Agenda 02/24/2009 Item # 9D
PlJoan! o/~oIkJc ~OWJW)j ~~
3301 East Tamiami Trail- Naples, Florida 34112.4977
(239) 774-8097. Fax (239) 774-3602
Agenda Item No. 90
FebrU~i~;" '<>09
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~IMID. ~
Donna Fiala
District 1
Frank Halas
Distncl2
Tom Henning
District 3
Fred W. Coyle
District 4
Jim Colena
District 5
HAND DELIVERED
February 18, 2009
Honorable Dwight E. Brock
Clerk of the Circuit Court
Collier County, Florida
Dear Mr. Brock:
Over the past several months the Board of County Commissioners (Board) has made several
written requests for you or your designee to provide the Board, during a regular Board meeting,
an update of its investment portfolio (see attached correspondence file which includes the
legislative authority of the Board to demand this presentation). To date the only response has
been a written response from Ms. Kinzel on February 9, 2009, where she provided certain
information on the Board's investment portfolio.
The Board's request is, and continues to be, for a presentation to the Board at a regular meeiing,
where the Board can ask questions about its portfolio and if need be to provide guidance.
Please be aware, in accordance with the Boards direction on January 27,2009 under Section 15-
Staff and Commission General Communications, I am scheduling a time certain for a portfolio
presentation/update on the Board's agenda for February 24,2009. The time certain will be 11 :30
a.m.
I am looking forward to your presentation.
Sincerely,
~L
Chairman, Board of County Commissioners
Collier County, Florida
cc: Board of County Commissioners
Jinl Mudd, County Manager
Jeffrey KIatzkow, County Attorney
Page I of 1
Agenda Item No. 90
February 24,2009
Page 2 of 25
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
Item Number:
Item Summary:
9D
This item to be heard at 11;30 a.m. Presentation by the Clerk of Courts to update the Board
of County Commissioners on the County Investment Portfolio
Meeting Date:
2/24/200990000 AM
Approved By
James V. Mudd
Board of County
Commissioners
County Manager
Date
County Manager's Office
2/18/20095:21 PM
file:IIC:\Agenda Test\Export\ 124-February%2024, %202009\09. %20BOARD%200F%20CO... 2/18/2009
Agenda Item No. 9D
February 24,2009
Page 3 of 25
Dwight E. Brock
Clerk of Courts
'LC~~~Ilfy._S)ffi6'li er
CLERK OF tFIE C;IRC~I,T COURT
COLLIER COUNTY COURT OUSE
3301 TAMlAMITBAIL E~T
P.O. BOX 4'@044'
NAPLES, FLORIDA\~101-3~
~)
:, )
-
Clerk of Courts
Accountant
Auditor
Custodian of County Funds
Ms. Donna Fiala, Chairman
Collier County Board of County Commissioners
3301 E. Tamiami Trail, Bldg. F
Naples, FL 34112
February 9, 2009
Dear Chairman Fiala:
Pursuant to your request dated January 20, 2009 for information on investments, attached please fmd an investment report
through January 31. 2009.
As you are aware, we post the invesnnent portfolio on the Clerk's website monthly. Due to the timing of bank statements
and interest calculations, posting to the website occurs midMmonth for the preceding month. For Example: the December
report is posted mid- January, the January report would ordinarily be posted mid-February. We have expedited this monthly
process to provide you infonnation per your request through January 31 SI, but routinely the information is posted on the
website mid month for the prior month.
In addition to the reports to be posted on OUT website for January 2009, we have attached:
1. An explanation of the decreaselchanges in the total portfolio (including, but not limited to, overnight
and NOW accounts) from September 30, 2007 thru January 31" statements.
2. A report containing the information attached in your Exhibit D. We have added columns to indicate
yield at purchase which is a better indication of investment return as weli as the maturity date.
3. Mr. Yonkosky's e-mail response to our questions regarding the CUSI? calculations provided on your Exhibit D.
If you have any further questions, ptease let me know. 1 can be reached at 530-6299.
Cryst K. Kinzel
Direc or of Finance and Accounting
Office of the Cierk of Courts
Phone- (239) 732-2646
Website- www.c1erk.collier.fl.us
Fax- (239) 775-2755
Email-collierclerk(ii)c1erk.collier.fl.us
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February 24, 2009
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Agenda Item No. 90
February 24, 2009
Page 8 of 25
Crystal K. Kinzel
From:
Sent:
To:
Cc:
Subject:
Yon kosky j [John Y onkosky@colliergov.net]
Saturday, February 07, 2009 3: 11 PM
Crystal K. Kinzel; Derek M. Johnssen
Fiala, Donna; Mudd, James; ochs I; TorreJohn; KrumbineJordan
FW: Investment report clarification
Crystal:
Exhibit 0 attached to Commissioner Fiala's letter to the Clerk, dated January 20, 2009, was meant to
provide an example of the data the Board might want to receive on a monthly basis concerning the
Board's investment portfolio. Since the exhibit was meant to be an example, and your request did not
provide any detail other than a request for the formula used as the basis for the yield calculation on
four of the instruments, I will try to respond and hope the information provided is sufficient.
A significant amount of the information on Exhibit 0 came from the Clerks' website.
You requested the formula that was used as the basis for the yield calculation on four of the fourteen
CUSIP numbers on Exhibit D. The formula requested cannot be provided because the information
came to me from an outside party's proprietary "Bloomberg" system using a yield analysis screen.
Since "Bloomberg" is a propriety system, the formula cannot be provided.
The outside party has provided the following update on the four CUSIP numbers you identified:
The yield on CUSIP 3136F7JR9 had a typo in the yield box. The yield should have been 4.95 not
2.95.
The other three CUSIP numbers that you requested the calculation information on were less than on.
year from their call date on 10/7/08 (date the information was pulled from "Bloomberg"). I am told that
"Bloomberg", adds a money market rate to the yield calculation when the instruments have a maturity
date within one year. This provides six yield determination slots; they are all close but there is some
variation.
Two of these bonds appear to have been called on 1/2/09 and on 1f7/09. The remaining CUSIP
number (3133XQXA5) appears to have a maturity date of 5/6/09. How were the called instrument
funds reinvested and how will the instrument funds yet to be called this year be reinvested? Since
these funds belong to the County, monthly reporting to the Board, as required in the Board's
investment policy, on the status of the County's investment portfolio is crucial.
Please call if you need additional information.
Thanks, John
From: KrumbineJordan
Sent: Monday, February 02, 2009 4:43 PM
1
Agenda Item No. 90
February 24, 2009
Page 9 of 25
To: mudd~; Yonkosky~
subject: PN: Investment report clarification
From: Crystal K. Kinzel [mailto:CrystaI.Kinzel@collierclerk.comj
Sent: Monday, February 02, 2009 4:39 PM
To: fiala_d
Cc: Derek M. Johnssen; KrumbineJordan
Subject: Investment report clarification
Commissioner Fiala,
In your letter requesting information from the Clerk, Exhibit D schedule of investments, could you piease provide the
formula that was used as the basis for the Yield calculation on the following CUSIPs:
3128X7FYS - FHLMC
3133XQMU3 - FHLB
3133XQXA5 - FHLB
3136F7JR9 - FNMA
Thank you for your assistance.
Crystal K. Kinzel
Director of Finance and Accounting
Clerk of the Circuit Court
Collier County Government Center
2671 Airport Road S.
Naples, Florida 34112
(239)530-6299
Under Florida Law, e-mail addresses are public records. If you do not want your e-mail address released in response to a public
records request, do not send electronic mall to this entity. Instead, contact this office by telephone or in writing.
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Agenda Item No. 9D
February 24,2009
Page 10 of 25
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Donna Fiala
District 1
Frank Halas
District 2
Tom Henning
District 3
Fred W. Coyle
District 4
Jim Coletta
District 5
,
PJJ~o/Y?~ Y?~ Yf~
3301 East Tamiami Trail- Naples, Florida 34112 ~ 4977
(239) 252.8097 . Fax (239) 252.3802
Agenda Item No. 90
February 24,2009
Page 11 of 25
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January 20, 2009
Honorable Dwight E, Brock
Clerk of the Circuit Court
Collier County, Florida
Dear Mr. Brock:
The Board of County Commission.ers (Board) during its meeting on December, 16,2008,
und~r Section 15 - General Communications directed the Chair (Commissioner Hennmg)
to re:quest you provide an update on the Counif's Investment Portfolio at one of the
Board's regularly scheduled January, 2009, meetings. Commissioner Henning made the
request to you and offered a time certain for your convenience (Exhibit A).
During the Board's meeting on January 13, 2009, under Section 15 - General
Communications. the question was raised again and 1, as the new Chair, was asked to
follow-up on the Board's request. During the January 13,2009 discussion, Commissioner
Henning stated that you had asked for the detailed information desired by the Board.
The purpose of this correspondence is to follow-up on the Board's request and to respond
to your question about detailed information required.
Attached please find a copy of the County's current Investment Policy (Exhibit B). This
policy was adopted by the Board on January 22, 2002 '(Agenda Item 16 K 1) under an
Executive Summary prepared by Mr. James 1. Mitchell and approved by the Clerk. The
Investment Policy amendments requested by Mr. Mitchell were approved by the Board
and a resolution number (2002-42) was assigned by Board Minutes and Records. A copy
of the resolution is not attached as a search of the Board Minutes & Records indicates a
conformed copy of the resolution has not been presented to Board Minutes & Records.
Since a conformed amended resolution (2002-42) is not in the Board Minutes and
Records files, I am concerned as to the legality of the amendments (the County Attorney
is copied on this correspondence for a legal opinion on that question). The two Board
approved amendments authorized:
1. An increase to the maximum percentage of the portfolio composition allowed for
U. S. Federal Instrumentalities from seventy (70) percent, to one hundred (100)
percent.
Agenda Item No. 90
February 24, 2009
Page 12 of 25
2. Formally recognize educational requirements, in the investment policy, mandated
by a statutory change for individuals who are responsible for making investment
decisions.
Section 218.415, F. S., titled "Local government investment policies" and the County's
Investment Policy (Exhibit B) appear to require the individual(s) responsible for making
investment decisions to prepare and submit periodic reports to the legislative or
governing body of the unit oflocal government. Ordinance 87-65 and Resolution 95-552
or Resolution 2002-42 (depending on that resolution's legal status) requires the
individual(s) responsible for making investment decisions to prepare and presen1 to the
Board; monthly, quarterly and annual reports on the assets in the County's Investment
Portfolio.
Asoftoday's date (JaIiuary 20, 2009) yout web-site; identifying the Board's investment
portfolio composition, reflects an "as of date" of November 30,2008 (Exhibit C).
In addition to current versions of the three (3) reports displayed on your web-site, the
Board would like to have the following information presented:
1. An explanation of the decreaselchanges in the total portfolio (including, but not
limited to, overnight and NOW accounts) from September 30, 2007 through
January 31, 2009.
2. A report which contains the infonnation Attached in Exhibit D. This information,
especially the timing of the semi-annual interest payments, is critical to our
budgeting process.
Thank you for your prompt scheduling of the presentation of the requested report to the
Board. I can schedule a time certain for your presentation at either the January 27, 2009
Board meeting or the February 10, 2009 Board meeting. Please let me know the date for
the presentation; and if I can provide any additional information.
S~)~
Donna Fiala
Chairman, Board of County Commissioners
Collier County, Florida
C: Board of County Commissioners
County Attorney
County Manager
1\genBaTlem o.
February 24,2009
Page 13 of 25
?JJoado/C(f~ ~ounty C(f~
3301 East TamiamJ Trail- Naples, Florida 34112 - 49n
(239) 252.8097 . Fax (239) 252.3602
(i)
Donna Fiala
DlstJict 1
Frank Halas
Oistrict2
Tom Henning
District 3
Fred W. Coyle
DIstJ1ct4
Jim Coletta
District 5
December 18, 2008
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RECEIVED
OFFICE OF THE COUNTY MANAGER
JAN - 8 2009
Honorable Dwight E. Brock
Clerk of the Circuit Court
3301 E. Tamiami Trail
Naples, FL 34112
ACTION
.
Dear Mr. Brock:
The Board of County Commissioners, during their December 16, 2008 meeting (Agenda Item 15
C), directed the Chair request you provide anupda1e on the County's Investment Portfulio at one
of the Boards' January, 2009 meetings. The Board illiSregular agenda mee1iDgS sclleduledhri
January 13,2009 and on January 27,2009.
Please let me or the County Manager know your preference on the date and if you would like a
. fut!.~ .~i.n ~~.YLed, .
34
Tom Henning
Commissioner, District 3
cc. Board of County Commissioners
,,/James V. Mudd, County Manager
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EXECUTIVE SUMMARY
RECOMMENDA.TION THAT THE COLL1EIl COUNTY BOA.1lD OF COUNTY COMMISSIONERS
MlEND RESOLUTION 95-552, THE INVESTMENT POUCY TO REtl<<INlZE CHANGES IN THE
MA.1lKET A.ND REVISIONS TO FLORIDA. STA.TUTE 211.415. "LOCA.L GOJ'ERN/IIENT
f1VJ/ESTMENT POUClES", SINCE THE A.DOPT10N OF THE RESOLU770N.
OBJECTIVE: For the Board of County Commissioners to amend the aforementioned Resolution to
reflect changes in the market and revisions to Florida Statute 218.415, "Local Government Investment
Policies", since the adoption afme enabling Resolution.
CONSIDERA770NS: On September 26. 1995 the Board of County Cormnissioaers adopt.d
Resolution 9S~SS,2. a Resolution.. ~,~!=d ,Pursuant to Collier CQUDty Ordinance 81-65 approving arid
adopting a Cash Managemem and Invc'stml:'Df 'Policy.
The Resolution presented at thar time was prepared in concert between the Board's ~inancial Advisor at the
"time, Raymond James & Associate-sand the Office "Of tbe Clerk of the Circuit CoUrt. The Clerk of the
Circuit Coun tbrough the Finance and Accounting Department subjects the Invc:stmeDt Policy to an annual
review. The primary purpose oftbisreview is twofold:
.
1. To ensure compliance, and
Z. To ensure the Investment Policy reflects the current madet conditions and legal restraints.
~
Based on the current economic conditions and recent changes to the aforementioned statute, we are
recommending the following changes:
. Increase the maximum percent oCthe portfolio composition allowed for U.S. Federal
Instrumentalities from seventy (70) percent, to one hundred (100) percent Federal
Instrumentalities are fmancing vehicles for all ehe U.S. Government supported
agencies involved with promoting home o\\11crship and some farm programs. While
they are not guaranteed by the U.S, they do have c:n:dit lines with the U.S. Treasury
and are rated "AAA" by the various rating agencies. In the past we have maintained
a mix oflnstrwnentalities and direct obligatiODS orthe U.S. Govemmc:nt Howc\'cr,
in recent years, budget swpluses have reduced the newly issued securities coming to
the market. In addition, huge trade defici1Ji have resulted in foreign governments
purchasing large amounls of Treasury issues to recycle ehe dollars that they are
receiving. Other shon-term instruments authorized by the current Invcsnnent Policy
are DOt attractive due to the easy credit policy of the Federal Reserve System.
. Formally recognize the continuing educationrequiremc:nc. which was recently
adopted by the Florida Legislators. This revision requires any gOVctnmcD.t official,
induding the Chief Financial Officer, who is responsible for making investment
decisions, eo receive eight hours of continuing education on an anzmal basis.
These recommended chanses were discussed with the Board of County Commissioner's curmJt Financ:ial
Advisor, William R. Hough & Co.
FISCA.L IMPA.CT: Ualcnown at this time. however il is amicipated thaI certaia of these chaages
would enhance te1Um OD lhe pomoIio.
,.-
GROWTH MANAGEMENT IMPA.CT:
None known at 1his time.
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.Agenda Item No. 9D
February 24,"2009-
Page 15 of25
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RECOM;UENDATION: That the Board of County Commissioners amend County Resolution 95-552 to
recognize the recom:mendcd. changes oU1lincd above:.
Pnpared By:4-1,1.-T Ji; t:LvI
ames L. Mitchell, CIA, CFE, CBA
Director of Finance and Accounting
Dat<: lit/t:-.c
.-:- App{oved By:
Date:
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Collier County, Florida
Inv..tment Policy
SCOPE
Investmsnt policy applies to all finKlcial assets under the direct conlral of the Board of County
Commission,,",.
INVESTMENTOBJECT1VES
Primary Objectives:
1. Preservation of capllal and prtl_n of investment principal.
2. Maintain sufficient liquidity to meet reasonably anticipated operating and capital requirements.
3. Match essets to liabUities, to the extent possible.
Secondary Objectives:
1. ~aximiz~ return and preserve.p~rchasingpQwer as. f!1eas~d by a noted ma~t inde~ su~as the
Consumer Price Index. . . . . . .
2. Control risks and diversify investments throu9h appropriate oversight and regular reporting.
PERFORMANCE MEASURES
Objective is to exceed the annual yield of Ihe Aorida local Government Surplus Trust Fun<l (SBA).
PRUDENCE AND ETHICAL STANDARDS:
Investments shall be made with judgment and care (under circumstances then prevailing) which persons of
prudence, discretion and intelligence exercise in the management of their own affairs, not for speculalion.
but for investment, considerin9 the probable safety of their capital as well as the probable income to be
derived. The standard of prudence to be use<l by investment officials shall be the .prudent person" standard
and shall be applied in the context of managing an overall portfolio. Investment officers acting in accordance
with written procedures and the investment policy and exercising due dlllgence shall be relieved of persona!
responsibility for an individual security's credit risk or market price changes, provided <leviations from
expectations are reported in a timely fashion and appropriate action is taken to control adverse
deveiopments.
Officers and employees involved in the investment process shall refrain from personal business activity that
could confiict with proper execution of the investment program, or which could impair their ability to make
impartial investment decisions. Employees and investment officials shall disclose to the Chief Financial
Officer any malerial financial interests in financial institutions that conduct business within this jurisdiction
and they shall further disclose any material personal fmanciaUinvestment positions that could be related to
1I1e performance of the portfolio. Employees and officers shall subordinate 1I1eir parsonal investment
transactions to those transactions made in the portfolio, particularly with regard to the time of purchase and
sales. Employees shall also <li"c1ose any gifts or entertainment received as a result of their employment in
regard to the investments of Collier County.
Bond swaps are appropriate when undertaken in conformity with the prudant parson test and overall
portfoliO objectives in order to (a) Increase yield to maturity without affecting the asset liability match; (b)
reduce maturity while maintaining or increasing the yield to maturily or (c) increase portfolio quality without
affecting the asset liabiUty match while maintaining or increasing the yield to maturity.
The County should not, however, have a policy a9ainst selling securities at a loss if undertaken in
connection with prudent portfolio management.
AGENDA ITEN'
No.----.a4_
JAN 2 2 20G,
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Agenda Item No. 90
February 24, 2009
Page 17 of 25
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AUTHORIZED INVESTMENTS
1. Florida Local Government Surplus Trust Fund (SBA)
2. US Government Securities - Direct Obligations
3. US Federal Agencies - Backed by Full Faith and Credit of US Govemment
4. US Federal Instrumentalities - US Federal Agency Securities Not Backed by Full Faith and
Credit of US Government. except for Student Loan Marketing Association
5. Certificates of Deposit - Collateralized with US Govemment Securities or Federal Agencies
6. Repurchase Agreements (As defined herein)
7. Fixed Income Mutual Funds - Collateralized with US Government Securities or Federal
Agencies
8. Domestic Bankers Acceptances. Rated "M" or higher, and inventory based
9. Prime Commercial Paper. Rated "A.I" and "P_I".
10. Tax-Exempt Obligations. Rated "M" or higher and issued by state or local90vernments
11. Now Account - Fully collateralized in accordance with Chapter 280 Florida Statutes, limited
to Depository Bank/Concentration Bank
~" L,i~itation91! Variable R~t~ $ecurtties -_ Acceptable only ,if ,the rate is a straight, floating rate that is set in a
direct as opposed to inverse. relationship to a Single index. '. . . '
Limitations on Mortgage Securities (CMOs)
1. Issued oniy by US Federal Agencies or US Federal Instrumentalities,
2. Pass the Federal Financial Investment Examination Council (FFIEC) test at time of
purchase, and
3. Have an average life or seven (7) years or less and have an absolute final maturity or no
more than fifteen (15) years al zero PSA. The tenn "zero PSA" means that all inlerest end
principal payments are guaranteed to be made by the slated final maturity assuming no
prepayments.
Specifically prohibited investments include, but are not Iimfted to:
1. Interest only strips of mortgage backed securities
2. Leveraged bonds
3. Structured notes or financings other than mortgage securities that meet the provisions of
this investment poiicy (penni! callable and step up coupons)
4. Variable rate securities that set a rate based on an inverse relationship to an index
5. Variable rate debt that sets a rate based on more than a single index
MA TURITY AND LIQUIDrTY REQUIREMENTS
The objective will be to match investment cash flow and maturity with known cash needs and anticipated
cash flow requirements (I.e., match assets to iiabilities) to the extent possible.
Investment of funds shall have final maturities of not more than five (5) years, except for:
1.
2.
3.
4.
5.
6.
SBA - No stated final maturity
Certificates of Deposit - 1 Vear
Repurchase Agreement- 90 Days
Bankers Acceptance - 1 BO Days
Prime Commercial Paper-180 Days
Fixed Income Mutual Funds - No stated final maturity. However. underlying US Government
Securities and Federal Agencies have average maturity of one year.
Mortgage Securities - Have an average lite of seven (7) years or less and have an absolute
final maturity of no more than fifteen (15) years at zero PSA. I -
AGEND ~ ITEfI
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MA TURITY AND UQUIDITY REQUlREJlEHTS {continued!
Utilization of Mortgage Securities:
1. Mortgage securities shall not be U&8d to match liabiRties thlll are reasonably definable as to
amount and disbursement date.
2, Mortgage securities shauld only be U&8d to invest funds associated with r&S8lV8S or
liabilities that are not associated with a specifically idontifiacl cash ftow schedule.
3. Mortgage securities should be U&8d to prudently enhance the return on the portfono.
Exception for Refunding Band Escrows - US Government Securities end Federal Agencies deposited into
an escrow in connection with the refunding of a County bond issue can have a final maturity of more than
flve year..
PORTFOUO COMPOSmON
-
This policy recognizes that the portfolio operates in a dynamiC environment. Therefore, in the event the
maximu!l1 allowable percentages are exceeded due to cash flow demands within the portfolio after .the dale
. of the purchase of the security;' this poliey does.n01 filrce tlie sell of the'security priono maturity. ,.
1.
Investment Tvoe
Florida Local Government Surplus T rusl
Fund (SBAr
US Govemment Securities
US Fede",1 A9encles..
US Federal Instrumentalities..
Certificates of Deposit
Repurchase A9reements
Fixed Income Mutual Funds
Domestic Bankers Acceptance
Prime Commercial Paper
Tax-Exempt Obligations
Maximum
% of Portfolio
50%
100%
100%
!22Y!.
30%
20%
10%
10%
10%
10%
Does not ;ndude bond proceeds Invested in construdlon funds established under a bond resolution.
Funds in the NOW ACCOUNT will not be considered a part of the portfolio for purposes of this section.
2.
3.
4.
5.
6.
7.
8.
9.
10.
RISK AND DlVERS/FICA TION
Collier County will diversify Its investments by security type, specific maturity, dealer or bank through which
financial instruments are bought or sold. Subject to the limitations under PortfoJio Composition, the fOllowing
are the limits on individual issuers or dealer or bank:
. No limitations on SBA. Now Account, US Govemment Securities, US Federal Agencies or US
Federal Instrumentalities.
. limitations on other investments are 10% ottotal portfolio.
AUTHOR"<<" INVESTMENT INSnTl/TIONS AND DEALERS
The Chief Financial OffICer will maintain a list of the financial institutions authorized to provide investment
services, These shall indude .primary" dealers and regional dealers thai (1) qualify under Securities &
Exchange Commission Rule 15C3 (Unifonn Net Capital Rule), (2) have capital of at least $50,000,000 and
I .. AGENDA ITEM I
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AUTHORIZED INVESTMENT INSTITUTIONS AND DEAI.ERS (continued)
(3) have an jnstilu~onal sales office and an ins~tutional sales professional domiciled in Florida. No pUblic
deposit shall be made except in a qualified public depository as established by state laws.
All financial institutions and broker/dealers who desire to become qualified bidders for investment
transactions must supply tha Chief Financial Officer with the following:
1. audited financial stetements,
2. certification that no material adverse events have occurred since the issue of their most
recenl financial statements,
3. proof of National Association of Securities Dealers. the registration (where epplicable) or
other securities registration,
4, proof of stale. re9lsltalion. when required,
5. certification of having read ~ndagreeing 10 abide by the Investment Policy and depository
contracts In place in Collier County, and .
6. a copy of the firm's established internal oversight and review guidelines controlling business
with governmental ,entities.
Each fmancial institution and brokerJdealer must also agree to notify the Chief Financial Officer in the event
of material adverse events affecting their capital adequacy. Each institution and broker/dealer shall provide
their written mark up schedule and guidelines to the Chief Financial Officer. Each institution and
brokar/dealer shall disclose to lhe Chief Financial Officer any proposed trade that would exceed the
guidelines prior to executing the trade.
The Chief Financial Officer shall do a back9round check on each broker with whom the County does
business which shall, at a minimum, consist of contacting the State or NASO for regulatory & disciplinary
dates which are maintained on brokers.
An annual review of the financial condition and registration of qualifted bidders will be conducted by the
Chief Financial Officer. A current audned fUlancial statement is required to be on file for each financial
institution and broker/dealer authorized to provide investment services. Criteria for addition 10 or deletion
from the lists will be based on the following: (1) state law, Board of County Commissioners Ordinance Code,
or Investment Policy requirements where applicable. (2) perceived financial difficulties. (3) consistent lack of
competitiveness. (4) lack or experience or familiarity of the account representative In providing service to
large institutional accounts. (5) request of the institution or brokerldealer, and (6) when deemed in the best
interest of the Board of County Commissioners.
If there are at least 10 trades executed In a single year through other than a competitive bid process, no
more than 30% of the total dollar amount of sales and trades executed through other than a competitive bid
process can be conducted with a single dealer.
THJRD.f'ARTY CUSTODIAL AGREEMENTS
All security transactions, including collateral for repurchase agreements. entered into by Collier County shall
be conducted on a delivery-versus-payment (OVP) basis.
All securities shall be properly designated as an asset of the Board or County Corrmissioners. Securities
will be held by a third party custodian authorized by the Chief Financial OfflC8l' and evidenced by
safekeeping receipts or advice of the transaction. The third party custodian shall be a third party custodian
bank or other third perty custodial institution with certified fiduciary powers, charlerad by the United Stares
Government or the Slate of Florida and have combined capital and surplus of at least
5100.000.000.
The Chief Financial Officer will execute third party custodial agreements approved by the Board of County
Commissioners with the bank.s and depository institutions. Such agreement will include letters:'of autJ'iln1tsr.:-A-1- ,-
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THIRD-PARTY CUSTODIAL AGREEMENTS {continued'
Irom the Chief Financial Officer with details as to responsibilities ,of each party, notification of security
purchases, sales, delivery, repurch8se agreements and wire transfers. safekeeping and transacIian costs.
proc:edures in CllSe of wire failure or other un/onlSeen mishaps indudin\1IIabUIty of eadt party.
MASTER REPURCHASE AGREETIIENTS
1. Each firm involved in a repurchase agrMITlent must exBall& the County's Masler
Repurchase Agreement which will be based on the Public Securities Association (PSA)
Master Repurchase Agreement.
2. A third party custodian shall hold collateral for all repurchase ag~..ts with a term of
more than one business day.
3. CoIlalIlral requirements will be besad on economic and financial conditions existing at the
time of execution; as well as the credit risk of the institution which enters Into the repurchase
agreement with the County. The market value of the collateral shan not be less.than Ihe
following:
Maturity 01
SSClJrltiRlf
US Government
SftCuritie.
US Federal AQ9ncJeS
and.lnstnJmentaJltifIs.
Mang.pe BacMd
S9CUritieS
Under 1 Year
1 to 5 Years
Over 5 Years
101%
102%
103%
102%
103%
104%
103%
104%
105%
-exduding mortgage backed MCurities.
4. Collateral shall be marked to markel at least weekly.
5. Substitution of collateral is permitted.
BID REQUIREMENT
The Chief Financial Officer shall utilize the competitive bid process to sell and purchase seoorllies, subject
only 10 the exceptions noted in the Investment Policy. After the Chief Financial Officer has determined the
approximate maturity date based on cash flow needs and market condfiions and has analyzed and selected
one or more optimal types of investment, a minimum of three (3) banks or dealers must be contacted to ask
for offerinlJS of securities that fit the investment criteria. Documentation must be collected to insure that the
securities meet Investment Policy guidelines and that price levels executed are consistent with market levels
at the time. When selling securllies. a minimum of three (3) dealer bids will be sought. Documentation of all
transactions must be maintained.
Examples of when the competitively bid process can be passed, include:
1. When time constraints due to unusual circums1lmces precWde tile use of tile competitive
bidding process.
2. When no active market exists for the issue being traded due to the age or depth of the
issue. (On a "work-out" basis).
3. When a security is unique to a single dealer, for example a private placement.
4. When the transaction involved new Issues or issues on the "when issued" market.
If the maturing investment is a certificate of deposll. one of tile contacts made shall be the present hoider of
the lunds SUbject to portfOliO diversification requirements in the Investmem Policy. Due 10 the cost of
safekeeping, one business day repurchas.. agreements less than $1,000.000, and the o"","ight sweep
repurchase agreement associated with the Now Account will not be bid.
The Depository Bank/Concentration Bank shall be selected through a competfiive process oo-a.pefiodio.. .'
basis that takes into account the quality and scope of service. , .':\~':'I'.\..II" ;, -" "
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INTERNAL CONTROLS
The Chief Financial Officer shall establish and monitor a sat of written internal controls designed to protect
tha County's financial assets and ensure proper accounting and reporting of tha transactions, The Chief
Financial Officer shan establish an annual process of independent review by an extemal auditor which will
serve as an internal control by assuring compliance with policies and procedures.
Internal controls will encompass at a minimum the foUowing issues:
1, transfers of all funds (purchases, sales. etc.),
2. separation of functions Including transaction authority from accounting and racord-keapin9,
3. custodial safakeepin9.
4. avoidance of dellvery of bearer-fonn or non-wireable securities.
5. dalegation of authority to subordinate st;lfl members,
6. written confirmation of telephone transactions,
7. supervisory control of employee ~ctions.
8. identification and minimization of authorized investment officials,
. fr.. . . -docUmentali'on of decis'ions and transactions, imd .
10. documentation of complete description of mortgage securities purchased and yield tables at
purchase date.
CONTINUING EDUCA TION
each individual ras~onsible for makina Investment decisions includino the Chief Financial Officer.
shall annuall~ com_lete elaht hours of contlnuina education In subiects or courses of studv related
to investmen Dractices and Droducts. Evidence of such education will be maintained bveach
Individual and available for Insoactlon.
REPORTING
Annual. quarterly and monthly reports of assets will be presented to the Board. The following items will be
included in the reports at least annually:
1. Securities in the portfolio by type, book vaiue. income eamed. mamet value, final maturity
and average life,
2. Infonnation on activity in the account, and
3. Perfonnance based on lotal rate of raturn which includes eamed income as well as realized
and unrealized gains and losses.
OTHER
1. Grandfather exisling securities in the portfolio to reduce the possibility of having to sell
financial assets before maturity at a loss.
2. Any and all exceptions to the Investment Policy require majority vote of the Board of County
Commissioners,
,-- AGEI'iDA iTEM
Nc. .i.tll.
JAN 2 2 2002
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Page 22 of 25
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February 24, 2009
Page 23 of 25
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Collier County Portfo.lio Composition
As of November 30, 2008
Fair Market Value
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