Agenda 04/25/2017 Item #16J104/25/2017
EXECUTIVE SUMMARY
Report to the Board regarding the investment of County funds as of the quarter ended March 31,
2017.
OBJECTIVE: To provide the Board a report regarding the investment of County funds as of the quarter
ended March 31, 2017.
CONSIDERATIONS: Florida Statute 28.33 provides for the investment of County surplus funds by the
Clerk of Courts. The Clerk manages the investment of Board funds in accordance with Florida Statute
and the Board of County Commissioners’ lawful adopted investment policy using best practices and
financial advice. The Clerk will continue to provide a monthly summary of investments on the Clerk’s
website for public access. Additionally, the Clerk is providing this update as to the status of the Board’s
investment portfolio on a quarterly basis at a publicly noticed Board of County Commissioners meeting.
Attached as exhibits are the investment portfolio inventory, portfolio composition pie chart and yield
graphs as of the end of the second quarter of FY-2017. The total managed portfolio at March 31, 2017
was $854,895,822, at par value. For March 2017, Collier’s short-term yield exceeded the benchmark by
.36% due to increases in Florida PRIME’s participant yield. The Board’s Concentration (Operating)
Account has also been included on the chart and bears interest at 95% of the daily Effective Federal
Funds Rate, or .77%, also exceeding the short-term benchmark for March. In order to maximize short
term yield, only funds necessary to meet current Board obligations are kept in the Concentration Account.
Over the same period, the Collier portfolio’s long-term sector performance was .21% lower than the
benchmark due to the relative market volatility of the 1 to 3 year Treasury yields upon which the index is
based. The short overall maturity of the portfolio will allow Collier to take advantage of recent market
shifts and provide sufficient liquidity. Collier County’s long-term portfolio is comprised of both
Treasuries and Agencies purchased over the last eighteen months. There is no loss of principal associated
with the performance to benchmark of either the short or long-term portfolio.
GROWTH MANAGEMENT IMPACT: None.
FISCAL IMPACT: None.
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, raises no legal
issue, and requires majority vote for acceptance of the report. -JAK
RECOMMENDATION: The investment report exhibits are provided to the Board as information only,
no action is required.
Prepared by: Derek M. Johnssen, Assistant Finance Director,
Office of the Clerk of the Circuit Court
ATTACHMENT(S)
1. Investment Exhibits QTR2 FY 2017 (PDF)
04/25/2017
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.J.1
Doc ID: 3067
Item Summary: Report to the Board regarding the investment of County funds as of the quarter
ended March 31, 2017.
Meeting Date: 04/25/2017
Prepared by:
Title: Senior Staff Assistant – Clerk of the Circuit Court
Name: Jennifer Milum
04/17/2017 8:40 AM
Submitted by:
Title: Senior Staff Assistant – Clerk of the Circuit Court
Name: Jennifer Milum
04/17/2017 8:40 AM
Approved By:
Review:
Clerk of the Circuit Court Derek Johnssen Additional Reviewer Completed 04/17/2017 9:44 AM
Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 04/17/2017 11:04 AM
Budget and Management Office Mark Isackson Additional Reviewer Completed 04/17/2017 11:20 AM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 04/17/2017 3:01 PM
County Manager's Office Nick Casalanguida Level 4 County Manager Review Completed 04/18/2017 10:19 AM
Board of County Commissioners MaryJo Brock Meeting Pending 04/25/2017 9:00 AM
CoMer County Investment Portfolio
313OA61B4
10/21/2015
1/21/2016
quarterly $
as Of 03/31/2017
A
e C
D E
F G
0.01
Weighted
Weighted
Cont. Rate/
Cont. Rate/
FNBB
Final Years
Years O/N
Coupon
Weighted
Settlement First Call Market
Amortized Maturity to
to First Cont-
Coupon Weighted
Purchased Purchased
Instrument CUSIP Date Call Date Frequency Par Value Value
Cost Date Maturity
Call/Maturfty Rate
Rate Yield
Yield Yield
FHLB
313OA61B4
10/21/2015
1/21/2016
quarterly $
25,000,000.00 $
24,984,575.00 $
25,000,000.00
7/21/2017
0.01
0.01
0.70
0.03
0.70
0.03
FHLMC
3134G7U25
10/27/2015
1/27/2016
quarterly
25,000,000.00
24,974,050.00
25,000,000.00
10/27/2017
0.02
0.02
0.80
0.03
0.80
0.03
US Treasury Note
912828UA6
11/9/2015
none
N/A
25,000,000.00
24,943,350.00
24,949,301.86
11/30/2017
0.03
0.03
0.63
0.02
0.93
0.03
FHLB
313OA6SW8
11/20/2015
none
N/A
23,000,000.00
22,995,101.00
22,998,214.37
12/19/2017
0.02
0.02
1.00
0.03
1.02
0.04
FHLMC
3134G74Q1
11/24/2015
2/24/2016
quarterly
25,000,000.00
24,965,325.00
25,000,000.00
11/24/2017
0.02
0.02
0.85
0.03
0.85
0.03
US Treasury Note
912828M72
12/3/2015
none
N/A
10,000,000.00
9,995,310.00
9,993,977.51
11/30/2017
0.01
0.01
0.88
0.01
0.94
0.01
FHL8
313381820
12/8/2015
none
WA
20,000,000.00
19,952,680.00
19,962,561.97
32/8/2017
0.02
0.02
0.75
0.02
1.02
0.03
FHLB
3130A6V95
12/9/2015
none
N/A
91000,000.00
8,998,029.00
91000,000.00
12/1/2017
0.01
0.01
1.02
0.01
1.02
0.01
FFCB
3133EFSG3
12/14/2015
none
N/A
25,000,000.00
24,994,550.00
25,000,000.00
3/14/2018
0.04
0.04
1.10
0.04
1.10
0.04
FFCB
3133EFSW8
12/21/2015
12/21/2016
continuously
25,000,000.00
25,000,475.00
25,000,000.00
12/21/2018
0.06
0.06
1.38
0.05
1.38
0.05
FFCB
3233EFW52
4/1/2016
none
N/A
40,000,000.00
39,748,480.00
39,979,761.89
7/1/2019
0.13
0.13
1.15
0.07
1.17
0.07
FHLB
313381820
6/22/2016
none
N/A
4,000,000.00
3,990,536.00
4,000,000.00
12/8/2017
0.00
0.00
0.75
0.00
0.75
0.00
FHLB
313379DT3
6/22/2016
none
N/A
25,000,000.00
25,028,325.00
25,11SA70.67
6/8/2018
0.04
0.04
1.25
0.05
0.86
0.03
FNMA
3235GOLSO
7/12/2016
1/12/2017
quarterly
25,000,000.00
24,733,425.00
25,000,000.00
7/12/2019
0.09
0.09
1.05
0.04
1.05
0.04
FNMA
3136G3XR3
7/27/2016
1/27/2017
quarterly
25,000,000.00
24,251,500.00
24,958,453.11
7/27/2020
0.12
0.12
1.13
0.04
1.18
0.04
FHLB
3130ABVQ3
8/23/2016
11/23/2016
quarterly
25,000,000.00
24,945,400.00
25,000,000.00
8/23/2018
0.05
0.05
1.13
0.04
1.13
0.04
FHLMC
3234GAFYS
8/31/2016
11/28/2016
quarterly
25,000,000.00
24,780,525.00
25,000,000.00
8/28/2019
0.09
0.09
1.30
0.05
1.30
0.05
FNMA
3235GOP49
9/2/2016
none
N/A
15,000,000.00
14,835,060.00
14,981,108.26
8/28/2019
0.05
0.05
1.00
0.02
1.05
0.02
FHLMC
3134GAGFS
9/13/2016
12/13/2016
quarterly
25,000,000.00
24,942,875.00
25,000,000.00
9/13/2018
0.05
0.05
1.10
0.04
1.10
0.04
FHLB
313OA9JZ5
9/27/2016
12/27/2016
continuously
25,000,000.00
24,396,275.00
25,000,000.00
9/27/2021
0.17
0.17
1.60
0.06
1.60
0.06
FNMA
3136G4BS1
9/30/2016
3/30/2017
quarterly
25,000,000.00
24,249,225.00
25,000,000.00
9/30/2021
0.17
0.17
1.60
0.06
1.60
0.06
US Treasury Note
912828759
10/27/2016
none
N/A
25,000,000.00
24,747,075.00
24,989,958.45
10/15/2019
0.10
0.10
1.00
0.04
1.02
0.04
US Treasury Note
912828783
10/31/2016
none
N/A
25,000,000.00
24,820,300.00
24,955,075.45
10/31/2018
0.06
0.06
0.75
0.03
0.87
0.03
FHLMC
3134GART3
11/1/2016
4/28/2017
quarterly
22,250,000.00
22,189,346.50
22,250,000.00
10/28/2019
0.09
0.00
0.85
0.03
0.85
0.03
FHLMC
3134G8198
11/23/2016
2/26/2017
quarterly
21,000,000.00
20,983,704.00
21,000,000.00
2/26/2018
0.03
0.03
1.05
0.03
1.05
0.03
FHLMC
3134GASQ6
12/6/2016
8/15/2017
once
20,000,000.00
19,930,420.00
19,972,708.73
8/15/2018
0.04
0.01
1.00
0.03
1.15
0.03
FNMA
3135GOL68
12/12/2016
7/27/2017
once
50,000,000.00
49,669,200.00
49,849,251.10
7/27/2018
0.10
0.02
0.75
0.06
1.11
0.08
FFCB
3133EGW94
12/19/2016
none
N/A
1010001000.00
9,981,520.00
91996,558.90
12/19/2018
0.03
0.03
1.20
0.02
1.22
0.02
FFCB
3133EGZ24
12/27/2016
12/27/2017
continuously
24,050,000.00
24,059,307.35
24,050,000.00
12/27/2018
0.06
0.03
1.37
005
1.37
0.05
Total long term investments
$
668,300,W0.00 $
664,065,943.85$
668,002,402.27
1.71
1.43
im
1.06
Balance
BOCC FFIS Concentration Account
$
40,769,244.49
0.77
BOCC FFIB O/N Investment Account
$
315,066.96
0.90
BoCC SBA Florida LGIP Account
$
145,511,510.23
1.04
Total Funds On Deposit
$
186,595,821.68
Total managed portfolio $ 854,895,821,6B
A -Weighted Years to Maturity calculation is based on individual par value divided by total long term Investment per value multiplied by the remaining number of year(s) to full maturity.
S-Welghted Years To First Cab/Maturity calculation is based on ind"ual par value dNldad by total long term investment per value multiplied by the remaining number of year(s) to hA maturity, or to the first all date if applicable.
When an investment passes the first all date the calculation is adjusted based on date of final maturity.
C -An Overnight Contractual Rate is provided for overnight investments (BoCC Concentration and BoOC Investment Accounts) pursuant to contracts with First Florida Integrity Bank. Concentration Account Rate is indexed at 95% of the daily Effective Federal Funds Rate
with a floor (minimum) rate of.25%. The Investment Account Rate Is the current Fed Funds Rate, as published in the Wag Street Journal. The SBA Florida LGIP rate is the current Participant Yield as published on the SBA Florida Prime website.
D -Coupon Rate is taken from the respective investment trade tickets. Step coupons, If any, are shown at their current rete.
E -Coupon Weighted Yield calculation is based on individual par value divided by total long term investment per value multiplied by the coupon rate.
F -Purchased Yield is taken from the respective investment trade tickets and Is based upon yield to worst, or the minimum yield the investment will achieve.
G -Weighted Purchased Yield calculation is based on individual Per value divided by total long term investment per value multiplied by the Purchased Yield.
Collier County Portfolio Composition
as of March 31, 2017 (At Par Value)
$854,895,821.68
Total Cash Based Interest $3,877,648
Fiscal Year to Date
Agencies
(FHLB,FNMA,FHLMC,FFCB)
$583,300,000.00
68.2%
�s
BoCC Deposit Accounts
$41,084,311.45
4.8%
Sector Maximum
Sector
Allowed M
Current N
BoCC SBA Florida LGIP
Bank Deposit Accounts
100%
4.8%
$145,511,510.23
U.S. Treasury
100%
9.9%
17.1%
Federal Agency/ GSE
80%
68.2%
SBA Florida LGIP
50%
17.1%
Total Cash Based Interest $3,877,648
Fiscal Year to Date
Agencies
(FHLB,FNMA,FHLMC,FFCB)
$583,300,000.00
68.2%
�s
BoCC Deposit Accounts
$41,084,311.45
4.8%
Collier County Short Term Sector Yields
Collier Short Term Portfolio Yield
VS.
S&P Rated GIP Government Index
1.25%
1.00%
0.75%
0.50%
0.25%
1.03%
0.
0.00% —!
Apr. 2016 May. 2016 June. 2016 July. 2016 Aug. 2016 Sept. 2016 Oct. 2016 Nov. 2016 Dec. 2016 Jan. 2017 Feb. 2017 Mar. 2017
-$--Concentration Account (FFIB) Collier Short Term Portfolio Yield -k—S&P Rated GIP Government Index
Combined Yield on FFIB O/N Investment
& SBA Florida Prime LGIP Accounts
2.00%
1.50%
1.00%
0.50%
0.00%
Collier County Long Term Sector Yields
Collier Long Term Portfolio Yield
VS.
B of A 1-3 Yr. Treas. Note Benchmark
1.27%
1.0696
Apr. 2016 May. 2016 June. 2016 July. 2016 Aug. 2016 Sept. 2016 Oct. 2016 Nov. 2016 Dec. 2016 Jan. 2017 Feb. 2017 Mar. 2017
Collier Long Term Portfolio Yield t B ' 3 Yr Treasury Note Benchmark