BOARD OF SUPERVISORS AGENDA LETTER

Transcription

1 BOARD OF SUPERVISORS AGENDA LETTER Clerk of the Board of Supervisors 05 E. Anapamu Street, Suite 407 Santa Barbara, CA 930 (805) Agenda Number: Department Name: Treasurer - Tax Collector Department No.: 065 For Agenda Of: 08/9/4 Placement: Administrative Estimated Tme: Continued Item: If Yes, date from: Vote Required: No Majority TO: FROM: Board of Supervisors Department Director(s) Contact Info: Harry E. Hagen, CPA, CPFO, ACPFIM, Treasurer - Tax Collector Jennifer C. Christensen, JD, MBA, CPFO, Investment and Debt Officer SUBJECT: Treasurer's Investment Pool, FY Fourth Quarter (Apr - Jun 204) County Counsel Concurrence As to form: N/A Other Concurrence: As to form: N/A Auditor-Controller Concurrence As to form: N/A Recommended Actions: That the Board of Supervisors: A) Accept for filing the Fiscal Year Fourth Quarter (April - June 204) report on the Treasurer s Investment Pool, pursuant to Government Code section 53646(b). Summary Text: The value of the Treasurer s Investment Pool at principal cost on June 30, 204, was $,020,662,906. Market value of the investment pool was $,020,28,449. The weighted average days-to-maturity (WAM) for the investment pool was 587 days. The Treasurer s Investment Pool earned $,98,65 for the quarter ending June 30, 204, an annualized return of 0.4%. The net yield earned over the past year is 0.370%. Per Government Code Section , the Santa Barbara County Treasurer has a mandated responsibility to manage and invest public funds with the primary objective of safeguarding principal, the secondary objective of meeting the liquidity needs of pool participants, and thirdly, the objective of attaining a market average rate of return, consistent with the primary objectives of safety and liquidity. For the quarter ending June 30, 204 the Treasurer s Investment Pool anticipated and met all liquidity requirements, precluding any need to sell holdings unexpectedly at a potential loss in order to meet cash flow demands.

2 Page 2 of 3 All investments purchased, met or exceeded state and local policy requirements for credit quality. Credit quality of assets held in the Treasurer s Investment Pool is monitored on an ongoing basis. The Santa Barbara County Treasurer conforms to all applicable State statutes and County resolutions that govern the investment of public funds. Background: In their discussion of monetary policy in the period ahead, members judged that information received since the Federal Open Market Committee ( Committee ) met in April indicated that economic activity was rebounding from the decline in the first quarter of the year. Labor market indicators generally showed further improvement. Household spending appeared to be rising moderately and business fixed investment resumed its advance, while the recovery in the housing sector remained slow. The Committee issued this statement at its June meeting To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that a highly accommodative stance of monetary policy remains appropriate. In determining how long to maintain the current 0 to ¼ percent target range for the federal funds rate, the Committee will assess progress both realized and expected toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments. The Committee continues to anticipate, based on its assessment of these factors, that it likely will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Committee s 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored. The Committee will closely monitor incoming information on economic and financial developments in coming months and will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate until the outlook for the labor market has improved substantially in a context of price stability. The target range of 0 to ¼ percent was set by the FOMC in December 2008, where it has remained since. The Committee will meet next quarter July and September 6-7. This quarterly report is being submitted to you pursuant to California Government Code section (b). In addition, California Government Code section (b) (3) requires the Treasurer-Tax Collector to include a statement in the Treasurer s Report affirming the ability of the Santa Barbara County Investment Pool to meet expenditure requirements for the next six months. This report was reviewed and discussed by the Treasury Oversight Committee at its quarterly meeting. The Treasury Oversight committee promotes the public interest and is governed by California Government Code sections 2730 through Performance Measure: To ensure the financial stability of the County, monitor and project liquidity requirements as evidenced by zero securities sold at a loss to meet cash flow needs of pool participants: Accomplished. To ensure the financial stability of the County and secure public agency funds, stay within compliance 00% of the time with the Government Code and the Treasurer s Investment Policy: Accomplished. G:\TR\Investing\TIPQrtrlyReport\ \ TIPBoardAgendaLetter.doc!BoardLetter2006.dot v 06c

3 Page 3 of 3 Fiscal and Facilities Impacts: Budgeted: Yes Fiscal Analysis: For the quarter ending June 30, 204, net investment earnings achieved by the Treasurer s Investment Pool were $,98,65, with the County receiving 42%, Schools 49%, and Special Districts the balance of 9%. The net yield earned for the quarter on an annualized basis is 0.4% and over the past year is 0.370%. Attachments:. Treasurer s Fourth Quarter Investment Pool Report (April June 204) Authored by: Jennifer C. Christensen, JD, MBA, CPFO, Investment and Debt Officer G:\TR\Investing\TIPQrtrlyReport\ \ TIPBoardAgendaLetter.doc!BoardLetter2006.dot v 06c

4 SANTA BARBARA COUNTY TREASURER S REPORT TO THE BOARD OF SUPERVISORS AND THE TREASURY OVERSIGHT COMMITTEE FOR THE QUARTER ENDED June 30, 204

5 ECONOMIC TREND The Federal Reserve (FED) continued to maintain the target federal funds rate at a range of 0 to.25% throughout the quarter while continuing to taper its purchase program. The FED continues to anticipate that it will likely be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Committee s 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored. The FED will closely monitor incoming information on economic and financial developments in coming months and will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other tools as appropriate, until the outlook for the labor market has improved substantially in the context of price stability. INVESTMENT ACTIVITIES The investment portfolio is in compliance with the Government Code and the Treasurer s Investment Policy. The Treasurer s Investment Pool has sufficient cash flow available to meet all budgeted expenditures for the next six months. 2

6 ECONOMIC TREND: Unemployment Rate The unemployment rate represents the number of unemployed persons as a percent of the labor force. The sampling used each month to calculate the rate is approximately 60,000 households. The national unemployment rate began the quarter at 6.7% and ended the quarter at 6.%. California s preliminary unemployment rate was 7.4% in June. 3 Source: Bureau of Labor Statistics

7 ECONOMIC TREND: Inflation The Consumer Price Index (CPI) represents changes in prices of all goods and services purchased for consumption by urban households. CPI was 2. at the end of June. The Core CPI, which excludes food and energy, was.9 at the end of June. 4 Source: Bureau of Labor Statistics

8 ECONOMIC TREND: Consumer Confidence Consumer Confidence is the average of responses to current business and employment conditions and responses to six-month future expectations for business conditions, employment conditions, and total family income. It began the quarter at 83.9 and ended at Source: Conference Board

9 ECONOMIC TREND: GDP (Gross Domestic Product) Gross domestic product is the value of all goods and services produced. The economy experienced its first quarter in negative territory, ending March 204 at -2.9% after eighteen consecutive quarters of growth. 6 Source: Bureau of Economic Analysis

10 Santa Barbara County Treasurer's Investment Pool Statement of Assets As of June 30, 204 Asset Description Cost Net Unrealized Holding Gains/(Losses) Fair Value* 6/30/204 Percent of Portfolio Yield to Weighted Average Days to Fair Value 3/3/204 Net Change Cash $ 45,377,620 $ - $ 45,377, $ 9,454,067 $ 53,923,553 California Asset Management Program (CAMP) 0,000,000-0,000, ,000,000 - Local Agency Investment Fund (LAIF) 50,000,000-50,000, ,000,000 - U.S. Treasuries 29,58,262 98,238 29,76, ,865,825 39,850,675 Government Agency Bonds 270,20,460 39, ,34, ,349,700 (90,008,550) Government Agency Discount Notes 44,949,804 32,046 44,98, ,987,750 (90,005,900) Government Agency Bonds - Callable 370,65,760 (904,43) 369,7, ,34 386,486,62 (6,775,292) Total $,020,662,906 $ (534,457) $,020,28, $,23,43,963 $ (03,05,54) *Provided by Union Bank Treasurer's Pool Earnings Summary: Total Net Earnings on the Treasurer's Pool $,98,65 Average Daily Balance on the Treasurer's Pool $,69,560,084 Net Interest Rate on the Treasurer's Pool 0.4% 7

11 TREASURER'S INVESTMENT POOL ASSET DISTRIBUTION BY SECTOR (PAR VALUE) 6/30/204 Treasuries, 2.7% Callable Securities, 36.3% Cash on Deposit at Bank, 4.2% CAMP,.0% LAIF - State Investment Pool, 4.9% Government Agency Notes, 30.9% 8

12 S&P CREDIT RATING AT TIME OF PURCHASE BY PERCENT OF BOOK VALUE 6/30/204 CA Local Agency Investment Fund/ Cash on Deposit at Bank (Not Rated) 26.6% AA (Long Term Rating) 65.9% AAA (Long Term Rating) 7.5% Investment Policy Requirements: -- US Treasuries: N/A -- Agency of the Federal Government/US Government Sponsored: N/A -- Commercial Paper of US Corporations, Assets Greater Than $500 million: A, P, F (by two of the three rating agencies) -- State of California - LAIF/Managed Investment Pools: N/A -- Negotiable CD's: A, P, F (by two of the three rating agencies) -- Medium Term Notes/Corporate Notes of US Corporations: Up to three years: AAby at least two of the three rating agencies. Greater than three years: AA by at least two of the three rating agencies. 9

13 TREASURER'S INVESTMENT POOL MATURITY DISTRIBUTION 6/30/ YEARS, 5.8% 3-4 YEARS, 6.4% OVERNIGHT, 20.% 2-3 YEARS, 8.% - 90 DAYS, 9.8% 9 DAYS - YEAR, 4.7% - 2 YEARS, 5.% 0

14 TREASURER'S INVESTMENT POOL AVERAGE DAILY CASH BALANCE & INCOME DISTRIBUTION FOR THE QUARTER ENDED 6/30/204 Special Districts, 9% County, 42% Schools, 49% The average daily cash balance of all entities in the pool during the quarter was $,69,560,084. Aggregate interest earnings of $,98,65 was distributed to pool participants.

15 TREASURER'S INVESTMENT POOL QUARTERLY PERFORMANCE VERSUS SELECTED BENCHMARKS 6/30/ % 6.00% 5.00% 4.00% 3.00% 2.00%.00% 0.00% 0.4% 0.25% 0.23% 0.04% LAIF Treasurer's Pool Federal Funds 3 mo T-Bill 2

16 County Pool Portfolio Management Investment Status Report - Investments June 30, 204 Page CUSIP Investment # Issuer Cash Par Value Stated Rate Purchase Term Days to Market Value Accrued Interest At Purchase Current Principal Book Value SYS BAC 45,377, ,377, ,377, ,377, CAMP Cash Totals 45,377, ,377, ,377, ,377, SYS CAMP 0,000, ,000, ,000, ,000, Local Agency Investment Funds CAMP Totals 0,000, ,000, ,000, ,000, SYS LAIF 50,000, ,000, ,000, ,000, Local Agency Investment Funds Totals 50,000, ,000, ,000, Federal Agency Coupon Securities 50,000, KHW FFCB 5,000, /9/204 04/9/20,30 4 5,028, ,997, ,999, KTK6 545 FFCB 0,000, /0/204 08/0/20, ,006, ,000, ,000, EA5F 569 FFCB 5,000, /22/204 0/22/ ,002, ,998, ,999, ECE FFCB 0,000, /0/206 02/0/203, ,006, ,995, ,997, ECWQ FFCB 0,000, /09/205 08/09/ ,08, ,000, ,000, ED2R FFCB 5,000, /0/204 0/08/ ,000, Received 4,999, ,999, EDBE 5762 FFCB 5,000, /09/205 2/0/ ,003, Received 4,996, ,997, EDAL FFCB 5,000, /25/205 2// ,003,50.00 Received 333EDC FFCB 0,000, /8/205 2/3/ ,02, Received 9,998, ,999, EDFP FFCB 5,000, /9/205 02/9/ ,000, ,999, ,999, ZQ 5547 FHLB 5,000, /3/205 03/09/202, ,008, Received 4,975, ,994, L FHLB 5,000, /20/205 08/23/202, ,0, ,998, ,999, H FHLB 5,000, /6/205 2/05/ ,003, ,994, ,998, YP FHLB 5,000, /20/205 0/25/ ,003, ,995, ,998, R9 570 FHLB 5,000, /24/206 05/0/203, ,986, ,99, ,994, YZ FHLB 0,000, //204 09// ,00, ,998, ,999, A03D FHLB 0,000, /2/204 09/2/ ,00, ,993, ,998, A0BE FHLB 0,000, /2/204 /2/ ,000, ,999, ,999, A0C FHLB 5,000, /28/206 /5/203,39 9 4,995, ,985, ,988, A0BZ FHLB 5,000, /5/204 /5/ ,000, ,999, ,999, SV4 575 FHLB 0,000, /28/204 /25/ ,000, Received 0,00, ,000, A0FE5 576 FHLB 0,000, /0/204 2/0/ ,000, ,999, ,999, TZ FHLB 0,000, /29/204 2/0/ ,000, Received 9,998, ,999, Portfolio SB99 AP Run : 07/5/204-5:30 PM (PRF_PMS) Report Ver. 7.3.

17 County Pool Portfolio Management Investment Status Report - Investments June 30, 204 Page 2 CUSIP Investment # Issuer Federal Agency Coupon Securities Par Value Stated Rate Purchase Term Days to Market Value Accrued Interest At Purchase Current Principal Book Value 330A0CC FHLB 0,000, /20/204 2/2/ ,000, Received 9,994, ,997, A0FX FHLB 5,000, /8/205 2/2/ ,00, A0JV FHLB 0,000, /06/205 0/06/ ,003, ,000, ,000, A0SY FHLB 5,000, /23/205 0/29/ ,999, ,997, ,998, A0TW FHLB 5,000, /03/205 02/03/ ,999, ,997, ,998, AC FHLB 5,000, /8/205 03// ,999, ,999, ,999, AE FHLB 5,000, /2/205 03/4/ ,999, G2YJ FHLMC 5,000, /9/204 09/23/20, ,004, Received 4,994, ,999, EACY FHLMC 5,000, /25/204 0/06/20, ,03, ,998, ,999, G2UA8 554 FHLMC 5,000, /20/204 0/9/ ,006,00.00 Received 5,062, ,003, EADS5 573 FHLMC 5,000, /4/206 08/6/203, ,032, ,999, ,999, G4XW3 584 FHLMC 5,000, /26/206 04// ,00,850.00, ,998, ,998, G0DW FNMA 5,000, /30/204 0/04/20,22 2 5,009,50.00 Received 4,995, ,999, G0FY FNMA 5,000, /9/204 /7/20,28 7 5,04, ,999, ,999, G0AL7 553 FNMA 5,000, /5/206 02/0/202, ,53, Received 5,29, ,2, G0NV 5590 FNMA 5,000, /28/205 08/7/202, ,06, ,995, ,998, G0SB FNMA 0,000, /2/205 /6/202, ,00, ,976, ,988, G0XP3 57 FNMA 5,000, /05/206 05/7/203, ,976, ,982, ,988,928.9 Federal Agency Coupon Securities Totals 270,000, ,34,50.00, ,20, Federal Agency Disc. -Amortizing 270,057, A FCDN 5,000, /04/204 2/20/ ,999, ,986, ,998, GC 5824 FMCDN 5,000, /27/205 06/02/ ,984, ,983, ,984, M FNDN 5,000, /28/204 2/04/ ,997, ,979, ,992, Federal Agency Disc. -Amortizing Totals 45,000, ,98, ,949,804.6 Treasury Coupon Securities 44,975, TK USTR 0,000, /5/205 2/3/ ,009, Received 9,998, ,998, VC 5797 USTR 5,000, /5/206 02// ,985, Received 4,983, ,986, B USTR 2,500, /29/206 03/06/ ,497, ,496, ,496, UR USTR 2,500, /28/208 03/06/204,455,338 2,460, ,459, ,463, B USTR 5,000, /29/206 03/20/ ,985, , ,97, ,975, VY3 580 USTR 5,000, /30/205 03/24/ ,005, Received 4,997, ,997, TB6 586 USTR 25,000, /30/207 04/2/204,66,095 24,898, Received 24,808, ,820, B USTR 0,000, /29/206 04/25/ ,990, , ,980, ,982,407.4 Portfolio SB99 AP Run : 07/5/204-5:30 PM (PRF_PMS) 7.2.5

18 County Pool Portfolio Management Investment Status Report - Investments June 30, 204 Page 3 CUSIP Investment # Issuer Treasury Coupon Securities Par Value Stated Rate Purchase Term Days to Market Value Accrued Interest At Purchase Current Principal Book Value 92828SY7 589 USTR 0,000, /3/207 04/29/204,28,065 9,933, Received 9,899, ,904, VC 582 USTR 5,000, /5/206 04/30/ ,957, Received 4,939, ,944, B USTR 5,000, /5/207 06/05/ ,962, , ,958, ,960, VG USTR 5,000, /5/206 06/8/ ,006, ,000, ,000, VH USTR 0,000, /30/205 06/8/ ,023, Received 0,024, ,023, Treasury Coupon Securities Totals 30,000, ,76, , ,58,26.73 Federal Agency Coupon - Callables 29,554, EAZK FFCB 5,000, /24/207 07/24/202,826,9 4,99, EAZK FFCB 5,000, /24/207 07/24/202,826,9 4,99, EAZ FFCB 5,000, /26/206 09/26/202, ,000, EA5V FFCB 5,000, /24/206 0/24/202, ,963, EA5V6 562 FFCB 5,000, /24/206 0/24/202, ,963, ,992, ,995, EC3F FFCB 5,000, /26/206 /26/202, ,998, ,990, ,994, EC5B FFCB 5,000, /29/206 /29/202, ,99, ,993, ,996, EC6S FFCB 0,000, /2/206 2/2/202, ,985, ,992, ,995, ECFA FFCB 5,000, /3/208 02/3/203,826,323 4,954, ECKL FFCB 5,000, /03/207 04/03/203,46,007 4,987, ECQW7 574 FFCB 5,000, /04/208 06/04/203,826,434 4,96, ,99, ,993, ECU FFCB 0,000, /09/208 07/09/203,826,469 0,004, ,995, ,995, ECUF FFCB 5,000, /5/206 07/5/203, ,00, ,997, ,998, ECUG FFCB 5,000, /7/207 07/7/203,46,2 5,003, ,997, ,997, ECYG FFCB 5,000, /28/208 08/28/203,826,59 5,05, ECZB FFCB 5,000, //208 09//203,826,533 5,05, ED3C FFCB 5,450, /0/205 0/0/ ,453, ,445, ,447, ED7D FFCB 5,000, /4/206 /22/203, ,995, Received 333EDC FFCB 5,000, /8/207 2/8/203,46,266 4,983, ,994, ,994, EDJU7 585 FFCB 2,500, /7/206 04/7/ ,499, ,500, ,500, EDN FFCB 2,500, /2/209 06/2/204,826,807 2,506, ,500, ,500, EDP FFCB 2,500, /24/209 06/24/204,826,89 2,506, ,500, ,500, MF 5606 FHLB 7,080, /8/207 09/8/202,826,75 7,066, ,078, ,079, R4 566 FHLB 0,000, /09/207 2/9/202,786,227 9,920, Received 9,997, ,997, RE FHLB 9,850, /24/206 04/24/203, ,838, ,850, ,850, L0 573 FHLB 5,000, /24/208 05/28/203,822,423 4,934, A0B FHLB 6,500, /28/205 0/29/ ,504, Received 6,500, ,500, Portfolio SB99 AP Run : 07/5/204-5:30 PM (PRF_PMS) 7.2.5

19 County Pool Portfolio Management Investment Status Report - Investments June 30, 204 Page 4 CUSIP Investment # Issuer Federal Agency Coupon - Callables Par Value Stated Rate Purchase Term Days to Market Value Accrued Interest At Purchase Current Principal Book Value 330A0F FHLB 5,000, /8/207 2/8/203,46,266 4,990, A0HP FHLB 5,000, /27/207 2/27/203,86,000 5,000, A0GL FHLB 6,500, /27/208 2/27/203,826,640 6,508, ,500, ,500, A0J FHLB 5,000, /20/205 2/30/ ,998, A0NR FHLB 2,500, /29/208 0/29/204,46,308 2,503, ,499, ,499, A0TQ FHLB 5,000, /9/207 02/9/204,85,053 4,999, A2G2 583 FHLB 4,805, /8/209 04/09/204,804,72 4,804, Received 4,803, ,803, A2BP FHLB 2,500, /9/209 06/9/204,826,84 2,502, ,500, ,500, A25D4 583 FHLB 5,000, /9/207 06/9/204,88,76 4,996, G3YK FHLMC 3,550, /24/207 07/24/202,826,9 3,552, ,550, ,550, G3H FHLMC 5,000, /2/207 09/2/202,826,69 5,00, ,998, ,999, G3K FHLMC 5,000, /27/207 09/27/202,642,000 4,994, G3Y FHLMC 5,000, /28/207 /28/202,826,246 4,972, G3Z FHLMC 5,000, /05/206 2/05/202, ,003, ,997, ,998, G33B FHLMC 5,000, //208 0//203,826,290 4,957, ,997, ,998, G33M0 567 FHLMC 0,000, /6/208 0/6/203,826,295 9,923, ,000, ,000, G36F FHLMC 5,000, /8/205 03/28/ ,02, Received 4,999, ,999, G34Y3 570 FHLMC 5,000, /4/208 04/09/203,772,324 4,95, Received 4,998, ,999, G37C FHLMC 7,275, /7/208 04/7/203,826,386 7,229, ,275, ,275, G42G FHLMC 5,000, /30/208 04/30/203,826,399 4,925, G4EJ FHLMC 5,000, /29/206 07/30/203, ,00, Received 334G4EL FHLMC 5,000, /2/205 08/2/ ,002, G4KD FHLMC 5,000, /20/208 /20/203,826,603 5,007, G4M FHLMC 5,000, /0/208 2/0/203,826,623 5,007, G4RT FHLMC 5,000, /27/206 2/27/ ,00, G4S FHLMC 5,000, /30/206 2/30/203, ,004, G4R FHLMC 2,450, /30/206 2/30/203, ,455, ,450, ,450, G4TX FHLMC 5,000, /30/209 0/30/204,826,674 5,026, G4VG0 580 FHLMC 2,500, /27/209 02/27/204,826,702 2,507, ,500, ,500, G4YA0 58 FHLMC 5,250, /26/206 03/26/ ,250, ,250, ,250, G56B FHLMC 5,000, /26/206 05/30/ ,994, G56S FHLMC 2,500, /7/209 06/7/204,826,82 2,500, ,497, ,497, G0NN FNMA 5,000, /28/207 09/4/202,809,54 4,988, Received 336G0H46 56 FNMA 5,000, /26/207 09/26/202,826,83 5,003, G0QW FNMA 5,000, /08/207 /08/202,826,226 4,96,50.00 Portfolio SB99 AP Run : 07/5/204-5:30 PM (PRF_PMS) 7.2.5

20 County Pool Portfolio Management Investment Status Report - Investments June 30, 204 Page 5 CUSIP Investment # Issuer Federal Agency Coupon - Callables Par Value Stated Rate Purchase Term Days to Market Value Accrued Interest At Purchase Current Principal Book Value 336G02U FNMA 5,000, /4/206 /4/202, ,983, ,993, ,996, G0SH FNMA 0,000, /2/207 2/2/202,826,260 9,908, ,000, ,000, G2C FNMA 5,000, /2/206 2/2/202, ,978, ,998, ,999, G0TV FNMA 5,000, /30/208 0/30/203,826,309 4,948, ,998, ,999, G0UE 5685 FNMA 5,000, /4/208 02/4/203,826,324 4,937, ,993, ,995, G0K FNMA 9,550, /27/208 03/27/203,826,365 9,438, ,546, ,547, GHU FNMA 5,000, /04/208 04/04/203,826,373 4,96, G0UN 5798 FNMA 5,000, /28/208 02/3/204,476,338 4,974, Received 4,95, ,955, Federal Agency Coupon - Callables Totals 370,760,000.00,532,34 369,7, ,65, ,650, Investment Totals,02,37, ,020,28, ,279.30,020,662,905.89,020,65,53.79 Portfolio SB99 AP Run : 07/5/204-5:30 PM (PRF_PMS) 7.2.5

21 Treasurer's Investment Pool Purchases Report Sorted by Fund - Fund April, June 30, 204 Santa Barbara County CUSIP Investment # Fund Sec. Type Issuer Treasurer's Pooled Investments 330A2G2 583 MC FHLB 334G4XW3 584 FAC FHLMC 333EDJU7 585 MC FFCB 92828TB6 586 TRC USTR 92828B TRC USTR 92828A9 588 TRC USTR 92828SY7 589 TRC USTR 92828VC 582 TRC USTR 92828TB TRC USTR 334G56B MC FHLMC 33396GC 5824 AFD FMCDN 92828B TRC USTR 333EDN MC FFCB 334G56S MC FHLMC 92828VG TRC USTR 92828VH TRC USTR 330A2BP MC FHLB 330A25D4 583 MC FHLB 333EDP MC FFCB Original Par Value Purchase Payment Periods Principal Purchased Accrued Interest Rate at at Purchase Purchase YTM Ending Book Value 4,805, /09/204 06/8 - Quarterly 4,803, Received /8/ ,803, ,000, //204 09/26-03/26 4,998,750.00, /26/ ,998, ,500, /7/204 0/7-04/7 2,500, /7/ ,500, ,000, /2/204 06/30-2/3 24,808, Received /30/ ,820, ,000, /25/204 08/3-02/28 9,980, , /29/ ,982, ,000, /25/204 04/28 - Final Pmt. 9,990, Sold /5/ ,000, /29/204 05/3 - /30 9,899,28.75 Received /3/ ,904, ,000, /30/204 05/5 - /5 4,939, Received /5/ ,944,27.0 5,000, /30/204 05/09 - Final Pmt. 4,88, Sold /30/ ,000, /30/204 08/26-02/26 5,000, /26/ ,000, ,000, /02/204 05/27 - At 4,983, /27/ ,984, ,000, /05/204 08/5-02/5 4,958, , /5/ ,960, ,500, /2/204 2/2-06/2 2,500, /2/ ,500, ,500, /7/204 2/7-06/7 2,497, /7/ ,497, ,000, /8/204 2/5-06/5 5,000, /5/ ,000, ,000, /8/204 06/30-2/3 0,024,28.75 Received /30/ ,023, ,500, /9/204 2/9-06/9 2,500, /9/ ,500, ,000, /9/204 09/9-03/9 5,000, /9/ ,000, ,500, /24/204 2/24-06/24 2,500, /24/ ,500, Subtotal 62,305, ,766, , ,920, Total Purchases 62,305, ,766, , ,920, Received = Accrued Interest at Purchase was received by report ending date. Data Updated: SET_: 07/6/204 3:59 Portfolio SB99 AP Run : 07/6/204-3:59 PU (PRF_PU) 7.. Report Ver. 7.3.

22 Treasurer's Investment Pool Report Sorted by Received or due during April, June 30, 204 Santa Barbara County Sec. CUSIP Investment # Fund Type Issuer 33397WE WF WP WP BN XD8 330A0DQ XH XR XT MA MM YQ KP5 330A05Y2 330A05Y Par Value Purchase Rate at Book Value at Interest Proceeds AFD FMCDN 0,000, /30/204 07/0/ ,000, ,000, AFD FHDN 0,000, /0/204 06/24/ ,000, ,000, AFD FHLBDN 0,000, /09/204 2/8/ ,000, ,000, AFD FHLBDN 5,000, /09/204 2/9/ ,000, ,000, FAC FHLB 0,000, /22/204 07/3/ ,000, , ,007, , AFD FMCDN 5,000, /23/204 0/25/ ,000, ,000, FAC FHLB 5,000, /27/204 2// ,000, , ,009, , AFD FMCDN 0,000, /27/204 /27/ ,000, ,000, AFD FMCDN 5,000, /04/204 09/06/ ,000, ,000, AFD FMCDN 5,000, /06/204 /04/ ,000, ,000, FAC FHLB 0,000, /9/204 06/26/ ,000, , ,006, , FAC FHLB 0,000, /20/204 06/27/ ,000, , ,006, ,25.28 AFD FMCDN 5,000, /27/204 /26/ ,000, ,000, FAC FHLB 0,000, /30/204 06/07/ ,000, , ,008, , FAC FHLB 20,000, /30/204 0/28/ ,000, , ,009, , FAC FHLB 5,000, /30/204 /20/ ,000, , ,006, , Total Maturities 95,000, ,000, , ,052, ,25.28 Net Income Data Updated: SET_: 07/6/204 3:59 Portfolio SB99 AP Run : 07/6/204-3:59 MA (PRF_MA) 7.. Report Ver. 7.3.

23 Treasurer's Investment Pool Sales/Call Report Sorted by - Fund April, June 30, 204 Santa Barbara County CUSIP Investment # 0/3/205 Fund Issuer Purchase Redem. Sec. Type Matur. Par Value Rate at Redem. Book Value at Redem. Redemption Principal Redemption Interest Total Amount Net Income 92828UK USTR 2/27/203 04/07/204 5,000, ,003,2.92 5,005, , ,007, ,73.5 TRC 0/3/205 Sale 2/3/205 Subtotal 5,000, ,003,2.92 5,005, , ,007, , A USTR 2/3/203 04/07/204 0,000, ,979, ,987, , ,994, ,522.0 TRC 2/3/205 Sale 0/08/206 Subtotal 0,000, ,979, ,987, , ,994, , MG FHLB 0/08/203 04/08/204 5,000, , ,006, , MC 0/08/206 Call 0/5/206 Subtotal 5,000, , ,006, , UG USTR 03/2/204 04/07/204 5,000, ,998, ,003, , ,007, , TRC 0/5/206 Sale 92828UG USTR 03/2/204 05/09/204 0,000, ,997, ,06,05.63, ,027, ,79.76 TRC 0/5/206 Sale 04/29/206 Subtotal 5,000, ,995, ,09, , ,035, , G0QN FNMA 0/3/202 04/29/204 5,000, ,997, ,000, , ,03, , MC 04/29/206 Call 0/5/207 Subtotal 5,000, ,997, ,000, , ,03, , A USTR 03/2/204 04/07/204 0,000, ,978,0.5 9,985, , ,002, , TRC 0/5/207 Sale 92828A9 588 USTR 04/25/204 04/28/204 0,000, ,990, ,996, , ,07, , TRC 0/5/207 Sale 02/28/207 Subtotal 20,000, ,968, ,98, , ,09, , SJ USTR 03/2/204 05/09/204 0,000, ,994, ,023, , ,040, ,30.00 TRC 02/28/207 Sale Data Updated: SET_: 07/6/204 3:59 Portfolio SB99 AP Run : 07/6/204-3:59 SA (PRF_SA) 7.. Report Ver. 7.3.

24 Treasurer's Investment Pool Sales/Call Report April, June 30, 204 Page 2 CUSIP Investment # Fund Issuer Purchase Redem. Sec. Type Matur. Par Value Rate at Redem. Book Value at Redem. Redemption Principal Redemption Interest Total Amount Net Income 06/30/207 Subtotal 0,000, ,994, ,023, , ,040, , TB USTR 04/30/204 05/09/204 5,000, ,882, ,908, , ,948, ,22.2 TRC 06/30/207 Sale 07/26/207 Subtotal 5,000, ,882, ,908, , ,948, , G0RN FNMA 07/26/202 04/26/204 5,000, V 0, ,00, , MC 07/26/207 Call 336G0RZ FNMA 07/26/202 04/26/204 9,500, V 9,500, ,500, , ,57, ,82.50 MC 07/26/207 Call 09/06/207 Subtotal 4,500, ,500, ,500, , ,528, , G0ZT 5597 FNMA 09/06/202 06/06/204 9,500, ,500, ,500, , ,526, ,78.75 MC 09/06/207 Call 2/27/207 Subtotal 9,500, ,500, ,500, , ,526, , G4QR FHLMC 2/27/203 06/27/204 5,000, V 2, ,02, , FAC 2/27/207 Call 0/29/208 Subtotal 5,000, , ,02, , A0JW 5793 FHLB 0/29/204 04/29/204 2,500, V 2,500, ,500, , ,506, , MC 0/29/208 Call 03/27/208 Subtotal 2,500, ,500, ,500, , ,506, , ACF3 582 FHLB 03/27/204 06/27/204 2,500, ,500, ,500, , ,509, , MC 03/27/208 Call /27/208 Subtotal 2,500, ,500, ,500, , ,509, , G4LC FHLMC 2/09/203 05/27/204 4,75, ,69, ,75, , ,22, , MC /27/208 Call 0/22/209 Subtotal 4,75, ,69, ,75, , ,22, , A0KZ2 579 FHLB 0/22/204 05/22/204 2,500, ,500, ,500, , ,56, , MC 0/22/209 Call V - Security with variable rate change. Data Updated: SET_: 07/6/204 3:59 Portfolio SB99 AP Run : 07/6/204-3:59 SA (PRF_SA) 7.. Report Ver. 7.3.

25 Treasurer's Investment Pool Sales/Call Report April, June 30, 204 Page 3 CUSIP Investment # Fund Issuer Purchase Redem. Sec. Type Matur. Par Value Rate at Redem. Book Value at Redem. Redemption Principal Redemption Interest Total Amount Net Income Subtotal 2,500, ,500, ,500, , ,56, , Total Sales 25,675, ,49, ,600, , ,878, , Data Updated: SET_: 07/6/204 3:59 Portfolio SB99 AP Run : 07/6/204-3:59 SA (PRF_SA) 7.. Report Ver. 7.3.