Agenda 04/12/2022 Item #16J 2 (Report - Investment of County Funds Quarter Ended December 31, 2021)04/12/2022
EXECUTIVE SUMMARY
Report to the Board regarding the investment of County funds as of the quarter ended
December 31, 2021.
OBJECTIVE: To provide the Board a report regarding the investment of County funds as of
the quarter ended December 31, 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 and
yield and return graphs as of the end of the first quarter of FY-2022. The total managed portfolio
as of December 31, 2021, was $1.87B, at par value. As of December 2021, Collier’s 12-month
short-term yield exceeded the benchmark by .07%. The short-term yield exceeded the Standard
and Poor’s benchmark yield primarily due to the performance of funds with the FLCLASS and
Florida PALM (LGIPs) Enhanced Cash and term investment options. The Board’s
Concentration (Operating) Account has also been included on the chart and bore interest of
.25%, .17% over the short-term benchmark, as of December 31, 2021. Over the same period, the
Collier portfolio’s long-term sector 12-month yield and total return were lower by .06% and
.16%, respectively, than the Bank of America 1 to 3-year Treasury index’s yield and total return.
The current rising rate environment favors the benchmark as the index resets at the beginning of
each month with new purchases versus buying and holding investments. The current investment
strategy is to purchase investments to take advantage of recent yield increases when sufficient
liquidity exists. There is no realized gain or loss of principal associated with the performance to
benchmark of the long or short-term portfolio as investments will be held to maturity, or call, or
sold at a gain if market conditions change.
GROWTH MANAGEMENT IMPACT: None.
FISCAL IMPACT: None.
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, is
approved as to form and legality and requires majority vote for approval. -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
ATTACHMENT(S)
1. Investment Exhibits QTR1 FY 2022 (PDF)
16.J.2
Packet Pg. 1818
04/12/2022
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.J.2
Doc ID: 21823
Item Summary: Report to the Board regarding the investment of County funds as of the quarter
ended December 31, 2021.
Meeting Date: 04/12/2022
Prepared by:
Title: – Clerk of the Circuit Court
Name: Vicky Valdez
03/31/2022 11:38 AM
Submitted by:
Title: Senior Staff Assistant – Clerk of the Circuit Court
Name: Jennifer Milum
03/31/2022 11:38 AM
Approved By:
Review:
Clerk of the Circuit Court Derek Johnssen Additional Reviewer Completed 03/31/2022 11:50 AM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 03/31/2022 12:03 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 03/31/2022 3:04 PM
Office of Management and Budget Susan Usher Additional Reviewer Completed 04/02/2022 3:56 PM
County Manager's Office Mark Isackson Level 4 County Manager Review Completed 04/04/2022 9:52 AM
Board of County Commissioners Geoffrey Willig Meeting Pending 04/12/2022 9:00 AM
16.J.2
Packet Pg. 1819
Collier County Investment Portfolio
as of 12/31/2021 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
FFCB 3133EJY60 12/3/2018 none N/A 9,548,000.00$ 9,861,145.76$ 9,550,707.48$ 3/3/2023 0.01 0.01 3.02 0.02 2.99 0.02
FHLMC 3134GW6E1 11/13/2020 11/2/2021 annual 25,000,000.00 24,826,200.00 25,000,000.00 11/2/2023 0.04 0.04 0.32 0.01 0.32 0.01
FHLMC 3134GXAY0 11/13/2020 5/13/2022 semi-annual 25,000,000.00 24,842,875.00 24,998,173.08 11/13/2023 0.04 0.01 0.30 0.01 0.31 0.01
FHLB 3130AKFU5 11/24/2020 2/24/2021 continuously 25,000,000.00 24,772,625.00 24,982,870.01 5/24/2024 0.05 0.05 0.35 0.01 0.38 0.01
FHLMC 3134GXCA0 11/24/2020 11/24/2021 quarterly 25,000,000.00 24,805,050.00 25,000,000.00 11/24/2023 0.04 0.04 0.32 0.01 0.32 0.01
FHLMC 3134GXDM3 12/1/2020 12/1/2021 quarterly 25,000,000.00 24,556,650.00 25,000,000.00 12/1/2025 0.08 0.08 0.62 0.01 0.62 0.01
FHLMC 3134GXEX8 12/4/2020 12/1/2021 quarterly 27,200,000.00 27,135,563.20 27,196,132.45 6/1/2023 0.03 0.03 0.25 0.01 0.26 0.01
FNMA 3135G06J7 12/10/2020 6/10/2021 quarterly 25,000,000.00 24,411,450.00 25,000,000.00 12/10/2025 0.08 0.08 0.65 0.01 0.65 0.01
FNMA 3135G06M0 12/16/2020 6/16/2021 quarterly 25,000,000.00 24,690,075.00 25,000,000.00 12/16/2024 0.06 0.06 0.50 0.01 0.50 0.01
FHLMC 3134GXFV1 12/17/2020 12/17/2021 quarterly 25,000,000.00 24,548,175.00 25,000,000.00 12/17/2025 0.08 0.08 0.63 0.01 0.63 0.01
Bank of America Corp Note 06048WK74 12/21/2020 12/21/2021 quarterly 25,000,000.00 24,749,950.00 25,000,000.00 6/21/2023 0.03 0.03 0.45 0.01 0.45 0.01
CitiGroup Global Markets 17328YK86 1/29/2021 1/29/2022 quarterly 25,000,000.00 24,555,675.00 24,997,517.12 1/29/2024 0.04 0.00 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 27,466,095.92 28,143,283.96 2/16/2024 0.05 0.00 0.30 0.01 0.38 0.01
FHLB 3130ALJ70 3/12/2021 4/12/2021 monthly 25,000,000.00 24,877,200.00 25,000,000.00 3/12/2024 0.05 0.05 0.40 0.01 0.40 0.01
US Treasury Note 91282CBR1 3/15/2021 none N/A 25,000,000.00 24,689,450.00 24,945,249.17 3/15/2024 0.05 0.05 0.25 0.01 0.35 0.01
FHLB 3130ALKB9 3/17/2021 6/17/2021 quarterly 25,000,000.00 24,748,750.00 25,000,000.00 3/17/2026 0.09 0.09 0.75 0.02 0.75 0.02
Farmer Mac 31422XCV2 4/1/2021 none N/A 10,000,000.00 9,892,040.00 10,000,000.00 4/1/2024 0.02 0.02 0.36 0.00 0.36 0.00
US Treasury Note 91282CBV2 4/15/2021 none N/A 25,000,000.00 24,737,300.00 25,000,000.00 4/15/2024 0.05 0.05 0.38 0.01 0.38 0.01
FHLB 3130AM6U1 4/28/2021 7/28/2021 quarterly 25,000,000.00 24,762,575.00 25,000,000.00 4/28/2026 0.09 0.09 0.63 0.01 0.63 0.01
FHLB 3130AM3A8 4/29/2021 7/29/2021 quarterly 16,950,000.00 16,844,028.60 16,950,000.00 1/29/2024 0.03 0.03 0.35 0.01 0.35 0.01
FHLB 3130ALY65 4/29/2021 7/29/2021 quarterly 23,250,000.00 23,041,401.00 23,250,000.00 1/29/2024 0.04 0.04 0.75 0.01 0.75 0.01
FFCB 3133EMYN6 5/6/2021 5/6/2022 continuously 25,000,000.00 24,651,275.00 25,000,000.00 5/6/2025 0.07 0.01 0.71 0.01 0.71 0.01
FHLB 3130AMBY7 5/26/2021 11/26/2021 quarterly 25,000,000.00 24,677,775.00 25,000,000.00 11/26/2024 0.06 0.06 0.55 0.01 0.55 0.01
FHLB 3130AMR46 6/16/2021 9/16/2021 quarterly 25,000,000.00 24,677,025.00 25,000,000.00 6/16/2026 0.09 0.09 0.75 0.02 0.75 0.02
FHLB 3130AMS45 6/24/2021 9/24/2021 quarterly 25,000,000.00 24,671,550.00 25,000,000.00 6/24/2026 0.09 0.09 0.75 0.02 0.75 0.02
FHLB 3130AMXF4 6/30/2021 9/30/2021 quarterly 25,000,000.00 24,768,475.00 25,000,000.00 12/30/2024 0.06 0.06 0.60 0.01 0.60 0.01
FHLB 3130AMXW7 6/30/2021 9/30/2021 quarterly 25,000,000.00 24,724,600.00 25,000,000.00 6/30/2026 0.09 0.09 0.80 0.02 0.80 0.02
US Treasury Note 91282CCL3 7/15/2021 none N/A 25,000,000.00 24,672,850.00 24,967,258.76 7/15/2024 0.05 0.05 0.38 0.01 0.43 0.01
US Treasury Note 91282CCT6 8/16/2021 none N/A 50,000,000.00 49,300,800.00 49,899,184.74 8/15/2024 0.11 0.11 0.38 0.02 0.45 0.02
FHLB 3130ANP61 8/26/2021 11/26/2021 quarterly 25,000,000.00 24,671,450.00 25,000,000.00 2/26/2025 0.07 0.07 0.68 0.01 0.68 0.01
FHLB 3130ANQC7 8/27/2021 9/27/2021 monthly 25,000,000.00 24,608,750.00 25,000,000.00 8/27/2025 0.08 0.08 0.85 0.02 0.85 0.02
FFCB 3133EM3T7 9/1/2021 9/1/2022 continuously 25,000,000.00 24,672,425.00 24,983,287.67 9/1/2026 0.10 0.01 0.87 0.02 0.87 0.02
FHLB 3130ANV31 9/16/2021 9/16/2022 quarterly 15,000,000.00 14,799,165.00 14,994,678.08 9/16/2026 0.06 0.01 0.95 0.01 0.95 0.01
FHLB 3130AP5V3 9/30/2021 12/30/2021 quarterly 24,000,000.00 23,800,248.00 24,000,000.00 9/30/2025 0.08 0.08 0.50 0.01 0.50 0.01
FHLB 3130AP6V2 9/30/2021 12/30/2021 quarterly 25,000,000.00 24,693,375.00 25,000,000.00 9/30/2026 0.10 0.10 1.05 0.02 1.05 0.02
FHLB 3130APBX2 10/14/2021 1/14/2022 quarterly 25,000,000.00 24,822,450.00 25,000,000.00 10/14/2026 0.10 0.00 1.13 0.02 1.13 0.02
FHLB 3130APAY1 10/21/2021 1/21/2022 quarterly 25,000,000.00 24,786,625.00 25,000,000.00 10/21/2026 0.10 0.00 1.10 0.02 1.10 0.02
FHLB 3130APBF1 10/22/2021 11/22/2021 monthly 25,000,000.00 24,852,225.00 25,000,000.00 10/22/2026 0.10 0.10 1.15 0.02 1.15 0.02
US Treasury Note 91282CDD0-1 11/1/2021 none N/A 15,000,000.00 14,910,345.00 14,962,897.86 10/31/2023 0.02 0.02 0.38 0.00 0.51 0.01
FHLB 3130APPK5 11/15/2021 2/15/2022 quarterly 100,000,000.00 99,728,000.00 100,000,000.00 11/15/2024 0.24 0.01 0.91 0.08 0.91 0.08
FFCB 3133ENDT4 11/16/2021 5/16/2022 continuously 15,000,000.00 14,945,505.00 15,000,000.00 11/16/2023 0.02 0.00 0.44 0.01 0.44 0.01
US Treasury Note 91282CDD0-2 11/16/2021 none N/A 25,000,000.00 24,850,575.00 24,930,458.90 10/31/2023 0.04 0.04 0.38 0.01 0.53 0.01
US Treasury Note 91282CDM0-1 11/30/2021 none N/A 25,000,000.00 24,900,400.00 24,950,107.44 11/30/2023 0.04 0.04 0.50 0.01 0.50 0.01
US Treasury Note 91282CDM0-2 11/30/2021 none N/A 25,000,000.00 24,900,400.00 24,947,734.75 11/30/2023 0.04 0.04 0.50 0.01 0.50 0.01
FFCB 3133ENDK3 12/6/2021 none N/A 25,000,000.00 24,912,175.00 24,957,049.18 6/8/2023 0.03 0.03 0.35 0.01 0.35 0.01
US Treasury Note 91282CDM0-3 12/6/2021 none N/A 25,000,000.00 24,900,400.00 24,936,829.62 11/30/2023 0.04 0.04 0.50 0.01 0.50 0.01
Total long term investments 1,184,095,000.00$ 1,172,713,137.48$ 1,183,543,420.27$ 2.93 2.16 0.63 0.64
Deposit / LGIP Accounts Balance
BoCC FFB Concentration Account 110,174,896.68$ 0.25%
BoCC SBA Florida LGIP Account 363,272,140.74$ 0.13%
BoCC FLCLASS-Daily LGIP Account 20,394,117.55$ 0.10%
BoCC FLCLASS-Enhanced LGIP Account 120,072,035.02$ 0.20%
BoCC FL PALM LGIP Account - Liquidity Fund 4,215,287.57$ 0.05%
BoCC FL PALM LGIP Account - Term Investment 66,000,000.00$ 0.22%
Total Funds on Deposit 684,128,477.56$
Total managed portfolio 1,868,223,477.56$
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 Foundation 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.
G-Weighted Purchased Yield calculation is based on individual par value divided by total long term investment par value multiplied by the Purchased Yield.
16.J.2.a
Packet Pg. 1820 Attachment: Investment Exhibits QTR1 FY 2022 (21823 : Q2 Investments)
US Treasuries
Notes & T-Bills
$240,000,000.00
12.8%
Bank Deposits
$110,174,896.68
5.9%
Federal Agencies / GSE
(FHLB,FNMA,FHLMC,FFCB)
$865,948,000.00
46.4%
Corporates
$78,147,000.00
4.2%
SBA Florida LGIP
$363,272,140.74
19.4%
FLCLASS LGIP
$140,466,152.57
7.5%
FL PALM LGIP,
$70,215,287.57
3.8%
Collier County Portfolio Composition
as of December 31, 2021 (At Par Value)
$1,868,223,477.56
Sector Allowed (%)Current (%)
Sector Maximum
Total Cash Based Interest &
Gains Fiscal Year to Date
$ 2,671,602
Bank Deposits 100% 5.9%
U.S. Treasury Notes & T-Bills 100% 12.8%
Federal Agency / GSE 80% 46.4%
SBA Florida LGIP 50% 19.4%
Corporates 25% 4.2%
FLCLASS LGIP 25% 7.5%
FL PALM LGIP 25% 3.8%
16.J.2.a
Packet Pg. 1821 Attachment: Investment Exhibits QTR1 FY 2022 (21823 : Q2 Investments)
0.25%
0.15%
0.08%
0.00%
0.05%
0.10%
0.15%
0.20%
0.25%
0.30%
Jan. 2021 Feb. 2021 Mar. 2021 Apr. 2021 May. 2021 June. 2021 July. 2021 Aug. 2021 Sept. 2021 Oct. 2021 Nov. 2021 Dec. 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
Note: The significant increase in the July 2021 Collier Short Term Yield is the result of a $1.3MM payout of legacy securities in the SBA Florida Prime fund during the month.
16.J.2.a
Packet Pg. 1822 Attachment: Investment Exhibits QTR1 FY 2022 (21823 : Q2 Investments)
0.64%
0.70%
0.00%
0.25%
0.50%
0.75%
1.00%
1.25%
1.50%
1.75%
2.00%
2.25%
2.50%
Jan. 2021 Feb. 2021 Mar. 2021 Apr. 2021 May. 2021 June. 2021 July. 2021 Aug. 2021 Sept. 2021 Oct. 2021 Nov. 2021 Dec. 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
16.J.2.a
Packet Pg. 1823 Attachment: Investment Exhibits QTR1 FY 2022 (21823 : Q2 Investments)
-0.56%
-0.72%
-1.00%
-0.50%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
Jan. 2021 Feb. 2021 Mar. 2021 Apr. 2021 May. 2021 June. 2021 July. 2021 Aug. 2021 Sept. 2021 Oct. 2021 Nov. 2021 Dec. 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.
16.J.2.a
Packet Pg. 1824 Attachment: Investment Exhibits QTR1 FY 2022 (21823 : Q2 Investments)