Agenda 05/09/2023 Item #16J 1 (Investment of County funds for the quarter ended March 21, 2023)16.J.1
05/09/2023
EXECUTIVE SUMMARY
Report to the Board regarding the investment of County funds as of the quarter ended March 31,
2023.
OBJECTIVE: To provide the Board a report regarding the investment of County funds as of the quarter
ended March 31, 2023.
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 second quarter of FY-2023. The total managed portfolio as of March
31, 2023, was $2.14B, at par value. As of March 2023, Collier's 12-month short-term yield exceeded the
benchmark by .16%. The short-term yield exceeded the Standard and Poor's benchmark yield primarily
due to the performance of funds with the First Foundation Bank SBA indexed account and 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 4.47% as of March 31, 2023. Over the
same period, the Collier portfolio's long-term sector 12-month yield and total return were lower by 3.41%
and .63%, 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 approved by the County Attorney, raises no legal
issues and requires majority vote for any Board action. -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 QTR2 FY 2023 (PDF)
Packet Pg. 1201
16.J.1
05/09/2023
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.J.1
Doc ID: 25398
Item Summary: Report to the Board regarding the investment of County funds as of the quarter ended March 31,
2023.
Meeting Date: 05/09/2023
Prepared by:
Title: Finance Manager — Clerk of the Circuit Court
Name: Kelly Jones
05/01/2023 10:31 AM
Submitted by:
Title: Assistant Finance Director — Clerk of the Circuit Court
Name: Derek Johnssen
05/01/2023 10:31 AM
Approved By:
Review:
Clerk of the Circuit Court
Office of Management and Budget
County Attorney's Office
Office of Management and Budget
County Manager's Office
Board of County Commissioners
Derek Johnssen Additional Reviewer
Debra Windsor Level 3 OMB Gatekeeper Review
Jeffrey A. Klatzkow Level 3 County Attorney's Office Review
Christopher Johnson Additional Reviewer
Amy Patterson Level 4 County Manager Review
Geoffrey Willig Meeting Pending
Completed
05/01/2023 10:34 AM
Completed
05/01/2023 10:37 AM
Completed
05/01/2023 11:23 AM
Completed
05/02/2023 10:31 AM
Completed
05/03/2023 10:21 AM
05/09/2023 9:00 AM
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