THE BOARD OF SUPERVISORS OF THE COUNTY OF STANISLAUS BOARD ACTION SUMMARY

Transcription

1 THE BOARD OF SUPERVISORS OF THE COUNTY OF STANISLAUS BOARD ACTION SUMMARY DEPT: Treasurer I Tax Collector BOARD AGENDA:5.8.9 AGENDA DATE: December 11,2018 SUBJECT: Acceptance of the Stanislaus County Treasury Pool's October 2018 Monthly Investment Report BOARD ACTION AS FOLLOWS: RESOLUTION NO On motion of Supervisor Y.Yltbrc,nv, Seconded by Supervisor.Q.h.ie.sa and approved by the following vote, Ayes: Supervisors: Qlseo.. Chiesa.. Wl!bCQW... MQotejth..and Chairman_ D.f!.Mactlni. Noes: Supervisors: -~Pil~-. Excused or Absent: Supervisors: f'j_qn.~. Abstaining: Supervisor: J~9D? 1) X Approved as recommended 2) Denied 3) Approved as amended 4) Other: MOTION: oard of Supervisors File No.

2 THE BOARD OF SUPERVISORS OF THE COUNTY OF STANISLAUS AGENDA ITEM DEPT: Treasurer / Tax Collector BOARD AGENDA:5.B.9 AGENDA DATE: December 11, 2018 CONSENT: CEO CONCURRENCE: YES 4/5 Vote Required: No SUBJECT: Acceptance of the Stanislaus County Treasury Pool's October 2018 Monthly Investment Report STAFF RECOMMENDATION: 1. Accept the October 2018 Investment Report for the Stanislaus County Treasury Pool. The report was prepared by the Stanislaus County Treasurer-Tax Collector s Office, reviewed for conformity with the Stanislaus County Treasury Pool Investment Policy by the Treasurer-Tax Collector, and has been distributed to the Stanislaus County Treasury Pool Oversight Committee. 2. Authorize the Chairman of the Board of Supervisors to sign on behalf of the Board that the report has been reviewed and accepted. DISCUSSION: On April 16, 1996, the Board of Supervisors enacted Code Sections through This provided for a comprehensive policy of investment delegation and oversight, including: Delegation of day-to-day investment to the County Treasurer-Tax Collector; Qualifications for the Office of County Treasurer-Tax Collector; and Establishment of a Treasury Pool Oversight Committee. On June 26, 2018, the Board of Supervisors reviewed and adopted revisions to the Investment Policy (Policy), effective July 1, Revisions to the Policy were prepared by the Stanislaus County Treasurer-Tax Collector and reviewed for conformity with California State law by the Treasury Oversight Committee members comprised of the County Auditor-Controller, the County Superintendent of Schools designee, and a member of the public familiar with investments. The Policy includes language that mandates the preparation of the monthly report and provides guidelines for its contents. Each monthly report contains a summary along with sufficient detail to show investment activity and compliance with legal and policy directives. The report is prepared by the Stanislaus County Treasurer-Tax Collector s Office, reviewed by the Treasurer-Tax Collector for conformity with the Stanislaus County Treasury Pool Investment Policy and has been distributed to the Treasury Pool Oversight Committee.

3 To provide additional information regarding the composition of the Treasury Pool and the diversity of holdings, the Treasurer-Tax Collector s monthly investment report has been expanded to include the composition of the pool, as provided by the Auditor- Controller, a comparison of the Treasury Pool investment holdings Year-on-Year, and a comparison of the Stanislaus County Treasury Pool to similar investment pools in the eight comparable counties. It should be noted that differences in size, cash flow, need, and composition of funds greatly impact the strategy used and that earnings rates will fluctuate over time. Upon acceptance and signature of the Chairman, the report can be viewed on the Stanislaus County Treasurer-Tax Collector s Office website at POLICY ISSUE: Section 27133(e) of the State of California Government Code requires that the Treasurer of any county having an Oversight Committee prepare an investment report for said Committee. Section of the Stanislaus County Code establishes the Treasury Oversight Committee and the Stanislaus County Investment Policy further mandates preparation, review, and acceptance of the investment report. FISCAL IMPACT: As part of the administration of the Pool, costs associated with the report (estimated at approximately $800 per month) are deducted from interest earnings before distribution is made to the participating agencies funds. BOARD OF SUPERVISORS PRIORITY: The recommended actions are consistent with the Board s priority of Delivering Efficient Public Services and Community Infrastructure by providing transparency and adherence to the law through the issuance of monthly investment reports. STAFFING IMPACT: There is no staffing impact associated with acceptance of the Treasury Pool s October 2018 Monthly Investment Report. Existing Department staff prepare the monthly report. CONTACT PERSON: Dolores Sarenana, Assistant Treasurer-Tax Collector Telephone: (209) ATTACHMENT(S): 1. October 2018 Monthly Investment Report Page 2 of 2

4 OFFICE OF TREASURER/TAX COLLECTOR Donna Riley Treasurer/Tax Collector PO Box 3052, Modesto, CA Phone: Fax: County of Stanislaus Treasury Pool Monthly Investment Report October 2018 The Stanislaus County Treasury Pool yield to maturity for October 2018 was 2.11%. The Average Days-to-Maturity at the end of October was 258 days. With our current cash flow and investment schedule, we will have sufficient cash to meet our historical cash needs for the next six months, through the end of April The portfolio has been reviewed by both the Treasurer/Tax Collector and the Assistant Treasurer/Tax Collector for compliance with the investment policy. The Union Bank custodial statement has been reviewed by both the Treasurer/Tax Collector and the Assistant Treasurer/Tax Collector for accuracy and completeness. The custodial statement is the source of market valuation for securities held by our custodial agent. All other securities are valued at cost. The Treasury Monthly Investment Report for October 2018 has been forwarded to the Treasury Oversight Committee members. _, Assistant Treasurer/Tax Collector The County of Stanislaus Board of Supervisors has reviewed and accepted the October 2018 Treasurer's Monthly Investment Report. I a,/11/ Cl-OI '[ r

5 STANISLAUS COUNTY SHORT-TERM INVESTMENT POOL SUMMARY OCTOBER 31, 2018 CASHFLOW: OCTOBER 2018 YTD FY 2018/2019 OCTOBER 2017 YTD FY 2017/2018 BEG. CASH BALANCE 1,258,680, ,402,455, ,160,260, ,331,853, RECEIPTS 226,273, ,567, ,960, ,386, DISBURSEMENTS (250,301,426.13) (966,370,278.18) (216,689,320.97) (938,709,081.45) ENDING CASH BALANCE 1,234,651, ,234,651, ,177,531, ,177,531, INTEREST INCOME: OCTOBER 2018 YTD FY 2018/2019 OCTOBER 2017 YTD FY 2017/2018 INTEREST RECEIVED 1,902, ,005, ,424, ,867, TREASURY EXPENSE (80,371.25) (320,394.08) (70,155.42) (280,621.68) NET DISTRIBUTION 1,822, ,685, ,353, ,587, DOLLAR MARKET MAX INVEST. INVESTMENTS MAX DAYS AVG DAYS YTM BALANCE - 10/31/2018 COST VALUE AS % OF TOTAL AS % OF TOTAL TO MATURE TO MATURE 360 EQUIV. NEGOTIABLE CERT. OF DEPOSIT 330,000, ,715, % 26.91% 1, % COMMERCIAL PAPER 49,396, ,708, % 4.05% % MANAGED POOL - LAIF 55,000, ,880, % % AGENCIES 310,714, ,558, % 1, % TREASURIES 263,544, ,657, % 1, % MEDIUM TERM NOTES 206,798, ,484, % 16.86% 1, % MONEY MARKET 10,523, ,523, % % TOTAL INVESTMENTS 1,225,978, ,220,529, % % CASH/BANK BALANCES 8,673, ,673, TOTAL 1,234,651, ,229,202,825.81

6 STANISLAUS COUNTY TREASURY POOL YEARLY COMPARISON OF ASSET DISTRIBUTION OCTOBER 31, 2018 VS. OCTOBER 31, % 5% 10% 15% 20% 25% 30% 35% NEGOTIABLE CERT. OF DEPOSIT 13.27% 26.91% COMMERCIAL PAPER 4.05% 8.51% MANAGED POOL - LAIF 4.49% 5.57% AGENCIES 25.34% 28.72% TREASURIES 21.49% 31.61% MEDIUM TERM NOTES 7.18% 16.86% MONEY MARKET 0.86% 5.14% OCTOBER 2018 OCTOBER 2017

7 STANISLAUS COUNTY TREASURY POOL YEARLY COMPARISON OF PARTICIPANTS OCTOBER 31, 2018 VS. OCTOBER 31, % 50% 49.95% 49.76% 47.61% 47.70% 40% 30% 20% 10% 2.44% 2.54% 0% OCTOBER 2018 OCTOBER 2017 Stanislaus County Schools Special Districts

8 STANISLAUS COUNTY TREASURER-TAX COLLECTOR POOLED INVESTMENTS COMPARISON OF YIELD TO MATURITY FOR EIGHT COMPARABLE COUNTIES FISCAL YEAR % 2.35% Yield to Maturity 2.25% 2.15% 2.05% 1.95% Fresno* Kern Madera Merced* Monterey* Sacramento San Joaquin Stanislaus Tulare 1.85% 1.75% Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 *Published Quarterly

9 STANISLAUS COUNTY TREASURY POOL MATURITY DISTRIBUTION OCTOBER 31, MILLIONS DAYS DAYS DAYS DAYS DAYS 1-2 YEARS 2-3 YEARS 3-4 YEARS 4-5 YEARS MATURITY

10 STANISLAUS COUNTY TREASURY POOL INTEREST ON INVESTMENTS OCTOBER 2018 DATE 90110/ / / CERTIFICATE COMMERCIAL MANAGED AGENCIES TREASURIES MED. TERM MONEY OF DEPOSIT PAPER FUNDS COUP./DISC. COUP./DISC. NOTES MARKET SYMPRO TOTAL ORACLE VARIANCE 1 151, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , TOTAL 307, , , , , , ,902, ,902,

11 Stanislaus County Pool 2018/19 Portfolio Management Portfolio Summary October 31, 2018 Stanislaus County Investments Par Value Market Value Book Value % of Portfolio Term Days to Maturity YTM 360 Equiv. Negotiable CDs 330,000, ,715, ,000, Commercial Paper Disc. -Amortizing 50,000, ,708, ,717, Managed Pool Account 55,000, ,880, ,000, Federal Agency Coupon Securities 311,350, ,558, ,714, Treasury Coupon Securities 265,000, ,657, ,544, Medium Term Notes 208,237, ,484, ,798, Money Market Accounts 10,523, ,523, ,523, Investments 1,230,110, ,220,529, ,226,299, % Total Earnings Current Year Average Daily Balance Effective Rate of Return October 31 Month Ending Fiscal Year To 2,069, ,030, ,198,479, ,242,793, % 1.92% Reporting period 10/01/ /31/2018 Portfolio POOL AC Run : 11/13/ :19 PM (PRF_PM1) Report Ver

12 Stanislaus County Pool 2018/19 Portfolio Management Portfolio Details - Investments October 31, 2018 Page 1 CUSIP Investment # Negotiable CDs Issuer Average Balance Purchase Par Value Market Value Book Value Stated Rate YTM 360 YTM Days to 365 Maturity 78012UDF Royal Bank of Canada NY 04/16/ ,000, ,002, ,000, /20/ YZZ Societe Generale NY 03/02/ ,000, ,948, ,000, /03/ LCV Credit Suisse New York 12/13/ ,000, ,992, ,000, /13/ RPE Bank Tokyo-MIT UFG NY 12/26/ ,000, ,987, ,000, /26/ TXZ Standard Chartered Bk NY 12/27/ ,000, ,986, ,000, /27/ UCQ Royal Bank of Canada NY 04/04/ ,000, ,002, ,000, /04/ NSK Natixis Banque Popular NY 04/18/ ,000, ,006, ,000, /14/ GQM Bank of the West 06/29/ ,000, ,985, ,000, /01/ YD Societe Generale NY 04/05/ ,000, ,997, ,000, /05/ UHP Royal Bank of Canada NY 09/17/ ,000, ,988, ,000, /20/ TP Standard Chartered Bk NY 09/24/ ,000, ,965, ,000, /26/ CAL Lloyds Bank Corp 10/29/ ,000, ,994, ,000, /29/ V6F Cooperatieve Rabobank UA 09/25/ ,000, ,959, ,000, /26/ LBD Credit Suisse New York 12/15/ ,000, ,901, ,000, /16/2019 Commercial Paper Disc. -Amortizing Subtotal and Average 314,677, ,000, ,715, ,000, QMQ JP Morgan Securities LLC 06/28/ ,000, ,912, ,910, /24/ QPN JP Morgan Securities LLC 08/28/ ,000, ,919, ,923, /22/ KPR Natixis Banque Popular NY 08/29/ ,000, ,876, ,882, /25/2019 Managed Pool Account Subtotal and Average 49,666, ,000, ,708, ,717, SYS61 61 Local Agency Investment Fund 55,000, ,880, ,000, Federal Agency Coupon Securities Subtotal and Average 15,693, ,000, ,880, ,000, A6RC Federal Home Loan Bank 11/04/ ,000, ,999, ,000, /02/ EFX Federal Farm Credit Bank 04/07/ ,000, ,976, ,999, /07/ EFVQ Federal Farm Credit Bank 01/22/ ,000, ,976, ,000, /22/ EFZN Federal Farm Credit Bank 02/12/ ,350, ,289, ,350, /12/ M Federal Home Loan Bank 04/30/ ,000, ,935, ,015, /08/ A7L Federal Home Loan Bank 03/29/ ,000, ,956, ,005, /15/ EF4Y Federal Farm Credit Bank 04/26/ ,000, ,861, ,000, /26/ EF5X Federal Farm Credit Bank 05/03/ ,000, ,793, ,000, /03/ ABF Federal Home Loan Bank 06/25/ ,000, ,831, ,888, /28/2019 Portfolio POOL AC Run : 11/13/ :19 PM (PRF_PM2) Maturity Report Ver

13 Stanislaus County Pool 2018/19 Portfolio Management Portfolio Details - Investments October 31, 2018 Page 2 CUSIP Investment # Federal Agency Coupon Securities Issuer Average Balance Purchase Par Value Market Value Book Value Stated Rate YTM 360 YTM Days to 365 Maturity 3130A8Y Federal Home Loan Bank 04/24/ ,000, ,727, ,771, /05/ A8Y Federal Home Loan Bank 06/25/ ,000, ,659, ,708, /05/ A9EP Federal Home Loan Bank 10/28/ ,000, ,702, ,983, /26/ EJSU Federal Farm Credit Bank 06/26/ ,000, ,952, ,000, /26/ EG3J Federal Farm Credit Bank 04/06/ ,000, ,718, ,014, /10/ EHCS Federal Farm Credit Bank 03/16/ ,000, ,705, ,000, /16/ EHW Federal Farm Credit Bank 11/27/ ,000, ,472, ,978, /27/2020 Treasury Coupon Securities Subtotal and Average 319,712, ,350, ,558, ,714, M U S Treasury Securities 12/18/ ,000, ,996, ,999, /15/ RY U S Treasury Securities 12/18/ ,000, ,971, ,001, /31/ N U S Treasury Securities 03/28/ ,000, ,976, ,002, /15/ P U S Treasury Securities 03/28/ ,000, ,907, ,983, /15/ W U S Treasury Securities 06/25/ ,000, ,874, ,896, /31/ R U S Treasury Securities 11/17/ ,000, ,792, ,960, /15/ S U S Treasury Securities 11/29/ ,000, ,742, ,924, /15/ B U S Treasury Securities 12/02/ ,000, ,705, ,907, /15/ T U S Treasury Securities 11/30/ ,000, ,679, ,934, /15/ U U S Treasury Securities 12/19/ ,000, ,646, ,888, /15/ U U S Treasury Securities 12/28/ ,000, ,695, ,958, /15/ W U S Treasury Securities 04/07/ ,000, ,640, ,985, /15/ L U S Treasury Securities 09/19/ ,000, ,467, ,511, /31/ WC U S Treasury Securities 09/19/ ,000, ,562, ,589, /31/2020 Medium Term Notes Subtotal and Average 282,332, ,000, ,657, ,544, AAA Rabobank 01/14/ ,000, ,992, ,997, /14/ TCU Toyota Motor Credit Corp 04/06/2018 9,634, ,600, ,613, /19/ TCU Toyota Motor Credit Corp 04/17/ ,100, ,064, ,079, /19/ L6W Caterpillar Financial Service 04/25/2017 5,000, ,984, ,003, /22/ BFU Wells Fargo Bank, NA 12/30/2016 9,019, ,988, ,022, /22/ BFU Wells Fargo Bank, NA 12/30/2016 8,047, ,019, ,049, /22/ J5D Wells Fargo Bank, NA 12/30/ ,974, ,863, ,948, /24/ TDH Toyota Motor Credit Corp 04/18/ ,000, ,862, ,979, /18/ TDH Toyota Motor Credit Corp 04/18/2017 7,930, ,820, ,914, /18/2019 Portfolio POOL AC Run : 11/13/ :19 PM (PRF_PM2) Maturity

14 Stanislaus County Pool 2018/19 Portfolio Management Portfolio Details - Investments October 31, 2018 Page 3 CUSIP Investment # Medium Term Notes Issuer Average Balance Purchase Par Value Market Value Book Value Stated Rate YTM 360 YTM Days to 365 Maturity 48127HAA JP Morgan Chase Bank 12/29/ ,003, ,915, ,000, /22/ L6J Caterpillar Financial Service 12/15/2017 7,695, ,585, ,677, /05/ KCB Royal Bank of Canada NY 09/20/2018 5,750, ,677, ,689, /06/ GFN Bank of America Corp 12/29/ ,000, ,855, ,005, /21/ AAV National Australia Bank/NY 09/28/ ,000, ,825, ,924, /22/ ETS John Deere 09/26/2018 9,000, ,851, ,909, /22/ WCF MassMutual Global Funding 09/19/ ,540, ,234, ,274, /22/ WCF MassMutual Global Funding 09/27/2018 5,000, ,878, ,894, /22/ GKN Royal Bank of Canada NY 09/20/ ,000, ,553, ,613, /26/ GBR Metlife Inc. 09/27/ ,545, ,346, ,469, /03/ AAF Rabobank USA 09/28/ ,000, ,564, ,732, /19/2021 Money Market Accounts Subtotal and Average 206,894, ,237, ,484, ,798, SYS Dreyfus Treasury/Agency Fund 10,523, ,523, ,523, Subtotal and Average 9,502, ,523, ,523, ,523, Maturity Total and Average 1,198,479, ,230,110, ,220,529, ,226,299, Portfolio POOL AC Run : 11/13/ :19 PM (PRF_PM2) 7.3.0

15 Stanislaus County Pool 2018/19 Portfolio Management Portfolio Details - Cash October 31, 2018 Page 4 CUSIP Investment # Issuer Average Balance Purchase Par Value Market Value Book Value Stated Rate YTM 360 YTM Days to 365 Maturity Average Balance Total Cash and Investments ,198,479, ,230,110, ,220,529, ,226,299, Portfolio POOL AC Run : 11/13/ :19 PM (PRF_PM2) 7.3.0

16 Stanislaus County Pool 2018/19 Portfolio Management Activity By Type October 1, 2018 through October 31, 2018 Page 1 CUSIP Investment # Issuer Stated Rate Transaction Purchases or Deposits Redemptions or Withdrawals Balance Negotiable CDs 53947CAL AXL Lloyds Bank Corp /29/ ,000, Mizuho Bank LTD/NY /10/ ,000, Commercial Paper Disc. -Amortizing Subtotal 25,000, ,000, ,000, Subtotal Managed Pool Account (Monthly Summary) SYS61 61 Local Agency Investment Fund ,500, ,500, ,717, Federal Agency Coupon Securities 3133EFLY1 Treasury Coupon Securities WD L81 Subtotal 92,500, Federal Farm Credit Bank /29/ ,000, Subtotal U S Treasury Securities /31/ ,000, U S Treasury Securities /15/ ,000, ,500, ,000, ,000, ,714, Medium Term Notes Subtotal ,000, ,544, Subtotal Money Market Accounts (Monthly Summary) SYS Dreyfus Treasury/Agency Fund ,285, ,640, ,798, Subtotal 78,285, ,640, ,523, Total 195,785, ,140, ,226,299, Portfolio POOL AC Run : 11/13/ :19 PM (PRF_PM3) Report Ver

17 Stanislaus County Pool 2018/19 Portfolio Management Activity Summary October 2017 through October 2018 Page 1 Month End Year Number of Securities Total Invested 360 Equivalent Yield to Maturity 365 Equivalent Managed Pool Rate Number of Investments Purchased Number of Investments Redeemed Average Term Average Days to Maturity October ,167,801, November ,205,146, December ,402,758, January ,293,078, February ,287,837, March ,377,166, April ,465,113, May ,398,005, June ,391,882, July ,270,669, August ,212,873, September ,239,656, October ,226,299, Average 78 1,302,945, % 1.718% Portfolio POOL AC Run : 11/13/ :19 PM (PRF_PM4) Report Ver

18 Stanislaus County Pool 2018/19 Portfolio Management Distribution of Investments By Type October 2017 through October 2018 Page 1 October November December January February March April May June July August September October Average Security Type by Period Certificates of Deposit - Bank Negotiable CDs % Commercial Paper Disc. -Amortizing % Bankers Acceptances -Amortizing Managed Pool Account % Federal Agency Coupon Securities % Federal Agency Disc. -Amortizing Treasury Coupon Securities % Treasury Discounts -Amortizing Rolling Repurchase Agreements Repurchase Agreements - Term Medium Term Notes % California Registered Warrants Money Market Accounts % Municipal Anticipation Note Municipal Bonds Calif Local Agency Indebtedness Portfolio POOL AC Run : 11/13/ :19 PM (PRF_PM5) Report Ver