"making a p ositive diffe r e n ce now " STAFF REPORT CITY COUNCIL MEETING OF MAY 3, MaryAnne Brand, Financial Services Manager

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1 2 "making a p ositive diffe r e n ce now " STAFF REPORT CITY COUNCIL MEETING OF MAY 3, 2016 To: From: Nancy Kerry, City Manager MaryAnne Brand, Financial Services Manager RE : Investment Portfolio Report as of December 31, 2015 RECOMMENDED ACTION: Receive :1nd file. DISCUSSION: In accor1 ance ~ ith the City of South Lake Tahoe Financial Policies and State law a quarterly investment report shall be submitted to the members of the City Council. The attached report fo r the period ending December 31, 2015 describes the type of investments, the issuers, the maturity dates, the par value and the market value. Total cash for opera i:ions and cash held by fiscal agents is $53, Note, calculations were performec.. prior to final audit report. Adjustments may occur, which will be reflected in the Mu ch 31, 2016 report. availablo for operations is $43, 111,231. This includes in Bank of $1,275,857 with the remai ni ng amount in various investments diversified in accordance with the City's adopted Investment Policy. The total portfolio yield is 0. 72%. Based on this report the City of South Lake Tahoe will be able to meet projected operating expenditures for the.1ext six months. held by f! scal agents for debt service is $10,328,900. These investments comprise the re5erves and other accounts held in trust for debt service, lease financings, and capital projects financed with debt. Fiscal Total Operations Agent Fund Type Balance Balance Balance Trust 9,395,571 3,108, ,898 Special Rev 7,584,644 7,584,644 General 20,357,031 20,357,031 Internal Svc 5,870,840 5,870,840 Debt Related 3,268,849 1,089,581 2,179,268 Enterprise 3,746,807 1,884,073 1,862,734 CIP 3,216,389 3,216,389 Grand Total 53,440,131 43,111,231 10,328,900 Finance Department 1901 Airport Roa~ Suite 210 South Lake Tahoe, CA (530) FAX

2 Investment Portfolio as of 12/31/15 City Council meeting of May 3, 2016 Page 2 of 2 CITY COUNCIL WORK PLAN: Fiscal Sustainability FISCAL IMPACT: None By: I concur with this report: David Olivo City Treasurer Attachments: 1. Operations Investment Portfolio 2. and Investments Held with Fiscal Agents 3. Chart - Operations Investment Portfolio

3 CITY OF SOUTH LAKE TAHOE OPERATIONS CASH INVESTMENT PORTFOLIO REPORT AS OF DECEMBER 31, 2015 WEIGHTED WEIGHTED INVESTMENT TYPE ISSUER PAR VALUE MARKET VALUE CURRENT YIELD PAR YIELD MATURITY DATE Local Agency Investment Fund State Treasurer $ 32,796,215 $ 32,769, % 76.1% 0.34% N/A Federal Natl Mortgage Assn Government Agency $ 1,000,000 $ 988, % 2.32% 0.04% 11/25/2020 (premium on purchase in GL) $ (1,000) Federal Home Loan Bank Government Agency $ 1,000,000 $ 986, % 2. 32% 0.03% 9/25/2019 Municipal Security Government Agency $ 1,000,000 $ 1,010, % 2.32% 0.05% 5/1/2019 Federal Home Loan Bank Government Agency $ 1,000,000 $ 1,002, % 2.32% 0.05% 6/30/2020 Corp Note JP Morgan Chase $ 1,000,000 $ 1,003, % 2.32% 0.05% 8/15/2017 (premium on purch partially adj in GL) $ 15,000 Corp Note Wells Fargo & Co. $ 1,000,000 $ 990, % 2.32% 0.05% 1/30/2020 (premium on purchase-not in GL) $ 4,104 Certificate of Deposit Capital One Bank USA, NA $ 250,000 $ 250, % 0.58% 0.01 % 8/5/2019 Certificate of Deposit Discover Bank $ 250,000 $ 250, % 0.58% 0.01 % 8/28/2019 Certificate of Deposit Citizen's Bank $ 250,000 $ 250, % 0.58% 0.00% 1/30/2017 Certificate of Deposit Capital One, NA $ 250,000 $ 250, % 0.58% 0.01 % 8/6/2018 Certificate of Deposit Compass Bank $ 250,000 $ 250, % 0.58% 0.00% 5/31/2016 Certificate of Deposit Goldman Sachs $ 250,000 $ 250, % 0.58% 0.01 % 5/28/2019 Certificate of Deposit Ally Bank $ 250,000 $ 250, % 0.58% 0.01 % 5/30/2017 Certificate of Deposit GE Capital Bank $ 250,000 $ 250, % 0.58% 0.01 % 5/30/2018 Certificate of Deposit Comenity Capital Bank $ 250,000 $ 250, % 0.58% 0.00% 3/8/2016 Certificate of Deposit Amer Express Bank $ 250,000 $ 250, % 0.58% 0.01 % 9/11/2017 Certificate of Deposit State Bank of India $ 250,000 $ 250, % 0.58% 0.01 % 9/11/2019 Certificate of Deposit Sallie Mae BankiSalt Lake $ 250,000 $ 250, % 0.58% 0.01 % 9/10/2018 in Bank $ 1,275,857 $ 1,275,857 N/A 2.96% 0.00% Petty $ 9,400 $ 9,400 N/A 0.02% 0.00% TOTAL $ 43,095,472 $ 43,036, % (Total Portfolio Yield) The Investment porfolio at December 31, 2015 is in compliance with the Investment Policy of the City of South Lake Tahoe. The City of South Lake Tahoe will be able to meet its projected expenditure requirements for the next six months. Valuation is based upon the State Treasurer's Office LAIF quarterly apportionment rates and US Bank Safekeeping.

4 CITY OF SOUTH LAKE TAHOE INVESTMENT REPORT CASH AND INVESTMENTS HELD WITH FISCAL AGENTS AS OF DECEMBER 31, 2015 BOND ISSUE ACCOUNT INVESTMENT TYPE ISSUER CURRENT MATURITY COST VALUE MARKET VALUE YIELD DATE So Tahoe JPFA Ref Lease Rev Bonds 2006 A Lease Revenue Fund 1,830,432 1,830, % NIA % NIA So Tahoe JPFA Parking Rev Bonds 2013 Refunding Account Debt Service Account Supplemental Reserve 570, , % NIA % NIA 115, , % NIA 1,177,324 1,177, % NIA So Tahoe JPFA Ref Rev Bonds (Redev Proj Area 1), 2015 Series A Cost of Issuance Bank of New York" Mellon 5,464 5, % NIA So Tahoe RDA CFO, Series 2007, Special Tax Ref Bonds Reserve Account Special Tax Fund Fidelity Institutional Prime #691 Fidelity Institutional Prime #691 Fidelity Fidelity % NIA % NIA So Tahoe JPFA 2007 A Revenue Fund 5,445 5, % NIA So Tahoe JPFA Ref Rev Bonds 1999 A % NIA So Tahoe JPFA (RPA 1) Reserve 5,748,626 5,748, % NIA So Tahoe TOT Special Fund % NIA % NIA Successor Agency to the So Tahoe RDA, CFO , Refdg Series 2015 Reserve Cost of Issuance City of South Lake Tahoe 2014 Pension Obligation Bonds Interest City of So Lake Tahoe 2012 COPS, Road lmprovmt Lease Payment Fund First American Govt Obligation Fund/Money Mkt US Bank Project Fund First American Govt Obligation Fund/Money Mkt US Bank Reserve Account First American Govt Obligation Fund/Money Mkt US Bank COi Account First American Govt Obligation Fund/Money Mkt US Bank TOTAL 516, , % NIA 11,185 11, % NIA % NIA 2 2 NIA % NIA 334, , % NIA 12,894 12, % NIA 10,328,902 10,328,902 Valuation is based upon the valuations contained in the monthly statements provided by the trust departments of the fiscal agents.

5 City of South Lake Tahoe Operations Investment Portfolio Market Value as December 31, % Medium Term ---J Certificate of Dep 7% Medium Term Corporate Notes 5% LAIF 76%