Agenda 2/14/2023 Item #16J 7 (Investment of the County funds as of the quarter ended December 31, 2022)16.J.7
02/ 14/2023
EXECUTIVE SUMMARY
Report to the Board regarding the investment of County funds as of the quarter ended December
31, 2022.
OBJECTIVE: To provide the Board a report regarding the investment of County funds as of the quarter
ended December 31, 2022.
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-2023. The total managed portfolio as of December
31, 2022, was $2.14B, at par value. As of December 2022, Collier's 12-month short-term yield exceeded
the benchmark by .20%. The short-term yield exceeded the Standard and Poor's benchmark yield
primarily due to the performance of funds with the SBA Florida PRIME and FLCLASS local government
investment pools. The Board's Concentration (Operating) Account has also been included on the chart
and bore interest of 3.86% as of December 31, 2022. Over the same period, the Collier portfolio's long-
term sector 12-month yield and total return were lower by 3.85% and 1.19%, respectively, than the Bank
of America 1 to 3-year Treasury index's yield and total return. The continued rising rate environment
favors the long-term benchmark as it resets at the beginning of each month with new purchases versus
buying and holding investments to maturity. The current investment strategy focuses on ensuring
sufficient short-term liquidity, particularly given the relatively attractive short term yields available.
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, raises no legal
issues and requires majority vote for approval of the report. -JAK
RECOMMENDATION: The investment report and 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 2023 (PDF)
Packet Pg. 1276
16.J.7
02/14/2023
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.J.7
Doc ID: 24417
Item Summary: Report to the Board regarding the investment of County funds as of the quarter ended December
31, 2022.
Meeting Date: 02/14/2023
Prepared by:
Title: — Clerk of the Circuit Court
Name: Erin Roxberry
01/17/2023 3:38 PM
Submitted by:
Title: Senior Staff Assistant — Clerk of the Circuit Court
Name: Jennifer Milum
01/17/2023 3:38 PM
Approved By:
Review:
Clerk of the Circuit Court
County Attorney's Office
Office of Management and Budget
Office of Management and Budget
County Manager's Office
Board of County Commissioners
Derek Johnssen Additional Reviewer
Jeffrey A. Klatzkow Level 3 County Attorney's Office Review
Debra Windsor Level 3 OMB Gatekeeper Review
Christopher Johnson Additional Reviewer
Amy Patterson Level 4 County Manager Review
Geoffrey Willig Meeting Pending
Completed
02/08/2023 1:51 PM
Completed
02/08/2023 1:58 PM
Completed
02/08/2023 2:29 PM
Completed
02/08/2023 3:38 PM
Completed
02/08/2023 4:12 PM
02/14/2023 9:00 AM
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