Agenda 09/28/2021 Item #16J 3 (County Funds Investment Report QE June 30, 202109/28/2021
EXECUTIVE SUMMARY
Report to the Board regarding the investment of County funds as of the quarter ended
June 30, 2021.
OBJECTIVE: To provide the Board a report regarding the investment of County funds as of
the quarter ended June 30, 2021.
CONSIDERATIONS: Florida Statute 28.33 provides for the investment of County surplus
funds by the Clerk of Courts and Comptroller (Clerk). 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,
along with yield and return graphs as of the end of the third quarter of FY-2021. The total
managed portfolio at June 30, 2021 was $1.52B, at par value. For June 2021, Collier’s short and
long-term yields exceeded their respective benchmarks by .03% and .48%. Short-term yield
exceeded the Standard and Poor’s benchmark primarily due to the performance of funds with the
Florida Prime Local Government Investment Pool, FLCLASS and Florida PALM (LGIPs). The
Board’s Concentration (Operating) Account has also been included on the chart and bore interest
of .25%, .19% over the short-term benchmark, as of June 30, 2021. Over the same period, the
Collier portfolio’s long-term sector 12-month total return was .10% lower than the Bank of
America 1 to 3-year Treasury index’s total return. The spread between the benchmark’s total 12-
month return and that of the portfolio has narrowed but the benchmark outperformed the
portfolio primarily due to March and April 2021 market valuations on callable agencies. The
current strategy is to utilize overnight LGIPs thus maintaining the flexibility to take advantage of
anticipated yield increases with strategic purchases. There is no realized gain or loss of principal
associated with the performance to benchmark of the long or short-term portfolio.
GROWTH MANAGEMENT IMPACT: None.
FISCAL IMPACT: None.
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, raises
no legal issues and requires majority support 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, Finance Director,
Office of the Clerk of the Circuit Court and Comptroller
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ATTACHMENT(S)
1. Investment Exhibits QTR3 FY 2021 (PDF)
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COLLIER COUNTY
Board of County Commissioners
Item Number: 16.J.3
Doc ID: 20128
Item Summary: Report to the Board regarding the investment of County funds as of the quarter
ended June 30, 2021.
Meeting Date: 09/28/2021
Prepared by:
Title: – Clerk of the Circuit Court
Name: Erin Roxberry
09/20/2021 9:02 AM
Submitted by:
Title: Senior Staff Assistant – Clerk of the Circuit Court
Name: Jennifer Milum
09/20/2021 9:02 AM
Approved By:
Review:
Clerk of the Circuit Court Derek Johnssen Additional Reviewer Completed 09/20/2021 9:44 AM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 09/20/2021 10:34 AM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 09/20/2021 11:05 AM
Office of Management and Budget Susan Usher Additional Reviewer Completed 09/21/2021 8:18 PM
County Manager's Office Sean Callahan Level 4 County Manager Review Completed 09/22/2021 8:35 AM
Board of County Commissioners Geoffrey Willig Meeting Pending 09/28/2021 9:00 AM
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Collier County Investment Portfolio
as of 06/30/2021 A B C D E F G
Weighted Weighted Bond Cont. Rate/Bond Cont. Rate/
FNBB Final Years Years O/N Equiv. /Coupon Equiv. /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/Maturity Rate Rate Yield Yield Yield
US Treasury Note 9128285F3 10/15/2018 none N/A 25,000,000.00$ 25,214,850.00$ 24,991,795.02$ 10/15/2021 0.01 0.01 2.88 0.09 2.99 0.09
FFCB 3133EJY60 12/3/2018 none N/A 9,548,000.00 9,994,474.03 9,551,874.17 3/3/2023 0.02 0.02 3.02 0.03 2.99 0.03
US Treasury Note 912828YZ7-1 12/31/2019 none N/A 50,000,000.00 50,400,400.00 49,999,496.21 12/31/2021 0.03 0.03 1.63 0.10 1.63 0.10
US Treasury Note 912828YZ7-2 12/31/2019 none N/A 50,000,000.00 50,400,400.00 49,999,506.65 12/31/2021 0.03 0.03 1.63 0.10 1.63 0.10
FHLMC 3134GW6E1 11/13/2020 11/2/2021 annual 25,000,000.00 24,975,750.00 25,000,000.00 11/2/2023 0.07 0.01 0.32 0.01 0.32 0.01
FHLMC 3134GXAY0 11/13/2020 5/13/2022 semi-annual 25,000,000.00 24,944,525.00 24,995,645.60 11/13/2023 0.07 0.03 0.30 0.01 0.31 0.01
FHLB 3130AKFU5 11/24/2020 2/24/2021 continuously 25,000,000.00 24,863,500.00 24,979,267.82 5/24/2024 0.09 0.09 0.35 0.01 0.38 0.01
FHLMC 3134GXCA0 11/24/2020 11/24/2021 quarterly 25,000,000.00 24,964,325.00 25,000,000.00 11/24/2023 0.07 0.01 0.32 0.01 0.32 0.01
FHLMC 3134GXDT8 11/24/2020 5/24/2021 quarterly 25,000,000.00 24,988,050.00 25,000,000.00 11/24/2023 0.07 0.07 0.35 0.01 0.35 0.01
FHLMC 3134GXDM3 12/1/2020 12/1/2021 quarterly 25,000,000.00 24,761,600.00 25,000,000.00 12/1/2025 0.13 0.01 0.62 0.02 0.62 0.02
FHLMC 3134GXEX8 12/4/2020 12/1/2021 quarterly 27,200,000.00 27,194,804.80 27,197,107.18 6/1/2023 0.06 0.01 0.25 0.01 0.26 0.01
FNMA 3135G06J7 12/10/2020 6/10/2021 quarterly 25,000,000.00 24,759,400.00 25,000,000.00 12/10/2025 0.13 0.13 0.65 0.02 0.65 0.02
FNMA 3135G06M0 12/16/2020 6/16/2021 quarterly 25,000,000.00 24,904,675.00 25,000,000.00 12/16/2024 0.10 0.10 0.50 0.01 0.50 0.01
FHLMC 3134GXFV1 12/17/2020 12/17/2021 quarterly 25,000,000.00 24,756,200.00 25,000,000.00 12/17/2025 0.13 0.01 0.63 0.02 0.63 0.02
Bank of America Corp Note 06048WK74 12/21/2020 12/21/2021 quarterly 25,000,000.00 24,767,000.00 25,000,000.00 6/21/2023 0.06 0.01 0.40 0.01 0.40 0.01
CitiGroup Global Markets 17328YK86 1/29/2021 1/29/2022 quarterly 25,000,000.00 24,765,075.00 24,981,763.70 1/29/2024 0.08 0.02 0.40 0.01 0.44 0.01
Bank of America Corp Note 06048WL24 2/25/2021 2/16/2022 quarterly 28,147,000.00 27,881,911.55 28,128,736.08 2/16/2024 0.09 0.02 0.30 0.01 0.38 0.01
FHLB 3130ALJ70 3/12/2021 4/12/2021 monthly 25,000,000.00 24,926,675.00 25,000,000.00 3/12/2024 0.08 0.08 0.40 0.01 0.40 0.01
US Treasury Note 91282CBR1 3/15/2021 none N/A 25,000,000.00 24,889,650.00 24,932,734.69 3/15/2024 0.08 0.08 0.25 0.01 0.35 0.01
FHLB 3130ALKB9 3/17/2021 6/17/2021 quarterly 25,000,000.00 24,982,325.00 25,000,000.00 3/17/2026 0.14 0.14 0.75 0.02 0.75 0.02
Farmer Mac 31422XCV2 4/1/2021 none N/A 10,000,000.00 9,977,450.00 10,000,000.00 4/1/2024 0.03 0.03 0.36 0.00 0.36 0.00
US Treasury Note 91282CBV2 4/15/2021 none N/A 25,000,000.00 24,958,975.00 25,000,000.00 4/15/2024 0.08 0.08 0.38 0.01 0.38 0.01
FHLB 3130ALYG3 4/22/2021 7/22/2021 quarterly 25,000,000.00 25,001,825.00 25,000,000.00 4/22/2024 0.08 0.00 0.50 0.01 0.50 0.01
FHLB 3130AM6U1 4/28/2021 7/28/2021 quarterly 25,000,000.00 24,973,575.00 25,000,000.00 4/28/2026 0.14 0.00 0.63 0.02 0.63 0.02
FHLB 3130AM3A8 4/29/2021 7/29/2021 quarterly 16,950,000.00 16,905,065.55 16,950,000.00 1/29/2024 0.05 0.00 0.35 0.01 0.35 0.01
FHLB 3130ALY65 4/29/2021 7/29/2021 quarterly 23,250,000.00 23,250,883.50 23,250,000.00 1/29/2024 0.07 0.00 0.75 0.02 0.75 0.02
FFCB 3133EMYN6 5/6/2021 5/6/2022 continuously 25,000,000.00 24,916,625.00 25,000,000.00 5/6/2025 0.11 0.03 0.71 0.02 0.71 0.02
FHLB 3130AMEF5 5/14/2021 6/14/2021 monthly 25,000,000.00 24,951,725.00 25,000,000.00 5/14/2025 0.12 0.12 0.83 0.02 0.83 0.02
FHLB 3130AMBY7 5/26/2021 11/26/2021 quarterly 25,000,000.00 24,863,225.00 25,000,000.00 11/26/2024 0.10 0.01 0.55 0.02 0.55 0.02
FHLB 3130AMR46 6/16/2021 9/16/2021 quarterly 25,000,000.00 24,885,500.00 25,000,000.00 6/16/2026 0.15 0.01 0.75 0.02 0.75 0.02
FHLB 3130AMS45 6/24/2021 9/24/2021 quarterly 25,000,000.00 24,944,900.00 25,000,000.00 6/24/2026 0.15 0.01 0.75 0.02 0.75 0.02
FHLB 3130AMXF4 6/30/2021 9/30/2021 quarterly 25,000,000.00 24,947,300.00 25,000,000.00 12/30/2024 0.10 0.01 0.60 0.02 0.60 0.02
FHLB 3130AMXW7 6/30/2021 9/30/2021 quarterly 25,000,000.00 24,984,250.00 25,000,000.00 6/30/2026 0.15 0.01 0.80 0.02 0.80 0.02
Total long term investments 840,095,000.00$ 838,896,889.43$ 839,957,927.12$ 2.87 1.22 0.73 0.73
Deposit / LGIP Accounts Balance
BoCC FFIB Concentration Account 66,500,144.65$ 0.25%
BoCC SBA Florida LGIP Account 443,034,384.50 0.10%
BoCC FLCLASS-Daily LGIP Account 90,382,637.43 0.08%
BoCC FLCLASS-Enhanced LGIP Account 15,001,216.52 0.14%
BoCC FL PALM LGIP Account - Liquidity Fund 4,190,431.13 0.05%
BoCC FL PALM LGIP Account - Term Investment 56,000,000.00 0.15%
Total Funds on Deposit 675,108,814.23$
Total managed portfolio 1,515,203,814.23$
A-Weighted Years to Maturity calculation 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.
B-Weighted Years To First Call/Maturity calculation 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.
C-An Overnight Contractual Rate is provided for overnight investments (BoCC Concentration Account) pursuant to a contract 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 SBA Florida, FLCLASS, and FL PALM LGIP rates are the current 7-Day Participant Yield as published on the respective LGIP websites.
D-Coupon Rate is taken from the respective investment trade tickets. Step coupons, if any, are shown at their current rate.
E-Coupon Weighted Yield calculation is based on individual par value divided by total long term investment par value multiplied by the coupon rate.
F-Bond Equivalent / Purchased Yield is taken from the respective investment trade tickets.
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Packet Pg. 1578 Attachment: Investment Exhibits QTR3 FY 2021 (20128 : Quarter 3 Investment Report)
US Treasuries
Notes & T-Bills
$175,000,000.00
11.6%
Bank Deposits
$66,500,144.65
4.4%
Federal Agencies / GSE
(FHLB,FNMA,FHLMC,FFCB,FARMERMAC)
$586,948,000.10
38.7%
Corporates
$78,147,000.00
5.1%
SBA Florida LGIP
$443,034,384.50
29.2%
FLCLASS LGIP
$105,383,853.95
7.0%
FL PALM LGIP,
$60,190,431.13
4.0%
Collier County Portfolio Composition
as of June 30, 2021 (At Par Value)
$1,515,203,814.23
Sector Allowed (%)Current (%)
Sector Maximum
Total Cash Based Interest &
Gains Fiscal Year to Date
$ 5,014,997
Bank Deposits 100% 4.4%
U.S. Treasury Notes & T-Bills 100% 11.6%
Federal Agency / GSE 80% 38.7%
SBA Florida LGIP 50% 29.2%
Corporates 25% 5.1%
FLCLASS LGIP 25% 7.0%
FL PALM LGIP 25% 4.0%
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Packet Pg. 1579 Attachment: Investment Exhibits QTR3 FY 2021 (20128 : Quarter 3 Investment Report)
0.25%
0.09%
0.06%
0.00%
0.05%
0.10%
0.15%
0.20%
0.25%
0.30%
0.35%
0.40%
0.45%
0.50%
July. 2020 Aug. 2020 Sept. 2020 Oct. 2020 Nov. 2020 Dec. 2020 Jan. 2021 Feb. 2021 Mar. 2021 Apr. 2021 May. 2021 June. 2021
Collier County Short Term Sector Yields
Collier Short Term Portfolio Yield
vs.
S&P Rated GIP Government Index
Concentration Account (FFIB)Collier Short Term Portfolio Yield S&P Rated GIP Government Index
Combined Yield of SBA Florida Prime,
FLCLASS, & FL PALM LGIP Accounts
16.J.3.a
Packet Pg. 1580 Attachment: Investment Exhibits QTR3 FY 2021 (20128 : Quarter 3 Investment Report)
0.73%
0.25%
0.00%
0.25%
0.50%
0.75%
1.00%
1.25%
1.50%
1.75%
2.00%
2.25%
2.50%
July. 2020 Aug. 2020 Sept. 2020 Oct. 2020 Nov. 2020 Dec. 2020 Jan. 2021 Feb. 2021 Mar. 2021 Apr. 2021 May. 2021 June. 2021
Collier County Long Term Sector Yields
Collier Long Term Portfolio Yield
vs.
B of A 1-3 Yr. Treas. Note Yield Benchmark
Collier Long Term Portfolio Yield Bank of America 1-3 Yr Treasury Note Benchmark
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Packet Pg. 1581 Attachment: Investment Exhibits QTR3 FY 2021 (20128 : Quarter 3 Investment Report)
0.07%
-0.03%
-0.50%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
July. 2020 Aug. 2020 Sept. 2020 Oct. 2020 Nov. 2020 Dec. 2020 Jan. 2021 Feb. 2021 Mar. 2021 Apr. 2021 May. 2021 June. 2021
Collier County Long Term Sector
12 Month Total Return
vs.
B of A 1-3 US T Index 12 Month Total Return
Bank of America 12 Month Return Index Collier County 12 Month Return
Note: Total return includes both interest earnings and changes in the market value of the underlying securities.
Commentary: Twelve (12) month total return performance to benchmark has narrowed as of June 30, 2021, but Treasuries out -performed the portfolio's mixture of Treasuries and
callable agencies for the months of March and April 2021, on a total return basis.
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Packet Pg. 1582 Attachment: Investment Exhibits QTR3 FY 2021 (20128 : Quarter 3 Investment Report)