 09/01/2024
3137FEU99 0.00 615.82 615.82 214,075.76 06/01/20
06/25/20 FANNIE MAE SERIES 2016-M1 ASQ2
DTD 01/01/2016 2.132% 02/01/2021
3136AQV56 0.00 161.30 161.30 90,788.55 06/01/20
06/25/20 FANNIEMAE-ACES
DTD 04/01/2014 3.346% 03/01/2024
3136AJB54 0.00 1,150.59 1,150.59 412,663.75 06/01/20
06/25/20 FHLMC SERIES K721 A2
DTD 12/01/2015 3.090% 08/01/2022
3137BM6P6 0.00 1,545.00 1,545.00 600,000.00 06/01/20
06/02/20 DNB BANK ASA/NY LT CD
DTD 12/06/2019 2.040% 12/02/2022
23341VZT1 0.00 5,071.67 5,071.67 500,000.00 06/02/20
Account 520-00 Page 28
Page 114 of 263
For the Month Ending June 30, 2020Managed Account Security Transactions & Interest
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Transaction Type
Trade CUSIPSecurity DescriptionSettle Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
INTEREST
06/07/20 ROYAL BANK OF CANADA NY CD
DTD 06/08/2018 3.240% 06/07/2021
78012UEE1 0.00 15,795.00 15,795.00 975,000.00 06/07/20
06/08/20 FEDERAL HOME LOAN BANKS NOTES
DTD 12/09/2013 3.375% 12/08/2023
3130A0F70 0.00 14,090.63 14,090.63 835,000.00 06/08/20
06/10/20 AMERICAN HONDA FINANCE CORP
NOTES
DTD 10/10/2018 3.375% 12/10/2021
02665WCP4 0.00 9,618.75 9,618.75 570,000.00 06/10/20
06/15/20 JDOT 2018-A A3
DTD 02/28/2018 2.660% 04/15/2022
47788CAC6 0.00 147.59 147.59 66,580.80 06/15/20
06/15/20 FORD ABS 2017-A A3
DTD 01/25/2017 1.670% 06/15/2021
34531EAD8 0.00 3.77 3.77 2,709.64 06/15/20
06/15/20 FIFTH THIRD AUTO TRUST
DTD 05/08/2019 2.640% 12/15/2023
31680YAD9 0.00 440.00 440.00 200,000.00 06/15/20
06/15/20 COPAR 2019-1 A3
DTD 05/30/2019 2.510% 11/15/2023
14042WAC4 0.00 345.13 345.13 165,000.00 06/15/20
06/15/20 HYUNDAI AUTO RECEIVABLES TRUST
DTD 04/10/2019 2.660% 06/15/2023
44932NAD2 0.00 543.08 543.08 245,000.00 06/15/20
06/15/20 DCENT 2019-A3 A
DTD 10/31/2019 1.890% 10/15/2024
254683CM5 0.00 645.75 645.75 410,000.00 06/15/20
06/15/20 TOYOTA ABS 2018-C A3
DTD 08/22/2018 3.020% 12/15/2022
89231AAD3 0.00 692.08 692.08 275,000.00 06/15/20
06/15/20 TAOT 2019-B A3
DTD 05/08/2019 2.570% 08/15/2023
89239JAD6 0.00 599.67 599.67 280,000.00 06/15/20
06/15/20 CARMX 2020-1 A3
DTD 01/22/2020 1.890% 12/16/2024
14315XAC2 0.00 236.25 236.25 150,000.00 06/15/20
06/15/20 FORDL 2018-B A3
DTD 09/21/2018 3.190% 12/15/2021
34531LAD2 0.00 599.13 599.13 225,377.31 06/15/20
06/15/20 HART 2019-B A3
DTD 11/06/2019 1.940% 02/15/2024
44891JAC2 0.00 274.83 274.83 170,000.00 06/15/20
06/15/20 WASTE MANAGEMENT INC CORP
NOTES
DTD 05/22/2019 2.950% 06/15/2024
94106LBF5 0.00 4,425.00 4,425.00 300,000.00 06/15/20
06/15/20 MBART 2018-1 A3
DTD 07/25/2018 3.030% 01/15/2023
58772RAD6 0.00 700.41 700.41 277,391.16 06/15/20
Account 520-00 Page 29
Page 115 of 263
For the Month Ending June 30, 2020Managed Account Security Transactions & Interest
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Transaction Type
Trade CUSIPSecurity DescriptionSettle Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
INTEREST
06/15/20 INTEL CORP CORP NOTES
DTD 12/11/2012 2.700% 12/15/2022
458140AM2 0.00 7,627.50 7,627.50 565,000.00 06/15/20
06/16/20 GMCAR 2018-3 A3
DTD 07/18/2018 3.020% 05/16/2023
36255JAD6 0.00 188.65 188.65 74,961.12 06/16/20
06/16/20 GMCAR 2019-1 A3
DTD 01/16/2019 2.970% 11/16/2023
36256XAD4 0.00 705.38 705.38 285,000.00 06/16/20
06/20/20 GMALT 2018-3 A3
DTD 09/26/2018 3.180% 06/20/2021
36256GAD1 0.00 292.32 292.32 110,307.78 06/20/20
06/20/20 BRANCH BANKING & TRUST CORP
NOTES
DTD 03/18/2019 3.050% 06/20/2022
05531FBG7 0.00 8,387.50 8,387.50 550,000.00 06/20/20
06/20/20 VWALT 2019-A A3
DTD 10/04/2019 1.990% 11/21/2022
92867XAD8 0.00 331.67 331.67 200,000.00 06/20/20
06/30/20 US TREASURY NOTES
DTD 12/31/2015 2.125% 12/31/2022
912828N30 0.00 10,571.88 10,571.88 995,000.00 06/30/20
06/30/20 US TREASURY N/B NOTES
DTD 06/30/2017 2.000% 06/30/2024
912828XX3 0.00 7,800.00 7,800.00 780,000.00 06/30/20
06/30/20 US TREASURY N/B NOTES
DTD 07/02/2018 2.625% 06/30/2023
9128284U1 0.00 4,593.75 4,593.75 350,000.00 06/30/20
06/30/20 US TREASURY NOTES
DTD 06/30/2016 1.375% 06/30/2023
912828S35 0.00 1,306.25 1,306.25 190,000.00 06/30/20
06/30/20 US TREASURY NOTES
DTD 12/31/2014 2.125% 12/31/2021
912828G87 0.00 1,062.50 1,062.50 100,000.00 06/30/20
06/30/20 US TREASURY NOTES
DTD 01/03/2017 2.000% 12/31/2021
912828U81 0.00 9,350.00 9,350.00 935,000.00 06/30/20
112,341.23 112,341.23 0.00 13,113,564.07 Transaction Type Sub-Total
PAYDOWNS
06/25/20 FNA 2013-M7 A2
DTD 05/01/2013 2.280% 12/01/2022
3136AEGQ4 7,403.32 0.00 7,403.32 (96.99) 0.00 7,403.32 06/01/20
06/25/20 FHMS K730 A1
DTD 03/01/2018 3.452% 09/01/2024
3137FEU99 1,204.63 0.00 1,204.63 (24.06) 0.00 1,204.63 06/01/20
06/25/20 FANNIE MAE SERIES 2016-M1 ASQ2
DTD 01/01/2016 2.132% 02/01/2021
3136AQV56 23,667.52 0.00 23,667.52 (236.26) 0.00 23,667.52 06/01/20
Account 520-00 Page 30
Page 116 of 263
For the Month Ending June 30, 2020Managed Account Security Transactions & Interest
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Transaction Type
Trade CUSIPSecurity DescriptionSettle Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
PAYDOWNS
06/25/20 FHMS KP05 A
DTD 12/01/2018 3.203% 07/01/2023
3137FKK39 28,201.26 0.00 28,201.26 0.09 0.00 28,201.26 06/01/20
06/25/20 FANNIEMAE-ACES
DTD 04/01/2014 3.346% 03/01/2024
3136AJB54 702.90 0.00 702.90 (34.16) 0.00 702.90 06/01/20
06/25/20 FHMS KJ27 A1
DTD 11/01/2019 2.092% 07/25/2024
3137FQ3V3 282.46 0.00 282.46 0.01 0.00 282.46 06/01/20
06/15/20 FORD ABS 2017-A A3
DTD 01/25/2017 1.670% 06/15/2021
34531EAD8 2,709.64 0.00 2,709.64 0.01 0.00 2,709.64 06/15/20
06/15/20 FORDL 2018-B A3
DTD 09/21/2018 3.190% 12/15/2021
34531LAD2 21,293.99 0.00 21,293.99 1.80 0.00 21,293.99 06/15/20
06/15/20 MBART 2018-1 A3
DTD 07/25/2018 3.030% 01/15/2023
58772RAD6 17,535.00 0.00 17,535.00 0.67 0.00 17,535.00 06/15/20
06/15/20 JDOT 2018-A A3
DTD 02/28/2018 2.660% 04/15/2022
47788CAC6 6,404.59 0.00 6,404.59 0.46 0.00 6,404.59 06/15/20
06/16/20 GMCAR 2018-3 A3
DTD 07/18/2018 3.020% 05/16/2023
36255JAD6 4,392.77 0.00 4,392.77 1.02 0.00 4,392.77 06/16/20
06/20/20 GMALT 2018-3 A3
DTD 09/26/2018 3.180% 06/20/2021
36256GAD1 13,970.43 0.00 13,970.43 1.10 0.00 13,970.43 06/20/20
0.00 0.00 (386.31) 127,768.51 127,768.51 127,768.51 Transaction Type Sub-Total
SELL
06/08/20 PACCAR FINANCIAL CORP NOTES
DTD 02/27/2018 2.800% 03/01/2021
69371RN93 172,913.80 1,282.56 174,196.36 2,997.10 2,933.98 FIFO 170,000.00 06/01/20
06/04/20 FEDERAL HOME LOAN BANKS NOTES
DTD 06/07/2019 1.875% 07/07/2021
3130AGLD5 458,257.50 3,445.31 461,702.81 7,888.50 8,057.69 FIFO 450,000.00 06/02/20
06/25/20 CCCIT 2018-A1 A1
DTD 01/31/2018 2.490% 01/20/2023
17305EGK5 404,937.50 4,288.33 409,225.83 9,359.38 7,514.87 FIFO 400,000.00 06/23/20
06/26/20 SUMITOMO MITSUI BANK NY CERT
DEPOS
DTD 10/18/2018 3.390% 10/16/2020
86565BPC9 403,812.00 2,674.33 406,486.33 4,356.00 3,895.58 FIFO 400,000.00 06/25/20
11,690.53 22,402.12 24,600.98 1,451,611.33 1,439,920.80 1,420,000.00 Transaction Type Sub-Total
(522,213.94) 123,427.59 (398,786.35) 24,214.67 22,402.12 Managed Account Sub-Total
Account 520-00 Page 31
Page 117 of 263
For the Month Ending June 30, 2020Managed Account Security Transactions & Interest
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)
Total Security Transactions $24,214.67 ($398,786.35)$123,427.59 ($522,213.94) $22,402.12
Account 520-00 Page 32
Page 118 of 263
For the Month Ending June 30, 2020Account Statement
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate
CAMP Pool
508,754.54 Opening Balance
06/01/20 06/01/20 Purchase - Interest 002824BE9 1.00 8,500.00 517,254.54
06/01/20 06/01/20 Purchase - Interest 9128283J7 1.00 6,003.13 523,257.67
06/01/20 06/01/20 Purchase - Interest 9128284S6 1.00 5,775.00 529,032.67
06/01/20 06/01/20 Purchase - Interest 9128285P1 1.00 7,187.50 536,220.17
06/01/20 06/01/20 Purchase - Interest 912828XR6 1.00 2,187.50 538,407.67
06/02/20 06/02/20 Purchase - Interest 23341VZT1 1.00 5,071.67 543,479.34
06/03/20 06/03/20 Redemption - Principal 023135BP0 1.00 (154,783.00) 388,696.34
06/04/20 06/04/20 Purchase - Interest 3130AGLD5 1.00 3,445.31 392,141.65
06/04/20 06/04/20 Purchase - Principal 3130AGLD5 1.00 458,257.50 850,399.15
06/04/20 06/04/20 Redemption - Interest 3135G03U5 1.00 (312.50) 850,086.65
06/04/20 06/04/20 Redemption - Principal 3135G03U5 1.00 (452,709.00) 397,377.65
06/08/20 06/08/20 Purchase - Interest 3130A0F70 1.00 14,090.63 411,468.28
06/08/20 06/08/20 Purchase - Interest 78012UEE1 1.00 15,795.00 427,263.28
06/08/20 06/08/20 Purchase - Principal 69371RN93 1.00 172,913.80 600,177.08
06/08/20 06/08/20 Purchase - Interest 69371RN93 1.00 1,282.56 601,459.64
06/08/20 06/08/20 Redemption - Principal 69371RQ82 1.00 (164,770.65) 436,688.99
06/10/20 06/10/20 Purchase - Interest 02665WCP4 1.00 9,618.75 446,307.74
06/11/20 06/11/20 Redemption - Principal 20772KJW0 1.00 (100,000.00) 346,307.74
06/15/20 06/15/20 Purchase - Interest 458140AM2 1.00 7,627.50 353,935.24
06/15/20 06/15/20 Purchase - Interest 94106LBF5 1.00 4,425.00 358,360.24
06/15/20 06/15/20 Purchase - Interest 14042WAC4 1.00 345.13 358,705.37
Account 520-00 Page 33
Page 119 of 263
For the Month Ending June 30, 2020Account Statement
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate
CAMP Pool
06/15/20 06/15/20 Purchase - Interest 14315XAC2 1.00 236.25 358,941.62
06/15/20 06/15/20 Purchase - Interest 254683CM5 1.00 645.75 359,587.37
06/15/20 06/15/20 Purchase - Interest 31680YAD9 1.00 440.00 360,027.37
06/15/20 06/15/20 Purchase - Interest 34531EAD8 1.00 3.77 360,031.14
06/15/20 06/15/20 Purchase - Interest 34531LAD2 1.00 599.13 360,630.27
06/15/20 06/15/20 Purchase - Interest 44891JAC2 1.00 274.83 360,905.10
06/15/20 06/15/20 Purchase - Interest 44932NAD2 1.00 543.08 361,448.18
06/15/20 06/15/20 Purchase - Interest 47788CAC6 1.00 147.59 361,595.77
06/15/20 06/15/20 Purchase - Interest 58772RAD6 1.00 700.41 362,296.18
06/15/20 06/15/20 Purchase - Interest 89231AAD3 1.00 692.08 362,988.26
06/15/20 06/15/20 Purchase - Interest 89239JAD6 1.00 599.67 363,587.93
06/15/20 06/15/20 Purchase - Principal 34531EAD8 1.00 2,709.64 366,297.57
06/15/20 06/15/20 Purchase - Principal 34531LAD2 1.00 21,293.99 387,591.56
06/15/20 06/15/20 Purchase - Principal 47788CAC6 1.00 6,404.59 393,996.15
06/15/20 06/15/20 Purchase - Principal 58772RAD6 1.00 17,535.00 411,531.15
06/16/20 06/16/20 Purchase - Interest 36255JAD6 1.00 188.65 411,719.80
06/16/20 06/16/20 Purchase - Interest 36256XAD4 1.00 705.38 412,425.18
06/16/20 06/16/20 Purchase - Principal 36255JAD6 1.00 4,392.77 416,817.95
06/22/20 06/22/20 Purchase - Interest 05531FBG7 1.00 8,387.50 425,205.45
06/22/20 06/22/20 Purchase - Interest 36256GAD1 1.00 292.32 425,497.77
06/22/20 06/22/20 Purchase - Interest 92867XAD8 1.00 331.67 425,829.44
06/22/20 06/22/20 Purchase - Principal 36256GAD1 1.00 13,970.43 439,799.87
Account 520-00 Page 34
Page 120 of 263
For the Month Ending June 30, 2020Account Statement
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate
CAMP Pool
06/25/20 06/25/20 Purchase - Interest 3136AEGQ4 1.00 464.47 440,264.34
06/25/20 06/25/20 Purchase - Interest 3136AJB54 1.00 1,150.59 441,414.93
06/25/20 06/25/20 Purchase - Interest 3136AQV56 1.00 161.30 441,576.23
06/25/20 06/25/20 Purchase - Interest 3137BGK24 1.00 1,007.91 442,584.14
06/25/20 06/25/20 Purchase - Interest 3137BM6P6 1.00 1,545.00 444,129.14
06/25/20 06/25/20 Purchase - Interest 3137FEU99 1.00 615.82 444,744.96
06/25/20 06/25/20 Purchase - Interest 3137FKK39 1.00 649.24 445,394.20
06/25/20 06/25/20 Purchase - Interest 3137FQ3V3 1.00 300.76 445,694.96
06/25/20 06/25/20 Purchase - Principal 17305EGK5 1.00 404,937.50 850,632.46
06/25/20 06/25/20 Purchase - Interest 17305EGK5 1.00 4,288.33 854,920.79
06/25/20 06/25/20 Purchase - Principal 3136AEGQ4 1.00 7,403.32 862,324.11
06/25/20 06/25/20 Purchase - Principal 3136AQV56 1.00 23,667.52 885,991.63
06/25/20 06/25/20 Purchase - Principal 3136AJB54 1.00 702.90 886,694.53
06/25/20 06/25/20 Purchase - Principal 3137FEU99 1.00 1,204.63 887,899.16
06/25/20 06/25/20 Purchase - Principal 3137FKK39 1.00 28,201.26 916,100.42
06/25/20 06/25/20 Purchase - Principal 3137FQ3V3 1.00 282.46 916,382.88
06/25/20 06/25/20 IP Fees May 2020 1.00 (5,166.04) 911,216.84
06/25/20 06/25/20 U.S. Bank Fees April 2020 1.00 (320.90) 910,895.94
06/26/20 06/26/20 Purchase - Interest 86565BPC9 1.00 2,674.33 913,570.27
06/26/20 06/26/20 Purchase - Principal 86565BPC9 1.00 403,812.00 1,317,382.27
06/26/20 06/26/20 Redemption - Principal 3137EAES4 1.00 (917,313.60) 400,068.67
06/26/20 06/26/20 Redemption - Principal 3130AJHU6 1.00 (300,327.00) 99,741.67
Account 520-00 Page 35
Page 121 of 263
For the Month Ending June 30, 2020Account Statement
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate
CAMP Pool
06/26/20 06/26/20 Redemption - Interest 3130AJHU6 1.00 (291.67) 99,450.00
06/30/20 06/30/20 Purchase - Interest 9128284U1 1.00 4,593.75 104,043.75
06/30/20 06/30/20 Purchase - Interest 912828G87 1.00 1,062.50 105,106.25
06/30/20 06/30/20 Purchase - Interest 912828N30 1.00 10,571.88 115,678.13
06/30/20 06/30/20 Purchase - Interest 912828S35 1.00 1,306.25 116,984.38
06/30/20 06/30/20 Purchase - Interest 912828U81 1.00 9,350.00 126,334.38
06/30/20 06/30/20 Purchase - Interest 912828XX3 1.00 7,800.00 134,134.38
06/30/20 07/01/20 Accrual Income Div Reinvestment - Distributions 1.00 161.15 134,295.53
134,295.53
134,295.53
134,295.53
381,328.02
974.06
0.00
(22,828,756.59)
22,641,728.90
321,323.22
161.15
134,295.53
0.00
(2,095,994.36)
1,721,535.35
508,754.54
Monthly Distribution Yield
Average Monthly Balance
Closing Balance
Fiscal YTDMonth of
Cash Dividends and Income
Closing Balance
Check Disbursements
Redemptions (Excl. Checks)
Purchases
Opening Balance
Closing Balance
June January-June
0.51%
Account 520-00 Page 36
Page 122 of 263
7/22/2020 LAIF Regular Monthly Statement
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1
Local Agency Investment Fund P.O. Box 942809 Sacramento, CA 94209-0001 (916) 653-3001
July 22, 2020
LAIF HomePMIA Average Monthly Yields
Account Number: 35-19-002
June 2020 Statement
Tran Type Definitions
EffectiveDate
TransactionDate
TranType Confirm
Number
WebConfirmNumber Authorized Caller Amount
6/22/2020 6/22/2020 RW 1643933 N/A DIANA DUNKIN-VASQUEZ -1,000,000.00
Account Summary
Total Deposit: 0.00 Beginning Balance: 4,167,722.94
Total Withdrawal: -1,000,000.00 Ending Balance: 3,167,722.94
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY C/O ARTEX RISK SOLUTIONS INC 6040 E. MAIN STREET #142 MESA, AZ 85205
Page 123 of 263
Jun 1.217May 1.363Apr 1.648
0.0000371066826141.004912795
LAIF Earnings Ratio(2): LAIF Fair Value Factor(1):
PMIA Daily(1): 1.08%
1.36LAIF Apportionment Rate(2):
PMIA Quarter to Date(1): 1.41%191PMIA Average Life(1):
Treasuries52.38%
Agencies20.78%
Certificates of Deposit/Bank Notes
13.17%
Time Deposits5.44%
Commercial Paper7.64%
Loans0.57%
Notes: The apportionment rate includes interest earned on the CalPERS Supplemental Pension Payment pursuant to Government Code 20825 (c)(1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 (a).
Source:(1) State of California, Office of the Treasurer(2) State of Calfiornia, Office of the Controller
PMIA Average Monthly Effective Yields(1)
PMIA/LAIF Performance Reportas of 07/15/20
Daily rates are now available here. View PMIA Daily Rates
Quarterly PerformanceQuarter Ended 06/30/20
Percentages may not total 100% due to rounding
Pooled Money Investment AccountMonthly Portfolio Composition (1)
06/30/20$101.0 billion
Page 124 of 263
Investment Performance Review
Client Management Team
Sarah Meacham, Managing Director
Richard Babbe, CCM, Senior Managing Consultant
Kenneth Schiebel, CFA, Managing Director
50 California Street, Suite 2300
San Francisco, CA 94111
949-230-6896
PFM Asset Management LLC
213 Market Street
Harrisburg, PA 17101-2141
717-232-2723
For the Quarter Ended June 30, 2020
INDEPENDENT CITIES RISKMANAGEMENT AUTHORITY
Page 125 of 263
Market Update
Page 126 of 263
QUARTERLY MARKET SUMMARYFor the Quarter Ended June 30, 2020
Fixed Income Management
S U M M A R Y• In Q2, U.S. economic conditions were characterized by: (1) unprecedented deterioration
in economic fundamentals due to broad lockdowns and stay-at-home orders;(2) economic indicators bottoming out in April and sharply rebounding off historical lows,yet still trailing pre-crisis levels; (3) equity markets posting strong quarterly performanceon a positive forward outlook; (4) improving bond market dynamics as the FederalReserve (Fed) continued to flood the market with liquidity; and (5) COVID-19 hotspots(re)appearing around the nation, raising concerns that the economic recovery may slow.
• The Fed spent the second quarter mobilizing and refining its arsenal of emergencylending programs to provide liquidity and stabilize financial markets. At its two meetingsover the quarter, the central bank left the target range for the federal funds rateunchanged at 0% to 0.25%. Released at its June policy meeting, the Federal OpenMarket Committee’s updated economic projections now anticipate a long, slow recovery,with persistently high unemployment, and short-term rates pegged at near 0%.
• Treasury yields were largely range-bound over the second quarter after plummeting toall-time lows in Q1. Returns on Treasuries were muted in Q2, while yield spreads in allother sectors significantly retraced their Q1 widening, resulting in strongly positiveexcess returns. Diversification was once again a strong benefit in Q2 as diversifiedportfolios largely recouped the bulk of Q1 underperformance.
• Many nations began to gradually re-open their economies after seemingly containing thespread of the coronavirus. Equity indices, on a global scale, responded positively to thedevelopments and reported solid Q2 returns. U.S. equities performed particularly well,with major indices posting their best quarterly performance in over 20 years.
E C O N O M I C S N A P S H O T• The U.S. economy contracted at 5.0% in Q1 as the pandemic-induced economic
shutdown negatively affected most businesses. The American consumer, generally thedriving force behind gross domestic product figures, was the largest detractor in Q1 asconsumer spending and confidence experienced record drops.
• The U.S. labor market continued to battle the economic slowdown in Q2. While weeklyinitial jobless claims readings leveled off from the record-breaking 6.9 million claims atthe end of March, the indicator was greater than one million in each week of Q2, whichis much larger than any pre-coronavirus reading on record dating back to 1967. Despitesurprisingly strong jobs gains in May and June, total employment still fell by about 17million jobs in Q2, with the unemployment rate ending the quarter at 11.1%, the highestrate in over 50 years.
• Earlier in the quarter, U.S. manufacturing and services activity fell materially aslockdowns were enacted by state and local authorities to control the spread ofCOVID-19. In April, the Markit manufacturing PMI reached its lowest level since 2009due to customers canceling or postponing orders. The services sector faced similarissues with temporary closures. By the end of the quarter, the manufacturing andservices sectors stabilized considerably as COVID-19 restrictions eased, with bothindices teetering between contraction and expansion levels.
I N T E R E S T R A T E S• U.S. Treasury yields remained near their low levels reached by the end of Q1 while
trading in a relatively tight range. By the end of Q2, short-term rates (with maturities lessthan 6-months) had increased modestly by 4 to 7 basis points (bps) as yields werenudged higher on massive Treasury Bill issuance to finance the stimulus packages. Thelongest-maturity Treasuries (20 and 30 years), which had fallen to record lows in Q1,rose by 9 to 15 bps. Intermediate-term yields, with maturities between 2 and 7 years,declined between 7 and 10 bps, largely on prospects of potential Fed yield curve control—the targeting by the Fed of specific yields on specific maturities.
• At quarter-end, the yield on a 3-month Treasury bill stood at 0.14%, the 3-year note was0.17%, the 5-year note was 0.29%, the 10-year note was 0.66%, and the 30-yearTreasury ended the quarter at 1.41%.
• As a result of low rates and modest curve steepening, Treasury index returns weremixed for the quarter. For example, the 3-month and 2-year Constant Maturity U.S.Treasury Indices returned 0.02% and 0.10%, respectively. Meanwhile, the 5-year and30-year indices returned 0.55% and -0.81%.
S E C T O R P E R F O R M A N C E• In contrast to Q1, most non-U.S. Treasury fixed income investment-grade (IG) sectors
generated positive excess returns, making up most of the Q1 underperformance, thoughmost sectors still trailed Treasuries’ strong year-to-date returns. Diversification away fromTreasuries was significantly additive to fixed income portfolios during Q2.
• Throughout much of the quarter, federal agency spreads remained elevated relativeto recent historical levels. Agency yield spreads eventually normalized closer to pre-crisislevels, particularly for securities maturing in three years or less. While the agency spreadcurve steepened by quarter-end, the general tightening across the board resulted insimilar return attributes for fixed-rate maturities less than five years.
• The IG corporate sector was one of the best performing sectors in Q2 as spreadssnapped back toward pre-crisis levels. The Fed’s corporate bond support programskicked off in earnest, with the Fed buying both IG ETFs and a broad range of individualcorporate bonds in the secondary market. Although longer-duration and lower-qualityissues outperformed shorter-duration and higher-quality issues on an absolute basis inQ2, the latter recouped a greater percentage of their relative underperformance in Q1.
• Uncertainties facing the asset-backed security (ABS) sector from Q1 carried into Q2,namely over concern about the consumers' ability to make timely payments on creditcards and car loans. Following the Fed’s targeted liquidity support, a resilient consumer,and increased credit enhancements on new issues, the sector regained investor appetiteand yield spreads narrowed markedly. The result was attractive positive excess returns.
• The federal agency mortgage-backed security sector (MBS) continued to battle record-low mortgage rates, which led to increased refinancing activity and elevatedprepayments. The sector also contended with heightened levels of forbearance, whichpermitted borrowers to defer mortgage payments. The Fed’s unwavering support of themarket through unlimited bond purchases supported the sector as spreads tightenedfrom March wides.
PFM Asset Management LLC 1Page 127 of 263
QUARTERLY MARKET SUMMARYFor the Quarter Ended June 30, 2020
Fixed Income Management
Economic Snapshot
Labor Market Mar '20 Jun '19
Unemployment Rate Jun '20 11.1% 4.4% 3.7%
Change In Non-Farm Payrolls Jun '20 4,800,000 -1,373,000 182,000
Average Hourly Earnings (YoY) Jun '20 5.0% 3.4% 3.4%
Personal Income (YoY) May '20 7.0% 1.4% 4.6%
Initial Jobless Claims (week) 7/4/20 1,314,000 6,867,000 222,000
Growth
Real GDP (QoQ SAAR) 2020Q1 -5.0% 2.1% 3.1%
GDP Personal Consumption (QoQ SAAR) 2020Q1 -6.8% 1.8% 1.1%
Retail Sales (YoY) May '20 -6.1% -5.6% 3.6%
ISM Manufacturing Survey (month) Jun '20 52.6 49.1 51.6
Existing Home Sales SAAR (month) May '20 3.91 mil. 5.27 mil. 5.32 mil.
Inflation/Prices
Personal Consumption Expenditures (YoY) May '20 0.5% 1.3% 1.4%
Consumer Price Index (YoY) May '20 0.1% 1.5% 1.6%
Consumer Price Index Core (YoY) May '20 1.2% 2.1% 2.1%
Crude Oil Futures (WTI, per barrel) Jun 30 $39.27 $20.48 $58.47
Gold Futures (oz.) Jun 30 $1,801 $1,583 $1,414
Latest
25,000K20,000K15,000K10,000K5,000K05,000K10,000K
0.0%
5.0%
10.0%
15.0%
20.0%
Jun '17 Dec '17 Jun '18 Dec '18 Jun '19 Dec '19 Jun '20
Unemployment Rate (left) vs. Change in Non-Farm Payrolls (right)Change in Non-Farm Payrolls (rhs) Unemployment Rate (lhs)
-6%
-4%
-2%
0%
2%
4%
Mar '17 Sep '17 Mar '18 Sep '18 Mar '19 Sep '19 Mar '20
Real GDP (QoQ)
0%
1%
2%
3%
4%
Jun '17 Dec '17 Jun '18 Dec '18 Jun '19 Dec '19
Consumer Price IndexCPI (YoY) Core CPI (YoY)
2
2
1
1
1. Data as of Fourth Quarter 2019.2. Data as of First Quarter 2019.Note: YoY = year-over-year, QoQ = quarter-over-quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil.Source: Bloomberg.
PFM Asset Management LLC 2Page 128 of 263
QUARTERLY MARKET SUMMARYFor the Quarter Ended June 30, 2020
Fixed Income Management
Source: Bloomberg.
Interest Rate Overview
U.S. Treasury Note Yields U.S. Treasury Yield Curve
U.S. Treasury Yields Yield Curves as of 06/30/2020
0%
1%
2%
3%
3-mo
1-yr2-yr3-yr
5-yr
7-yr
10-yr
30-yr
Yiel
d
Maturity
June 30, 2020 March 31, 2020 June 30, 2019
0%
1%
2%
3%
4%
3-mo
1-yr2-yr3-yr
5-yr0 7-yr
10-yr
25-yr
30-yr
Yiel
d
Maturity
U.S. Treasury Federal Agency Corporates, A Rated
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
6/30/19 9/30/19 12/31/19 3/31/20 6/30/20
Yiel
d
2-Year 5-Year 10-Year
Maturity Jun '20 Mar '20Change over
QuarterJun '19
Change over Year
3-Month 0.14% 0.09% 0.05% 2.09% (1.95%)
1-Year 0.15% 0.16% (0.01%) 1.93% (1.78%)
2-Year 0.15% 0.25% (0.10%) 1.76% (1.61%)
5-Year 0.29% 0.38% (0.09%) 1.77% (1.48%)
10-Year 0.66% 0.67% (0.01%) 2.01% (1.35%)
30-Year 1.41% 1.32% 0.09% 2.53% (1.12%)
PFM Asset Management LLC 3Page 129 of 263
QUARTERLY MARKET SUMMARYFor the Quarter Ended June 30, 2020
Fixed Income Management
Source: ICE BofAML Indices.
June 30, 2020 Duration Yield 3 Month 1 Year 3 Years
1-3 Year IndicesU.S. Treasury 1.89 0.17% 0.13% 4.07% 2.68%
Federal Agency 1.61 0.31% 0.37% 3.53% 2.55%
U.S. Corporates, A-AAA rated 1.90 0.71% 3.33% 4.80% 3.38%
Agency MBS (0 to 3 years) 2.38 1.53% 0.06% 5.73% 3.89%
Taxable Municipals 1.58 1.74% 2.03% 3.90% 3.46%
1-5 Year IndicesU.S. Treasury 2.64 0.19% 0.29% 5.25% 3.23%
Federal Agency 2.09 0.38% 0.49% 4.14% 2.82%
U.S. Corporates, A-AAA rated 2.77 0.87% 4.34% 5.98% 4.00%
Agency MBS (0 to 5 years) 1.53 1.31% 0.59% 5.11% 3.40%
Taxable Municipals 2.36 1.59% 2.36% 4.34% 3.60%
Master Indices (Maturities 1 Year or Greater)U.S. Treasury 7.44 0.52% 0.20% 10.76% 5.72%
Federal Agency 4.03 0.63% 1.01% 6.98% 4.33%
U.S. Corporates, A-AAA rated 8.52 1.77% 7.12% 10.19% 6.37%
Agency MBS (0 to 30 years) 2.19 1.45% 0.81% 5.80% 4.05%
Taxable Municipals 11.77 2.68% 7.95% 11.42% 8.45%
As of 06/30/2020 Returns for Periods ended 06/30/2020
Returns for periods greater than one year are annualized.
PFM Asset Management LLC
ICE BofAML Index Returns
4Page 130 of 263
QUARTERLY MARKET SUMMARYFor the Quarter Ended June 30, 2020
Fixed Income Management
D I S C L O S U R E S PFM is the marketing name for a group of affiliated companies providing a range of services. All services are provided through separate agreements with each company. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation.Investment advisory services are provided by PFM Asset Management LLC, which is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.For more information regarding PFM’s services or entities, please visit www.pfm.com.The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC at the time of distribution and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management LLC cannot guarantee its accuracy, completeness, or suitability. The information contained in this report is not an offer to purchase or sell any securities.
© 2020 PFM Asset Management LLC. Further distribution is not permitted without prior written consent.
PFM Asset Management LLC 5Page 131 of 263
Investment Strategy& Portfolio Review
Page 132 of 263
PFM Asset Management LLC
For the Quarter Ended June 30, 2020
Portfolio Review
Second Quarter Portfolio Recap
Following the plunge in the U.S. Treasury yield curve during the first quarter, yields were relatively stable over the second quarter, leading to muted returns for Treasury indexes.
• Yield spreads on all other asset classes retraced significantly from March’s wide levels as unprecedented fiscal andmonetary stimulus helped support the economy and financial markets.
• In stark contrast to the first quarter, allocations to corporates, asset-backed securities (ABS) and mortgage-backedsecurities (MBS) were all strongly additive to performance in the second quarter.
PFM’s strategy for the second quarter encompassed the following:
• We remained proactive in response to the market effects and uncertainty created by the pandemic. We continued to applyour strong credit process, reassessing every issuer for the short- and intermediate-term impact of the disrupted economy.As financial markets began to normalize during the second quarter, investment-grade issuers on PFM’s approved issuer listwere carefully vetted, with many issuers gradually reapproved.
• The portfolio duration was maintained in line with the benchmark—a strategy consistent with high levels of marketuncertainty as well as expectations that rates will remain low for a prolonged period. Our neutral duration strategy over thepast 18 months has been an important element in sustaining performance as yields draw close to all-time lows.
• Prior to the pandemic, portfolios were structured with increased liquidity and higher-than-normal allocations to U.S.Treasuries. As market conditions stabilized in the second quarter, we began to cautiously reallocate this excess liquidityinto sectors and issuers that offered opportunities to safely enhance earnings.
• Throughout much of the second quarter, yield spreads on federal agencies were wide and attractive, so we took thisopportunity to add allocations back to the sector. As yields began to narrow back to pre-crisis lows, especially in maturitiesunder three years, the portfolio benefited from incremental performance.
• Both taxable and tax-exempt municipals generated positive excess returns for the quarter as the Fed implemented theMunicipal Liquidity Facility to support issuance. This improved liquidity allayed investors’ fears regarding public sectorfinances and triggered an increase in new supply, creating select opportunities to add high-quality issues to the portfoliowhere permitted.
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PFM Asset Management LLC
For the Quarter Ended June 30, 2020
Portfolio Recap
Portfolio Review
• Investment grade corporate bonds faced a multitude of uncertainties heading into the second quarter as economies wereshut down and companies contended with growing concerns around revenue, profitability, liquidity, and sustainability.Aggressive Fed actions calmed the credit markets and restored liquidity, leading to a sharp tightening of the wide yieldspreads from March. This allowed companies to bring a record amount of new issuance to market.
‒ A key element to our strategy during the second quarter was to cautiously maintain overall exposure to the credit sector, emphasizing issuers with strong balance sheets and limited overseas exposure.
‒ This strategy benefited the portfolio significantly as investment grade corporates significantly outperformed Treasuries during the second quarter and mostly offset the negative underperformance experienced in the first quarter.
• Agency MBS allocations modestly fell over the quarter, largely the result of a significant uptick in home refinancing activityas mortgage rates fell to all-time lows.
‒ The Fed’s unlimited Treasury and agency MBS purchase program brought some stabilization to mortgage markets, although spreads are still higher than pre-crisis levels. We remained selective of the MBS sector due to concerns over the stability and timing of future principal payments.
• The ABS sector was challenged by many unknowns during the second quarter as high unemployment threatenedconsumers’ ability to make timely payments on credit cards and car loans. The Fed revived a program from 2009 to providefinancing to eligible ABS investors, boosting confidence in the sector. In addition, new deals were structured with increasedcredit enhancements.
‒ PFM generally avoided new exposure to ABS during the quarter as risks and uncertainties appeared to outweigh the benefits. The outperformance of existing holdings boosted portfolio performance relative to benchmarks in the second half of the quarter.
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PFM Asset Management LLC
The portfolio is in compliance with the California Government Code and the Authority’s Investment Policy.
Sector Allocation & Compliance
Market values, excluding accrued interest. Detail may not add to total due to rounding. Current investment policy as of October 2018.
Security Type Market Valueas of 6/30/20
% of Portfolio
% Changevs. 3/31/20
Permitted by Policy
In Compliance
U.S. Treasury $28,305,033 37.4% -3.4% 100%
Federal Agency $13,713,460 18.1% 6.6% 100%
Agency MBS/CMOs $2,386,032 3.2% - 100%
Municipal Obligations $2,564,249 3.4% 1.0% 100%
Supranationals $953,909 1.3% - 30%
Negotiable CDs $5,361,991 7.1% 30%
Corporate Notes $16,014,256 21.1%
-0.7%
2.5% 30%
Asset-Backed Securities $3,138,892 4.1% -0.5% 20%
Securities Sub-Total $72,437,822 95.6%
Accrued Interest $360,757
Securities Total $72,798,579 95.6%
CAMP $134,296 0.2% - 100%
LAIF $3,167,723 4.2% -5.6% $75 Million
Total Investments $76,100,597 100.0%
For the Quarter Ended June 30, 2020
Portfolio ComplianceINDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
8Page 135 of 263
For the Quarter Ended June 30, 2020
Portfolio Snapshot
Portfolio Statistics
As of June 30, 2020
$69,285,091
$72,932,874
$72,437,822
$360,757
-
Accrued Interest:
Cash:
Par Value:
Total Market Value:
Security Market Value:
CAMP $134,296
$70,169,166
0.53%
1.92%
AAAverage Credit: *
Yield at Cost:
Amortized Cost:
Yield at Market:
Effective Duration: 2.60 Years
Average Maturity: 2.80 Years
Credit Quality (S&P Ratings)**
5.8%
A
7.6%
A-
4.4%
A+
2.8%
A-1
1.4%
A-1+
0.6%
AA
4.5%
AA-
62.8%
AA+
4.5%
AAA
0.2%
AAAm
0.7%
BBB
2.8%
BBB+
1.9%
Not Rated
0%
4%
8%
12%
16%
20%
24%
28%
0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years
9.4%
20.7%
27.2%
16.5%
26.1%
0.0%
Maturity Distribution
Sector Allocation
4.3%
Asset-Backed
7.4%
Certificate
of Deposit
22.1%
Corporate
3.3%
Federal
Agency/CMO
18.9%
Federal
Agency/GSE
0.2%
Mny Mkt
Fund / Pool
3.5%
Municipal
1.3%
Supra-Sov /
Supra-Natl
Agency
39.0%
U.S.
Treasury
PFM Asset Management LLC
* An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio.**Securities in the Authority's portfolio are in compliance with California Government Code and the Authority's investment policy dated October 2018.
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
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For the Quarter Ended June 30, 2020
Portfolio Composition
Sector Allocation
June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019
% of TotalMV ($MM)Sector % of Total% of Total% of Total MV ($MM)MV ($MM)MV ($MM)
U.S. Treasury 28.3 39.0% 32.3 45.2% 33.8 48.3% 23.2 38.5%
Corporate 16.0 22.1% 14.8 20.7% 17.2 24.6% 17.2 28.6%
Federal Agency/GSE 13.7 18.9% 9.1 12.7% 4.1 5.9% 4.8 8.0%
Certificate of Deposit 5.4 7.4% 6.2 8.6% 5.6 8.0% 6.0 10.0%
Asset-Backed 3.1 4.3% 3.7 5.1% 4.4 6.4% 4.1 6.9%
Municipal 2.6 3.5% 1.9 2.6% 1.2 1.7% 1.2 1.9%
Federal Agency/CMO 2.4 3.3% 2.5 3.5% 2.2 3.1% 1.7 2.8%
Supra-Sov / Supra-Natl Agency 1.0 1.3% 1.1 1.5% 1.0 1.5% 1.6 2.7%
Mny Mkt Fund / Pool 0.1 0.2% 0.1 0.1% 0.3 0.5% 0.3 0.6%
$72.6 100.0% $71.4 100.0% $69.8 100.0% $60.1 100.0%Total
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
June 2020 March 2020 December 2019 September 2019
Mny Mkt Fund / Pool
Supra-Sov / Supra-Natl
Agency
Federal Agency/CMO
Municipal
Asset-Backed
Certif icate of Deposit
Federal Agency/GSE
Corporate
U.S. Treasury
PFM Asset Management LLC
Detail may not add to total due to rounding.
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
10Page 137 of 263
For the Quarter Ended June 30, 2020
Portfolio Composition
Maturity Distribution
As of June 30, 2020
>5
Years
4-5
Years
3-4
Years
2-3
Years
1-2
Years
0-1
YearsYield
at MarketPortfolio/Benchmark
Average
Maturity
0.53% 9.4% 20.7% 27.2% 16.5% 26.1% 0.0%2.80 yrsCAMP-ICRMA OPERATING
CAMP-ICRMA Custom Index* 0.19% 1.7% 33.6% 27.0% 19.0% 18.7% 0.0%2.73 yrs
0%
5%
10%
15%
20%
25%
30%
35%
0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years
9.4%
20.7%
27.2%
16.5%
26.1%
0.0%1.7%
33.6%
27.0%
19.0% 18.7%
0.0%
CAMP-ICRMA OPERATING CAMP-ICRMA Custom Index*
PFM Asset Management LLC
*The portfolio's benchmark was the ICE BofAML 1-3 U.S. Treasury Index for the quarters beginning October 1, 2002 through September 30, 2007 and the ICE BofAML 1-5 Year U.S. Treasury Benchmark beginning October 1, 2007.
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
11Page 138 of 263
For the Quarter Ended June 30, 2020
Portfolio Performance
Portfolio Performance (Total Return)
Effective
DurationPortfolio/Benchmark
Annualized Return
10 Year1 Year 3 Year 5 YearSince Inception
(03/31/00)
Current
Quarter
2.60 1.61% 2.13%5.54% 3.54% 2.66% 3.43%CAMP-ICRMA OPERATING
CAMP-ICRMA Custom Index* 2.58 0.29% 1.84%5.25% 3.23% 2.31% 3.30%
Difference 0.29% 1.32% 0.31% 0.35% 0.29% 0.13%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Current Quarter 1 Year 3 Year 5 Year 10 Year Since Inception
1.61%
5.54%
3.54%
2.66%
2.13%
3.43%
0.29%
5.25%
3.23%
2.31%
1.84%
3.30%
To
tal R
etu
rn
CAMP-ICRMA OPERATING CAMP-ICRMA Custom Index*
PFM Asset Management LLC
Portfolio performance is gross of fees unless otherwise indicated.*The portfolio's benchmark was the ICE BofAML 1-3 U.S. Treasury Index for the quarters beginning October 1, 2002 through September 30, 2007 and the ICE BofAML 1-5 Year U.S. Treasury Benchmark beginning October 1, 2007.
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
12Page 139 of 263
For the Quarter Ended June 30, 2020
Portfolio Performance
Portfolio Earnings
Quarter-Ended June 30, 2020
Market Value Basis Accrual (Amortized Cost) Basis
Net Purchases/Sales
Change in Value
Interest Earned
$71,422,499.07
$408,567.72
$741,050.93
$412,165.52
$1,153,216.45
$72,572,117.72
$69,582,256.90
$408,567.72
$178,341.70
$412,165.52
$590,507.22
$70,169,166.32
Portfolio Earnings
Beginning Value (03/31/2020)
Ending Value (06/30/2020)
PFM Asset Management LLC
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
13Page 140 of 263
PFM Asset Management LLC
For the Quarter Ended June 30, 2020
Market Update
Fixed Income Sector Outlook – July 2020
Sector Our Investment Preferences CommentsC O M M E R C I A L P A P E R
/ C D• Short-term credit spreads widened slightly in recent days as T-Bills rallied and more
issuers re-entered the market after quarter-end.
T R E A S U R I E S • T-Bill yields remain a very attractive investment option, although yields have fallenseveral basis points across the curve.
• Treasury yields remain in a defined range. Short to intermediate maturities areanchored by the Fed Funds Rate near 0%. Longer maturities may see upwardpressure from increased issuance, although Fed purchases provide support.
T-BillT-Note
F E D E R A L A G E N C I E S • Bullet agency spreads continue to narrow but remain wider than pre-pandemiclevels. While the spread curve has flattened as spreads have tightened, the 3s/5sspread curve still appears steep, making longer-maturity bullets attractive. Newissue securities at concessions to the curve also represent good value.
• Callable spreads continue to march tighter vs like-maturity Treasuries but remainnear the middle of the range YTD. Value remains on a structure-by-structure basis.
BulletsCallables
S U P R A N A T I O N A L S• Supranational spreads tightened across the curve. Most secondary offerings are
trading at lower spreads than GSEs, erasing much of the sector’s relative value.Seasonality suggests light issuance during the summer that will pick up in the fall.
C O R P O R A T E S • Corporates recovered most of their first quarter underperformance during thesecond quarter, helped by the Fed’s unprecedented support and signs of recoveryin economic activity.
• We remain cautious regarding the sector, however, due to concerns aroundconsumer finances and weak corporate balance sheets. The recent trend of risingcoronavirus infections in parts of the country is worrying, and the presidentialelection and geopolitical tensions could be another source of market volatility.
FinancialsIndustrials
S E C U R I T I Z E D • ABS yield spreads tightened but still offer some relative value to industrial corporatesecurities. Credit enhancements have increased in new ABS deals to offsetincreased concerns regarding consumer stress.
• The Fed reaffirmed its commitment “to support the smooth functioning” of the MBSmarket through its ongoing purchase program. However, prepayments may stayelevated over the near term as refinancings remain robust.
• Agency CMBS spreads continue to move lower as fear regarding renters’ ability topay has decreased to some degree. Spreads are still above historical averages.
Asset-BackedAgency Mortgage-Backed
Agency CMBS
M U N I C I P A L S• Taxable supply continues to come to market at attractive spreads. We remain
focused on the largest issuers and cautious on many sub-sectors given the fiscalimpact from COVID-19.
Negative Slightly Negative Neutral Slightly
Positive PositiveCurrent outlook Outlook one month ago
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14Page 141 of 263
PFM Asset Management LLC
For the Quarter Ended June 30, 2020
Investment Strategy Outlook
A cloud of uncertainty hangs over the U.S. and global economies entering the second half of 2020. Economic data has reboundedsignificantly from the April lows but remains well below pre-pandemic levels.
• To recapture previous economic highs, it will be important that COVID-19 hotspots are contained so that public confidencecan be restored. Considering these uncertainties, we plan on structuring portfolios to have neutral durations to theirrespective benchmarks.
Our outlook for major investment grade sectors includes the following:• We plan to focus the majority of new federal agency purchases in maturities beyond three years as yield spreads on
shorter maturities are now back near pre-pandemic levels. Some callable agencies also appear to have value given lowyields and narrowing yield spreads.
• Supranationals look expensive along most of the curve, although some shorter maturity issues offer decent yield pick-upsrelative to agencies. New issues remain the preferred outlet for new allocations.
• The investment grade corporate market should continue to benefit from Fed support moving into the third quarter. Yieldspreads for shorter corporates are back to near pre-crisis levels, but the credit curve is relatively steep. As a result, longermaturity corporates appear attractive, as the “roll down” effect in the credit curve is back in play. We will continue ourenhanced due diligence to track the progress of individual issuers as they navigate the recovery phase of the coronaviruspandemic.
• ABS allocations are expected to remain stable. Liquidity has improved and spreads have narrowed due to Fed support.However, we continue to carefully follow consumer trends for signs of material deterioration in collateral performance.
• The agency MBS sector continues to benefit from the Fed’s large-scale purchase program, which the central bank hassignaled will continue in the coming months. However, near-term prepayment risk remains elevated in the low rateenvironment as refinancings remain robust. Allocations to the sector will likely be maintained, with additions focused onstructures that mitigate prepayment risk.
• While tax-exempt municipal spreads have narrowed to historical levels and are no longer attractive, taxable municipalsappear to be one of the more attractive investment-grade sectors available for purchase. Value remains, and supply isexpected to pick up over the coming months. As a result, we expect to add to the sector through participation in newissues.
OutlookINDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
15Page 142 of 263
Issuer Distribution
Page 143 of 263
For the Quarter Ended June 30, 2020
Portfolio Composition
Issuer Distribution
As of June 30, 2020
Market Value ($) % of PortfolioIssuer
UNITED STATES TREASURY 28,305,033 39.0%
FEDERAL HOME LOAN BANKS 6,237,725 8.6%
FREDDIE MAC 5,792,861 8.0%
FANNIE MAE 4,068,906 5.6%
TRUIST FIN CORP 1,332,028 1.8%
CALIFORNIA ST 1,139,711 1.6%
TOYOTA MOTOR CORP 1,059,209 1.5%
ROYAL BANK OF CANADA 1,002,221 1.4%
MORGAN STANLEY 994,232 1.4%
SWEDBANK AB 981,817 1.4%
PFIZER INC 832,425 1.2%
ARIZONA ST TRANSPRTN BRD HIGHW 725,977 1.0%
INTER-AMERICAN DEVELOPMENT BANK 676,801 0.9%
THE WALT DISNEY CORPORATION 636,805 0.9%
SKANDINAVISKA ENSKILDA BANKEN AB 618,350 0.9%
NORDEA BANK AB 618,221 0.9%
US BANCORP 600,320 0.8%
INTEL CORPORATION 597,662 0.8%
To
p 5
= 6
3.1
%
To
p 1
0 =
70.2
%
PFM Asset Management LLC
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
16Page 144 of 263
For the Quarter Ended June 30, 2020
Portfolio Composition
Market Value ($) % of PortfolioIssuer
CATERPILLAR INC 594,813 0.8%
AMERICAN HONDA FINANCE 591,816 0.8%
JP MORGAN CHASE & CO 584,055 0.8%
AMERICAN EXPRESS CO 575,592 0.8%
SOCIETE GENERALE 563,478 0.8%
THE BANK OF NEW YORK MELLON CORPORATION 561,520 0.8%
CREDIT AGRICOLE SA 559,901 0.8%
ABBOTT LABORATORIES 544,473 0.8%
DNB ASA 519,111 0.7%
CITIGROUP INC 517,728 0.7%
COMCAST CORP 512,118 0.7%
MITSUBISHI UFJ FINANCIAL GROUP INC 498,893 0.7%
IBM CORP 494,074 0.7%
NATIONAL RURAL UTILITIES CO FINANCE CORP 492,866 0.7%
GOLDMAN SACHS GROUP INC 492,280 0.7%
DEERE & COMPANY 488,165 0.7%
HYUNDAI AUTO RECEIVABLES 425,355 0.6%
DISCOVER FINANCIAL SERVICES 423,628 0.6%
PNC FINANCIAL SERVICES GROUP 423,415 0.6%
TAMALPAIS CA UNION HIGH SCH DIST 420,788 0.6%
CHEVRON CORPORATION 419,208 0.6%
PFM Asset Management LLC
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
17Page 145 of 263
For the Quarter Ended June 30, 2020
Portfolio Composition
Market Value ($) % of PortfolioIssuer
APPLE INC 407,810 0.6%
UNITED PARCEL SERVICE INC 394,974 0.5%
GM FINANCIAL SECURITIZED TERM 362,996 0.5%
PEPSICO INC 348,887 0.5%
CHARLES SCHWAB 327,168 0.5%
WASTE MANAGEMENT INC 306,666 0.4%
PACCAR FINANCIAL CORP 286,987 0.4%
INTL BANK OF RECONSTRUCTION AND DEV 277,108 0.4%
MERCEDES-BENZ AUTO RECEIVABLES 263,342 0.4%
HOME DEPOT INC 241,222 0.3%
HERSHEY COMPANY 240,729 0.3%
UNILEVER PLC 240,163 0.3%
BANK OF AMERICA CO 221,184 0.3%
FORD CREDIT AUTO LEASE TRUST 205,525 0.3%
FIFTH THIRD AUTO TRUST 204,974 0.3%
VOLKSWAGEN AUTO LEASE TURST 203,333 0.3%
SAN DIEGO CA CMNTY CLG DIST 174,534 0.2%
CAPITAL ONE PRIME AUTO REC TRUST 169,352 0.2%
AMAZON.COM INC 154,900 0.2%
CARMAX AUTO OWNER TRUST 154,333 0.2%
CAMP POOL 134,296 0.2%
PFM Asset Management LLC
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18Page 146 of 263
For the Quarter Ended June 30, 2020
Portfolio Composition
Market Value ($) % of PortfolioIssuer
STATE OF CONNECTICUT 103,240 0.1%
GM FINANCIAL AUTO LEASING TRUST 96,845 0.1%
ADOBE INC 67,332 0.1%
JOHN DEERE OWNER TRUST 60,637 0.1%
72,572,118 100.0%Grand Total:
PFM Asset Management LLC
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
19Page 147 of 263
Portfolio Transactions
Page 148 of 263
For the Quarter Ended June 30, 2020
Portfolio Activity
Quarterly Portfolio Transactions
Security DescriptionCUSIPPar ($) Settle
Date
Trade
Date
Tran.
Type
Maturity
Date Transact
Amt ($)Yield
Realized
G/L (BV)Coupon
4/1/20 4/1/20 730,000.00 05531FAX1 BB&T CORP (CALLABLE) NOTESINTEREST 4/1/22 10,037.50 2.75%
4/1/20 4/1/20 390,000.00 911312BP0 UNITED PARCEL SERVICE CORPORATE BONDINTEREST 4/1/21 3,997.50 2.05%
4/1/20 4/1/20 585,000.00 13063DGA0 CA ST TXBL GO BONDSINTEREST 4/1/21 8,190.00 2.80%
4/1/20 4/25/20 600,000.00 3137BM6P6 FHLMC SERIES K721 A2INTEREST 8/1/22 1,545.00 3.09%
4/1/20 4/25/20 216,566.91 3137FEU99 FHMS K730 A1INTEREST 9/1/24 622.99 3.45%
4/1/20 4/25/20 176,881.11 3137FQ3V3 FHMS KJ27 A1INTEREST 7/25/24 308.36 2.09%
4/1/20 4/25/20 213,823.81 3136AEGQ4 FNA 2013-M7 A2INTEREST 12/1/22 406.27 2.28%
4/1/20 4/25/20 123,936.04 3136AQV56 FANNIE MAE SERIES 2016-M1 ASQ2INTEREST 2/1/21 220.19 2.13%
4/1/20 4/25/20 259,073.13 3137FKK39 FHMS KP05 AINTEREST 7/1/23 691.51 3.20%
4/1/20 4/25/20 425,000.00 3136AJB54 FANNIEMAE-ACESINTEREST 3/1/24 1,423.29 3.34%
4/1/20 4/25/20 395,000.00 3137BGK24 FHMS K043 A2INTEREST 12/25/24 1,007.91 3.06%
4/1/20 4/25/20 427.10 3136AEGQ4 FNA 2013-M7 A2PAYDOWNS 12/1/22 427.10 0.00 2.28%
4/1/20 4/25/20 8,941.97 3136AQV56 FANNIE MAE SERIES 2016-M1 ASQ2PAYDOWNS 2/1/21 8,941.97 0.00 2.13%
4/1/20 4/25/20 15,380.76 3137FKK39 FHMS KP05 APAYDOWNS 7/1/23 15,380.76 0.00 3.20%
4/1/20 4/25/20 283.01 3137FQ3V3 FHMS KJ27 A1PAYDOWNS 7/25/24 283.01 0.00 2.09%
4/1/20 4/25/20 1,196.01 3137FEU99 FHMS K730 A1PAYDOWNS 9/1/24 1,196.01 0.00 3.45%
4/1/20 4/25/20 11,579.94 3136AJB54 FANNIEMAE-ACESPAYDOWNS 3/1/24 11,579.94 0.00 3.34%
4/6/20 4/6/20 550,000.00 22535CDU2 CREDIT AGRICOLE CIB NY CERT DEPOSINTEREST 4/2/21 15,910.89 2.83%
4/15/20 4/15/20 275,000.00 89231AAD3 TOYOTA ABS 2018-C A3INTEREST 12/15/22 692.08 3.02%
4/15/20 4/15/20 280,000.00 89239JAD6 TAOT 2019-B A3INTEREST 8/15/23 599.67 2.57%
PFM Asset Management LLC
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
20Page 149 of 263
For the Quarter Ended June 30, 2020
Portfolio Activity
Security DescriptionCUSIPPar ($) Settle
Date
Trade
Date
Tran.
Type
Maturity
Date Transact
Amt ($)Yield
Realized
G/L (BV)Coupon
4/15/20 4/15/20 83,796.14 47788CAC6 JDOT 2018-A A3INTEREST 4/15/22 185.75 2.66%
4/15/20 4/15/20 165,000.00 14042WAC4 COPAR 2019-1 A3INTEREST 11/15/23 345.13 2.51%
4/15/20 4/15/20 245,000.00 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUSTINTEREST 6/15/23 543.08 2.66%
4/15/20 4/15/20 315,000.00 58772RAD6 MBART 2018-1 A3INTEREST 1/15/23 795.38 3.03%
4/15/20 4/15/20 150,000.00 14315XAC2 CARMX 2020-1 A3INTEREST 12/16/24 236.25 1.89%
4/15/20 4/15/20 310,000.00 713448DX3 PEPSICO INC CORP (CALLABLE) NOTEINTEREST 4/15/21 3,100.00 2.00%
4/15/20 4/15/20 240,000.00 34531LAD2 FORDL 2018-B A3INTEREST 12/15/21 638.00 3.19%
4/15/20 4/15/20 315,000.00 9128285F3 UNITED STATES TREASURY NOTESINTEREST 10/15/21 4,528.13 2.87%
4/15/20 4/15/20 410,000.00 254683CM5 DCENT 2019-A3 AINTEREST 10/15/24 645.75 1.89%
4/15/20 4/15/20 28,481.75 34531EAD8 FORD ABS 2017-A A3INTEREST 6/15/21 39.64 1.67%
4/15/20 4/15/20 200,000.00 31680YAD9 FIFTH THIRD AUTO TRUSTINTEREST 12/15/23 440.00 2.64%
4/15/20 4/15/20 170,000.00 44891JAC2 HART 2019-B A3INTEREST 2/15/24 274.83 1.94%
4/15/20 4/15/20 7,869.25 47788CAC6 JDOT 2018-A A3PAYDOWNS 4/15/22 7,869.25 0.00 2.66%
4/15/20 4/15/20 2,583.73 34531LAD2 FORDL 2018-B A3PAYDOWNS 12/15/21 2,583.73 0.00 3.19%
4/15/20 4/15/20 13,798.58 34531EAD8 FORD ABS 2017-A A3PAYDOWNS 6/15/21 13,798.58 0.00 1.67%
4/15/20 4/15/20 20,541.96 58772RAD6 MBART 2018-1 A3PAYDOWNS 1/15/23 20,541.96 0.00 3.03%
4/15/20 4/16/20 480,000.00 3130AJHU6 FEDERAL HOME LOAN BANK NOTESBUY 4/14/25 (477,619.20) 0.60%0.50%
4/15/20 4/16/20 480,000.00 9128283V0 UNITED STATES TREASURY NOTESSELL 1/31/25 532,061.74 24,347.18 2.50%
4/16/20 4/16/20 285,000.00 36256XAD4 GMCAR 2019-1 A3INTEREST 11/16/23 705.38 2.97%
4/16/20 4/16/20 80,000.00 36255JAD6 GMCAR 2018-3 A3INTEREST 5/16/23 201.33 3.02%
4/16/20 4/16/20 850,000.00 86565BPC9 SUMITOMO MITSUI BANK NY CERT DEPOSINTEREST 10/16/20 14,647.63 3.39%
4/16/20 4/16/20 1,521.87 36255JAD6 GMCAR 2018-3 A3PAYDOWNS 5/16/23 1,521.87 0.00 3.02%
PFM Asset Management LLC
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
21Page 150 of 263
For the Quarter Ended June 30, 2020
Portfolio Activity
Security DescriptionCUSIPPar ($) Settle
Date
Trade
Date
Tran.
Type
Maturity
Date Transact
Amt ($)Yield
Realized
G/L (BV)Coupon
4/17/20 4/20/20 800,000.00 3137EAEQ8 FREDDIE MAC NOTESBUY 4/20/23 (798,000.00) 0.46%0.37%
4/17/20 4/20/20 800,000.00 9128286U9 UNITED STATES TREASURY NOTESSELL 5/15/22 838,801.17 25,930.97 2.12%
4/17/20 4/22/20 450,000.00 13063DUY2 CA ST T/E GO BONDSBUY 3/1/25 (533,970.00) 1.05%5.00%
4/17/20 4/24/20 400,000.00 4581X0DM7 INTER-AMERICAN DEVEL BK CORPORATE NOTESBUY 5/24/23 (399,864.00) 0.51%0.50%
4/20/20 4/20/20 200,000.00 92867XAD8 VWALT 2019-A A3INTEREST 11/21/22 331.67 1.99%
4/20/20 4/20/20 138,463.93 36256GAD1 GMALT 2018-3 A3INTEREST 6/20/21 366.93 3.18%
4/20/20 4/20/20 17,723.04 36256GAD1 GMALT 2018-3 A3PAYDOWNS 6/20/21 17,723.04 0.00 3.18%
4/21/20 4/22/20 675,000.00 912828Q29 US TREASURY NOTESSELL 3/31/23 700,710.17 49,324.80 1.50%
4/22/20 4/24/20 525,000.00 3135G03U5 FANNIE MAE NOTESBUY 4/22/25 (523,918.50) 0.67%0.62%
4/23/20 4/24/20 85,000.00 912828C57 US TREASURY NOTESSELL 3/31/21 86,818.77 1,419.32 2.25%
4/23/20 4/24/20 350,000.00 9128284S6 US TREASURY N/B NOTESSELL 5/31/23 380,458.62 15,054.24 2.75%
4/24/20 4/24/20 215,000.00 06406RAL1 BANK OF NY MELLON CORPINTEREST 10/24/24 2,257.50 2.10%
4/24/20 4/24/20 5,000.00 912828N30 US TREASURY NOTESSELL 12/31/22 5,284.35 332.79 2.12%
4/24/20 4/24/20 10,000.00 912828Q29 US TREASURY NOTESSELL 3/31/23 10,368.82 717.17 1.50%
4/25/20 4/25/20 485,000.00 38141GVU5 GOLDMAN SACHS GRP INC CORP NT (CALLABLE)INTEREST 4/25/21 6,365.63 2.62%
4/29/20 4/29/20 900,000.00 61746BDQ6 MORGAN STANLEY CORP NOTESINTEREST 4/29/24 17,437.50 3.87%
4/29/20 5/1/20 135,000.00 713448EY0 PEPSICO INC CORPORATE NOTESBUY 5/1/23 (134,732.70) 0.82%0.75%
4/29/20 5/1/20 100,000.00 713448DX3 PEPSICO INC CORP (CALLABLE) NOTESELL 4/15/21 101,136.89 1,053.44 2.00%
4/30/20 4/30/20 520,000.00 912828X70 US TREASURY N/B NOTESINTEREST 4/30/24 5,200.00 2.00%
4/30/20 4/30/20 585,000.00 912828T91 US TREASURY NOTESINTEREST 10/31/23 4,753.13 1.62%
4/30/20 4/30/20 340,000.00 912828WZ9 US TREASURY N/B NOTESINTEREST 4/30/22 2,975.00 1.75%
5/1/20 5/1/20 400,000.00 693475AY1 PNC BANK NA CORP NOTESINTEREST 11/1/24 4,400.00 2.20%
PFM Asset Management LLC
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
22Page 151 of 263
For the Quarter Ended June 30, 2020
Portfolio Activity
Security DescriptionCUSIPPar ($) Settle
Date
Trade
Date
Tran.
Type
Maturity
Date Transact
Amt ($)Yield
Realized
G/L (BV)Coupon
5/1/20 5/25/20 176,598.10 3137FQ3V3 FHMS KJ27 A1INTEREST 7/25/24 403.04 2.09%
5/1/20 5/25/20 213,396.71 3136AEGQ4 FNA 2013-M7 A2INTEREST 12/1/22 521.68 2.28%
5/1/20 5/25/20 600,000.00 3137BM6P6 FHLMC SERIES K721 A2INTEREST 8/1/22 1,545.00 3.09%
5/1/20 5/25/20 243,692.37 3137FKK39 FHMS KP05 AINTEREST 7/1/23 650.46 3.20%
5/1/20 5/25/20 413,420.06 3136AJB54 FANNIEMAE-ACESINTEREST 3/1/24 1,152.70 3.34%
5/1/20 5/25/20 114,994.07 3136AQV56 FANNIE MAE SERIES 2016-M1 ASQ2INTEREST 2/1/21 204.31 2.13%
5/1/20 5/25/20 395,000.00 3137BGK24 FHMS K043 A2INTEREST 12/25/24 1,007.91 3.06%
5/1/20 5/25/20 215,370.90 3137FEU99 FHMS K730 A1INTEREST 9/1/24 619.55 3.45%
5/1/20 5/25/20 10,448.77 3136AEGQ4 FNA 2013-M7 A2PAYDOWNS 12/1/22 10,448.77 0.00 2.28%
5/1/20 5/25/20 24,205.52 3136AQV56 FANNIE MAE SERIES 2016-M1 ASQ2PAYDOWNS 2/1/21 24,205.52 0.00 2.13%
5/1/20 5/25/20 453.60 3137FKK39 FHMS KP05 APAYDOWNS 7/1/23 453.60 0.00 3.20%
5/1/20 5/25/20 1,295.14 3137FEU99 FHMS K730 A1PAYDOWNS 9/1/24 1,295.14 0.00 3.45%
5/1/20 5/25/20 4,076.61 3137FQ3V3 FHMS KJ27 A1PAYDOWNS 7/25/24 4,076.61 0.00 2.09%
5/1/20 5/25/20 756.31 3136AJB54 FANNIEMAE-ACESPAYDOWNS 3/1/24 756.31 0.00 3.34%
5/5/20 5/5/20 225,000.00 904764AX5 UNILEVER CAPITAL CORP (CALLABLE) BONDSINTEREST 5/5/24 2,925.00 2.60%
5/5/20 5/7/20 565,000.00 3137EAER6 FREDDIE MAC NOTESBUY 5/5/23 (564,762.70) 0.39%0.37%
5/5/20 5/7/20 500,000.00 45950VLQ7 INTERNATIONAL FINANCE CORPORATION NOTESELL 3/9/21 511,232.64 9,215.37 2.63%
5/7/20 5/11/20 135,000.00 166764BV1 CHEVRON CORP CORPORATE NOTESBUY 5/11/23 (135,000.00) 1.14%1.14%
5/8/20 5/11/20 215,000.00 904764AZ0 UNILEVER CAPITAL CORP NOTESSELL 3/22/21 219,827.41 4,338.41 2.75%
5/12/20 5/13/20 450,000.00 86565BPC9 SUMITOMO MITSUI BANK NY CERT DEPOSSELL 10/16/20 456,843.99 5,830.82 3.39%
5/12/20 5/14/20 400,000.00 037833DT4 APPLE INC (CALLABLE) CORP NOTESBUY 5/11/25 (400,877.50) 1.08%1.12%
5/13/20 5/15/20 275,000.00 166764BW9 CHEVRON CORP (CALLABLE) NOTESBUY 5/11/25 (276,411.48) 1.45%1.55%
PFM Asset Management LLC
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
23Page 152 of 263
For the Quarter Ended June 30, 2020
Portfolio Activity
Security DescriptionCUSIPPar ($) Settle
Date
Trade
Date
Tran.
Type
Maturity
Date Transact
Amt ($)Yield
Realized
G/L (BV)Coupon
5/13/20 5/15/20 285,000.00 912828W71 US TREASURY N/BSELL 3/31/24 306,362.59 22,261.16 2.12%
5/15/20 5/15/20 485,000.00 172967GT2 CITIGROUP INC CORP NOTESINTEREST 5/15/23 8,487.50 3.50%
5/15/20 5/15/20 170,000.00 44891JAC2 HART 2019-B A3INTEREST 2/15/24 274.83 1.94%
5/15/20 5/15/20 410,000.00 254683CM5 DCENT 2019-A3 AINTEREST 10/15/24 645.75 1.89%
5/15/20 5/15/20 294,458.04 58772RAD6 MBART 2018-1 A3INTEREST 1/15/23 743.51 3.03%
5/15/20 5/15/20 150,000.00 14315XAC2 CARMX 2020-1 A3INTEREST 12/16/24 236.25 1.89%
5/15/20 5/15/20 280,000.00 89239JAD6 TAOT 2019-B A3INTEREST 8/15/23 599.67 2.57%
5/15/20 5/15/20 1,115,000.00 9128286U9 UNITED STATES TREASURY NOTESINTEREST 5/15/22 11,846.88 2.12%
5/15/20 5/15/20 165,000.00 14042WAC4 COPAR 2019-1 A3INTEREST 11/15/23 345.13 2.51%
5/15/20 5/15/20 14,683.17 34531EAD8 FORD ABS 2017-A A3INTEREST 6/15/21 20.43 1.67%
5/15/20 5/15/20 235,000.00 427866BA5 HERSHEY COMPANY CORP NOTESINTEREST 5/15/21 3,642.50 3.10%
5/15/20 5/15/20 275,000.00 89231AAD3 TOYOTA ABS 2018-C A3INTEREST 12/15/22 692.08 3.02%
5/15/20 5/15/20 200,000.00 31680YAD9 FIFTH THIRD AUTO TRUSTINTEREST 12/15/23 440.00 2.64%
5/15/20 5/15/20 4,000,000.00 9128285L0 UNITED STATES TREASURY NOTESINTEREST 11/15/21 57,500.00 2.87%
5/15/20 5/15/20 245,000.00 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUSTINTEREST 6/15/23 543.08 2.66%
5/15/20 5/15/20 75,926.89 47788CAC6 JDOT 2018-A A3INTEREST 4/15/22 168.30 2.66%
5/15/20 5/15/20 237,416.27 34531LAD2 FORDL 2018-B A3INTEREST 12/15/21 631.13 3.19%
5/15/20 5/15/20 9,346.09 47788CAC6 JDOT 2018-A A3PAYDOWNS 4/15/22 9,346.09 0.00 2.66%
5/15/20 5/15/20 17,066.88 58772RAD6 MBART 2018-1 A3PAYDOWNS 1/15/23 17,066.88 0.00 3.03%
5/15/20 5/15/20 12,038.96 34531LAD2 FORDL 2018-B A3PAYDOWNS 12/15/21 12,038.96 0.00 3.19%
5/15/20 5/15/20 11,973.53 34531EAD8 FORD ABS 2017-A A3PAYDOWNS 6/15/21 11,973.53 0.00 1.67%
5/16/20 5/16/20 78,478.13 36255JAD6 GMCAR 2018-3 A3INTEREST 5/16/23 197.50 3.02%
PFM Asset Management LLC
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
24Page 153 of 263
For the Quarter Ended June 30, 2020
Portfolio Activity
Security DescriptionCUSIPPar ($) Settle
Date
Trade
Date
Tran.
Type
Maturity
Date Transact
Amt ($)Yield
Realized
G/L (BV)Coupon
5/16/20 5/16/20 285,000.00 36256XAD4 GMCAR 2019-1 A3INTEREST 11/16/23 705.38 2.97%
5/16/20 5/16/20 3,517.01 36255JAD6 GMCAR 2018-3 A3PAYDOWNS 5/16/23 3,517.01 0.00 3.02%
5/17/20 5/17/20 550,000.00 14913Q2V0 CATERPILLAR FINL SERVICE CORP NOTESINTEREST 5/17/24 7,837.50 2.85%
5/18/20 5/18/20 975,000.00 87019U6D6 SWEDBANK (NEW YORK) CERT DEPOSINTEREST 11/16/20 11,189.21 2.27%
5/20/20 5/20/20 120,740.89 36256GAD1 GMALT 2018-3 A3INTEREST 6/20/21 319.96 3.18%
5/20/20 5/20/20 200,000.00 92867XAD8 VWALT 2019-A A3INTEREST 11/21/22 331.67 1.99%
5/20/20 5/20/20 10,433.11 36256GAD1 GMALT 2018-3 A3PAYDOWNS 6/20/21 10,433.11 0.00 3.18%
5/20/20 5/22/20 1,030,000.00 3135G04Q3 FANNIE MAE NOTESBUY 5/22/23 (1,026,899.70) 0.35%0.25%
5/20/20 5/22/20 1,030,000.00 9128284S6 US TREASURY N/B NOTESSELL 5/31/23 1,122,083.95 45,425.93 2.75%
5/20/20 5/22/20 260,000.00 89236TEC5 TOYOTA MOTOR CREDIT CORP NOTESSELL 9/8/22 268,075.46 7,067.68 2.15%
5/20/20 5/26/20 225,000.00 89236TGT6 TOYOTA MOTOR CREDIT CORP CORP NOTESBUY 2/13/25 (228,357.00) 1.58%1.80%
5/20/20 5/26/20 250,000.00 89236TGT6 TOYOTA MOTOR CREDIT CORP CORP NOTESBUY 2/13/25 (253,730.00) 1.58%1.80%
5/21/20 5/21/20 320,000.00 808513AW5 CHARLES SCHWAB CORP NOTESINTEREST 5/21/21 5,200.00 3.25%
5/21/20 5/26/20 225,000.00 89236TEC5 TOYOTA MOTOR CREDIT CORP NOTESSELL 9/8/22 231,785.63 5,859.18 2.15%
5/24/20 5/24/20 400,000.00 4581X0DM7 INTER-AMERICAN DEVEL BK CORPORATE NOTESINTEREST 5/24/23 166.67 0.50%
5/29/20 6/11/20 100,000.00 20772KJW0 CT ST TXBL GO BONDSBUY 7/1/24 (100,000.00) 2.00%1.99%
5/30/20 5/30/20 500,000.00 002824BE9 ABBOTT LABORATORIES CORP NOTESINTEREST 11/30/23 8,500.00 3.40%
5/31/20 5/31/20 565,000.00 9128283J7 US TREASURY N/BINTEREST 11/30/24 6,003.13 2.12%
5/31/20 5/31/20 250,000.00 912828XR6 US TREASURY NOTESINTEREST 5/31/22 2,187.50 1.75%
5/31/20 5/31/20 420,000.00 9128284S6 US TREASURY N/B NOTESINTEREST 5/31/23 5,775.00 2.75%
5/31/20 5/31/20 500,000.00 9128285P1 UNITED STATES TREASURY NOTESINTEREST 11/30/23 7,187.50 2.87%
6/1/20 6/3/20 155,000.00 023135BP0 AMAZON.COM INC CORPORATE NOTESBUY 6/3/23 (154,783.00) 0.45%0.40%
PFM Asset Management LLC
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
25Page 154 of 263
For the Quarter Ended June 30, 2020
Portfolio Activity
Security DescriptionCUSIPPar ($) Settle
Date
Trade
Date
Tran.
Type
Maturity
Date Transact
Amt ($)Yield
Realized
G/L (BV)Coupon
6/1/20 6/8/20 165,000.00 69371RQ82 PACCAR FINANCIAL CORP CORPORATE NOTESBUY 6/8/23 (164,770.65) 0.85%0.80%
6/1/20 6/8/20 170,000.00 69371RN93 PACCAR FINANCIAL CORP NOTESSELL 3/1/21 174,196.36 2,933.98 2.80%
6/1/20 6/25/20 202,947.94 3136AEGQ4 FNA 2013-M7 A2INTEREST 12/1/22 464.47 2.28%
6/1/20 6/25/20 90,788.55 3136AQV56 FANNIE MAE SERIES 2016-M1 ASQ2INTEREST 2/1/21 161.30 2.13%
6/1/20 6/25/20 412,663.75 3136AJB54 FANNIEMAE-ACESINTEREST 3/1/24 1,150.59 3.34%
6/1/20 6/25/20 395,000.00 3137BGK24 FHMS K043 A2INTEREST 12/25/24 1,007.91 3.06%
6/1/20 6/25/20 172,521.49 3137FQ3V3 FHMS KJ27 A1INTEREST 7/25/24 300.76 2.09%
6/1/20 6/25/20 243,238.77 3137FKK39 FHMS KP05 AINTEREST 7/1/23 649.24 3.20%
6/1/20 6/25/20 214,075.76 3137FEU99 FHMS K730 A1INTEREST 9/1/24 615.82 3.45%
6/1/20 6/25/20 600,000.00 3137BM6P6 FHLMC SERIES K721 A2INTEREST 8/1/22 1,545.00 3.09%
6/1/20 6/25/20 7,403.32 3136AEGQ4 FNA 2013-M7 A2PAYDOWNS 12/1/22 7,403.32 0.00 2.28%
6/1/20 6/25/20 1,204.63 3137FEU99 FHMS K730 A1PAYDOWNS 9/1/24 1,204.63 0.00 3.45%
6/1/20 6/25/20 28,201.26 3137FKK39 FHMS KP05 APAYDOWNS 7/1/23 28,201.26 0.00 3.20%
6/1/20 6/25/20 23,667.52 3136AQV56 FANNIE MAE SERIES 2016-M1 ASQ2PAYDOWNS 2/1/21 23,667.52 0.00 2.13%
6/1/20 6/25/20 282.46 3137FQ3V3 FHMS KJ27 A1PAYDOWNS 7/25/24 282.46 0.00 2.09%
6/1/20 6/25/20 702.90 3136AJB54 FANNIEMAE-ACESPAYDOWNS 3/1/24 702.90 0.00 3.34%
6/2/20 6/2/20 500,000.00 23341VZT1 DNB BANK ASA/NY LT CDINTEREST 12/2/22 5,071.67 2.04%
6/2/20 6/4/20 450,000.00 3135G03U5 FANNIE MAE NOTESBUY 4/22/25 (453,021.50) 0.50%0.62%
6/2/20 6/4/20 450,000.00 3130AGLD5 FEDERAL HOME LOAN BANKS NOTESSELL 7/7/21 461,702.81 8,057.69 1.87%
6/7/20 6/7/20 975,000.00 78012UEE1 ROYAL BANK OF CANADA NY CDINTEREST 6/7/21 15,795.00 3.24%
6/8/20 6/8/20 835,000.00 3130A0F70 FEDERAL HOME LOAN BANKS NOTESINTEREST 12/8/23 14,090.63 3.37%
6/10/20 6/10/20 570,000.00 02665WCP4 AMERICAN HONDA FINANCE CORP NOTESINTEREST 12/10/21 9,618.75 3.37%
PFM Asset Management LLC
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
26Page 155 of 263
For the Quarter Ended June 30, 2020
Portfolio Activity
Security DescriptionCUSIPPar ($) Settle
Date
Trade
Date
Tran.
Type
Maturity
Date Transact
Amt ($)Yield
Realized
G/L (BV)Coupon
6/15/20 6/15/20 280,000.00 89239JAD6 TAOT 2019-B A3INTEREST 8/15/23 599.67 2.57%
6/15/20 6/15/20 165,000.00 14042WAC4 COPAR 2019-1 A3INTEREST 11/15/23 345.13 2.51%
6/15/20 6/15/20 200,000.00 31680YAD9 FIFTH THIRD AUTO TRUSTINTEREST 12/15/23 440.00 2.64%
6/15/20 6/15/20 170,000.00 44891JAC2 HART 2019-B A3INTEREST 2/15/24 274.83 1.94%
6/15/20 6/15/20 410,000.00 254683CM5 DCENT 2019-A3 AINTEREST 10/15/24 645.75 1.89%
6/15/20 6/15/20 300,000.00 94106LBF5 WASTE MANAGEMENT INC CORP NOTESINTEREST 6/15/24 4,425.00 2.95%
6/15/20 6/15/20 2,709.64 34531EAD8 FORD ABS 2017-A A3INTEREST 6/15/21 3.77 1.67%
6/15/20 6/15/20 277,391.16 58772RAD6 MBART 2018-1 A3INTEREST 1/15/23 700.41 3.03%
6/15/20 6/15/20 245,000.00 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUSTINTEREST 6/15/23 543.08 2.66%
6/15/20 6/15/20 150,000.00 14315XAC2 CARMX 2020-1 A3INTEREST 12/16/24 236.25 1.89%
6/15/20 6/15/20 275,000.00 89231AAD3 TOYOTA ABS 2018-C A3INTEREST 12/15/22 692.08 3.02%
6/15/20 6/15/20 66,580.80 47788CAC6 JDOT 2018-A A3INTEREST 4/15/22 147.59 2.66%
6/15/20 6/15/20 565,000.00 458140AM2 INTEL CORP CORP NOTESINTEREST 12/15/22 7,627.50 2.70%
6/15/20 6/15/20 225,377.31 34531LAD2 FORDL 2018-B A3INTEREST 12/15/21 599.13 3.19%
6/15/20 6/15/20 21,293.99 34531LAD2 FORDL 2018-B A3PAYDOWNS 12/15/21 21,293.99 0.00 3.19%
6/15/20 6/15/20 17,535.00 58772RAD6 MBART 2018-1 A3PAYDOWNS 1/15/23 17,535.00 0.00 3.03%
6/15/20 6/15/20 6,404.59 47788CAC6 JDOT 2018-A A3PAYDOWNS 4/15/22 6,404.59 0.00 2.66%
6/15/20 6/15/20 2,709.64 34531EAD8 FORD ABS 2017-A A3PAYDOWNS 6/15/21 2,709.64 0.00 1.67%
6/16/20 6/16/20 74,961.12 36255JAD6 GMCAR 2018-3 A3INTEREST 5/16/23 188.65 3.02%
6/16/20 6/16/20 285,000.00 36256XAD4 GMCAR 2019-1 A3INTEREST 11/16/23 705.38 2.97%
6/16/20 6/16/20 4,392.77 36255JAD6 GMCAR 2018-3 A3PAYDOWNS 5/16/23 4,392.77 0.00 3.02%
6/20/20 6/20/20 200,000.00 92867XAD8 VWALT 2019-A A3INTEREST 11/21/22 331.67 1.99%
PFM Asset Management LLC
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
27Page 156 of 263
For the Quarter Ended June 30, 2020
Portfolio Activity
Security DescriptionCUSIPPar ($) Settle
Date
Trade
Date
Tran.
Type
Maturity
Date Transact
Amt ($)Yield
Realized
G/L (BV)Coupon
6/20/20 6/20/20 110,307.78 36256GAD1 GMALT 2018-3 A3INTEREST 6/20/21 292.32 3.18%
6/20/20 6/20/20 550,000.00 05531FBG7 BRANCH BANKING & TRUST CORP NOTESINTEREST 6/20/22 8,387.50 3.05%
6/20/20 6/20/20 13,970.43 36256GAD1 GMALT 2018-3 A3PAYDOWNS 6/20/21 13,970.43 0.00 3.18%
6/23/20 6/25/20 400,000.00 17305EGK5 CCCIT 2018-A1 A1SELL 1/20/23 409,225.83 7,514.87 2.49%
6/24/20 6/26/20 920,000.00 3137EAES4 FREDDIE MAC NOTESBUY 6/26/23 (917,313.60) 0.35%0.25%
6/25/20 6/26/20 300,000.00 3130AJHU6 FEDERAL HOME LOAN BANK NOTESBUY 4/14/25 (300,618.67) 0.48%0.50%
6/25/20 6/26/20 400,000.00 86565BPC9 SUMITOMO MITSUI BANK NY CERT DEPOSSELL 10/16/20 406,486.33 3,895.58 3.39%
6/30/20 6/30/20 780,000.00 912828XX3 US TREASURY N/B NOTESINTEREST 6/30/24 7,800.00 2.00%
6/30/20 6/30/20 100,000.00 912828G87 US TREASURY NOTESINTEREST 12/31/21 1,062.50 2.12%
6/30/20 6/30/20 935,000.00 912828U81 US TREASURY NOTESINTEREST 12/31/21 9,350.00 2.00%
6/30/20 6/30/20 995,000.00 912828N30 US TREASURY NOTESINTEREST 12/31/22 10,571.88 2.12%
6/30/20 6/30/20 190,000.00 912828S35 US TREASURY NOTESINTEREST 6/30/23 1,306.25 1.37%
6/30/20 6/30/20 350,000.00 9128284U1 US TREASURY N/B NOTESINTEREST 6/30/23 4,593.75 2.62%
TOTALS 94,896.33 240,580.58
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S&P
Rating
Accrued
Interest
Amortized
Cost
Market
Value
YTM
at Cost
Security Type/Description
CUSIP ParDated Date/Coupon/Maturity
U.S. Treasury Bond / Note
AA+ Aaa 9/18/2019 9/19/2019 489,056.25 4,968.13 485,334.86 493,800.001.74US TREASURY NOTES
DTD 08/15/2018 2.750% 08/15/2021
9128284W7 480,000.00
AA+ Aaa 8/30/2019 9/3/2019 312,452.93 1,184.46 313,509.54 318,445.311.54US TREASURY N/B NOTES
DTD 08/31/2016 1.125% 08/31/2021
9128282F6 315,000.00
AA+ Aaa 7/19/2019 7/23/2019 936,937.50 3,572.18 942,773.21 960,390.631.79US TREASURY N/B NOTES
DTD 08/31/2016 1.125% 08/31/2021
9128282F6 950,000.00
AA+ Aaa 10/17/2016 10/18/2016 154,957.03 1,002.72 151,187.68 153,187.501.30US TREASURY NOTES
DTD 09/02/2014 2.000% 08/31/2021
912828D72 150,000.00
AA+ Aaa 2/7/2020 2/10/2020 159,143.75 452.46 159,347.07 161,875.011.46US TREASURY NOTES
DTD 09/30/2016 1.125% 09/30/2021
912828T34 160,000.00
AA+ Aaa 9/27/2019 10/1/2019 322,395.12 1,905.28 319,675.30 325,926.561.70UNITED STATES TREASURY NOTES
DTD 10/15/2018 2.875% 10/15/2021
9128285F3 315,000.00
AA+ Aaa 10/17/2019 10/18/2019 3,610,750.00 12,925.00 3,580,021.74 3,649,800.001.61UNITED STATES TREASURY NOTES
DTD 11/15/2018 2.875% 11/15/2021
9128285L0 3,520,000.00
AA+ Aaa 11/8/2019 11/12/2019 491,250.00 1,762.50 487,694.14 497,700.001.68UNITED STATES TREASURY NOTES
DTD 11/15/2018 2.875% 11/15/2021
9128285L0 480,000.00
AA+ Aaa 6/26/2017 6/28/2017 946,358.79 50.82 938,779.37 960,566.451.72US TREASURY NOTES
DTD 01/03/2017 2.000% 12/31/2021
912828U81 935,000.00
AA+ Aaa 4/17/2017 4/17/2017 101,746.09 5.77 100,556.64 102,921.881.74US TREASURY NOTES
DTD 12/31/2014 2.125% 12/31/2021
912828G87 100,000.00
AA+ Aaa 7/5/2017 7/7/2017 1,008,143.55 6,420.33 1,019,152.26 1,046,460.941.88US TREASURY NOTES
DTD 02/02/2015 1.500% 01/31/2022
912828H86 1,025,000.00
AA+ Aaa 12/2/2019 12/4/2019 417,495.31 3,857.83 415,537.58 425,439.041.65US TREASURY NOTES
DTD 02/15/2019 2.500% 02/15/2022
9128286C9 410,000.00
AA+ Aaa 4/2/2018 4/4/2018 330,039.06 1,002.45 335,525.28 349,828.112.51US TREASURY N/B NOTES
DTD 04/30/2015 1.750% 04/30/2022
912828WZ9 340,000.00
AA+ Aaa 8/1/2019 8/5/2019 65,604.30 176.41 65,407.04 67,376.561.78UNITED STATES TREASURY NOTES
DTD 05/15/2019 2.125% 05/15/2022
9128286U9 65,000.00
AA+ Aaa 1/2/2020 1/6/2020 1,063,207.03 2,849.69 1,060,488.84 1,088,390.631.58UNITED STATES TREASURY NOTES
DTD 05/15/2019 2.125% 05/15/2022
9128286U9 1,050,000.00
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S&P
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Accrued
Interest
Amortized
Cost
Market
Value
YTM
at Cost
Security Type/Description
CUSIP ParDated Date/Coupon/Maturity
U.S. Treasury Bond / Note
AA+ Aaa 10/31/2019 11/4/2019 251,308.59 370.56 250,974.13 257,539.051.54US TREASURY NOTES
DTD 05/31/2017 1.750% 05/31/2022
912828XR6 250,000.00
AA+ Aaa 1/2/2018 1/4/2018 1,054,117.19 8,377.75 1,062,767.56 1,108,118.752.22US TREASURY NOTES
DTD 07/31/2017 1.875% 07/31/2022
9128282P4 1,070,000.00
AA+ Aaa 10/17/2019 10/18/2019 1,497,011.72 8,468.41 1,497,755.89 1,542,656.251.57UNITED STATES TREASURY NOTES
DTD 08/15/2019 1.500% 08/15/2022
912828YA2 1,500,000.00
AA+ Aaa 4/2/2018 4/4/2018 728,818.36 3,534.84 739,396.26 778,828.132.54US TREASURY NOTES
DTD 10/02/2017 1.875% 09/30/2022
9128282W9 750,000.00
AA+ Aaa 9/4/2018 9/6/2018 968,764.66 57.46 979,811.12 1,043,506.252.78US TREASURY NOTES
DTD 12/31/2015 2.125% 12/31/2022
912828N30 995,000.00
AA+ Aaa 3/2/2020 3/4/2020 1,255,840.63 6,391.29 1,253,540.04 1,273,979.690.80UNITED STATES TREASURY NOTES
DTD 02/15/2020 1.375% 02/15/2023
912828Z86 1,235,000.00
AA+ Aaa 12/4/2018 12/6/2018 685,521.48 2,733.61 699,875.03 751,394.502.85US TREASURY NOTES
DTD 03/31/2016 1.500% 03/31/2023
912828Q29 725,000.00
AA+ Aaa 2/8/2019 2/12/2019 298,580.86 1,168.85 302,404.91 321,285.922.44US TREASURY NOTES
DTD 03/31/2016 1.500% 03/31/2023
912828Q29 310,000.00
AA+ Aaa 5/1/2018 5/2/2018 653,300.00 2,620.49 671,686.12 720,302.312.82US TREASURY NOTES
DTD 03/31/2016 1.500% 03/31/2023
912828Q29 695,000.00
AA+ Aaa 12/2/2019 12/4/2019 435,618.75 978.28 433,044.23 451,368.751.65US TREASURY N/B NOTES
DTD 05/31/2018 2.750% 05/31/2023
9128284S6 420,000.00
AA+ Aaa 10/23/2019 10/25/2019 188,678.91 7.10 188,924.65 196,798.431.57US TREASURY NOTES
DTD 06/30/2016 1.375% 06/30/2023
912828S35 190,000.00
AA+ Aaa 1/16/2020 1/21/2020 362,140.63 24.97 360,574.72 375,593.751.59US TREASURY N/B NOTES
DTD 07/02/2018 2.625% 06/30/2023
9128284U1 350,000.00
AA+ Aaa 6/3/2019 6/5/2019 244,619.14 864.07 245,955.83 259,648.451.90US TREASURY N/B
DTD 09/30/2016 1.375% 09/30/2023
912828T26 250,000.00
AA+ Aaa 7/1/2019 7/3/2019 582,006.45 1,601.60 582,695.67 612,787.501.75US TREASURY NOTES
DTD 10/31/2016 1.625% 10/31/2023
912828T91 585,000.00
AA+ Aaa 10/17/2019 10/18/2019 525,488.28 1,217.55 521,132.90 545,625.001.59UNITED STATES TREASURY NOTES
DTD 11/30/2018 2.875% 11/30/2023
9128285P1 500,000.00
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Accrued
Interest
Amortized
Cost
Market
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YTM
at Cost
Security Type/Description
CUSIP ParDated Date/Coupon/Maturity
U.S. Treasury Bond / Note
AA+ Aaa 5/1/2019 5/3/2019 526,128.51 2,831.01 527,045.67 567,762.502.28US TREASURY N/B
DTD 03/31/2017 2.125% 03/31/2024
912828W71 530,000.00
AA+ Aaa 8/27/2019 8/29/2019 533,771.88 1,752.17 531,293.59 555,262.501.41US TREASURY N/B NOTES
DTD 05/01/2017 2.000% 04/30/2024
912828X70 520,000.00
AA+ Aaa 7/1/2019 7/3/2019 788,378.91 42.39 786,706.80 834,843.751.77US TREASURY N/B NOTES
DTD 06/30/2017 2.000% 06/30/2024
912828XX3 780,000.00
AA+ Aaa 10/17/2019 10/18/2019 1,865,250.00 16,089.97 1,855,738.23 1,957,781.161.59US TREASURY NOTES
DTD 08/15/2014 2.375% 08/15/2024
912828D56 1,800,000.00
AA+ Aaa 12/2/2019 12/4/2019 1,449,176.56 7,584.97 1,445,699.22 1,532,712.501.68US TREASURY NOTES
DTD 10/02/2017 2.125% 09/30/2024
9128282Y5 1,420,000.00
AA+ Aaa 1/2/2020 1/6/2020 577,249.02 1,016.92 576,037.80 611,347.631.66US TREASURY N/B
DTD 11/30/2017 2.125% 11/30/2024
9128283J7 565,000.00
AA+ Aaa 2/3/2020 2/5/2020 284,755.08 2,818.68 283,564.63 297,421.881.36UNITED STATES TREASURY NOTES
DTD 01/31/2018 2.500% 01/31/2025
9128283V0 270,000.00
AA+ Aaa 3/30/2020 3/31/2020 1,104,237.30 7,715.66 1,100,146.49 1,106,359.380.40US TREASURY N/B
DTD 02/17/2015 2.000% 02/15/2025
912828J27 1,025,000.00
1.74 28,305,032.65 27,271,762.04 120,404.63 27,030,000.00 27,270,299.62Security Type Sub-Total
Supra-National Agency Bond / Note
AAA Aaa 7/18/2018 7/25/2018 269,368.20 3,258.75 269,776.50 277,108.292.83INTL BANK OF RECONSTRUCTION
AND DEV NOTE
DTD 07/25/2018 2.750% 07/23/2021
459058GH0 270,000.00
AAA Aaa 6/4/2018 6/6/2018 255,509.80 2,943.06 257,522.01 274,448.462.90INTER-AMERICAN DEVELOPMENT
BANK NOTE
DTD 01/18/2018 2.500% 01/18/2023
4581X0DA3 260,000.00
AAA Aaa 4/17/2020 4/24/2020 399,864.00 205.56 399,872.22 402,352.400.51INTER-AMERICAN DEVEL BK
CORPORATE NOTES
DTD 04/24/2020 0.500% 05/24/2023
4581X0DM7 400,000.00
1.87 953,909.15 927,170.73 6,407.37 930,000.00 924,742.00Security Type Sub-Total
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Amortized
Cost
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YTM
at Cost
Security Type/Description
CUSIP ParDated Date/Coupon/Maturity
Municipal Bond / Note
AA- Aa2 4/18/2018 4/25/2018 585,023.40 4,095.00 585,005.98 595,921.952.80CA ST TXBL GO BONDS
DTD 04/25/2018 2.800% 04/01/2021
13063DGA0 585,000.00
AA+ Aa1 1/10/2020 2/12/2020 690,000.00 5,216.44 690,000.00 725,976.601.96AZ TRAN BOARD TXBL REV BONDS
DTD 02/12/2020 1.958% 07/01/2024
040654XU4 690,000.00
A A1 5/29/2020 6/11/2020 100,000.00 111.00 100,000.00 103,240.002.00CT ST TXBL GO BONDS
DTD 06/11/2020 1.998% 07/01/2024
20772KJW0 100,000.00
AAA Aaa 9/18/2019 10/16/2019 165,000.00 1,406.63 165,000.00 174,533.702.05SAN DIEGO CCD, CA TXBL GO BONDS
DTD 10/16/2019 2.046% 08/01/2024
797272QP9 165,000.00
NR Aaa 9/20/2019 10/9/2019 400,000.00 3,368.33 400,000.00 420,788.002.02TAMALPAIS UHSD, CA TXBL GO
BONDS
DTD 10/09/2019 2.021% 08/01/2024
874857KK0 400,000.00
AA- Aa2 4/17/2020 4/22/2020 533,970.00 4,312.50 530,656.64 543,789.001.05CA ST T/E GO BONDS
DTD 04/22/2020 5.000% 03/01/2025
13063DUY2 450,000.00
1.98 2,564,249.25 2,470,662.62 18,509.90 2,390,000.00 2,473,993.40Security Type Sub-Total
Federal Agency Collateralized Mortgage Obligation
AA+ Aaa 1/19/2016 1/29/2016 67,791.06 119.25 67,199.75 67,115.411.92FANNIE MAE SERIES 2016-M1 ASQ2
DTD 01/01/2016 2.132% 02/01/2021
3136AQV56 67,121.03
AA+ Aaa 4/4/2018 4/9/2018 605,109.38 1,545.00 602,468.72 616,852.122.88FHLMC SERIES K721 A2
DTD 12/01/2015 3.090% 08/01/2022
3137BM6P6 600,000.00
AA+ Aaa 9/4/2019 9/9/2019 198,106.45 371.53 197,463.28 200,565.171.86FNA 2013-M7 A2
DTD 05/01/2013 2.280% 12/01/2022
3136AEGQ4 195,544.62
AA+ Aaa 12/7/2018 12/17/2018 215,036.86 573.97 215,037.08 221,907.963.20FHMS KP05 A
DTD 12/01/2018 3.203% 07/01/2023
3137FKK39 215,037.51
AA+ Aaa 12/13/2019 12/18/2019 431,979.57 1,148.68 429,423.43 447,961.582.14FANNIEMAE-ACES
DTD 04/01/2014 3.346% 03/01/2024
3136AJB54 411,960.85
AA+ Aaa 11/20/2019 11/26/2019 172,234.91 300.27 172,235.44 176,409.102.09FHMS KJ27 A1
DTD 11/01/2019 2.092% 07/25/2024
3137FQ3V3 172,239.03
AA+ Aaa 2/28/2018 3/13/2018 217,122.59 612.36 215,610.12 221,469.713.11FHMS K730 A1
DTD 03/01/2018 3.452% 09/01/2024
3137FEU99 212,871.13
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Moody's
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S&P
Rating
Accrued
Interest
Amortized
Cost
Market
Value
YTM
at Cost
Security Type/Description
CUSIP ParDated Date/Coupon/Maturity
Federal Agency Collateralized Mortgage Obligation
AA+ Aaa 3/19/2020 3/25/2020 414,564.84 1,007.91 413,460.37 433,751.011.97FHMS K043 A2
DTD 03/01/2015 3.062% 12/25/2024
3137BGK24 395,000.00
2.46 2,386,032.06 2,312,898.19 5,678.97 2,269,774.17 2,321,945.66Security Type Sub-Total
Federal Agency Bond / Note
AA+ Aaa 2/20/2020 2/21/2020 678,748.80 3,376.39 678,898.90 699,737.681.44FEDERAL HOME LOAN BANKS NOTES
DTD 02/21/2020 1.375% 02/17/2023
3130AJ7E3 680,000.00
AA+ Aaa 4/17/2020 4/20/2020 798,000.00 591.67 798,131.51 802,214.400.46FREDDIE MAC NOTES
DTD 04/20/2020 0.375% 04/20/2023
3137EAEQ8 800,000.00
AA+ Aaa 5/5/2020 5/7/2020 564,762.70 317.81 564,774.64 566,426.630.39FREDDIE MAC NOTES
DTD 05/07/2020 0.375% 05/05/2023
3137EAER6 565,000.00
AA+ Aaa 5/20/2020 5/22/2020 1,026,899.70 278.96 1,027,012.95 1,028,939.100.35FANNIE MAE NOTES
DTD 05/22/2020 0.250% 05/22/2023
3135G04Q3 1,030,000.00
AA+ Aaa 6/24/2020 6/26/2020 917,313.60 31.94 917,325.87 919,022.040.35FREDDIE MAC NOTES
DTD 06/26/2020 0.250% 06/26/2023
3137EAES4 920,000.00
AA+ Aaa 1/7/2019 1/9/2019 747,395.25 7,680.47 740,307.15 795,739.702.67FEDERAL HOME LOAN BANK NOTES
DTD 08/28/2013 3.375% 09/08/2023
313383YJ4 725,000.00
AA+ Aaa 12/4/2018 12/6/2018 864,786.60 9,004.69 859,908.81 932,936.202.98FEDERAL HOME LOAN BANK NOTES
DTD 08/28/2013 3.375% 09/08/2023
313383YJ4 850,000.00
AA+ Aaa 1/30/2019 1/31/2019 859,610.69 1,800.47 852,430.26 921,625.412.72FEDERAL HOME LOAN BANKS NOTES
DTD 12/09/2013 3.375% 12/08/2023
3130A0F70 835,000.00
AA+ Aaa 2/7/2019 2/8/2019 816,949.60 8,313.89 817,801.30 883,045.702.58FANNIE MAE NOTES
DTD 02/08/2019 2.500% 02/05/2024
3135G0V34 820,000.00
AA+ Aaa 3/30/2020 3/31/2020 2,108,645.00 35,534.72 2,087,997.10 2,105,761.000.62FEDERAL HOME LOAN BANK NOTES
DTD 08/20/2004 5.375% 08/15/2024
3133X8EW8 1,750,000.00
AA+ Aaa 1/8/2020 1/10/2020 433,612.35 3,357.66 433,743.96 458,071.101.69FANNIE MAE NOTES
DTD 01/10/2020 1.625% 01/07/2025
3135G0X24 435,000.00
AA+ Aaa 3/3/2020 3/4/2020 1,800,995.00 9,989.58 1,797,634.86 1,834,808.500.90FREDDIE MAC NOTES
DTD 02/14/2020 1.500% 02/12/2025
3137EAEP0 1,750,000.00
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Rating
Accrued
Interest
Amortized
Cost
Market
Value
YTM
at Cost
Security Type/Description
CUSIP ParDated Date/Coupon/Maturity
Federal Agency Bond / Note
AA+ Aaa 4/15/2020 4/16/2020 477,619.20 500.00 477,718.40 481,184.640.60FEDERAL HOME LOAN BANK NOTES
DTD 04/16/2020 0.500% 04/14/2025
3130AJHU6 480,000.00
AA+ Aaa 6/25/2020 6/26/2020 300,327.00 312.50 300,326.07 300,740.400.48FEDERAL HOME LOAN BANK NOTES
DTD 04/16/2020 0.500% 04/14/2025
3130AJHU6 300,000.00
AA+ Aaa 6/2/2020 6/4/2020 452,709.00 523.44 452,667.98 453,788.100.50FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025
3135G03U5 450,000.00
AA+ Aaa 4/22/2020 4/24/2020 523,918.50 610.67 523,958.82 529,419.450.67FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025
3135G03U5 525,000.00
1.22 13,713,460.05 13,330,638.58 82,224.86 12,915,000.00 13,372,292.99Security Type Sub-Total
Corporate Note
A A2 9/5/2017 9/8/2017 488,985.70 3,944.50 489,832.60 494,074.351.86IBM CREDIT CORP NOTE
DTD 09/08/2017 1.800% 01/20/2021
44932HAB9 490,000.00
A+ A1 2/22/2018 2/27/2018 119,941.20 1,120.00 119,986.99 121,871.522.82PACCAR FINANCIAL CORP NOTES
DTD 02/27/2018 2.800% 03/01/2021
69371RN93 120,000.00
A A2 3/8/2018 3/13/2018 139,904.80 1,218.68 139,977.92 142,268.562.90JOHN DEERE CAPITAL CORP NOTES
DTD 03/13/2018 2.875% 03/12/2021
24422EUD9 140,000.00
A A2 4/12/2018 4/19/2018 248,942.50 2,134.72 249,743.85 254,054.753.05NATIONAL RURAL UTIL COOP NOTE
DTD 02/26/2018 2.900% 03/15/2021
63743HER9 250,000.00
A A2 2/21/2018 2/26/2018 234,739.15 2,006.64 234,939.77 238,811.472.94NATIONAL RURAL UTIL COOP NOTE
DTD 02/26/2018 2.900% 03/15/2021
63743HER9 235,000.00
A- A2 11/9/2017 11/14/2017 389,383.80 1,998.75 389,853.44 394,974.062.10UNITED PARCEL SERVICE
CORPORATE BOND
DTD 11/14/2017 2.050% 04/01/2021
911312BP0 390,000.00
A+ A1 10/5/2017 10/10/2017 209,958.00 886.67 209,990.57 212,666.792.01PEPSICO INC CORP (CALLABLE)
NOTE
DTD 10/10/2017 2.000% 04/15/2021
713448DX3 210,000.00
BBB+ A3 10/27/2017 10/31/2017 486,969.10 2,334.06 485,423.65 492,279.852.50GOLDMAN SACHS GRP INC CORP NT
(CALLABLE)
DTD 04/25/2016 2.625% 04/25/2021
38141GVU5 485,000.00
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Interest
Amortized
Cost
Market
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at Cost
Security Type/Description
CUSIP ParDated Date/Coupon/Maturity
Corporate Note
A A1 5/3/2018 5/10/2018 234,837.85 930.86 234,953.17 240,728.833.12HERSHEY COMPANY CORP NOTES
DTD 05/10/2018 3.100% 05/15/2021
427866BA5 235,000.00
A A2 5/17/2018 5/22/2018 319,990.40 1,155.56 319,997.16 327,168.003.25CHARLES SCHWAB CORP NOTES
DTD 05/22/2018 3.250% 05/21/2021
808513AW5 320,000.00
A- A3 10/3/2018 10/10/2018 569,726.40 1,122.19 569,875.38 591,815.613.39AMERICAN HONDA FINANCE CORP
NOTES
DTD 10/10/2018 3.375% 12/10/2021
02665WCP4 570,000.00
A A2 3/10/2017 3/15/2017 333,522.65 4,315.45 334,534.44 345,896.882.75JOHN DEERE CAPITAL CORP NOTES
DTD 01/06/2017 2.650% 01/06/2022
24422ETL3 335,000.00
A- A2 6/19/2017 6/22/2017 231,900.10 5,095.96 214,175.23 221,183.932.64BANK OF AMERICA CORP CORP
NOTES
DTD 01/24/2012 5.700% 01/24/2022
06051GEM7 205,000.00
A A1 6/7/2017 6/9/2017 328,955.25 3,380.00 326,312.11 335,543.982.32BANK OF NY MELLON CORP
(CALLABLE) NOTES
DTD 02/07/2017 2.600% 02/07/2022
06406RAA5 325,000.00
A A2 11/27/2018 12/6/2018 229,369.80 2,491.67 229,675.56 241,222.163.34HOME DEPOT INC
DTD 12/06/2018 3.250% 03/01/2022
437076BV3 230,000.00
A- A3 4/3/2017 4/6/2017 735,511.50 5,018.75 731,872.06 756,501.192.59BB&T CORP (CALLABLE) NOTES
DTD 03/21/2017 2.750% 04/01/2022
05531FAX1 730,000.00
A- A3 4/2/2019 4/4/2019 553,355.00 512.57 552,056.47 575,527.152.85BRANCH BANKING & TRUST CORP
NOTES
DTD 03/18/2019 3.050% 06/20/2022
05531FBG7 550,000.00
A- A3 8/29/2017 9/1/2017 505,656.15 6,988.72 493,643.52 512,117.812.20COMCAST CORPORATION CORP
NOTES
DTD 07/02/2012 3.125% 07/15/2022
20030NBD2 485,000.00
A+ A1 12/26/2018 12/28/2018 553,959.90 678.00 558,160.93 597,661.523.23INTEL CORP CORP NOTES
DTD 12/11/2012 2.700% 12/15/2022
458140AM2 565,000.00
A- A2 11/5/2018 11/7/2018 547,620.60 7,742.89 554,458.77 584,054.633.77JPMORGAN CHASE & CO (CALLABLE)
NOTES
DTD 12/08/2016 2.972% 01/15/2023
48128BAB7 565,000.00
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For the Quarter Ended June 30, 2020
Portfolio Holdings
Managed Account Detail of Securities Held
Original
Cost
Settle
Date
Trade
Date
Moody's
Rating
S&P
Rating
Accrued
Interest
Amortized
Cost
Market
Value
YTM
at Cost
Security Type/Description
CUSIP ParDated Date/Coupon/Maturity
Corporate Note
A A2 1/22/2020 2/3/2020 64,910.95 454.28 64,923.08 67,332.011.75ADOBE INC CORP NOTE
DTD 02/03/2020 1.700% 02/01/2023
00724PAA7 65,000.00
A+ A1 4/29/2020 5/1/2020 134,732.70 168.75 134,747.59 136,220.670.82PEPSICO INC CORPORATE NOTES
DTD 05/01/2020 0.750% 05/01/2023
713448EY0 135,000.00
AA Aa2 5/7/2020 5/11/2020 135,000.00 213.94 135,000.00 137,237.091.14CHEVRON CORP CORPORATE
NOTES
DTD 05/11/2020 1.141% 05/11/2023
166764BV1 135,000.00
BBB Baa2 5/1/2019 5/3/2019 492,207.10 2,169.03 490,127.66 517,728.293.10CITIGROUP INC CORP NOTES
DTD 05/14/2013 3.500% 05/15/2023
172967GT2 485,000.00
AA- A2 6/1/2020 6/3/2020 154,783.00 48.22 154,788.55 154,900.490.45AMAZON.COM INC CORPORATE
NOTES
DTD 06/03/2020 0.400% 06/03/2023
023135BP0 155,000.00
A+ A1 6/1/2020 6/8/2020 164,770.65 84.33 164,775.47 165,115.500.85PACCAR FINANCIAL CORP
CORPORATE NOTES
DTD 06/08/2020 0.800% 06/08/2023
69371RQ82 165,000.00
A- A3 5/10/2019 5/14/2019 512,995.00 1,463.89 509,632.54 544,473.002.79ABBOTT LABORATORIES CORP
NOTES
DTD 11/22/2016 3.400% 11/30/2023
002824BE9 500,000.00
BBB+ A3 5/31/2019 6/4/2019 543,652.80 6,457.17 540,540.53 575,591.662.81AMERICAN EXPRESS CO CORP
NOTES
DTD 02/22/2019 3.400% 02/22/2024
025816CC1 530,000.00
AA- A1 4/2/2019 4/4/2019 779,317.00 6,688.31 776,976.15 832,425.442.69PFIZER INC CORP NOTES
DTD 03/11/2019 2.950% 03/15/2024
717081ES8 770,000.00
BBB+ A3 7/19/2019 7/23/2019 952,677.00 6,006.25 942,274.65 994,231.802.56MORGAN STANLEY CORP NOTES
DTD 04/28/2014 3.875% 04/29/2024
61746BDQ6 900,000.00
A+ A1 9/3/2019 9/6/2019 231,738.75 910.00 230,511.66 240,162.531.93UNILEVER CAPITAL CORP
(CALLABLE) BONDS
DTD 05/05/2017 2.600% 05/05/2024
904764AX5 225,000.00
A A3 7/10/2019 7/12/2019 194,465.00 661.83 193,569.98 205,481.012.33CATERPILLAR FINL SERVICE CORP
NOTES
DTD 05/17/2019 2.850% 05/17/2024
14913Q2V0 190,000.00
PFM Asset Management LLC
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For the Quarter Ended June 30, 2020
Portfolio Holdings
Managed Account Detail of Securities Held
Original
Cost
Settle
Date
Trade
Date
Moody's
Rating
S&P
Rating
Accrued
Interest
Amortized
Cost
Market
Value
YTM
at Cost
Security Type/Description
CUSIP ParDated Date/Coupon/Maturity
Corporate Note
A A3 7/1/2019 7/3/2019 368,586.00 1,254.00 366,830.21 389,332.442.33CATERPILLAR FINL SERVICE CORP
NOTES
DTD 05/17/2019 2.850% 05/17/2024
14913Q2V0 360,000.00
A- Baa1 9/16/2019 9/18/2019 308,307.00 393.33 306,930.49 306,665.702.33WASTE MANAGEMENT INC CORP
NOTES
DTD 05/22/2019 2.950% 06/15/2024
94106LBF5 300,000.00
A+ A1 7/30/2019 8/1/2019 564,497.15 5,687.67 564,589.45 600,320.412.42US BANCORP
DTD 07/29/2019 2.400% 07/30/2024
91159HHX1 565,000.00
A- A2 9/3/2019 9/6/2019 612,490.80 3,677.19 612,903.03 636,805.441.83WALT DISNEY COMPANY/THE
DTD 09/06/2019 1.750% 08/30/2024
254687FK7 615,000.00
A A1 1/21/2020 1/28/2020 215,946.00 840.29 215,861.29 225,976.402.00BANK OF NY MELLON CORP
DTD 10/24/2019 2.100% 10/24/2024
06406RAL1 215,000.00
A- A3 11/5/2019 11/8/2019 399,868.00 1,466.67 399,885.12 423,414.802.21PNC BANK NA CORP NOTES
DTD 11/01/2019 2.200% 11/01/2024
693475AY1 400,000.00
A+ A1 5/20/2020 5/26/2020 252,442.50 1,725.00 252,391.50 258,230.251.58TOYOTA MOTOR CREDIT CORP CORP
NOTES
DTD 02/13/2020 1.800% 02/13/2025
89236TGT6 250,000.00
A+ A1 5/20/2020 5/26/2020 227,198.25 1,552.50 227,152.35 232,407.231.58TOYOTA MOTOR CREDIT CORP CORP
NOTES
DTD 02/13/2020 1.800% 02/13/2025
89236TGT6 225,000.00
AA Aa2 5/13/2020 5/15/2020 276,364.00 593.54 276,328.23 281,970.981.45CHEVRON CORP (CALLABLE) NOTES
DTD 05/11/2020 1.554% 05/11/2025
166764BW9 275,000.00
AA+ Aa1 5/12/2020 5/14/2020 400,840.00 625.00 400,817.51 407,809.601.08APPLE INC (CALLABLE) CORP NOTES
DTD 05/11/2020 1.125% 05/11/2025
037833DT4 400,000.00
2.48 16,014,255.78 15,401,020.63 98,217.83 15,295,000.00 15,451,019.50Security Type Sub-Total
Certificate of Deposit
A-1 P-1 11/16/2017 11/17/2017 975,000.00 2,705.09 975,000.00 981,817.202.27SWEDBANK (NEW YORK) CERT
DEPOS
DTD 11/17/2017 2.270% 11/16/2020
87019U6D6 975,000.00
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For the Quarter Ended June 30, 2020
Portfolio Holdings
Managed Account Detail of Securities Held
Original
Cost
Settle
Date
Trade
Date
Moody's
Rating
S&P
Rating
Accrued
Interest
Amortized
Cost
Market
Value
YTM
at Cost
Security Type/Description
CUSIP ParDated Date/Coupon/Maturity
Certificate of Deposit
A-1 P-1 2/27/2019 2/28/2019 490,000.00 5,093.55 490,000.00 498,892.522.94MUFG BANK LTD/NY CERT DEPOS
DTD 02/28/2019 2.970% 02/26/2021
55379WZT6 490,000.00
A-1 P-1 4/3/2019 4/4/2019 550,000.00 3,718.31 550,000.00 559,901.102.83CREDIT AGRICOLE CIB NY CERT
DEPOS
DTD 04/04/2019 2.830% 04/02/2021
22535CDU2 550,000.00
A-1+ P-1 6/7/2018 6/8/2018 975,000.00 2,106.00 975,000.00 1,002,221.033.24ROYAL BANK OF CANADA NY CD
DTD 06/08/2018 3.240% 06/07/2021
78012UEE1 975,000.00
A A1 2/14/2020 2/19/2020 560,000.00 3,696.00 560,000.00 563,477.601.80SOCIETE GENERALE NY CERT
DEPOS
DTD 02/19/2020 1.800% 02/14/2022
83369XDL9 560,000.00
A+ Aa2 8/29/2019 9/3/2019 600,000.00 3,906.00 600,000.00 618,349.801.85SKANDINAV ENSKILDA BANK LT CD
DTD 09/03/2019 1.860% 08/26/2022
83050PDR7 600,000.00
AA- Aa3 8/27/2019 8/29/2019 600,000.00 3,885.00 600,000.00 618,221.401.84NORDEA BANK ABP NEW YORK CERT
DEPOS
DTD 08/29/2019 1.850% 08/26/2022
65558TLL7 600,000.00
AA- Aa2 12/4/2019 12/6/2019 500,000.00 821.67 500,000.00 519,110.502.03DNB BANK ASA/NY LT CD
DTD 12/06/2019 2.040% 12/02/2022
23341VZT1 500,000.00
2.40 5,361,991.15 5,250,000.00 25,931.62 5,250,000.00 5,250,000.00Security Type Sub-Total
Asset-Backed Security
AAA Aaa 9/18/2018 9/26/2018 96,329.73 93.61 96,334.65 96,845.103.18GMALT 2018-3 A3
DTD 09/26/2018 3.180% 06/20/2021
36256GAD1 96,337.35
NR Aaa 9/18/2018 9/21/2018 204,066.08 289.34 204,075.55 205,524.923.19FORDL 2018-B A3
DTD 09/21/2018 3.190% 12/15/2021
34531LAD2 204,083.32
NR Aaa 2/21/2018 2/28/2018 60,171.89 71.14 60,174.34 60,636.672.66JDOT 2018-A A3
DTD 02/28/2018 2.660% 04/15/2022
47788CAC6 60,176.21
AAA NR 10/1/2019 10/4/2019 199,996.84 121.61 199,997.59 203,333.181.99VWALT 2019-A A3
DTD 10/04/2019 1.990% 11/21/2022
92867XAD8 200,000.00
AAA Aaa 8/14/2018 8/22/2018 274,951.08 369.11 274,972.16 280,618.333.02TOYOTA ABS 2018-C A3
DTD 08/22/2018 3.020% 12/15/2022
89231AAD3 275,000.00
PFM Asset Management LLC
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For the Quarter Ended June 30, 2020
Portfolio Holdings
Managed Account Detail of Securities Held
Original
Cost
Settle
Date
Trade
Date
Moody's
Rating
S&P
Rating
Accrued
Interest
Amortized
Cost
Market
Value
YTM
at Cost
Security Type/Description
CUSIP ParDated Date/Coupon/Maturity
Asset-Backed Security
AAA Aaa 7/17/2018 7/25/2018 259,846.18 349.94 259,850.50 263,342.343.03MBART 2018-1 A3
DTD 07/25/2018 3.030% 01/15/2023
58772RAD6 259,856.16
AAA NR 7/11/2018 7/18/2018 70,551.88 88.80 70,558.55 71,805.553.03GMCAR 2018-3 A3
DTD 07/18/2018 3.020% 05/16/2023
36255JAD6 70,568.35
AAA NR 4/3/2019 4/10/2019 244,967.76 289.64 244,977.22 251,126.452.66HYUNDAI AUTO RECEIVABLES TRUST
DTD 04/10/2019 2.660% 06/15/2023
44932NAD2 245,000.00
AAA Aaa 4/30/2019 5/8/2019 279,955.34 319.82 279,967.36 287,953.152.57TAOT 2019-B A3
DTD 05/08/2019 2.570% 08/15/2023
89239JAD6 280,000.00
AAA Aaa 5/21/2019 5/30/2019 164,966.57 184.07 164,974.73 169,351.912.51COPAR 2019-1 A3
DTD 05/30/2019 2.510% 11/15/2023
14042WAC4 165,000.00
NR Aaa 1/8/2019 1/16/2019 284,968.45 352.69 284,977.96 291,190.202.97GMCAR 2019-1 A3
DTD 01/16/2019 2.970% 11/16/2023
36256XAD4 285,000.00
AAA Aaa 4/30/2019 5/8/2019 199,956.04 234.67 199,967.02 204,974.042.65FIFTH THIRD AUTO TRUST
DTD 05/08/2019 2.640% 12/15/2023
31680YAD9 200,000.00
AAA NR 10/29/2019 11/6/2019 169,992.16 146.58 169,993.35 174,228.781.94HART 2019-B A3
DTD 11/06/2019 1.940% 02/15/2024
44891JAC2 170,000.00
NR Aaa 10/24/2019 10/31/2019 409,911.93 344.40 409,923.80 423,628.401.89DCENT 2019-A3 A
DTD 10/31/2019 1.890% 10/15/2024
254683CM5 410,000.00
AAA NR 1/14/2020 1/22/2020 149,970.57 126.00 149,973.22 154,333.081.89CARMX 2020-1 A3
DTD 01/22/2020 1.890% 12/16/2024
14315XAC2 150,000.00
2.57 3,138,892.10 3,070,718.00 3,381.42 3,071,021.39 3,070,602.50Security Type Sub-Total
70,134,895.67 69,150,795.56 360,756.60 70,034,870.79 72,437,822.19 1.92 Managed Account Sub Total
Money Market Mutual Fund
AAAm NR 134,295.53 0.00 134,295.53 134,295.53CAMP Pool 134,295.53
134,295.53 134,295.53 0.00 134,295.53 134,295.53Money Market Sub Total
PFM Asset Management LLC
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39Page 169 of 263
For the Quarter Ended June 30, 2020
Portfolio Holdings
$360,756.60 $70,169,166.32 $72,572,117.72 Securities Sub-Total
Accrued Interest $360,756.60
Total Investments $72,932,874.32
1.92%$69,285,091.09 $70,269,191.20
Bolded items are forward settling trades.
PFM Asset Management LLC
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
40Page 170 of 263
Appendix
Page 171 of 263
For the Quarter Ended June 30, 2020
Appendix
IMPORTANT DISCLOSURES
This material is based on information obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management LLC cannot
guarantee its accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or a specific
recommendation. All statements as to what will or may happen under certain circumstances are based on assumptions, some, but not all of which, are noted in the
presentation. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in
assumptions may have a material effect on results. Past performance does not necessarily reflect and is not a guaranty of future results. The information contained in
this presentation is not an offer to purchase or sell any securities.
Dime
à Market values that include accrued interest are derived from closing bid prices as of the last business day of the month as supplied by Refinitiv, Bloomberg,
or Telerate. Where prices are not available from generally recognized sources, the securities are priced using a yield based matrix system to arrive at an estimated
market value.
à In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthly
balances, and forward settling sales are excluded.
à Performance is presented in accordance with the CFA Institute ’s Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is shown
gross of fees. Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Past
performance is not indicative of future returns.
à Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets.
à Money market fund/cash balances are included in performance and duration computations.
à Standard & Poorʼs is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.
à Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity.
à MBS maturities are represented by expected average life.
PFM Asset Management LLC
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For the Quarter Ended June 30, 2020
Appendix
GLOSSARY
à ACCRUED INTEREST: Interest that is due on a bond or other fixed income security since the last interest payment was made.
à AGENCIES: Federal agency securities and/or Government-sponsored enterprises.
à AMORTIZED COST: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase
date until the date of the report. Discount or premium with respect to short-term securities (those with less than one year to maturity at time of issuance) is amortized
on a straight line basis. Such discount or premium with respect to longer-term securities is amortized using the constant yield basis.
à BANKERS’ ACCEPTANCE: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the
insurer.
à COMMERCIAL PAPER: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.
à CONTRIBUTION TO DURATION: Represents each sector or maturity range ’s relative contribution to the overall duration of the portfolio measured as a percentage
weighting. Since duration is a key measure of interest rate sensitivity, the contribution to duration measures the relative amount or contribution of that sector or
maturity range to the total rate sensitivity of the portfolio.
à EFFECTIVE DURATION: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.
à EFFECTIVE YIELD: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compounding
on investment returns, while nominal yield does not.
à FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.
à INTEREST RATE: Interest per year divided by principal amount and expressed as a percentage.
à MARKET VALUE: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.
à MATURITY: The date upon which the principal or stated value of an investment becomes due and payable.
à NEGOTIABLE CERTIFICATES OF DEPOSIT: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.
à PAR VALUE: The nominal dollar face amount of a security.
à PASS THROUGH SECURITY: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the
mortgage-backed security.
PFM Asset Management LLC
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42Page 173 of 263
For the Quarter Ended June 30, 2020
Appendix
GLOSSARY
à REPURCHASE AGREEMENTS: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.
à SETTLE DATE: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments and
maturity proceeds) occurs on a non-business day, the funds are exchanged on the next business day.
à TRADE DATE: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place.
à UNSETTLED TRADE: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place.
à U.S. TREASURY: The department of the U.S. government that issues Treasury securities.
à YIELD: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a
percentage on an annualized basis.
à YTM AT COST: The yield to maturity at cost is the expected rate of return based on the original cost, the annual interest receipts, maturity value, and the time period from
purchase date to maturity, stated as a percentage on an annualized basis.
à YTM AT MARKET: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the time
period remaining until maturity, stated as a percentage on an annualized basis.
PFM Asset Management LLC
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43Page 174 of 263
Total Current Current2019/20 Balance at Period Period Balance at
Member Contribution 7/1/2019 Receipts (Withdrawals) 6/30/2020Adelanto 5,000.00$ -$ 5,000.00$ -$ 5,000.00$ Bell 5,000.00 3,115.00 5,000.00 - 8,115.00 Downey 5,000.00 6,376.00 5,000.00 - 11,376.00 El Monte - 25,000.00 - (1,030.00) 23,970.00 El Segundo 5,000.00 18,049.07 5,000.00 - 23,049.07 Fullerton 5,000.00 10,551.21 5,000.00 - 15,551.21 Glendora - 24,190.49 - (3,478.40) 20,712.09 Hawthorne 5,000.00 735.44 5,000.00 (2,321.87) 3,413.57 Hermosa Beach 5,000.00 13,354.47 5,000.00 (754.00) 17,600.47 Huntington Park - 21,240.45 - (5,357.10) 15,883.35 Inglewood - 24,914.85 - (2,116.52) 22,798.33 Lynwood 5,000.00 14,236.12 5,000.00 - 19,236.12 Monterey Park - 27,843.48 - (6,868.10) 20,975.38 San Fernando 5,000.00 4,937.26 5,000.00 - 9,937.26 Santa Ana 5,000.00 - 5,000.00 - 5,000.00 South Gate 5,000.00 - 5,000.00 (590.00) 4,410.00
Total 55,000.00$ 194,543.84$ 55,000.00$ (22,515.99)$ 227,027.85$
Notes:1. Each member (optional) may contribute up to $5,000/annually.
2. Each members' accumulated contributions are capped at $25,000; no additional contributions may be madeuntil the member’s account balance falls below $25,000.
ICRMA~ Risk Management Fund ~** Fiscal Year Ended -- June 30, 2020 **
C:\Users\mt3885\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\09H9SXTA\202006 RM Fund Detail Working (1).xlsx\RM Fund
Page 175 of 263
ICRMA Member Funds Used
El Monte 1,030.00Glendora 1,095.00Glendora 826.88Glendora 1,556.52Hawthorne 2,321.87Hermosa Beach 255.00Hermosa Beach 499.00Huntington Park 5,357.10Inglewood 2,116.52Monterey Park 6,868.10South Gate 190.00South Gate 400.00
$22,515.99
LCW Conference - Registration/Travel (San Fran)Dual Monitor Arms for Stand-Up Desks (12)
Ergonomic Follow-Up ReviewErgonomic Evaluation and Report
July 1, 2019 - June 30, 2020
ICRMA Risk Management Fund Use Summary
Requested Use
200 Cloth Face Masks150 Cloth Face Masks
CPR/First-Aid Training
Total
Ergonomic EvaluationPublicWorks Training
Property Appraisal Project AssessmentApple iPad
Purchase of Chairs
Page 176 of 263
Total Current Current2020/21 Balance at Period Period Balance at
Member Contribution 7/1/2020 Receipts (Withdrawals) 6/30/2021Adelanto 5,000.00$ 5,000.00$ -$ -$ 5,000.00$ Bell 5,000.00 8,115.00 - - 8,115.00 Downey 5,000.00 11,376.00 - - 11,376.00 El Monte 1,030.00 23,970.00 - - 23,970.00 El Segundo 1,950.00 23,049.07 - - 23,049.07 Fullerton 5,000.00 15,551.21 - - 15,551.21 Glendora 4,287.00 20,712.09 - - 20,712.09 Hawthorne 5,000.00 3,413.57 - - 3,413.57 Hermosa Beach 5,000.00 17,600.47 - - 17,600.47 Huntington Park 5,000.00 15,883.35 - - 15,883.35 Inglewood 2,201.00 22,798.33 - - 22,798.33 Lynwood 5,000.00 19,236.12 - - 19,236.12 Monterey Park 4,024.00 20,975.38 - - 20,975.38 San Fernando 5,000.00 9,937.26 - - 9,937.26 Santa Ana 5,000.00 5,000.00 - - 5,000.00 South Gate 5,000.00 4,410.00 - - 4,410.00
Total 68,492.00$ 227,027.85$ -$ -$ 227,027.85$
Notes:1. Each member (optional) may contribute up to $5,000/annually.
2. Each members' accumulated contributions are capped at $25,000; no additional contributions may be madeuntil the member’s account balance falls below $25,000.
ICRMA~ Risk Management Fund ~** Fiscal Year 2020/21 -- Year To Date **
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ICRMA Member Funds Used
$0.00 Total
ICRMA Risk Management Fund Use Summary
Requested Use
July 1, 2020 - June 30, 2021
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August 13, 2020 Board of Directors
Subject: Risk Control Plan 2020-21 & Education, Promotion & Training Opportunities Action for consideration: Review and file Background: Each year the ICRMA Board adopts a Risk Control Plan. The 2020-21 plan was adopted in concept at the June 11, 2020 meeting, and the Board agreed to focus on several critical emerging exposures:
a. Police Liability b. Dangerous Condition c. Diversity inclusion program specific for fire/police
To address the challenges facing the members in these areas, the plan was rearranged. September, October, and November will highlight Police Lability, Diversity in the Workplace, and Dangerous Conditions to Public Property, respectively. These will be virtual Universities. The remainder of the year multiple training topics will coincide with the monthly Safety Bulletin. The revised Risk Control Plan for 2020-21 is attached. ICRMA Universities and training opportunities are held numerous times a year and focus on specific workers’ compensation and liability loss drivers that affect ICRMA members. Because of COVID-19, all in-person training has been suspended. To continue meeting member training needs, the Risk Control Plan has been expanded to provide more electronic resources such as a monthly Safety Bulletin. Several members have asked for virtual trainings which we have been able to accommodate via WebEx or other platforms. Recent virtual trainings: July 23, Adelanto: Preventing Harassment and Discrimination Future Trainings: August 12, Glendora: Safety Training To discuss specific training needs, contact Risk Control Director Bob May for assistance Attachments: Revised Risk Control Plan 2020-21 Prepared by: Bob May, Risk Control Director
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ICRMA 2020-21 Risk Control Plan
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University/Monthly Email Blasts July: University: dark Monthly email blast theme: Personal Protective Equipment / Tool Hazards / Hearing Conservation Resources/Policies:
• https://www.dir.ca.gov/dosh/ • Personal Protecting Equipment • Personal Protecting Equipment-Construction • Machine Guard Awareness • Hand & Power Tools Safety • Hand Safety • https://www.osha.gov/Publications/osha3151.pdf
Risk Management Webinar: ERM Beyond the Risk Assessment - Framework, Principles, and Integration August: University: dark Monthly email blast theme: Sidewalk/Tree Inspections Resources/Policies:
• https://www.icrma.org/members/risk-and-safety-model/liability/ • Sidewalk Liability Improvement Plan • Sidewalk inspection Program & Checklist • Sample Ordinance
Risk Management Webinar: Effective Risk Management Planning and Claim Response to Natural Disasters September: University: Police Liability – The Future of Accountability, Risk Management, and Misconduct Monthly email blast theme: Understanding Your Loss Run Resources/Policies:
• https://www.icrma.org/members/risk-and-safety-model/liability/ • Governing Documents: LMPP, MOC, TPA Performance Standards • Lessons Learned from Defense Panel • Dangerous Conditions • Employment Practices (Harassment/Discrimination, Seasonal Workers, Volunteers) • Sidewalk/Tree Inspection & Maintenance
Risk Management Webinar: Leveraging Telehealth to Redefine Intake and Proactively Manage Care October: University: Diversity in the Workplace for Public Safety Personnel (fire and police) Monthly email blast theme: Fire Safety – Change the Battery Resources/Policies:
• https://www.icrma.org/programs/insured/cyber-liability/ • www.nfpa.org • https://www.youtube.com/watch?v=gO8N3L_aERg,
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ICRMA 2020-21 Risk Control Plan
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• https://www.osha.gov/SLTC/etools/evacuation/fire.html Risk Management Webinar: Building a Peer Support Program November: University: Dangerous Conditions of Public Property – Hidden Liability Monthly email blast theme: Dangerous Driving Habits Resources/Policies:
• California Safety Standards – SHRM • https://www.icwgroup.com/pc/webinars/safely-home-everyone-everyday-influencing-culture-
safety-webinar/ • https://www.osha.gov/shpmguidelines/SHPM_guidelines.pdf • www.cdc.gov • www.nlm.nih.gov • www.dir.ca.gov
Risk Management Webinar: Emerging Risk and Insurance December: University: dark Monthly email blast theme: Ergonomics and soft tissue injury prevention Resources:
• https://www.safetynational.com/map-client-services/office-ergonomic-solutions/ • https://www.youtube.com/watch?v=PZWSc5EWDoA • https://www.osha.gov/SLTC/ergonomics/
Risk Management Webinar: Occupational Physicals and Employee Wellness – Redirecting Costs January: University: dark Monthly email blast theme: Avoiding Slips, Trips, and Falls Resources/Policies:
• Sidewalk Inspection Program Risk Management Webinar: Keeping staff safe - Library Safety -part 1 February: University: Lessons Learned – COVID 19 Monthly email blast theme: Ladder Safety: - A Hidden Hazard Resources/Policies:
• https://www.dir.ca.gov/dosh/etools/08-001/regs.htm • www.cdc.gov
Risk Management Webinar: Contractual Risk Transfer 101 – part 1
March: University: Seasonal Workforce Monthly email blast theme: Managing Volunteers Resources/Policies:
• https://www.dir.ca.gov/dosh/dosh_publications/IIPP-Model-intermittent.doc (English) • https://www.dir.ca.gov/dosh/dosh_publications/Spanish/IIPP-Model-intermittent-spanish.pdf (Spanish)
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ICRMA 2020-21 Risk Control Plan
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Risk Management Webinar: Contractual Risk Transfer 101 – part 2 April: University: Workplace Violence Monthly email blast theme: Workplace Violence Prevention Resources/Policies:
• www.osha.gov • Prevent the Threat • Workplace Violence Prevention Program
Risk Management Webinar: Contractual Risk Transfer 101 – part 3 May: University: Cyber Exposures Monthly email blast theme: Get Ready - Turn on The Heat Resources/Policies:
• https://www.dir.ca.gov/dosh/etools/08-006/ Risk Management Webinar: Keeping staff safe - Library Safety -part 2 June: University: Effective use of Safety or Risk Committees Monthly email blast theme: Streets and Sidewalks –Doing the Best with What You Have Resources/Policies:
• http://www.azrockproducts.org/wp-content/uploads/LN-Near-Miss.pdf • http://remagazine.coop/scrutinizing-safety-close-calls/ • https://www.nsc.org/work-safety/tools-resources/near-miss-
reporting?gclid=EAIaIQobChMI2cmftrXy3AIVC1uGCh3ZYQ4cEAAYASAAEgIgOPD_BwE) • https://www.dir.ca.gov/dosh/etools/09-002/whatrequired.htm
Risk Management Webinar: Heat Illness Prevention
Template Policies and Checklists: https://www.icrma.org/members/risk-and-safety-model/liability/
Member Training: In-person, specialized, training is offered through ICRMA Risk Control upon request.
Monthly Webinars Monthly webinars will be offered to ICRMA members through Enquiron, Safety National and PRIMA. The webinars have wide-ranging topics. Recent topics offered include:
1. Telecommuting 2. The Device Dilemma 3. Progressive Discipline 4. Employee Demands…A Deep Dive 5. Breach Reporting – Your Responsibilities and Liabilities 6. The Impact of Social Determinants of Health on your Workforce 7. Telehealth: Redefining Intake in WC
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ICRMA 2020-21 Risk Control Plan
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Link to Safety National Trainings: Safety National - Learning Management System – Downloadable Course Listing
ICRMA specific webinars: • Workers’ Compensation 101 • Contractual Risk Transfer (series of three or four 1-hour webinars)
Other Risk Management Projects: 1. Police Liability – Update whitepaper from 2013 2. Minimum Wage and Overtime Requirements 3. New Hire – Background Checklist 4. Lessons Learned – Defense Panel 5. Produce and Deliver Liability Benchmark Reports
Budget: Item Cost Notes
Training $5,000 Member trainings that are not provided through the risk control contract
Training – defense panel symposium
$3,000 50 attendees
Universities $15,000 8 in-person; $1,700 each ($1,200 refreshments, $500 speakers)
Webinars $0 At least 1 per month; free through Enquiron, Safety National
Special Project: Benchmarking (liability)
$5,500 Develop reports for liability program
Special Project: Benchmarking (WC)
$0 Complete updates to reports
Special Project: Arx Alert $35,000 Budgeted for 2019-20 in the event the Board would like to implement more members
Totals $63,500.00* *Grants: ICRMA hopes to receive a minimum of $10,000 in grants from one or more of its carriers to help underwrite Risk Control needs.
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August 13, 2020 Board of Directors
Subject: CAJPA Public Entity Tort Liability Project Update Action for consideration: Review and file Background: In 2019 the ICRMA Board agreed to participate in CAJPA's Public Entity Tort Liability project by contributing liability data and $5,000 to fund the project. To date, 26 other joint powers authorities have also agreed to support the project by providing funding. The goal is to collect and analyze sufficient data to educate policymakers with the goal of ultimately reforming the tort system for public entities in California. As of mid-June the project manager had received data for 322,000 claims, representing $8.1 billion in losses. Of those claims, nearly 3,000 have a total incurred value of $500K or more, and will likely serve as the data set for the next phase of the project, which is anticipated by the end of 2020.
Attachments: CAJPA June 12, 2020 Project Update Prepared by: Beth Lyons, Executive Director
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CAJPA PUBLIC ENTITY TORT LIABILITY PROJECT
UPDATE
JUNE 12, 2020
In late 2019, CAJPA leadership, with support of many of our pool members, commissioned the CAJPA
Tort Liability Data Analysis Project. This endeavor took place after two years of thoughtful dialogue and
research. After an RFP process was conducted, Aon was selected to undertake this study with Julie
Theirl as the Project Manager and the support of others from Aon including Craig Bowlus and Mujtaba
Datoo. In addition, Aon is partnering with Bickmore Actuarial who will assist with the actuarial portion
of the project.
We greatly appreciate the financial support many of our members have provided. Our hope is to have full participation from California’s risk sharing pools to help CAJPA offset the cost of this essential project. To date, the following pools have stepped up to help fund the Tort Liability Project: ACWA JPIA Authority for California Cities Excess Liability (ACCEL) Bay Cities Joint Powers Insurance Authority (BCJPIA) Butte Schools Self-Funded Programs (BSSFP) California Association for Park & Recreation Indemnity (CAPRI) California Joint Powers Insurance Authority (CJPIA) California Joint Powers Risk Management Authority (CJPRMA) California Sanitation Risk Management Authority (CSRMA) California Schools Risk Management JPA (CSRM) Central Region School Insurance Group (CRSIG) Central San Joaquin Valley Risk Management Authority (CSJVRMA) CSAC EIA/PRISM Fire Agencies Insurance Risk Authority (FAIRA) Golden State Risk Management Authority (GSRMA) Independent Cities Risk Management Authority (ICRMA) Municipal Pooling Authority (MPA) North Bay Schools Insurance Authority (NBSIA) Public Agency Risk Sharing Authority of California (PARSAC) Public Entity Risk Management Authority (PERMA) Redwood Empire Schools Insurance Group (RESIG) San Mateo County Schools Insurance Group (SMCSIG) Santa Clara County Schools' Insurance Group (SCCSIG) Schools Excess Liability Fund (SELF) Schools Insurance Authority (SIA) Schools Insurance Group (SIG) Self-Insured Schools of California (SISC) Special District Risk Management Authority (SDRMA) We know many other CAJPA members are considering providing financial support and we want to thank them as well and offer to provide any additional information they made need to aid in their decision.
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The project has two phases. In summary, Phase One, which is nearing completion, involves the
collection of ground up, uncapped loss data from all types of entities for all types of tort exposures. The
goal of this phase is to gain an accurate perspective of California public entity loss exposures while also
helping to form a road map for the next phase of the project. Phase Two will consist of a deeper
analysis of certain types of tort losses (yet to be determined). It’s anticipated that losses greater than
$500,000 will be analyzed to look for tort reform opportunities. Of particular interest will be claims that
contain joint and several liability as well as inverse condemnation. Other areas of focus will be revealed
during the analysis of these large losses as part of Phase Two.
The goal is to have the results of the project available by the end of 2020. CAJPA will be reporting out
the results first in a members-only forum.
Data for this project has been provided by:
Authority for California Cities Excess Liability (ACCEL) ACWA JPIA Bay Cities Joint Powers Insurance Authority (BCJPIA CalTIP City of Fresno California Joint Powers Insurance Authority (CJPIA) California Joint Powers Risk Management Authority (CJPRMA) County of Los Angeles CSAC-EIA/PRISM Central San Joaquin Valley Risk Management Authority (CSJVRMA) Employment Risk Management Authority (ERMA) Independent Cities Risk Management Authority (ICRMA) North Bay Schools Insurance Authority (NBSIA) Redwood Empire Schools Insurance Group (RESIG) San Diego Transit Schools Association for Excess Risk (SAFER) Special District Risk Management Authority (SDRMA) Schools Excess Liability Fund (SELF) Schools Insurance Authority (SIA) Schools Insurance Group (SIG) Self-Insured Schools of California (SISC) We are coming to the conclusion of Phase One. Anticipated Phase One deliverables include:
• Summary of the data including how it has trended over time
• Claims at varying values to help us determine the Phase Two data parameters
• Claims statistics by subset (cities, counties, schools, special districts, etc.)
• Data geographically (Northern California vs. Southern California)
• Portion of the total California public sector that has been captured in the study The consultants will be presenting their initial Phase One findings next week to the project’s Advisory Committee. The Advisory Committee, who is guiding the project through to its conclusion, is comprised of:
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Andy Sells, ACWA JPIA, Committee Chair Craig Schweikhard, SMCSIG Janet Selby, NSBIA Martin Brady, SIA Mike Pott, CSAC-EIA/PRISM Tony Giles, CJPRMA Doug Ross, SAFER Erike Young, PARSAC Stephan Birgel, ASCIP Laura Gill, SDRMA Chrissy Mack, CalTIP Lam Le, CJPIA Norman Lefmann, CJPIA A Phase One report out to the CAJPA Board of Directors will take place on Friday, June 19, 2020 at their Board meeting. To give you a snapshot, to-date we have $8.1B in losses representing 322,000 claims. Of those claims, nearly 3,000 claims have a total incurred value of $500k+ which will likely be the data set for Phase Two. Aon’s team just received loss runs from the last three JPAs which are being aggregated into the study now, so these numbers will change. After the full completion of this project, CAJPA is hopeful that we will have sufficient data to educate policymakers with a goal to ultimately reform the tort system for public entities in California. We will continue to provide updates as the project moves forward. If you have questions or need additional information, contact CAJPA Executive Director Catherine Smith at [email protected].
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August 13, 2020 Board of Directors
Subject: 2020-21 Worker’s Compensation Program Update & Final 2020-21 Budget Summary
Actions for Consideration: Review and file. Background: At the May 14th meeting, the Board authorized renewal of a $0.5m x $1.5m “buffer layer buy down” through Fortegra, effectively reducing the Worker’s Compensation Program self-insured retention from $2.0m/occurrence to $1.5m/occurrence. This action was taken because the cost to purchase the buy down layer was $220k less than the estimated cost to self-insure the risk, applying the same funding methodology (actuarial probability level and discount rate) approved by the Board. At the June 11th meeting, the broker advised that Fortegra was having difficulty filling out the placement, with only 60% of the slip subscribed as of that date. As a contingency plan, the board agreed that worst case, Program participants would quota-share the layer, with Fortegra taking 60% and ICRMA retaining 40% (of $0.5m x $1.5m per occurrence) which would result in net additional Program costs totaling $61k for the 2020-21 year, compared to the cost if Fortegra could fully subscribe the layer. We are pleased to report on July 21st Fortegra confirmed its ability to fully subscribe the buy down layer at the same pricing originally quoted. The buy down was immediately bound on that basis, retroactive to July 1st. As a result, the budget did not require amendment and Program members were invoiced accordingly. We thank the brokerage team for its diligence in completing the placement of the 2020-21 Worker’s Compensation Program buffer layer buy down with Fortegra. Attachments: 2020-21 Budget Summary - Final
Prepared by: John M. Nielsen, Assistant Executive Director Brent Mason, Finance Manager Jennifer Achterberg, Assistant Program Administrator
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Workers' 2020-21 2019-20Liability Compensation APD Property EM/Flood Crime Cyber Terrorism Total Total
Member Program Program Program Program Program Program Program Program Contribution Contribution % $Note 1 Note 1 Note 2
Adelanto 295,188$ 29,724$ 5,453$ 39,559$ -$ 337$ 1,734$ 1,145$ 373,140$ 306,704$ 21.7% 66,436Bell 570,742$ -$ -$ -$ -$ -$ 1,350$ 929$ 573,021$ 530,891$ 7.9% 42,130Downey 1,054,647$ -$ 45,805$ 113,756$ 610,454$ 5,482$ 7,839$ 3,293$ 1,841,276$ 1,877,089$ -1.9% (35,813)El Monte 2,299,559$ -$ 110,330$ -$ 3,385$ 6,851$ 3,194$ 2,423,319$ 1,810,216$ 33.9% 613,103El Segundo 881,959$ 1,121,661$ 32,410$ 65,610$ -$ 2,084$ 6,586$ 1,899$ 2,112,209$ 2,050,856$ 3.0% 61,353Fullerton 409,893$ -$ 46,178$ 212,324$ -$ 5,857$ 8,208$ 6,147$ 688,607$ 645,759$ 6.6% 42,848Glendora 711,860$ 324,098$ 17,114$ 70,025$ 365,689$ 1,592$ 3,011$ 2,027$ 1,495,416$ 1,207,428$ 23.9% 287,988Hawthorne 1,436,654$ -$ 24,652$ 79,627$ -$ 2,647$ 6,352$ 2,305$ 1,552,237$ 1,441,485$ 7.7% 110,752Hermosa Beach 627,982$ 286,051$ 9,110$ 39,937$ -$ 1,443$ 3,461$ 1,156$ 969,140$ 796,183$ 21.7% 172,957Huntington Park 1,193,791$ 182,663$ 9,010$ 69,178$ 192,196$ 1,592$ 2,841$ 2,003$ 1,653,274$ 1,356,826$ 21.8% 296,448Inglewood 1,711,630$ 630,796$ -$ -$ -$ -$ 10,262$ 5,189$ 2,357,877$ 2,369,235$ -0.5% (11,358)Lynwood 1,037,317$ 111,442$ 8,097$ 39,170$ 207,649$ 1,411$ 3,174$ 1,134$ 1,409,394$ 1,084,653$ 29.9% 324,741Monterey Park 1,750,565$ 466,583$ 37,483$ 76,884$ -$ 3,346$ 3,467$ 2,226$ 2,340,554$ 2,547,807$ -8.1% (207,253)San Fernando 514,993$ 261,977$ 8,857$ 42,022$ 210,401$ 1,301$ 1,662$ 1,217$ 1,042,430$ 872,207$ 19.5% 170,223Santa Ana 1,679,989$ 385,207$ 78,629$ 454,674$ -$ 11,579$ 30,829$ -$ 2,640,907$ 2,495,660$ 5.8% 145,247South Gate 2,150,531$ -$ 17,975$ 83,970$ -$ 2,958$ 4,627$ 2,431$ 2,262,492$ 1,741,393$ 29.9% 521,099Total for Current Members 18,327,300$ 3,800,202$ 340,773$ 1,497,066$ 1,586,389$ 45,014$ 102,254$ 36,295$ 25,735,293$ 23,134,393$ 11% 2,534,464
Notes:Note 1: Program contribution includes the TPA fees paid through ICRMA for Carl Warren and Adminsure.Note 2: Terrorism is a mandatory program, however, due to market conditions, Santa Ana will not participate this policy year, but will secure a standalone policy for 2020/2021
Independent Cities Risk Management AuthoritySummary of Member Contributions by Program
Operating Budget 2020-21
Increase/ (Decrease)
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August 13, 2020 Board of Directors
Subject: Liability Program Services Update Action for consideration: Review and file Background: The Board previously discussed the pending expiration (on June 30, 2020) of Carl Warren & Company’s Program, Claims & Litigation Management Services contract. The Board asked its administrative leadership to seek an extension of that contract through December 31, 2020 to allow time for evaluation of the Liability Program and determination of how to proceed with securing future services. A contract extension was executed. The Board requested that RPA provide information regarding options if it were to provide Liability Program services to ICRMA. These services would be provided through another Gallagher company (Western Litigation) rather than by staff hired directly by RPA. The Board also directed the Claims Committee to comprehensively evaluate the structure of the Liability Program, determine the best way to proceed regarding future services, and ultimately make a recommendation to the Board regarding the contract for future services. Because of the possibility that services may ultimately be provided through a Gallagher company, the Claims Committee authorized the retention of an outside consultant, Sara Peterson, to evaluate and provide recommendations to the Claims Committee regarding the Liability Program, and to manage the process of securing future services in cooperation with ICRMA General Counsel. The Claims Committee has now reviewed information provided by Western Litigation as well as evaluation and recommendations from Sara Peterson regarding the Liability Program structure. At its July meeting, the Claims Committee discussed a model structure for ICRMA with Liability Program roles and responsibilities, and agreed to pursue a broad (public) Request for Proposal process conducted by the Claims Committee with oversight and guidance provided by Sara Peterson and General Counsel. The proposed timeline for that process contemplates that a recommendation will be made to the Board regarding a contract for services at the October meeting. Prepared by: Sara A. Peterson, Consultant
Kellie Murphy, General Counsel
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August 13, 2020 Board of Directors
Subject: 2020 Strategic Planning Session: Meeting Dates and Format Action for consideration: Receive and file. Background: ICRMA's Board participates in an annual strategic planning session. For the past several years, this session has been scheduled during a two-day meeting in October. In recognition of the current restrictions and the health and safety of all members, ICRMA’s president and vice president, in collaboration with Risk Program Administrators (RPA) staff, have developed a revised meeting structure for 2020. The revised format will consist of three meetings, held by webinar, during the month of October. Two meetings will focus on strategic planning objectives while the third will cover regular business items. A Doodle Poll was distributed to ensure quorum, and the dates of October 1, 8, and 22 were selected. Meeting invitations were distributed for a four hour timeframe (12:30 – 4:30 pm). It is anticipated this timeframe will be refined, and possibly reduced, as the session agendas are more thoroughly developed. Ms. Dorothy Gjerdrum of RPA will facilitate the sessions. ICRMA members are currently facing unprecedented financial pressures (including the effects of COVID-19), civil unrest, large claim settlements, and a hard insurance market. Carriers will continue to focus on ICRMA member efforts to effectively manage police liability, employment practices liability, and dangerous condition claims. Their assessment of these issues will directly impact the 2021-22 coverage renewals. To prepare for the strategic planning discussion, a survey will be distributed to Board members in early September to assess member concerns and thoughts on a variety of critical topics, including claim exposures, ICRMA's structure and funding, and emerging risks. We look forward to your active participation and productive strategic planning sessions! Attachments: None Prepared by: Beth Lyons, Executive Directors Jennifer Achterberg, Assistant Program Administrator
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August 13, 2020 Board of Directors
Subject: City of San Bernardino Membership Update Action for consideration: Receive and file. Background: At a special meeting on July 13, 2020, the Board approved the membership application of the City of San Bernardino and its participation in the liability program with a $3 million member retained limit, effective August 1, 2020. Subsequent to the Board meeting, the administrative and broker teams continued working with the City and carriers to complete underwriting and prepare a quote, and ICRMA delivered a quote to the city. On July 30, ICRMA learned the city manager made the decision to join PRISM (formerly CSAC EIA) for its liability coverage. ICRMA was able to offer a lower member retention of $3M compared to the $5M retention offered by PRISM, a coverage structure that was not subject to assessment, and broader coverage (its own limits vs shared limits and aggregates), it appears the decision was ultimately based on the premium dollars quoted. Based on the city's coverage expiration deadline, we were unable to pivot and prepare a quote at a $5 million retention so the city would have a more apples-to-apples comparison. City staff extended appreciation to the ICRMA Board and team members. They were impressed by the pool and expressed positive comments about the approach, responsiveness, and professionalism.
Attachments: None Prepared by: Beth Lyons, Executive Director
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August 13, 2020 Board of Directors
Subject: CAJPA Accreditation with Excellence. Action for consideration: Review and file. Background: Beginning in January and through early June 2020, CAJPA Accreditation Consultant Patti Williams reviewed over 60 documents and held numerous conversations with RPA staff. Ms. Williams prepared and issued a report to the CAJPA Accreditation Committee, which met on July 14, 2020, recommending ICRMA’s Accreditation with Excellence for another three-year period. The Committee approved the Accreditation retroactive to April 1, 2020, thereby ensuring ICRMA's continued Accreditation with Excellence through April 1, 2023. The report contained one suggestion, which has remained a suggestion over the last several accreditation cycles. This suggestion relates to Governing Documents and Administrative contracts: “Pursuant to Section 6509 of the Government Code, the JPA agreement shall specify the member who restricts the manner of exercising the power of the JPA, the member has to be named by name.” This item will be addressed when revisions are made to ICRMA’s JPA Agreement. Attachments: None Prepared by: Jennifer Achterberg, Assistant Program Administrator
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August 13, 2020 Board of Directors
Subject: Investment Portfolio Review – COVID -19 Implications and Investment Safety
Action for consideration: Review and file. Background: During its June 11, 2020 Board Meeting, a question was raised by a Board Member about the safety of the current investment portfolio in the context of the COVID-19 pandemic and its implications on the investment community. The Board asked that a representative from the investment managing firm, PFM, attend the August Board Meeting to make a brief presentation to address this question as part of its quarterly investment performance report. Richard Babbe from PFM will be in attendance to present information and answer questions about the investment portfolio. Attachments: PFM Memorandum – State of the Investment Environment ICRMA Investment Performance Review as of June 30, 2020 Prepared by: Brent Mason, Finance Manager Richard Babbe, PFM
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August 6, 2020
Memorandum To: Beth Lyons, Senior Program Administrator, RPA
Brent A. Mason, Senior Manager, Eide Bailly LLP Independent Cities Risk Management Authority
From: Richard Babbe, CCM, Senior Managing Consultant
PFM Asset Management LLC
Re: State of the Investment Environment
Per your request, I wanted to provide you with a brief overview of the current state of the investment environment and our management of ICRMA’s portfolio. We are in a period of unprecedented uncertainty impacting the economy and financial markets. In the face of this turmoil, we recognize that our clients are justifiably concerned about their investments. However, as a result of our approach to managing the portfolio and the additional steps we have taken as the crisis developed, ICRMA’s portfolio remains safe and liquid and continues to perform well.
What started as a localized health issue at the end of 2019 developed into a global pandemic by March of this year, disrupting the financial markets and driving the U.S. economy into its first recession in more than a decade and ending the longest period of economic expansion on record. U.S. Gross Domestic Product fell by an annualized 5% in the first quarter and by an annualized 32.9% in the second quarter, which was the most severe drop on record.
In response to the developing crisis, the federal government and the federal reserve have acted aggressively to support the economy and stabilize the financial markets. As a result of these actions, along with a partial reopening of the economy, the economy appears to have bottomed out during the second quarter. However, it is unlikely that we will see a sustained economic recovery until there is a resolution of the underlying health crisis. Furthermore, it will likely take years before the economy will fully recover from the damage incurred during the crisis.
In this uncertain environment, protecting the safety and liquidity of ICRMA’s holdings with us remains our number one priority. Some of our strategies we have and will continue to employ include:
• Emphasizing high quality U.S. Treasuries and federal agency securities.
• Ensuring ample liquidity through a combination of pooled and individual investments, the types of investments in the managed portfolio, and the structuring of individual maturities.
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• Maintaining diversification across sectors and issuers to limit the impact that any one issuer can have on the overall portfolio
• Employing a rigorous credit process that involves the careful selection and monitoring of individual corporate securities. While the headline risk involving possible credit downgrades has increased, we remain confident about the ability of the issuers in the portfolio to pay interest and principal when due.
• Increasing the tempo of PFM’s Investment and Credit Committee meetings to stay on top of emerging news and market trends.
With respect to the investment environment going forward, one of the federal reserve’s first
actions was to cut the federal funds target rate by 1.50% back to the 0% - 0.25% range. These rate cuts, along with the economic shutdown, drove interest rates to historically low levels. Even if the health crisis is resolved quickly, it is anticipated that it will take years before interest rates recover to pre-pandemic levels.
While protecting the safety and liquidity of the portfolio will remain our primary objective, there are some additional steps we will take, in coordination with ICRMA’s staff, to ensure that the portfolio is positioned to perform well going forward, to include:
• Determining an appropriate balance between short- and long-term investments so that the Authority has appropriate liquidity to meet current needs while maximizing higher-earning long-term investments.
• Reviewing available strategy alternatives with the Authority to ensure that our management of the portfolio remains aligned with the Authority’s long-term investment objectives and risk return preferences.
• Maintaining investment discipline, consistent within the agreed upon investment strategy, with a focus on the portfolio’s long-term performance.
• Using active management to enhance portfolio returns and manage investment risks.
Please let me know if you have any questions. I will discuss these topics in more detail at the upcoming Board meeting.
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© PFM 0
Independent Cities Risk Management AuthorityInvestment Performance Review
For the Period Ended June 30, 2020
PFM Asset Management LLC
601 S. FigueroaSuite 4500Los Angeles, CA 90017
T: (213) 489-4075
Sarah Meacham, Managing DirectorRichard Babbe, CCM, Senior Managing Consultant
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© PFM 1
Key ThemesMarket Overview: As a result of the global pandemic, the financial markets and the broader economy are facing unprecedent
uncertainty.
While the federal reserve and the federal government have undertaken multiple actions to stabilize the economy and the financial markets, we are unlikely to see a sustained economic recovery until there is a resolution with the underlying health crisis.
Interest rates are near historical lows and are expected to remain low for an extended period. The federal reserve doesn’t anticipate increasing the benchmark federal funds target rate until sometime after 2022.
Strategy Considerations: We will maintain our emphasis on the portfolio’s safety and liquidity when making investment decisions.
We will maintain a significant allocation to government securities to enhance the portfolio’s safety and liquidity.
We will continue to use corporate securities to enhance the portfolio’s return while managing risk through careful monitoring of individual issuers and market conditions along with diversification across issuers.
Absent any change in the Authority’s investment goals or preferences, we will utilize a disciplined investment approach consistent with the Authority’s selected benchmark.
The portfolio has performed very well over the past fiscal year both on an absolute basis and relative to its benchmark. However, given market conditions, returns for the coming fiscal year are likely to be much lower.
We want to discuss the Authority’s investment objectives and risk preferences to ensure that the portfolio remains aligned with the Authority’s investment goals.
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© PFM 2
Effects on the Financial Markets
Yields remain very low and are not expected to move meaningfully over the near term
Fed support stabilized the bond market and returned liquidity
Equity markets substantially recovered in second quarter
Effects on the Economy
Significant negative impact of lockdowns apparent in first and second quarter economic data
Early signs of rebound have appeared as some states start to reopen
COVID-19 Impact Update
Health Pandemic
Confirmed cases exceed 10 million worldwide
U.S. is leading the world with roughly 25% of cases and deaths
Recent surge in new U.S. case numbers threatens economic reopening
LimitedCapacity
Page 199 of 263
© PFM 3
Consumers’ Comfort Level with Activities Falls Amid COVID-19 Surge
Source: Morning Consult, as of 7/6/2020.
18%23%
31%35%
41%37% 35%
0%
10%
20%
30%
40%
50%
Apr.29-30
May12-15
May26-29
June2-5
June9-11
June23-26
Jun. 30-Jul. 3
Going out to eat
12%16%
21% 22% 23% 22% 20%
0%
10%
20%
30%
40%
50%
Apr.29-30
May12-15
May26-29
June2-5
June9-11
June23-26
Jun. 30-Jul. 3
Going to the movies
12% 13%18%
21% 22% 21%18%
0%
10%
20%
30%
40%
50%
Apr.29-30
May12-15
May26-29
June2-5
June9-11
June23-26
Jun. 30-Jul. 3
Going to the gym
18%23%
29%32%
36%33% 33%
0%
10%
20%
30%
40%
50%
Apr.29-30
May12-15
May26-29
June2-5
June9-11
June23-26
Jun. 30-Jul. 3
Going on vacation
Share of U.S. adults who said they’d feel comfortable doing the following activities right now.
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© PFM 4
Some Signs of Improvement, but the Labor Market Still Struggling
Source: Bloomberg, as of 6/30/2020. Data is seasonally adjusted.
6.0%
9.0%
10.8%
7.8%
6.2%
9.9%
April 14.7%
May13.3%
June11.1%
2%
4%
6%
8%
10%
12%
14%
16%
1970 1980 1990 2000 2010 2020
Unemployment Rate
Great Recession
Even with a partial recovery in May and June, the unemployment rate remains near its highest level
in over 50 years.
152.5
130.3
137.8
110
120
130
140
150
160
Jun-18 Dec-18 Jun-19 Dec-19 Jun-20
Mill
ions
Total Nonfarm Employment
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© PFM 5
0.17%
0%
1%
2%
3%
4%
Jun-17 Jun-18 Jun-19 Jun-20
3-Year Treasury Yield
Interest Rates Are Down Sharply Trading in a Narrow Range
Source: Bloomberg, as of 6/30/2020.
0.13%0.29%
0.66%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3M
1Y
2Y
3Y
4Y
5Y
10Y
Maturity
U.S. Treasury Yield Curve
June 30, 2020March 31, 2020December 31, 2019
Interest rates remain in a narrow, low range.
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© PFM 6
Sector Spreads Tightened Significantly, Moving Toward Pre-COVID Levels
Source: ICE BofAML 1-5 year Indices via Bloomberg, MarketAxess, and PFM, as of 6/30/2020. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable-maturity Treasuries. CMBS is Commercial Mortgage-Backed Securities.
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Federal Agency Yield Spreads
0%
1%
2%
3%
4%
5%
6%
Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Asset-Backed Securities Yield Spreads
0%
1%
2%
3%
4%
5%
6%
Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Corporate Notes A-AAA Yield Spreads
0%
1%
2%
3%
4%
5%
6%
Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Mortgage-Backed Securities Yield SpreadsAgency MBS AAA CMBS Index
1-5 Year Indices
Page 203 of 263
© PFM 7
Federal Reserve Has Provided $3 Trillion in Monetary Stimulus
Source: Federal Reserve, as of 6/26/2020.
Amount Allocated to Fed’s Liquidity Programs
Fed Facility Holdings (billions)
Discount Window $7.1
Primary Dealer Credit Facility $4.0
Money Market Mutual Fund Liquidity Facility $23.5
Commercial Paper Funding Facility $12.8
Paycheck Protection Program Liquidity Facility $59.4
Swap Lines $276.7
Repurchase Agreements $73.1
Municipal Liquidity Facility $16.1
Main Street Lending Facility $32.7
Primary Corporate Credit Facility $0.0
Secondary Corporate Credit Facility $40.0
Term Asset-Backed Securities Loan Facility $7.3
$0
$1
$2
$3
$4
$5
$6
$7
$8
2005 2010 2015 2020
Trill
ions
Assets of the Federal Reserve
Treasury Mortgage-BackedFederal Agency Other
$7.1 trillion
The Fed added $1.7 trillion in Treasuries and $572 million in agency MBS to its
balance sheet since the beginning of March.
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© PFM 8
2,000
2,200
2,400
2,600
2,800
3,000
3,200
3,400
3,600
Dec '18 Mar '19 Jun '19 Sep '19 Dec '19 Mar '20 Jun '20
S&P 500 Price Change
Stocks Staged an Impressive Rebound in Q2 After Pandemic-Driven Sell-Off
Source: Bloomberg, as of 6/30/2020.
-4%YTD
Peak-to-trough-34%
Rebound+39%
Q2 2020 was the strongest quarter
since 1998
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© PFM 9
Fed’s June Economic Projections Indicate Long Recovery Ahead
Source: Federal Reserve, economic projections as of June 2020.
-6.5%
5.0% 3.5% 1.8%
-10%
-5%
0%
5%
10%
2020 2021 2022 LongerRun
Change in Real GDP9.3%
6.5%5.5%
4.1%
0%2%4%6%8%
10%
2020 2021 2022 LongerRun
Unemployment Rate
0.8%
1.6% 1.7%2.0%
0%
1%
2%
3%
2020 2021 2022 LongerRun
PCE Inflation
0.1% 0.1% 0.1%
2.5%
0%
1%
2%
3%
2020 2021 2022 LongerRun
Federal Funds Rate
Page 206 of 263
© PFM 10
Sector Allocation & Compliance
Market values, excluding accrued interest. Detail may not add to total due to rounding. Current investment policy as of February 2018. Portfolio balances exclude accrued interest. Detail may not add to total due to rounding.
The portfolio is in compliance with the Authority’s Investment Policy and the California Government Code.
Security TypeMarket Value as of June 30,
2019
% of Portfolio
Market Value as of June 30,
2020
% of Portfolio
$ Change Over FY
Permitted by Policy
In Compliance
U.S. Treasury $20,306,786 32.3% $28,305,033 37.4% $7,998,246 100%
Federal Agency $4,352,418 6.9% $13,713,460 18.1% $9,361,042 100%
Agency MBS $1,688,722 2.7% $2,386,032 3.2% $697,310 100%
Municipals $594,132 0.9% $2,564,249 3.4% $1,970,117 100%
Supranationals $2,169,045 3.4% $953,909 1.3% ($1,215,136) 30%
Negotiable CDs $7,252,137 11.5% $5,361,991 7.1% ($1,890,146) 30%
Corporate Notes $17,171,218 27.3% $16,014,256 21.1% ($1,156,963) 30%
Asset-Backed $5,126,247 8.1% $3,138,892 4.1% ($1,987,355) 20%
Security Sub-Total $58,660,705 93.2% $72,437,822 95.6% $13,777,117
Accrued Interest $319,816 $360,757 $40,941
Securities Total $58,980,521 $72,798,579 $13,818,057
CAMP $226,185 0.4% $134,296 0.2% $134,296 100%
LAIF $4,072,341 6.5% $3,167,723 4.2% $3,167,723 $75 Million
Total Investments $63,279,047 100.0% $76,100,597 100.0% $12,821,550
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© PFM 11
Managed Portfolio Activity – Fiscal Year 2019-2020
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.
Gross Trading Activity by Sector ($ millions)
Federal Agency/GSE + $9.1
U.S. Treasury +$6.8
Municipal + $1.9
Agency CMO +$0.7
Supranational ($1.2)
Corporate Notes ($1.7)
Negotiable CDs ($2.0)
Asset-Backed ($2.03)
Total + $11.6
Net Transactions by Sector ($ millions)
-$30 -$10 $10 $30
Asset-Backed
Negotiable CDs
Corporate Notes
Supranationals
Federal Agency/CMO
Municipal
U.S. Treasury
Federal Agency/GSE
Millions
Purchases Sales/Maturities
Page 208 of 263
© PFM 12
Navigating the Corporate Bond Market During the Pandemic
Beginning in March, caution was warranted in investment-grade corporates and safety and liquidity became paramount as the sector suffered from significant spread widening and lack of liquidity.
Heading into the second quarter, corporate bonds continued to face many uncertainties; PFM’s Credit Committee deep due diligence efforts to re-review every issuer and industry.
Aggressive Fed support calmed the credit markets and restored liquidity, leading to a sharp retracement of the March yield spread widening and a record amount of issuance, which was digested with ease.
The sector significantly outperformed Treasuries in the second quarter and reversed most first quarter underperformance.
Investors were rewarded for maintaining allocations to the corporate sector as market conditions improved; New issues also provided opportunities to capitalize on wider than normal spreads, especially from issuers with stronger balance sheets and limited overseas exposure.
Fed support should continue to benefit the sector; The credit curve has steepened, re-introducing the benefit of “roll-down,” and longer-maturity corporates appear attractive.
Takeaway Message: Credit allocations benefitted portfolios as the sector nearly made up its Q1 underperformance in Q2; Fed support remains very significant; strong due
diligence efforts continue to be warranted; opportunities in selective new issues.Page 209 of 263
© PFM 13
Managed Portfolio Maturity Distribution
Percentages may not add to 100% due to rounding; accrued interest is excluded.Callable and floating-rate securities are included in the maturity distribution analysis to their stated maturity date.
10%
18%
33%
20% 20%
8%
26%25%
18%
24%
2%
34%
27%
19% 19%
0%
5%
10%
15%
20%
25%
30%
35%
0-1 Year 1-2 Years 2-3 Years 3-4 Years 4-5 Years
% o
f Tot
al P
ortfo
lio
June 30, 2019
June 30, 2020
1-5 Year UST Index
The portfolio’s maturity distribution is managed to maintain general alignment with the benchmark, but the specific maturities will vary depending on market conditions.
Maturity Distribution versus BenchmarkJune 30, 2019 versus June 30, 2020
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© PFM 14
Managed Portfolio Credit Quality The Authority’s portfolio is high-quality, comprising securities with an average credit quality of AA.*
*An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio.Ratings by Standard & Poor’s. The credit ratings of the securities held in the Authority’s portfolio are in compliance with California Government Code and the Agency’s investment policy dated February 2019.Portfolio balances exclude accrued interest. Detail may not add to total due to rounding.
AA85.0%
A12.5%
A-1+/A-12.3%
Not Rated0.2%
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© PFM 15
Managed Portfolio Issuer Distribution The Authority’s portfolio is well diversified.
Corporate Issuers (18.5%)BNY Mellon 3.0%Wal-Mart 1.6%Oracle Corp 1.5%Novartis AG 1.5%Pfizer Inc 1.4%Amazon 1.0%Paccar Financial 1.0%Visa Inc 0.9%Burlington Northern Santa Fe 0.9%Disney Corp 0.9%AMEX 0.8%
Federal Agency (32.2%)Fannie Mae 17.9%Federal Home Loan Banks 7.2%Freddie Mac 6.2%Federal Farm Credit Banks 1.0%
Negotiable CDs (4.2%)Bank of Montreal 1.4%Société Générale 1.0%Royal Bank of Canada 0.9%DNB AASA 0.8%Synchrony Bank 0.2%
Percentages of market values excluding accrued interest. Percentages may not add to totals due to rounding.
U.S. Treasury
45.0%
Corporate Issuers - continuedAMEX 0.8%Bank of America 0.8%American Honda 0.8%UnitedHealth 0.8%Toyota Motor 0.8%Apple Inc 0.6%Hershey Company 0.3%
Page 212 of 263
© PFM 16
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20
2-Year U.S. Treasury Yield Past Ten Years
Source: Bloomberg, data available as of 6/30/2020.
0.61%
2.98%
1.75%
0.16%
2-Year U.S. Treasury YieldJune 30, 2010 – June 30, 2020
Page 213 of 263
© PFM 17
Managed Portfolio Total Return
Performance on trade-date basis, gross (i.e., before fees), in accordance with the CFA Institute’s Global Investment Performance Standards (GIPS). Returns for periods less than a year are presented on an unannualized basis. Performance numbers for periods greater than one year are presented on an annualized basis.ICE BofAML Indices provided by Bloomberg Financial Markets. Effective duration is the change in price for a 1% change in yield while also taking into account the likelihood of options such as calls and paydowns for mortgage-backed securities being exercised.
Over the past ten years, the portfolio has outperformed the benchmark by an annual average of 0.29%.
Duration Past Past Past 3 Past 5 Past 10(years) Quarter Year Years Years Years
ICRMA 2.60 1.61% 5.54% 3.54% 2.66% 2.13%
ICE BofAML1-5 Year Index
2.58 0.29% 5.25% 3.23% 2.31% 1.84%
Outperformance 1.32% 0.29% 0.31% 0.35% 0.29%
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© PFM 18
Managed Portfolio Fiscal Year 2019-2020 Earnings
Market Value Basis Accrual (Amortized Cost)Basis
Beginning Value (6/30/19) $58,886,890 $57,972,793
Net Purchase/Sales $11,537,103 $11,537,103
Change in Value $2,148,125 $659,271
Ending Value (6/30/20) $72,572,118 $70,169,166
Interest Earned $1,570,872 $1,570,872
Portfolio Earnings $3,718,997 $2,230,143
Portfolio earnings as of June 30, 2020.
Page 215 of 263
© PFM 19
Disclosures
This material is based on information obtained from sources generally believed to be reliable and available to the public, however PFM Asset Management LLC cannot guarantee its accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation. All statements as to what will or may happen under certain circumstances are based on assumptions, some but not all of which are noted in the presentation. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Past performance does not necessarily reflect and is not a guaranty of future results. The information contained in this presentation is not an offer to purchase or sell any securities.
Page 216 of 263
August 13, 2020 Board of Directors
Subject: Accounts Receivable Status Update Action for consideration: Review and file. Background: The annual premium invoices were sent to members electronically on July 13, 2020. Additionally, invoices were sent to the two exited members for which there remains an obligation to share in the administrative costs of the ICRMA. Lastly, invoices were sent to the members, current and former, for Year 4 if they originally selected the 10-year payment option for the Assessment levied on the membership in 2017. Billings for these items totaled $28,962,061.48. Of that total, all remains outstanding as of July 30, 2020. The attached schedule details the amount invoiced by agency, payments made to date, and the outstanding balance. This report will be verbally updated at the Board Meeting for additional payments received through the date of the meeting. Payments are due within 30 days as noted on the invoices and consistent with the ICRMA Bylaws. For the 2020/21 fiscal year invoices, payment is due on or before August 12, 2020. As per the Bylaws, payments not received within that timeframe are subject to penalties as detailed below. Article V.D - Surcharges D. Surcharges – Failure by a Member to meet some obligations are immediately subject to surcharges as follows:
1. Delinquent Payments – Members with delinquent amounts due to ICRMA will be assessed a surcharge as follows unless other arrangements for payment have been approved by the Board:
a. One percent (1%) of the unpaid amount due to ICRMA 30 days after the initial invoice due date. b. surcharge of another one percent (1%) accrues after an additional 45 days.
…… 3. Implementation of Surcharges – Interest accrues on all delinquent amounts due and payable to ICRMA at the applicable rate of 10% per year from the due date of the billing until the date finally posted by the designated financial institution.
a. For the purpose of assessing surcharges and interest, the fee calculation shall be based on each calendar day the delinquent amount is late, notwithstanding the foregoing.
Page 217 of 263
Accounts Receivable Status Update Page 2 of 2
August 13, 2020
b. No surcharge may exceed the maximum authorized by law. c. The Board may waive or reduce a surcharge for good cause shown by the Member, no more than once per five (5) years. d. Each Member shall indemnify ICRMA from expenses resulting from its failure to pay sums on or before their due date.
Attachments: Schedule of Outstanding A/R by Member Agency
Prepared by: Brent Mason, Finance Manager
Page 218 of 263
Amount OutstandingAgency Billed Payments Balance
Premums:Adelanto 378,140.00$ -$ 378,140.00$ Bell 578,021.00 - 578,021.00 Downey 1,846,276.00 - 1,846,276.00 El Monte 2,424,349.00 - 2,424,349.00 El Segundo 2,114,159.00 - 2,114,159.00 Fullerton 693,607.00 - 693,607.00 Glendora 1,499,703.00 - 1,499,703.00 Hawthorne 1,557,237.00 - 1,557,237.00 Hermosa Beach 974,140.00 - 974,140.00 Huntington Park 1,658,274.00 - 1,658,274.00 Inglewood 2,360,078.00 - 2,360,078.00 Lynwood 1,414,394.00 - 1,414,394.00 Monterey Park 2,344,578.00 - 2,344,578.00 San Fernando 1,047,430.00 - 1,047,430.00 Southgate 2,267,492.00 - 2,267,492.00 Santa Ana 2,645,907.00 - 2,645,907.00
Subtotal 25,803,785.00$ -$ 25,803,785.00$
Year 4 Assessments:Alhambra 310,385.50$ -$ 310,385.50$ Baldwin Park 131,234.84 - 131,234.84 Colton 142,000.45 - 142,000.45 Culver City 224,015.20 - 224,015.20 Downey 62,852.64 - 62,852.64 El Monte 202,026.25 - 202,026.25 El Segundo 170,332.83 - 170,332.83 Glendora 118,133.02 - 118,133.02 Hawthorne 229,597.71 - 229,597.71 Hermosa Beach 163,276.83 - 163,276.83 Huntington Park 159,247.27 - 159,247.27 Inglewood 199,374.19 - 199,374.19 Manhattan Beach 146,278.14 - 146,278.14 Monrovia 165,681.84 - 165,681.84 Monterey Park 163,514.28 - 163,514.28 San Fernando 81,056.99 - 81,056.99
ICRMA
Fiscal Year 2020/21 (as of 7/30/20)Schedule of Outstanding Accounts Receivable
Page 219 of 263
Southgate 288,528.77 - 288,528.77 Upland 87,686.73 - 87,686.73
Subtotal 3,045,223.48$ -$ 3,045,223.48$
Former Member Admin Charges:Alhambra 55,585.00$ -$ 55,585.00$ Baldwin Park 57,468.00 - 57,468.00
Subtotal 113,053.00$ -$ 113,053.00$
TOTAL A/R BALANCE 28,962,061.48$ -$ 28,962,061.48$
Page 220 of 263
August 13, 2020 Board of Directors
Subject: Approve Moss Adams to serve as ICRMA’s Financial Auditor Action for consideration: Authorize the Executive Director to execute a contract with Moss Adams for
Financial Auditing Services for the fiscal years ending June 30, 2020 through June 30, 2022, with two optional one year extensions.
Background: For the last four years, Eide Bailly, LLP (formerly Vavrinek, Trine, Day & Co., LLP) has served as ICRMA’s financial auditor. Several months ago ICRMA retained Eide Bailly, LLP as its internal financial services provider, necessitating a change in financial auditors. On June 30, 2020, a Request for Proposals (RFP) for Financial Auditor services was released to solicit proposals from qualified certified public accounting firms and/or pool auditors to audit ICRMA’s financial statements for the fiscal years ending June 30, 2020, 2021, and 2022, with an option to extend the engagement two additional years. Within the RFP, the expected timeline was: ICRMA received seven responses to the RFP which were generally consistent with the specifications of the RFP. Two firms were selected for interview based upon proposals that most closely met the requirements expressed in the RFP. Other considerations included experience with JPAs, audit approach, and cost. Interview times were scheduled based on the order of proposals receipt. The finance team held interviews with the top two candidates on July 28, 2020. Both candidates demonstrated proficiency in providing financial auditing services, however, Moss Adams is being recommended for Board approval based upon the following:
• Level of preparedness in responses specific to ICRMA • Detailed audit approach responses tailored to ICRMA • Articulated a firm grasp of industry standards that apply to ICRMA
Additionally, Moss Adams’ proposed audit fees were deemed to be reasonable and within ICRMA’s budget for the upcoming fiscal year. Total cost proposed for the 3-year term are $93,950, broken down as follows:
• Audit of FY 2019-20 $30,400 • Audit of FY 2020-21 $31,300 • Audit of FY 2021-22 $32,250
Moss Adams mentioned the City of Redondo Beach. During the interview, it was determined that non-proposing members of the firm had done performance audit work for the City of Redondo Beach, and that this did not present a conflict of interest in recommending the firm to ICRMA. Attachments: Moss Adams Financial Audit RFP Proposal Prepared by: Bradford Rockabrand, Finance Director
Page 221 of 263
ASSURANCE SERVICES PROPOSAL FOR
INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY
Kinman Tong, Partner
Art Ngo, Senior Manager
Joe Trone, Senior Manager
Page 222 of 263
July 21, 2020
Bradford Rockabrand ICRMA Financial Director
Independent Cities Risk Management Authority
Dear Bradford:
We’re pleased to present our proposal to provide audit services to Independent Cities
Risk Management Authority (ICRMA). We’re excited about becoming a part of your business team and believe we can meet your needs.
What Moss Adams offers ICRMA is more than just audit services. We’ll be a business advisor. That’s why it makes a difference that our firm and its professionals serve our
clients by industry. That means ICRMA will be served by professionals who work primarily with joint powers authority organizations and governmental entities.
After gaining a real working understanding of your organization, we’ll tailor our services to be responsive to ICRMA’s needs. After assessing the critical business and
financial drivers, we’ll work with ICRMA to fully develop innovative solutions for current issues.
We bring more West to business. More than a geographic focus, our concept of West embodies our spirit of optimism, openness, and enterprise. With a rare
blend of inspiration and technical excellence, we empower our clients to discover and claim the future.
Nationally recognized firm. As one of the 15 largest CPA and business consulting firms in the nation, with approximately 340 partners and over 3,200 employees, we have the resources to bring you innovative solutions to your
business issues.
Local presence and national expertise. We’ve chosen a blended team of experienced local professionals and national specialists to serve ICRMA. The
team structure will give you the most value for fees and the support of our best local resources, experienced in working with clients like you in California. It also
means you’ll receive an additional layer of expertise and guidance from our firm’s foremost national leaders. Together, our team members represent considerable
knowledge and look forward to sharing actionable and meaningful insight with ICRMA leadership.
Responsive service from partners and senior managers. In today’s environment, you should expect to have a relationship with your accounting firm
that includes timely responses to your questions and experienced partner- and senior manager–attention on your accounting and reporting issues. One of our
firm’s service hallmarks is the high level of partner and senior manager time we build into our engagements. We’re committed to having our most experienced
partners and senior managers remain actively involved with ICRMA throughout our working relationship.
Page 223 of 263
July 21, 2020
Bradford Rockabrand ICRMA Financial Director
Independent Cities Risk Management Authority
We look forward to continued discussions of our credentials and the areas of most
interest to ICRMA. ICRMA faces many challenges, and we believe we’d be a great resource to help you through many of those challenges. Thank you for considering
Moss Adams.
Sincerely,
Kinman Tong, CPA Art Ngo, CPA Partner Senior Manager(415) 677-8267 (916) 503-8104 [email protected] [email protected]
Joe Trone, CPA Senior Manager (916) 503-8271 [email protected]
Page 224 of 263
Table of Contents
| Realize Your Potential 1
| A. Organization 3
Firm Description 3Contact Information 3Insurance Expertise 3Our Government Services Experience 4Representative Clients 5Client References 7
| B. Personnel 8
| C. Methodology 11
Transitioning to Moss Adams 11Audit Methodology 11Audit Work Plan 12Administrative and Operational Management Expertise 13Assurance of Timeliness Statement 13Engagement Timing 14
| D. Conflict of Interest 15
| E. Cost 16
| F. External Quality Review Control Report 19
Peer Review Report 19
| F. Confirmation of Insurance Coverage 21
| G. Disclosures 22
Page 225 of 263
Moss Adams |Proposal for Independent Cities Risk Management Authority 1
Realize Your Potential
OPPORTUNITY RISES IN THE WEST
At Moss Adams, we bring more West to business. More than a geographic focus, our concept of West embodies our spirit of optimism, openness, and enterprise. With a rare blend of inspiration and technical excellence, we empower our clients to discover and claim the future.
You’ll benefit from keen insights stemming from our unique understanding of the needs and nature of your business. We look ahead, and bring new approaches and fresh perspectives. And we regularly collaborate across our practices to identify new opportunities for your business to succeed.
This means you’ll get much more than just accounting, consulting, and wealth management services—you’ll get strategic and timely business advice. Distinguished for our depth of industry knowledge, we take the time to understand each client’s business or individual situation, anticipate needs, and identify gaps before they become obstacles. This way, clients can grow, manage, and protect their prosperity with confidence.
THE BEST OF BOTH WORLDS
If you’re looking for your next independent accounting firm, you may wonder whether to go with one of the small-local/national firms or choose to work with a mid-tier firm like Moss Adams. Clients that choose to work with us want a unique mix of qualities. They want not only the technical depth and breadth of services and capabilities you find with a national firm, but also a lot of face time with partners and senior managers, and other things like a consistent service team from year to year. Moss Adams is the perfect mix of all.
Page 226 of 263
Moss Adams |Proposal for Independent Cities Risk Management Authority 2
OUR COMMUNITY INVOLVEMENT
Moss Adams values the communities in which we live and serve. We donate and volunteer our time to hundreds of programs throughout the states in which our offices are based, including local rotaries, universities, foundations, and social/welfare organizations. Our support spans a wide spectrum, including serving in leadership positions on boards, holding fundraisers and food/clothing/toy drives, and sponsoring charity events. We donate, volunteer, walk, ride, and run to show our support for these organizations and other causes.
In addition to the hands-on charitable work we do throughout the year, the Moss Adams Foundation has provided significant funding to charitable causes to help promote education, arts, social, health, and youth services.
Page 227 of 263
Moss Adams |Proposal for Independent Cities Risk Management Authority 3
A. Organization
FIRM DESCRIPTION
Moss Adams is a fully integrated professional services firm dedicated to growing, managing, and protecting prosperity. With over 3,200 professionals across more than 25 locations in the market capitals of the West and beyond, we work with the world’s most innovative, dynamic, and promising clients and markets. Through a full spectrum of accounting, consulting, and wealth management services, we bring the deep industry specialization and inspired thinking our mid-market clients seek.
Since we put down roots in the Pacific Northwest more than 100 years ago, we’ve steadily expanded to serve clients not only in the West, but also across the nation and globally. Our full range of services includes accounting (assurance and tax), consulting (IT, strategy & operations, transactions, and specialty), as well as individual and institutional wealth management.
Moss Adams is one of the 15 largest US accounting and consulting firms and a founding member of Praxity, a global alliance of independent accounting firms providing clients with local expertise in the major markets of North America, South America, Europe, and Asia.
CONTACT INFORMATION
FIRM CONTACT Art Ngo, CPA
Senior Manager
Joe Trone
CONTACT PHONE
(916) 503-8104 (916) 503-8271
CONTACT EMAIL
[email protected] [email protected]
INSURANCE EXPERTISE
Our insurance practice serves the needs of clients ranging in size from large, billion-dollar member insurers to small, captive insurers. In addition to tax and assurance services, we also focus on operational and systems infrastructure, and our services and knowledge of the insurance managed care market have been used for numerous litigation matters involving payers and providers.
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Types of Insurance Entities Served
Whether the entities are primary carriers, reinsurers, captives, mutual, or agencies, we have you covered. We have experience with risk service lines in property and casualty, workers’ compensation, professional liability, health, auto, and other areas. Our insurance practice experience includes work with the following types of clients:
California joint powers authorities
California school district – self insurance funds
Health care organizations with self-funded medical professional liability insurance
Stock insurance companies (both public and private)
Mutual insurance companies
Fraternal insurance companies
Self-funded insurance companies
Nonprofit insurance organizations
Quasi-governmental insurance organizations
Captive insurance companies
Health insurance
Risk retention groups
Other non–life insurance companies that are required to file a federal Form 1120-PC
Industry Involvement
Our professionals receive continuing professional education with a specific insurance focus. Our active involvement in your market increases our ability to understand the issues you face and, most importantly, the best way to address them. Our professionals are involved with many industry professional associations, including the following:
California Association of Joint Powers Authorities (CAJPA)
America’s Health Insurance Plans (AHIP)
California Association of Health Plans (CAHP)
Insurance Accounting & Systems Association (IASA)
Oregon Captive Insurance Association (OCIA)
OUR GOVERNMENT SERVICES EXPERIENCE
We recognize government organizations are accountable to many different constituencies—oversight agencies, audit committees, elected officials, taxpayers—all with different expectations and demands. That’s why we commit significant personnel and resources to our Government Services Practice, building technical expertise in all areas of government. We have several experienced partners and senior managers who lead audit engagements for over 270 government entities including state agencies; cities and counties; public colleges and universities; special purpose governments including ports, utility districts, and transit agencies; public retirement funds; and others. A summary of our government experience is provided on the following page.
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Service Our Experience
Audits of Financial Statements and CAFRs; Management Recommendation Letters
Our firm serves over 270 government entities.
Audits of Local Governments, Joint Powers Agencies, and Transit Authorities
We’ve done audits of numerous state, local, and special service districts throughout New Mexico, Texas, Arizona, Oregon, Washington, and California, including government entities with multiple affiliated agencies.
Single Audits Our firm has conducted over 3,300 single audits since 1997.
GFOA Certificate of Excellence in Financial Reporting Program
We’ve assisted each of our clients that participate in the CAFR program, including City of Albuquerque, City of Portland, and Port of Seattle. Several of our clients also participate in the Popular Annual Financial Reporting (PAFR) Award program.
Audits of Government Pension, Health, and Other Employee Benefit Plans and Trusts
Moss Adams audits over 1,750 plans of all types annually. Our benefit plan clients range in size from 100 to 100,000 participants with $100,000 to over $10 billion in assets.
Implementation of Governmental Accounting Standards Board (GASB) Pronouncements
We’ve assisted many of our clients with implementation of new accounting standards, including, most recently, GASB No. 74/75 and No. 84. As a result of our national involvement, we’re helping develop implementation guidance to assist our clients with GASB No. 87 (Leases) in 2020, which includes client training and tools for practical application.
REPRESENTATIVE CLIENTS
Our firm is also deeply involved with GASB. In fact, Jim Lanzarotta, a technical resource on the engagement team and the firm’s national Government Services Practice leader, has 12 years of service with the AICPA, six on the State and Local Government Expert Panel with three years as the chair, and another six years as the AICPA representative on the Governmental Accounting Standards Advisory Council (GASAC). Arthur Ngo, engagement senior manager, has extensive experience with GASB and is involved in firmwide training on new GASB standards.
Our insurance experience consists of over 25 insurance companies ranging in premiums written from $15 million to $5 billion annually. We work with numerous insurance clients that rely on us for their accounting and consulting needs. Some of the clients we’re proud to work with include the following:
Representative California GASB Clients
Beverly Hills Unified School District
Board of Harbor Commissions, City of Long Beach
California Department of Veterans Affairs
California Employment Development Department
City of Berkeley
City of Culver City
City of Redondo Beach
City of Santa Monica
City of Stockton
County of San Luis Obispo
CSAC Excess Insurance Authority
Oakland Unified School District
Port of Los Angeles
Port of Oakland
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Representative California GASB Clients
City of Irvine
City of Laguna Niguel
City of Los Angeles, Office of the Controller
City of Menlo Park
City of Pasadena
Port of Stockton
Rural County Representatives of California
San Francisco Department of Public Health
University of California Health
Select Insurance Clients
Ability Insurance Company
Antelope Valley Healthcare District (Self-Funded Medical Professional Liability Insurance)
Associated Insurance Company for Excess (Captive)
Beverly Community Hospital (Self-Funded Medical Professional Liability Insurance)
Comprehensive Mobile Insurance Utah Inc.
ECOLE Insurance Company (Workers’ Compensation)
Health Plan of San Mateo (Health Insurance)
K-M Insurance Company Inc. (Captive)
Mountain State Mutual Casualty Company
New Mexico Hospital Workers’ Compensation Pool
New Mexico Insurance Pool (Health Insurance)
Partnership Health Plan of California (Health Insurance)
Presbyterian Health Plan (Health Insurance)
Prime Healthcare Services (Captive)
RMS Insurance Company (Property, Casualty and Professional Liability) (Utah)
Springfield Insurance Company (Subsidiary of Unified Grocers)
State Accident Insurance Fund of Oregon*
Superior Vision Services Inc.
The Everett Clinic (Self-Funded Medical Professional Liability Insurance)
Valley Presbyterian Hospital (Self-Funded Medical Professional Liability Insurance)
Cornerstone Comp, Inc.
*SAIF of Oregon is the largest workers’ compensation insurance fund in Oregon, as well as one of the largest
on the West Coast, with over $4 billion in assets.
In addition to the experience listed above, Art Ngo, the proposed engagement reviewer and Joe Trone the proposed project manager has experience with audits of the following insurance organizations (not Moss Adams clients):
Select Insurance Clients
Joint Health Management Board
Yolo County Public Agency Risk Management Insurance Authority
Golden Bear Insurance Company (STAT-Basis)
Various California School (K–12) and Community College Self Insurance Funds
Small Cities Organized Risk Effort
Northern California Cities Self Insurance Fund
The Dentist Insurance Company (STAT-Basis)
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CLIENT REFERENCES
Hear for yourself the unique experience our clients have in working with our firm. We’re confident they’ll share stories of how we make their lives easier, help them identify and take advantage of rising opportunities, and guide them to increased prosperity.
Public agency risk retention pools or JPAs for which the firm has provided auditing services:
STATE ACCIDENT INSURANCE FUND
Gina Manley, VP of Finance and Chief Financial Officer
(503) 373-8433
PARTNERSHIP HEALTH PLAN OF CALIFORNIA
Patti McFarland, Chief Financial Officer
(707) 863-4100
CORNERSTONE COMP, INC. Lisa Brogan,
Controller
(559) 558-4800 ext. 44
California local government entities or special districts for which the firm has provided auditing services:
CALIFORNIA DEPARTMETN OF VETERANS AFFAIRS –
Eric Tiche, Assistant Deputy of Secretary
916-653-1900
MARIN HEALTHCARE DISTRICT
Elizabeth Lasnier, Controller
(415) 925-7449
RURAL COUNTY REPRESENTATIVES OF CALIFORNIA
Lisa McCarger, Chief Financial Officer and Chief Operating Officer
(916) 447-4806
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B. Personnel
Working with the right team of professionals makes all the difference to your engagement. The team members we’ve thoughtfully selected to serve your specific needs have years of industry experience. But more than that, you’ll find they bring an optimistic perspective focused on helping ICRMA explore and embrace emerging opportunity. Your Moss Adams team will personally engage with your team and bring a new level of energy and enterprise to your engagement.
Kinman Tong, CPA, Partner – Concurring Reviewer
Professional Experience
Kinman has practiced public accounting since 2003. He serves a diverse spectrum of not-for-profit entities and governments, providing assurance and consulting services to various business-type activity governmental districts and agencies.
Kinman is well versed in performing compliance audits of not-for-profit and for-profit entities that participate in federal programs under the Yellow Book; the OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards; and other federal agencies’ program-specific audit guides.
Kinman also has significant experience working on forensic investigations and litigation support for health care and not-for-profit clients. He’s a frequent speaker at conferences and industry events, including NWRPCA, NWRPCA/Community Health Association of Mountain/Plains States, and California Primary Care Association and has participated at the National Association of Community Health Centers. Kinman has also led training on accounting and auditing topics for Moss Adams professionals as well as clients and industry organizations.
Similar Engagements
State Bar of California
UC Hastings College of the Law
Humboldt State University
Professional Affiliations
Member, American Institute of Certified Public Accountants
Member, California Society of Certified Public Accountants
Member, Ascend
Member, Healthcare Financial Management Association
Member, Home Care and Hospice Financial Managers Association
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Kinman Tong, CPA, Partner – Concurring Reviewer
Member, National Association for Home Care & Hospice
Member, Young Nonprofit Professionals Network
Education
BS, business administration, University of California, Berkeley
Advanced Single Audit Certification, American Institute of Certified Public Accountants
Art Ngo, CPA, Senior Manager – Engagement Reviewer
Professional Experience
Arthur has practiced public accounting since 2007. He has experience with financial statement and performance audits for not-for-profit entities, local education agencies, higher education institutions, and joint powers authorities.
Arthur has experience in performing compliance audits of not-for-profit and education entities that participate in federal programs under the Yellow Book, the OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Arthur has provided training on GASB updates and how to audit California
community colleges, local education agencies, and joint powers authorities.
Similar Engagements
Small Cities Organized Risk Effort
Northern California Cities Self Insurance Fund
Yolo County Public Agency Risk Management Insurance Authority
Various self-insurance funds for California education districts
Professional Affiliations
Member, American Institute of Certified Public Accountants
Member, California Society of Certified Public Accountants
Education
BS, business administration (accounting emphasis), California State University, Fresno
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Joe Trone, CPA, Senior Manager – Project Manager
Professional Experience
Joe has practiced public accounting since 2010. He specializes in financial statement and performance audits for governmental entities, tax-exempt organizations, including not-for-profit, education, and health-care entities.
Industry Experience
Joe is experienced with both GASB and FASB standards, federal programs under Yellow Book and OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. He has also presented at national firm meetings and industry conferences, and led strategic growth efforts.
Professional Affiliations
Member, American Institute of Certified Public Accountants
Member, California Society of Certified Public Accountants
Education
BS, accountancy, California State University, Sacramento
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C. Methodology
TRANSITIONING TO MOSS ADAMS
It’s our first step in welcoming you as a new client—and it’s an important one. Our goal? To avoid disruption to your staff and make the transition period as smooth as possible. You’ll get the following:
Transition Steps
1. Entrance meetings. Conference with your finance department and other appropriate groups to
discuss risks, expectations, processes, and timelines.
2. Planning sessions. Meet with key managers to discuss risks, expectations, the audit process and
timelines, and to share key strategic, financial, and operational information.
3. Review working papers. Examine your prior auditor’s working papers to understand their audit
approach and the timing of their procedures and to determine the scope of any additional procedures our team will perform on the opening balances in your financial statements.
4. Design audit approach. Devise an efficient and effective approach that addresses the potential risks we discover during the transition.
AUDIT METHODOLOGY
ICRMA will benefit from our customized, risk-based audit approach as well as the timely and effective communication and coordination of our audit activities. With dedicated and ongoing involvement from our partners and senior-level professionals, the audit will be planned and executed by an experienced team that understands your industry. During the audit, your Moss Adams engagement reviewer and senior manager, will be in the field to review the work in progress and address any issues with management. This reduces time spent on post-audit procedures and wrap-up.
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Our emphasis on tailoring an integrated audit to focus on the areas of significant risks allows us to complete the audit in an efficient and effective manner. Our audit will include the following:
Plan the engagement based on a thorough understanding of your business risks and transactions
Communicate and coordinate activities with management and the audit committee based on an agreed-upon timeline
Conduct continuous audit procedures to increase efficiency and reduce the burden on your personnel at year-end
Work with management to resolve any complex accounting or reporting issues as early as possible in the audit process
Provide recommendations to management for areas of improvement
AUDIT WORK PLAN
Our overall audit approach is to focus our efforts on areas with the greatest likelihood of error or misstatement in the financial statements. We also compare your performance to other similar organizations to identify unique trends. Based on our work, we’ll report to management any material weaknesses or significant deficiencies we detect in ICRMA’s internal control design and operation as well as potential opportunities for improvement.
Our audit approach is designed based on each organization’s internal control environment and industry characteristics. During our audit, we evaluate operational trends, productivity, and performance measures on a departmental basis, as well as internal control and financial statement components. Following is an example of the typical audit process for an organization about the size of ICRMA.
We’ll document and evaluate the significant internal controls over the following accounting cycles:
Premium revenue, accounts receivable, and cash receipts
Claims / insurance expense, accounts payable, and cash disbursements
IBNR/Claims liability
Financial statement close and financial reporting
Our audit approach requires that we validate that the internal controls in the above cycles are designed effectively and have been implemented. We often accomplish this by selecting a minimal number of transactions to observe the controls in action. Additional transactions may be tested depending on the process, if it’s determined to be the most effective and efficient audit approach.
Our internal control procedures, and the results of those procedures, determine the nature and extent of testing we’ll conduct with respect to each financial statement line item. Following are examples by line item of the types of audit procedures we may conduct:
CASH
Test bank reconciliations and examine supporting documents
Confirm bank balances for certain bank accounts
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ACCOUNTS PAYABLE, ACCRUED LIABILITIES AND CLAIMS PAYABLE
Perform a search for unrecorded liabilities
Compare current-year balances with prior-year balances
Test claim payments
Obtain actuarial support for the claims liability
NET POSITION
Obtain or prepare a roll-forward of balances
Assess proper classification of net position
PREMIUM REVENUE
Obtain the annual operating budget
Test premiums utilizing both analytical procedures and substantive sampling procedures
OPERATING EXPENSES
Test other expenses utilizing both analytical procedures and substantive sampling procedures as deemed appropriate for each expense category
Perform substantive testing over claim payments and loss run reports
ADMINISTRATIVE AND OPERATIONAL MANAGEMENT EXPERTISE
We’ve worked with many governmental entities and insurance companies of various sizes, risk profiles, and complexities. With our firm’s experience in auditing these different entities, we have the depth of knowledge to identify issues and/or best-practice recommendations in the financial close reporting process and at the entity level.
Communicating with Management
We don’t like surprises, and neither do you. That’s why we hold an exit meeting with management at the end of year-end fieldwork to discuss any findings, open items, or other issues. During this meeting, management can check the accuracy of our findings, and we’ll inform them of issues. After we’ve determined the points are valid, we’ll provide draft reports to the supervisory committee to review prior to final issuance. We’ll also invite a director of the board to sit in during our exits with management to keep apprised of possible issues. If they decline, we’ll present the financial statements and communication letters at the Board of Directors meeting at the conclusion of our audit.
ASSURANCE OF TIMELINESS STATEMENT
As with any client service provider, we understand the importance of keeping your business running on schedule, and committed to delivering your audit reports by date that’s mutually agreed upon.
Our firm’s organization is well suited to remaining nimble when unforeseen issues arise with your audit. Overall, the best way to make sure deadlines are met is careful planning. That’s why we’re so insistent about meeting with your team well before the audit to agree on responsibilities and deadlines and to be proactive about addressing potential issues.
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ENGAGEMENT TIMING
The following is a proposed first-year engagement schedule for ICRMA. We’ll discuss any adjustments you may need when we meet with you.
Service Description Proposed Timing
AUDITOR TRANSITION
Schedule to meet with your prior auditor to review their working papers
Upon Appointment
AUDIT PLANNING
Meet with management for pre-audit planning and to obtain an understanding of systems, internal controls, and current-year issues
August 2020 (prior to fieldwork)
Provide management with a detailed list of items needed to perform the audit, including the timing of when items are needed
Upon execution of engagement letter
AUDIT FIELDWORK
Send confirmations of cash, investments, and other accounts as deemed necessary
August 2020
Perform test of controls and substantive audit fieldwork August 2020
REPORT PREPARATION
Present draft of financial statements, audit report, and management letter to senior management
December 2020
BOARD COMMUNICATIONS
Present final audit report, financial statements, and management letter to the Board of Directors
December 2020 or February 2021
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D. Conflict of Interest
Moss Adams doesn’t currently serve any clients that we believe may have a financial interest in the outcome of ICRMA’s audit. Even so, our profession’s code of ethics has stringent provisions requiring maintenance of absolute confidentiality of client information. You can be assured that we’ll maintain the confidentiality of ICRMA’s affairs.
Our Firm’s Independence
Moss Adams has always worked to embody the highest ethical standards, and we demonstrate our commitment to such standards daily. As an independent certified public accounting firm properly licensed for public practice, Moss Adams is required to meet the independence standards as defined by Generally Accepted Auditing Standards, the AICPA Code of Professional Conduct, and the US Government Accountability Office.
Prior to accepting a client relationship with your entity, we’ll conclude our initial review of independence. This review will include an inquiry throughout the firm to make sure there aren’t any identified circumstances that might impair our independence. To make sure we maintain our independence of your entity, we’ll formally reassess our independence throughout the engagement and every year.
Additionally, each partner and client service professional, including associates (technicians) and interns, is required upon initial employment, and annually, to acknowledge his or her independence with respect to our clients. The independence compliance representation is focused on the independence of the individual, and is designed to result in personal representations about matters that may impair independence. In this way, we routinely monitor our firm’s independence from our attest clients.
We welcome any questions you may have regarding our review of independence.
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E. Cost
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Fee Details
Subject The Details
Client Acceptance Procedures
The scope of work and fee quotes are subject to our client acceptance process, which: 1) verifies that all parties understand the specific services we’re being asked to perform; 2) ensures contract terms are acceptable to both parties and in agreement with professional standards; and 3) confirms we’ve staffed the engagement with individuals qualified with the necessary experience to fulfill our commitments to our prospective client. We’ll also need to complete our inquiries of your former auditor as required by our professional audit standards.
First-Year Costs We acknowledge that changing auditors can be disruptive to your staff’s routines, since a new audit team needs to spend time learning your systems. We’ll absorb all costs related to the transition, which we estimated at around $4,200.
Progress Billing Progress billings are based on hours and expenses completed at the time of billing. Bills are due upon receipt. We reserve the right to charge interest on accounts over 30 days past due.
Future New Audit, Review, and Accounting Standards
Our fee estimate discussed herein is based on accounting and professional standards that exist and are applicable as of the date of this proposal. To the extent that future rulemaking activities require modification to our audit approach, procedures, scope of work, etc., we’ll advise you of such changes and the impact on our fee proposal. If we’re unable to agree on the additional fees, if any, that may be required to implement any new accounting, auditing, and review standards that are required to be adopted and applied as part of our engagement, we reserve the right to withdraw from the engagement, regardless of the stage of completion. If ICRMA experiences a major future event and the event is significant enough to warrant it, we’ll modify our audit approach, procedures, and scope of work. Before doing so, we’ll negotiate any adjustment to our fees with you.
Routine Phone Calls and Emails
Our policy is to not charge for short telephone calls seeking miscellaneous advice unless those consultations require significant additional work or research. If a matter requires further follow-up, we’ll discuss a fee estimate with you before incurring significant time.
Research and Consultation If we’re requested to provide research or consultation service, we’ll estimate the number of hours necessary to provide the requested services. We’ll then provide a fee quote for your approval before commencing any work. Our fees for these services are generally at our standard billing rates.
Predecessor Auditors Our fee estimates are based on the assumption that the predecessor auditors will provide timely access to their audit working papers for the year ended June 30, 2019. Further, it’s assumed that the audit work performed by the predecessor auditor will be adequate to support beginning balances.
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Subject The Details
Audit Preparation Our proposed fees are based on the presumption that your books and records will be ready for audit and minimal audit adjustments will be required. If accounting assistance is required to reconcile accounts, we’ll discuss the issues with you, and additional fees will be billed separately, at our standard rates. Additionally, our fee quote assumes that we won’t identify any audit findings, including significant deficiencies or material weaknesses. If potential audit findings are identified, costs for investigating and reporting them will be in addition to our audit fees.
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F. External Quality Review Control Report
PEER REVIEW REPORT
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Peer Review Report (Cont.)
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F. Confirmation of Insurance Coverage
Moss Adams maintains insurance coverage that will satisfy the insurance requirements set for this engagement. Should Moss Adams be selected for this engagement, we’ll provide all necessary third-party certificates of insurance coverage in accordance with the requirements of any finalized contract negotiated by the parties.
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G. Disclosures
As with any large firm, Moss Adams is occasionally involved in addressing legal and regulatory issues. However, no action, suit, proceeding, inquiry, or investigation before or by any court or federal, state, municipal, or other government authority is pending, or to our knowledge is threatened against Moss Adams, related to or which would have a material effect upon the services contemplated herein.
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Assurance, tax, and consulting offered through Moss Adams LLP. Investment advisory services offered through Moss Adams Wealth Advisors LLC. Investment banking offered through Moss Adams Capital LLC.
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August 13, 2020 Board of Directors
Subject: Law Enforcement Legal Liability Action for consideration: Review and provide direction as appropriate. Background: As discussed at previous Board meetings, the insurance market has hardened nationwide and especially in California. This is resulting in increased insurance costs, lower coverage limits offered, higher retentions required, and additional scrutiny by carriers. While ICRMA's 2020-21 coverage renewal was quite favorable, pool members must take action to prepare the pool for the best possible renewal in 2021-22. Member losses are directly related to the renewal terms and premium expenses. With that in mind, ICRMA is focusing on two critical areas this year: dangerous condition claims and law enforcement liability. Dangerous condition losses and training were discussed at previous meetings, so this memo focuses on law enforcement liability and proposed actions. ICRMA must be prepared to discuss funding alternatives if law enforcement coverage is limited or cannot be purchased, if retentions are increased, or if premiums escalate significantly. During the coming months and at strategic planning, more information will be presented to the Board regarding alternate funding mechanisms. In the meantime, risk control measures must also be implemented. RPA evaluated police losses during the past ten years using the following parameters:
• Isolated police-related claims only • Used current members only (former members were eliminated from the analysis) • Ground-up claim data • Occurrences with a date of loss between 7/1/2010 – 6/30/3020 • Valuation date of 6/30/2020
During the past ten years, current pool members experienced 1,342 police-related occurrences with a total incurred of $102.5M. Of those losses, 17 occurrences had total incurred of more than $1M each and represented $68M in claims costs (i.e. 17 occurrences represented 66% of total police losses). If losses could have been reduced by only 5%, members would have saved over $5M during the past ten years.
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Law Enforcement Legal Liability Page 2 of 3
August 13, 2020
Losses by fiscal year are illustrated in the following chart:
ICRMA offers law-enforcement related resources to the members, including: White paper In 2012 and 2013, police chiefs of ICRMA members formed a task force and met on multiple occasions to review and evaluate member police claims with total incurred amounts over $250,000. During the review, task force members shared knowledge of the loss causes, lessons learned, and corrective actions implemented. The group recognized the prevention and mitigation measures could be categorized using Gordon Graham's "Five Pillars:" people, policies, supervision, training, and discipline. A white paper was developed (Police Loss Prevention and Mitigation Measures) by the task force and distributed to members in April 2013. The recommendations contained in the white paper remain applicable today. Arx Alert Last year and again this fiscal year, ICRMA secured grants in order to enable interested members to implement a software management program, Arx Alert, to help its management team monitor, track, and remediate police claims. The program is designed as an all-in-one risk management software solution to monitor the entire police organization. It takes data from several key areas and combines it into meaningful information to show trends on how to better manage risks and ensure supervisors and command staff remediate identified risks.
Training: From 9 – 11 a.m. on Thursday, September 24, ICRMA will offer a University session on police liability (misconduct, accountability, risk management). All members are asked to have at least two employees (recommending one-police department, and one-risk management) attend the webinar.
$4,865,686
$16,682,975
$13,633,659
$17,117,728
$8,047,211
$12,866,068
$6,308,493 $6,334,029
$2,583,809
$14,089,564
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
$18,000,000
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20
Police Total Incurred
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Law Enforcement Legal Liability Page 3 of 3
August 13, 2020
At the June meeting, members also requested additional training be offered in police liability and best practices, diversity and inclusion, and workplace civility. Trainings on these topics are being developed and scheduled. Carrier Resources: Safety National offers law enforcement liability resources to the members. The resources include program assessment, customizable sample policies and procedures, and expert support. Members are asked to review and understand law enforcement liability at their cities, and to actively utilize existing resources. The Board is asked to share concerns, suggestions, and successes which may assist individual members and ultimately the pool. Attachments: None Prepared by: Beth Lyons, Executive Director
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August 13, 2020 Board of Directors
Subject: Liability Resource – AAAtraq Website ADA Compliance Action for consideration: Review and recommend every member utilize the services of AAAtraq. Background: Individuals are increasingly driven to websites in the current environment, and some cities are experiencing increased claims and litigation due to websites that are allegedly non-compliant with the Americans with Disabilities Act (ADA). RPA learned of an affordable resource, AAAtraq, offered through Gallagher, to help the members understand the level of risk associated with their websites and take appropriate risk control measures. Despite best efforts, AAAtraq estimates 94% of websites fail to meet web accessibility. RPA met with AAAtraq in June to learn more about the services and pricing model. AAAtraq offers the following:
• Assessment and report of your city's website, with clear and straight-forward guidance to demonstrate reasonable steps for adjustment
• Oversight and simplified accessibility compliance • Ongoing certification process that oversees accessibility by automatically tracking your
website with monthly reporting • Website shields showing your city's commitment toward compliance • Peace of mind that your city is serving those with disabilities
Neither AAAtraq, nor its reporting program Sitemorse, require download or software installation. AAAtraq performed an assessment of ICRMA's website, as well as each member agencies' main website, to illustrate the ease of running the assessment. The reports clearly indicate accessibility issues with a scoring mechanism of 0 to 10 (a higher score indicates greater compliance). Reports are scheduled to run automatically and would be emailed directly to the city's selected contact.
The assessment results indicated improvements could be made on every website evaluated. To determine the skillset required to complete website updates to ensure compliance, RPA staff worked with AAAtraq on ICRMA’s website. AAAtraq provided training on how to read, understand, and implement revisions, and RPA participated in a one-hour training session with a staff member at Sitemorse. This session provided a detailed look at an assessment report and how to address correcting items on the website. Following is a brief overview of the process by which RPA has been working to ensure ICRMA is proactively engaging in ongoing efforts to ensure adherence with the requirements defined by the World Wide Web Consortium (W3C), specifically the Web Content Accessibility Guidelines (WCAG) 2.1.
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Liability Resource – AAAtraq Website ADA Compliance Page 2 of 2
August 13, 2020
The first weekly report regarding ICRMA’s website is in the screen shot to the right, with a score of 7 out of 10. Multiple categories are tested to support a better functioning website overall.
a) Reports are easy to interpret b) ICRMA receives weekly reports, and
thus it is easy to measure improvement (or where something has become an urgent matter to address)
One of the categories that scored poorly was “Links.” The image below is the resulting information returned by clicking on the “Links” button in the emailed report. The information indicates the following: more than 9 broken links, 1 misspelling in a linked website, and a formatting error in another linked website/document.
Overall, the reports are user friendly, support easy identification of the issues on the website, and provide helpful hints in addressing the items that require revision. RPA believes this service would benefit each member agency in its efforts to proactively manage an emerging field of litigation. AAAtraq has offered a 50% discount to ICRMA member agencies, which results in an annual fee of $500. The annual expense to provide the service to all ICRMA members ($8,000) was not budgeted in the 2020-21 fiscal year. RPA believes it is in the best interest of ICRMA members, however, to utilize a service, such as AAAtraq, as soon as possible. Members can utilize risk management funds for the expense in 2020-21, and ICRMA's Board can consider funding the expense for each member in 2021-22 as it contemplates the budget. Attachments: AAAtraq Brochure Prepared by: Jennifer Achterberg, Assistant Program Administrator
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A risk management tool for a growing trend
What you get...
Contact us to learn more: Jenna Goodrich, Area Asst. Vice President | 818.539.8613 | [email protected]
Don’t fall prey to individuals just looking to profit The Supreme Court just upheld a ruling confirming plaintiffs’ rights to sue based on a claim that a website is non ADA compliant. As such, websites are under threat from legal aggression from assertive lawyers focused on making money. Understanding your level of risk is just the first step to becoming compliant.
Gallagher is now offering a Compliance Identification and Management Service (CIMS) package to help you mitigate the risks involved with web accessibility non-compliance. Partnering with AAAtraq—arguably the only one of a kind that offers the comprehensive service to guide you through and help you stay compliant—Gallagher can help you protect your business on the web, by reducing your exposure.
Why you need a CIMSNon-compliance with web accessibility regulations
• Despite best efforts, over 94% of websites fail to meet web accessibility, often resulting in unintentional discrimination against those with disabilities
• Exposing your website to threats of legal aggression
• Federal and State regulation must be met
• Inefficient and ineffective digital management caused by human limitations
Time and cost of litigation• Requires an attorney who is specialized in accessibility suits
• Typical litigation time can be nine to fourteen months
• Costs, compensation and damage to brand can be considerable
• Lack of understanding standards and regulations can be devastating
• Need to manage suppliers and vendors for deliverables and actual compliance
• Time and cost to find those with the expert knowledge can be significant
• Organizations must demonstrate remedial action—reporting progression towards compliance
Ongoing need for an insurance-backed, technology-driven solution
• AAAtraq is so confident in their service they have a provision which could indemnify you for damages that you are required to pay specific to website accessibility compliance (including legal costs) with limits up to $50,000
• Assessment and report of your site’s current level of risk with clear and straightforward guid-ance to demonstrate reasonable steps for adjustment
• Oversight and simplified accessibility compliance, and delivery of a managed process to your staff and suppliers
• An ongoing certification process that oversees accessibility by automatically tracking your website with monthly reporting of your site’s accessibility status
• Website shields showing your commitment towards compliance, warding off unwanted lawsuits and lengthy litigation
• Most importantly... Peace of mind knowing that you are serving those with disabilities
Get your FREE Risk Profile!
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Current regulations to meet and guidelines to follow to stay compliant...
As of this document date, there are three levels of regulation that must be met to stay compliant.
American with Disabilities Act (ADA): Prohibits discrimination against in-dividuals with disabilities in all areas of public life, including jobs, schools, transportation, and all public and private places that are open to the general public. ada.gov
U.S. Workforce Rehabilitation Act of 1973, Section 508: This section of the act requires that accommodations be made for federal employees and mem-bers of the public with disabilities who wish to access government Information and Communications Technology (ICT), including government websites and multimedia. section508.gov
WCAG: Web Content Accessibility Guidelines: There are currently three levels; A, AA and AAA. All three must be independently met to be fully in compliance. w3.org
COMPLIANT
Are you compliant?
0
1000
2000
3000
4000
5000
6000
7000
8000
2013 2014 2015 2016 2017
ADA Title III Lawsuits in Federal Court: 2013-2017
+ 63%
44362272
+ 8%
4789
+ 37%
6601
+ 16%
7663
Data from: Seyfarth Shaw LLP, February 1, 2018https://www.adatitleiii.com/2018/02/ada-title-iii-lawsuits-increase-by-14-percent-in-2017-due-largely-to-website-access-lawsuits-physical-accessibility-legislative-reform-efforts-continue/
A look at the upward trend in discrimination lawsuits since 2013
Top 10 States for ADA Title III Federal Lawsuits in 2017
0
500
1000
1500
2000
2500
3000
CA FL NY UT NV CO GA PA TX NJ
108129182187215276360
1023
1488
2751
(...are you sure?)You may be one of the 94% of
websites fail to meet web accessibility
AAAtraq_110719
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August 13, 2020 Board of Directors
Subject: Member Withdrawal Notices of El Segundo and Monterey Park Action for consideration: Review and file Background: The cities of El Segundo and Monterey Park provided written notice of intent to withdraw from ICRMA by the July 1 deadline. This notice is rescindable until December 1, 2020. Attached are the cities' letters. RPA staff sent a letter to the City Managers, Council, and Board members at the cities acknowledging receipt of the letters. Performing due diligence is a complex exercise, thus a "pool comparison matrix" was designed to help members understand the total cost of risk using an apples-to-apples comparison. The document highlights the coverage and services provided by ICRMA and allows for the performance of a more accurate due diligence exercise. This document is available on the ICRMA website. Starting in the mid-1970s, public entities were unable to purchase some types of insurance and/or obtain affordable coverage in the commercial market. By the mid-1980s, commercial liability insurance was virtually unavailable for public entities. As a result, state legislation was enacted to authorize public entities to self-insure and pool their assets to jointly control their risks and pay their claims. In 1980 ICRMA developed its liability program and in 1986 a liability risk retention program. In 2003 ICRMA developed a workers’ compensation risk retention pool. During the past four decades, ICRMA has added multiple programs and services to meet member needs. According to the Association of Governmental Risk Pools, public entity risk pooling is the single most successful example of inter-local cooperation in North America and beyond, saving billions of taxpayer dollars and thousands of lives. It is a success story that grew organically from the inability and unwillingness of much of the traditional insurance industry to understand and address the changing risk dynamics of governmental entities. Today, AGRiP estimates that 80% of the cities, towns, schools, counties and special districts in the United States address some or all of their risk management and risk financing needs through these member-owned, member-governed, non-profit pools. Public entities nationwide are experiencing one of the most difficult insurance markets since ICRMA was created. ICRMA is a member-driven, locally-controlled organization, and its members benefit from the pool’s coverage and initiatives. ICRMA is committed to helping its members identify and control loss drivers and will assist the cities as they evaluate options.
Attachments: Letters from El Segundo, Monterey Park
Prepared by: Beth Lyons, Executive Director
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RESOLUTION NO. 5221
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ELSEGUNDO AUTHORIZING THE CITY MANAGER TO PROVIDEWRITTEN NOTICE OF INTENT TO WITHDRAW MEMBERSHIPFROM THE INDEPENDENT CITIES RISK MANAGEMENT
AUTHORITY ( ICRMA).
WHEREAS, the City of EI Segundo (" City") is a member of the Independent
Cities Risk Management Authority (" ICRMA"), a joint powers authority whichallows member cities to pool resources to support liability and worker'scompensation self-insured programs; and
WHEREAS, ICRMA allows member cities to group purchase other lines ofinsurance such as: Property, Auto Physical Damage, Crime, Cyber, and
Terrorism coverage; and
WHEREAS the City has been a member of ICRMA since 1985 and participatesin the Liability, Worker' s Compensation, Property, Auto Physical Damage, Crime, Cyber, ands Terrorism Programs; and
WHEREAS, the City wishes to explore various options of insurance coverageincluding other risk -sharing pools or purchasing commercial insurance directly; and
WHEREAS, the City is interested in performing an analysis on the feasibility ofcontinuing its participation in ICRMA; and
WHEREAS, should the City wish to transition to another insurance pool in theupcoming fiscal year, the bylaws of the liability and Workers' Compensationprograms for ICRMA require that notice of intent to withdraw membership as of
July 1, 2021 must be provided no later than June 30 , 2020; and
WHEREAS, the provision of written notice to withdraw prior to June 30, 2020
does not preclude the City from rescinding such notice should the City wish toremain with ICRMA during the 2021/ 2022 fiscal year based upon analysiscompleted by the City or based upon any need for additional time to conductsuch analysis, provided that rescission is provided no later than December 1, 2020.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of EISegundo does hereby find, determine and declare as follows:
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SECTION 1. The EI Segundo City Council adopt the Resolution authorizing theCity Manager to provide written notice of intent to withdraw membership fromICRMA; and
SECTION 2. That a copy of the Resolution shall be provided to ICRMA.
PASSED, APPROVED, AND ADOPTED this 16th day of June, 2020.
Mayor Drew Boyles,
City of EI Segundo
ATTEST;
y
City tle.rk,,.Tacy eaver,
CityCiof EI. S gU.q o
APPROVED AS TO FORM:
City At rney, Mark D. nsley,
City of EI Segundo
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STATE OF CALIFORNIACOUNTY OF LOS ANGELES Ss
CITY OF EL SEGUNDO
1, Tracy Weaver, City Clerk of the City of El Segundo, California, hereby certifythat the whole number of members of the City Council of the City is five; that theforegoing Resolution No. 5221 was duly passed and adopted by said CityCouncil, approved and signed by the Mayor of said City, and attested to by theCity Clerk of said City, all at a regular meeting of said Council held on the 16thday of Julne 2020, and the same was so passed and adopted by the followingroll call vote:
AYES: Mayor Boyles, Mayor Pro Tern Pimentel, Council Member Pirsztuk, Council Member Nicol and Council Member Giroux
NOES:
ABSENT:
ABSTAIN:
ATTEST:
77
City'C* ki0'Fracy/ VVeaverSegyndoC y' of E
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GITY OF MONTEREY PARK320 West Newmark Avenue o Monterey Park o California 91754-2896
www.mOnterevpark.ca.qovCity CouncilHans LiangPeter ChanHenry LoYvonne YiuFred Sornoso
Gity GlerkVincent D. Chang
City TreasurerJoseph Leon
June23,2020
Independent Cities Risk Management AssociationAttention: Beth Lyons18201Von Karman, Suite 200Irvine, CA926l2
RE: Notice of Potential Withdrawal from ICRMA
Dear Ms. Lyons:
Please accept this letter from the City of Monterey Park as a formal notice of the City's intent towithdraw from the Independent Cities Risk Management Authority (ICRMA) effective July 1, 2021.This includes any and all of the ICRMA joint protection programs in which the City currentlyparticipates.
Sincerely,
City ManagerCity of Monterey Park
Encl: Resolution No.: 12173
Pride in the Past o Faith in the Future
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RESOLUTION NO. 12173
A RESOLUTION AUTHORIZING THE CITY MANAGER TO TOPROVIDE WRITTEN NOTICE OF INTENT TO WITHDRAW FROM THETNDEPENDENT CtTtES R|SK MANAGEMENT AUTHORTTY (TCRMA)
The City Council for the City of Monterey Park does resolve as follows:
SECï|ON 1: The City Council finds as follows:
The City wishes to explore various options of insurance coverageincluding other risk-sharing pools or purchasing commercialinsurance directly;
The City is interested in performing an analysis on the feasibility ofcontinuing its participation in the lndependent Cities RiskManagement Authority (ICRMA);
Should the City wish to transition to another insuranceprovider/carrier in the upcoming fiscal year, the Bylaws of theLiability and Workers'Compensation programs for the ICRMArequires that notice of intent to withdraw membership as of July 1,
2021 must be provided not later than July 1,2020; and
Providing a written notice to withdraw does not preclude theCityfrom rescinding such notice should the City wish to remain withtheICRMA during the 202112022 fiscal year based upon any analysiscompleted by the City or based upon any need for additional time toconduct such analysis, provided that rescission is provided notlaterthan December 1,2020.
SECTION 2: The City Manager is authorized to provide written notice of intent towithdraw membership from the lndependent Cities Risk ManagementAuthority(ICRMA). A copy of the Resolution will be provided to the lndependent CitiesRisk Management Authority (ICRMA) as part of that notice
SECTION 3: This Resolution will become effective immediately upon adoptionand will remain effective unless repealed or superseded.
SECTION 4: The City Clerk will certify to the passage and adoption of thisResolution; will enter the same in the book of original Resolutions of said City;and will make a minute of the passage and adoption thereof in the record ofproceedings of the City Council of said City, in the minutes of the meeting atwhich the same is passed and adopted.
A.
B
C
D
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Resolution No. 12173Page 2 of 2
Vincent D. Chang,
Approved as
By
Assistant Attorney
State of California )County of Los Angeles ) ss.City of Monterey Park )
PASSED, AND ADOPTED this 17th day of June, 2020.
Hans Liang, M
l/(.
A
l, Vincent D. Chang, City Clerk of the City of Monterey Park,California, do hereby certify that the foregoing Resolution No. 12173 was dulyand regularly adopted by the City Council of the City of Monterey Park at ameeting held on the 17th day of June 2020, by the following vote:
Ayes:Noes:Absent:Abstain:
Dated this 17th day of June, 2020
Yiu, Lo, Sornoso, Chan, LiangNoneNoneNone
Vincent D. Chang, lerkMonterey Park, ra
Council MembersCouncil MembersCouncil MembersCouncil Members
Electronic Signatures. This Resolution may be executed with electronicsignatures in accordance with Government Code S16.5. Such electronicsignatures will be treated in all respects as having the same effect as an originalsignature.
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