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Information & News from the KZYX General Manager

We are pleased to announce that the Community Advisory Board (CAB) will be holding several meetings in the further reaches of our listening area. These will be informal meetings, meaning that there may not be a quorum of CAB members present, and nothing will be voted on. The first meeting will be held in Elk on Tuesday evening, February 23rd, at the Greenwood School, 5150 S. Hwy 1, at 6:30 pm.

The CAB wants to hear from you, discuss what you are interested in regarding KZYX, and will take your comments to the next KZYX Board of Directors meeting. There will be snacks and beverages. For more information on the CAB meeting in Elk, call (707) 877-3475.

Thanks to those members who are running for open positions on the Board of Directors. To the right of this article you will find a list of candidates. Soon we will be posting the candidate statements. The on air candidate forum will be held on Thursday, March 3rd at 7pm.

Earlier this week I met with our former General Manager (John Coate) and our transmitter engineer. I was told the transmitters are in very good shape. The connections with our studios in Mendocino and Willits are not working well, and are going through complete software upgrades at this time. We apologize for the inconvenience to our programmers from Willits and Mendocino, and to our listeners, who have had to experience frequent drop outs of the studio connections. Our staff is standing by during all of our remote studio shows, and many of our programmers are coming to Philo to do their shows until the upgrades are completed and tested.

Thanks for your patience. Just so you know, some of us have been working 15-20 hour days to sort out technical difficulties and details. We want all of our broadcasts to run smoothly, and we have a steep learning curve to do what our long time Program Director/Music Director (Mary Aigner) and Operations Manager (Rich Culbertson) were able to accomplish on a daily basis. Mary retired after 22 years with the station, and Rich resigned after eight years of superb technical support. We have a big legacy to live up to!


Lorraine Dechter
General Manager KZYX & Z
Mendocino County Public Broadcasting
(707) 895-2324

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

MARCH 14 COUNTY TREASURY POOL MEETING

Posted by All About the Money
All About the Money
All About the Money airs from 9 am to 10 pm on alternate Fridays and is hosted by John Sakowicz.
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on Friday, 15 March 2013 in Uncategorized

 

March 14 County Treasury Pool Meeting 
 


Yesterday, March 14, at 1 pm, Mendocino County Treasurer, Shari Schapmire, convened a "Round Table Discussion" of the Mendocino County Treasury Pool. 
 
We met in Conference C at  the County Administration Center on Low Gap Road.

The agenda included the following items:
  • Introduction of New Investment Adviser -- Chandler Asset Management
  • Update on the Economy and Financial Markets
  • Chandler's Investment Strategy
  • County Treasurer's Investment Policy
  • Interest Rate Apportionment Rates
  • Costs Associated with the Treasury Pool
  • Banking Services
  • Additional Topics of Interest
Four of the five members of the Mendocino County Board of Supervisors (BOS) were in attendance: Dan Hamburg, John McCowen, John Pinches, and Dan Gjerde. Supervisor Brown was absent.

This was a Brown Act meeting that was properly was noticed.

Also attending the meeting were 40-50 members of the public. The meeting was also videotaped for community television.
 
My takeaways include the following:
 
  • Chandler is doing a good job for a reasonable fee. Chandler earned a 61-basis point return for last quarter on the consolidated portfolio. On a risk-adjusted basis, this is better than our previous money manager (Abalone Cove Advisers).  Meanwhile, Chandler only charges the county about $16,200 in annualized fees, which includes Bloomberg and most other services.
  • Chandler also diversified the holdings in the treasury pool from approximately 20 holdings to about 80 holdings. Our holdings were expanded to include U.S. Treasury securities and federal agency securities. In diversifying the holdings, the average size per holding went from approximately $5 million to $1-2 million per holding.
  • The diversification has resulted in a much more level "interest rate apportionment rate". More level interest, and less volatility, is a good thing.
  • Fitch, the bond rating company, had previously noted that Mendocino County had some performance issues with the treasury pool, hence the switch to Chandler. 
  • The County Treasurer's Investment Policy puts its highest priorities as "safety, liquidity, and yield."
  • Chandler staggers the maturities of our county's holdings in a Ladder" fashion. The average duration is 0.86 years. The average coupon is 0.74%. The Average Purchase Yield to Maturity (YTM) is 0.46 %. The average Market YTM is 0.35 %.  The Average Final Maturity is 1.0 year. The Average Life is 0.90 years.
  • The Average S&P/Moody Rating is AA/Aa2. 
  • Approximately 10.7 % of the portfolio is only rated A by S&P, and 42.9% of the portfolio is Unrated.
  • As of 1/13/13, the market value of the treasury pool was $212,906,082, which includes accrued interest of $367,075.
  • The top issuers in in treasury pool are: Local Agency Investment Fund (24.7%), Custodial Checking Account (10.2 5), Government of the United States of America (9.2%), Federal Home Loan Bank (7.0%), Federal National Mortgage Association(6.5%), Federal Home Loan Mortgage Corp. (5.7%), Federal Farm Credit Bank (5.2%), and Bank of Montreal Chicago (4.9%).
  • Chandler's investment advisory fees represents only a small portion of the total costs for administering the treasury pool. Chandler's annualized fees of $16.200 is dwarfed by $246,000 in annual costs that the County Treasurer's Office will charges off to the treasury pool in 2012-2013. Of the $246,000 amount, 65% of the County Treasurer's salary and benefits of $155,200 was charged off to the treasury pool.
  • Approximately 43.3 % of f the total staff time at the Treasury Office was spent on treasury pool business.
  • Other costs included "variable costs" for Bank of America -- about $10,026 per quarter  -- and lesser dollar amounts for Mellon Bank and Savings Bank of Mendocino, for custody and clearing services. After an RFP conducted last year, Bank of America was retained.
  • Total pool costs are about 0.00165 per $100.
  • The County Treasurer emphatically stated that "socially responsibility" is not a factor in making treasury pool investments. Her only criteria were "safety, liquidity, and yield".
  • Treasury pool holdings include; 2.33 % of the portfolio in Barclays Bank (responsible for the LIBOR rate manipulation scandal); 0.70 % of the portfolio in Wells Fargo Bank (responsible for "robo foreclosures"); 0.60% of the portfolio in General Electric (a major defense contractor); and 0.47 5 of the portfolio in Wal-Mart Stores (an anti-union shop and the defendant in a gender discrimination class action lawsuit filed in federal court by many of the women who work for Wal-Mart).
  • Members of the public were outraged that the treasury pool included these controversial holdings.
  • Members of the public respectfully suggested to the County Treasurer that a county bank, if approved by the BOS, would be a good way to make socially responsible investments in the treasury pool. A county bank could also earn the administrative fees of approximately a quarter million dollars that currently charged off to the County Treasurer's Office. This could help fund the operation of a county bank.
  • Public banking is already working in the United States (the State of North Dakota) , and 20 states are currently considering some form of public banking legislation. A county-owned, county-operated bank would be a public bank.
  • The Public banking Conference, "Funding The New Economy", will take place on June 2-4, in San Rafael, CA, at Dominican University. The event is hosted by the Public Banking Institute, the Pennsylvania Public Bank Project, New Montana, Dominican University's Green MBA, the Vermont Partnership Bank, and the Washington Investment Trust.
 
Respectfully submitted,

John Sakowicz


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All About the Money airs from 9 am to 10 pm on alternate Fridays and is hosted by John Sakowicz.

MCPB Board of Directors Elections

Mendocino County Public Broadcasting is holding elections for its Board of Directors. If you were a KZYX member in good standing by December 31st, you will soon be receiving a ballot for the election of the board's open seats. (All of our programmers will also receive a ballot for the Programmer-Elected seat)

Your  ballot must be returned by mail in the envelope provided. Do NOT send your ballot to the station! If you do, it will not be counted. We must receive your ballot by March 31st.

To find out about the candidates, tune in to the on-air candidates forum on Thurs., March 3rd at 7pm.

If you haven't received your ballot by March 1st, please let us know by sending an email to:  This e-mail address is being protected from spambots. You need JavaScript enabled to view it. , or by calling the station at (707) 895-2324.

The candidates are as follows:

AT LARGE SEAT CANDIDATES:

John Azarro

John Sakowicz

Charlie Hochberg

Richard Louis Miller

Jeff Wright

PROGRAMMER CANDIDATES:

Stuart Campbell

Robert Vaughan

Johanna Wildoak

1st DISTRICT CANDIDATE:

Jonathon Middlebrook

CANDIDATE STATEMENTS COMING SOON!

Get The KZYX App For Your iPhone

Go to the Apple App Store on your iPhone or iPad and search for KZYX.  The app is free of charge.  It's a great way to get the live stream, the KZYX Jukebox, this website and to make a donation.  Follow this link for a preview and easy access to the download.  Or if you want to type it out here is the URL: https://itunes.apple.com/us/app/kzyx/id998145015?mt=8

KZYX Phone Numbers

Business office 707-895-2324

Philo studio 707-895-2448

Willits studio 707-456-9991

Mendocino studio 707-937-5103

KZYX Underwriting

KZYX doesn’t play commercials but we do have underwriting, which is very different from advertising. It is a great way to support KZYX and in exchange we will let our listeners know what goods and services your organization offers.

For questions about underwriting on KZYX, call (707) 895-2324 or email uw [at] kzyx [dot] org