Agenda 08-08-2017 Item #16J308/08/2017
EXECUTIVE SUMMARY
Report to the Board regarding the investment of County funds as of the quarter ended
June 30, 2017.
______________________________________________________________________________
OBJECTIVE: To provide the Board a report regarding the investment of County funds as of
the quarter ended June 30, 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 Cle rk 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 third quarter of FY-2017. The total managed portfolio at June
30, 2017 was $801,196,287, at par value. For June 2017, Collier’s short-term yield exceeded the
benchmark by .27%, primarily due to Florida PRIME’s increased 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 .93%, also exceeding the short -term benchmark as
of June 2017. 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 .34% 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 Treasuries and
Agencies purchased over the last twenty-one (21) months. There is no loss of principal
associated with the performance to benchmark of either the short or long-term portfolio.
Approval of the following documents by the County Manager is subject to formal ratification by the
Board of County Commissioners. If the decision by the County Manager is not ratified by that Board,
the document(s) shall be enforceable against Collier County only to the extent authorized by law in the
absence of such ratification by that Board.
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
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08/08/2017
ATTACHMENT(S)
1. Investment Exhibits QTR3 FY 2017 (PDF)
16.J.3
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08/08/2017
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.J.3
Doc ID: 3558
Item Summary: Report to the Board regarding the investment of County funds as of the quarter
ended June 30, 2017.
Meeting Date: 08/08/2017
Prepared by:
Title: Senior Staff Assistant – Clerk of the Circuit Court
Name: Jennifer Milum
08/02/2017 1:22 PM
Submitted by:
Title: Senior Staff Assistant – Clerk of the Circuit Court
Name: Jennifer Milum
08/02/2017 1:22 PM
Approved By:
Review:
Clerk of the Circuit Court Derek Johnssen Additional Reviewer Completed 08/02/2017 1:58 PM
Office of Management and Budget Laura Wells Level 3 OMB Gatekeeper Review Completed 08/02/2017 3:02 PM
Office of Management and Budget Laura Wells Additional Reviewer Completed 08/02/2017 3:02 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 08/07/2017 3:41 PM
Office of Management and Budget Susan Usher Additional Reviewer Completed 08/07/2017 4:16 PM
County Manager's Office Leo E. Ochs Level 4 County Manager Review Completed 08/08/2017 9:17 AM
Board of County Commissioners MaryJo Brock Meeting Pending 08/08/2017 12:00 AM
16.J.3
Packet Pg. 121
Collier County Investment Portfolio
as of 06/30/2017
FHLB
FHLMC
Instrument
US Treasury Note
FHLB
FHLMC
US Treasury Note
FHLB
FHLB
FFCB
FFCB
FFCB
FHLB
FHLB
FNMA
FNMA
FHLB
FHLMC
FNMA
FHLMC
FHLB
FNMA
US Treasury Note
US Treasury Note
FHLMC
FHLMC
FHLMC
FNMA
FFCB
FFCB
Tobi long term investments
8oCC FFIB Concentration Account
BoCC FFIB 0/N Investment Account
BoCC SBA florida LGIP Account
Bo CCFCBCD
Total Funds on Deposit
Total managed portfolio
CUSIP
3130A6JB4
3134G7U25
912828UA6
3130A65W8
3134G74Ql
912828M72
313381820
3130A6V95
3l33EFSG3
3133EF5W8
3133EFW52
313381820
3l3379DT3
3135GOLSO
3136G3XR1
3130A8VQ3
3134GAFY5
3135GOP49
3134GAGF5
3130A9JZS
3l36G4BS1
912828T59
9l2828T83
3134GART3
3134G8L98
3134GA8Q6
3l35GOL68
3133EGWB4
3133EGZ24
Settlement
Date
10/21/2015
10/27/2015
11/9/2015
11/20/2015
11/24/2015
12/3/20 15
12/8/2015
12/9/2015
12/14/2015
12/21/2015
4/1/2016
6/22/2016
6/22/2016
7/12/2016
7/27/2016
8/23/2016
8/31/2016
9/2/2016
9/13/2016
9/27/2016
9/30/2016
10/27/2016
10/31/2016
11/1/2016
11/23/2016
12/6/2016
12/12/2016
12/19/2016
12/27/2016
Arst
talf Date
1/21/2016
1/27/2016
none
none
2/24/2016
none
none
none
none
12/21/2016
none
none
none
1/12/2017
1/27/2017
ll/23/2016
11/28/2016
none
12/13/2016
12/27/2016
3/30/2017
none
none
4/28/2017
2/26/2017
8/15/2017
7/27/2017
none
12/27/2017
can
Freauencv Par Value
FNBB
Market
Value
Amortl•ed
Cost
quarterly 25,000,000.00 24,994,350.00 25,000,000.00
quarterly 25,000,000.00 24,979,975 .00 25,000,000.00
N/A 25,000,000.00 24,946,400.00 24,968,209.77
N/A 23,000,000.00 22,981,853 .00 22,998,832.21
quorterly 25,000,000.00 24,970,700.00 25 ,000,000.00
N/A 10,000,000.00 9,989,150.00 9,996,223 .60
N/A 20,000,000.00 19,960,660.00 19,976,081.26
N/A 9,000,000.00 8,995,563.00 9,000,000.00
N/A 25,000,000.00 24,981,000.00 25,000,000.00
continuously 25,000,000.00 25,000,525.00 25,000,000.00
N/A 40,000,000.00 39,771,720.00 39,982,002.36
N/A 4,000,000.00 3,992,132.00 4,000,000.00
N/A 25,000,000.00 24,998,600.oo 25,091,259.08
quarterly 25,000,000.00 24,740,850.00 25,000,000.00
quarterly 25,000,000.00 24,349,650.00 24,961,567.42
quarterly 25,000,000.00 24,954,925 .00 25,000,000.00
quarterly 25,000,000.00 24,908,150.00 25,000,000.00
N/A 15,000,000.00 14,859,780.00 14,983,061 .83
quarterly 25,000,000.00 24,914,975.00 25,000,000.00
continuously 25,000,000.00 24,751,100.00 25,000,000.00
quarterly 25,000,000.00 24,456,175.00 25,000,000.00
N/A 25,000,000.00 24,784,175.00 24 ,990,943 .13
N/A 25,000,000.00 24,813,475.00 24 ,962,136.13
quarterly 22,250,000.00 22,216,402.50 22,250,000.00
quarterly 21,000,000.00 20,963,544 .00 21 ,000,000.00
once 20,000,000.00 19,932,440.00 19,990,836.51
once 50,000,000.00 49,694,550.00 49,965,506.61
N/A 10,000,000.00 9,979,460.00 9,997,057 .53
con t inuously ---'2'-4"',0""5"'0'-'"ooo=.oo=---"2-'4'"-05"'1"',5"6""3"'.2""5 __ --=.24"0"'5"'0"',ooo=·.;.oo;;...
668,300,000.00 664,933,842.75 668,163,717.44
Balance
36,684,520. 73
315,888.06
85,895,877.90
10,000,000.00
132,896,286.69
801,196,286.69
A·Weighted Years to Maturity calculation is based on lndivtdua l par value divided by total long term investment par value multiplied by the remaining number of year(s) to full maturity.
A 8 c
Weighted
Fina I
Maturity
Date
Weighted
Years
to
Maturity
Years O/N
to Fii'$! Cont.
tall/Maturltv Rate
7 /21/2017 0.00 0.00
10/27 /2017 0.01 O.Ol
ll/30/2017 0.02 0.02
12/19/2017 0.02 0.02
11/24/2017 0.02 0.02
11/30/2017 O.Dl O.Dl
12/8/2017 O.Dl 0.01
12/1/2017 0.01 0.01
3/14/2018 0.03 0.03
12/21/2018 0.06 0.06
7/l/2019 0.12 0.12
12/8/2017 0.00 0.00
6/8/2018 0.04 0.04
7/12/2019 0.08 0.08
7 /27 /2020 0.12 0.12
8/23/2018 0.04 0.04
8/28/2019 0.08 0.08
8/28/2019 0.05 0.05
9/13/2018 0.05 0.05
9/27 /2021 0.16 0.16
9/30/2021 0.16 0.16
10/15/2019 0.09 0.09
10/31/2018 0.05 0.05
10/28/2019 0.08 0.08
2/26/2018 0.02 0.02
8/15/2018 0.03 0.00
7/27/2018 0.08 O.Ol
12/19/2018 0.02 0.02
12/21/2018 ____ o_.0_5 _____ 0_.0_2_
1.51 1.38
0.93
l.12
1.17
1.55
B-Weighted Years To First Call/Maturity cakulation is based on Individual par value divided by total long term Investment par value multiplied by the remaining number of year(s) to full maturity, or to the first call date if applicable.
When an investment passes the first call date the calculation is adjusted based on date of final maturity.
D
Coupon
Rate
Cont. Rate/
Coupon
Weighted
Yield
0 .70 0,03
0.80 0.03
0.63 0.02
1.00 0.03
0 .85 0 .03
0 .88 0.01
0.75 0.02
1.02 0.01
l.lO 0.04
1.38 0.05
l.15 0.07
0.75 0.00
1.25 0.05
1.05 0 .04
l.13 0 .04
l.13 0.04
1.30 0.05
1.00 0.02
l.lO 0 .04
1.60 0 .06
1.60 0.06
l .00 0.04
0 .75 0 .03
0 .85 0.03
1.05 0.03
l .00 0.03
0.75 0.06
1.20 O.Q2
1.37 ----'o"'.0""5-
1.03
C-An Overni&ht Contractual Rate is provided for overnight investments (BoCC Concent ration and BoCC 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 curre nt Fed Funds Rate , as published in the Wall Street Journal. The SBA Florida LGIP rate is the current Participant Yield as published on the SBA Florida Prime website. A term rate is provided
for the certifica te of depasit (CO) pu rsua nt to contract with Florlda Community Bank (FCB). The ra t e Is locked In for the term of the CO and the CO does not have an early withdrawal penalty .
0-Coupon Rate is taken from the respective invest ment trade tickets . Step coupons, If any, are shown at their current rate .
£-Coupon Weighted Yield calculation is based on ind ividual par value divided by total long term investment par v1lue 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 ind ividual par value divided by total Ions term investment par value multiplied by the Purchased Yield .
Purchased
Yield
G
Cont. Rate/
Weighted
Purchased
Yield
0 .70 0.03
0.80 0.03
0.93 0.03
1.02 0.04
0 .85 0.03
0 .94 0.01
1.02 0.03
1.02 0.01
l.lO 0.04
1.38 0.05
l.17 0.07
0.75 0.00
0.86 0.03
1.05 0.04
l.18 0.04
l.13 0.04
1.30 0 .05
1.05 0.02
1.10 0.04
1.60 0.06
1.60 0.06
l .02 0.04
0 .87 0.03
0.85 0.03
1.05 0.03
l.15 0.03
l.ll 0.08
1.22 0.02
1.37 ----'o"'.0"'5-
1.06
16.J.3.a
Packet Pg. 122 Attachment: Investment Exhibits QTR3 FY 2017 (3558 : Investments)
Collier County Portfolio Composition
as of June 30, 2017 (At Par Value)
$801,196,286.69
Sector Maximum BoCC FCBCD
$10,000,000.00
1.3% Bank Deposit Accounts
U.S. Treasury
Federal Agency I GSE
SBA Florida LGIP
FCB CO
Total Cash Based Interest
Fiscal Year to Date
Allowed (%) Current(%)
100% 4 .6%
100% 10.6%
80% 72.8%
50% 10 .7%
30% 1.3%
$5,751,273
Agenci es
(FHLB,FNMA,F HLMC,FFCB)
$583,300,000.00
72.8%
BoCC Deposit Ac counts
$37,000,408.79
4 .6%
16.J.3.a
Packet Pg. 123 Attachment: Investment Exhibits QTR3 FY 2017 (3558 :
1.25%
0.75 %
0.50%
0.25%
0 .00%
Collier County Short Term Sector Yields
Collier Short Term Portfolio Yield
vs.
S&P Rated GIP Government Index
July. 2016 Aug . 2016 Sept. 2016 Oct. 2016 Nov . 2016 Dec . 2016 Jan. 2017 Feb. 2017
--Concentration Account (FFIB) Collier Short Term Portfolio Yield
Combined Yield on FF IB O/N Invest men t
& SBA Florida Prim e LGIP Accounts
1.17%
Mar. 2017 Apr. 2017 May. 2017 Jun e. 2017
_,,. ~'" ""~omm•"' '"'" __J
16.J.3.a
Packet Pg. 124 Attachment: Investment Exhibits QTR3 FY 2017 (3558 :
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
1.06%
July. 2016 Aug . 20 16 Sept. 2016 Oct. 2016 Nov. 2016 Dec . 2016 Jan . 2017 Feb . 2017 Mar. 2017 Apr. 2017 May. 2017 June . 2017
Collier Lon g Term Portfolio Yield -B of A 1-3 Yr Trea sury Note Benchmark _ _J
16.J.3.a
Packet Pg. 125 Attachment: Investment Exhibits QTR3 FY 2017 (3558 :