BCC Agenda 02/13/2024 Item #16J 2 (THe Investment of County Finds as of the quarter ended December 31, 2023)02/13/2024
EXECUTIVE SUMMARY
Report to the Board regarding the investment of County funds as of the quarter ended December
31, 2023.
OBJECTIVE: To provide the Board a report regarding the investment of County funds as of the quarter
ended December 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 holdings, portfolio composition pie chart, and yield and
return graphs as of the end of the first quarter of FY-2024. The total managed portfolio, as of December
31, 2023, was $2.33B, at par value. As of December 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 due to
the performance of funds with the First Foundation Bank SBA PRIME indexed account and SBA Florida
PRIME local government investment pool. The Board’s Concentration (Operating) Account has also
been included on the chart and bore interest of 5.06% as of December 31, 2023. Over the same period,
the Collier portfolio’s long-term sector 12-month total return was higher by .62% than the benchmark
Bank of America 1 to 3-year Treasury index’s yield and total return. The current investment strategy
focuses on ensuring sufficient short-term liquidity, particularly given the attractive short-term yields,
while monitoring longer term yields for select purchases. 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 QTR1 FY 2024 (PDF)
16.J.2
Packet Pg. 1899
02/13/2024
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.J.2
Doc ID: 27913
Item Summary: Report to the Board regarding the investment of County funds as of the quarter ended December
31, 2023.
Meeting Date: 02/13/2024
Prepared by:
Title: – Clerk of the Circuit Court
Name: Erin Roxberry
02/06/2024 9:13 AM
Submitted by:
Title: Assistant Finance Director – Clerk of the Circuit Court
Name: Derek Johnssen
02/06/2024 9:13 AM
Approved By:
Review:
Clerk of the Circuit Court Derek Johnssen Additional Reviewer Completed 02/06/2024 9:16 AM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 02/06/2024 10:55 AM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 02/06/2024 1:14 PM
Office of Management and Budget Agnieszka Chudy Additional Reviewer Completed 02/06/2024 1:57 PM
County Manager's Office Amy Patterson Level 4 County Manager Review Completed 02/07/2024 10:00 AM
Board of County Commissioners Geoffrey Willig Meeting Pending 02/13/2024 9:00 AM
16.J.2
Packet Pg. 1900
Collier County Investment Portfolio A B C D E
as of 12/31/2023 Weighted Weighted Bond Cont. Rate/
FNBB Final Years Years Yield Equiv. /Weighted
Market Amortized Settlement First Call Maturity to to First to Coupon Purchased
Instrument CUSIP Par Value Value Cost Date Call Date Frequency Date Maturity Call/Maturity Worst Rate Yield
Agency Holdings
FANNIE MAE 3135G06J7 25,000,000.00 23,203,336.00 25,000,000.00 12/10/2020 6/10/2021 quarterly 12/10/2025 0.04 0.04 2.17%0.650%0.01
FANNIE MAE 3135G06M0 25,000,000.00 23,950,495.25 25,000,000.00 12/16/2020 6/16/2021 quarterly 12/16/2024 0.02 0.02 1.59%0.500%0.01
FANNIE MAE 3135GAFP1 35,000,000.00 34,988,318.40 35,000,000.00 3/30/2023 6/28/2023 quarterly 3/28/2024 0.01 0.01 5.23%5.200%0.15
TOTAL =85,000,000.00$ 82,142,149.65$ 85,000,000.00$
FEDERAL FARM CREDIT BANK 3133EMYN6 25,000,000.00 23,721,984.00 25,000,000.00 5/6/2021 5/6/2022 continuously 5/6/2025 0.03 0.03 2.05%0.710%0.01
FEDERAL FARM CREDIT BANK 3133EM3T7 25,000,000.00 22,836,785.00 24,986,651.15 9/1/2021 9/1/2022 continuously 9/1/2026 0.05 0.05 2.73%0.870%0.02
FEDERAL FARM CREDIT BANK 3133EPA70 10,000,000.00 10,046,251.80 10,000,000.00 11/10/2023 none N/A 11/1/2024 0.00 0.00 4.88%5.375%0.04
FEDERAL FARM CREDIT BANK 3133ENUH1 15,000,000.00 14,613,209.85 14,552,970.35 12/15/2023 4/12/2023 continuously 4/12/2027 0.04 0.04 4.17%3.330%0.05
FEDERAL FARM CREDIT BANK 3133EPN68 8,330,000.00 8,308,456.54 8,330,000.00 12/18/2023 3/18/2024 continuously 12/18/2028 0.03 0.00 5.79%5.730%0.04
TOTAL =83,330,000.00$ 79,526,687.19$ 82,869,621.50$
FEDERAL HOME LOAN BANK 3130AKFU5 25,000,000.00 24,519,456.00 24,997,161.32 11/24/2020 2/24/2021 continuously 5/24/2024 0.01 0.01 0.91%0.350%0.01
FEDERAL HOME LOAN BANK 3130ALJ70 25,000,000.00 24,753,791.00 25,000,000.00 3/12/2021 4/12/2021 monthly 3/12/2024 0.00 0.00 0.73%0.400%0.01
FEDERAL HOME LOAN BANK (Step)3130ALKB9 25,000,000.00 23,503,574.75 25,000,000.00 3/17/2021 6/17/2021 quarterly 3/17/2026 0.05 0.05 2.01%0.875%0.02
FEDERAL HOME LOAN BANK (Step)3130AM6U1 25,000,000.00 23,398,379.50 25,000,000.00 4/28/2021 7/28/2021 quarterly 4/28/2026 0.05 0.05 2.63%1.250%0.03
FEDERAL HOME LOAN BANK 3130AM3A8 16,950,000.00 16,887,924.02 16,950,000.00 4/29/2021 7/29/2021 quarterly 1/29/2024 0.00 0.00 0.48%0.350%0.00
FEDERAL HOME LOAN BANK 3130ALY65 23,250,000.00 22,381,281.65 23,250,000.00 4/29/2021 7/29/2021 quarterly 1/29/2025 0.02 0.02 1.78%0.750%0.01
FEDERAL HOME LOAN BANK 3130AMBY7 25,000,000.00 24,033,678.00 25,000,000.00 5/26/2021 11/26/2021 quarterly 11/26/2024 0.02 0.02 1.69%0.550%0.01
FEDERAL HOME LOAN BANK (Step)3130AMR46 25,000,000.00 23,244,594.00 25,000,000.00 6/16/2021 9/16/2021 quarterly 6/16/2026 0.05 0.05 2.24%0.750%0.02
FEDERAL HOME LOAN BANK (Step)3130AMS45 25,000,000.00 23,226,508.00 25,000,000.00 6/24/2021 9/24/2021 quarterly 6/24/2026 0.05 0.05 2.26%0.750%0.02
FEDERAL HOME LOAN BANK 3130AMXF4 25,000,000.00 23,960,004.50 25,000,000.00 6/30/2021 9/30/2021 quarterly 12/30/2024 0.02 0.02 1.83%0.600%0.01
FEDERAL HOME LOAN BANK (Step)3130AMXW7 25,000,000.00 23,366,727.25 25,000,000.00 6/30/2021 9/30/2021 quarterly 6/30/2026 0.05 0.05 2.19%0.875%0.02
FEDERAL HOME LOAN BANK 3130ANP61 25,000,000.00 23,984,313.50 25,000,000.00 8/26/2021 11/26/2021 quarterly 2/26/2025 0.02 0.02 1.88%0.680%0.01
FEDERAL HOME LOAN BANK 3130ANQC7 25,000,000.00 23,587,718.00 25,000,000.00 8/27/2021 9/27/2021 monthly 8/27/2025 0.03 0.03 2.34%0.850%0.02
FEDERAL HOME LOAN BANK 3130ANV31 15,000,000.00 13,713,168.60 14,995,933.73 9/16/2021 9/16/2022 quarterly 9/16/2026 0.03 0.03 2.80%0.950%0.01
FEDERAL HOME LOAN BANK (Step)3130AP5V3 24,000,000.00 22,727,335.68 24,000,000.00 9/30/2021 12/30/2021 quarterly 9/30/2025 0.03 0.03 2.40%1.000%0.02
FEDERAL HOME LOAN BANK 3130AP6V2 25,000,000.00 22,890,130.75 25,000,000.00 9/30/2021 12/30/2021 quarterly 9/30/2026 0.06 0.06 2.87%1.050%0.02
FEDERAL HOME LOAN BANK 3130APBX2 25,000,000.00 22,914,908.00 25,000,000.00 10/14/2021 1/14/2022 quarterly 10/14/2026 0.06 0.06 2.93%1.125%0.02
FEDERAL HOME LOAN BANK 3130APAY1 25,000,000.00 22,884,847.00 25,000,000.00 10/21/2021 1/21/2022 quarterly 10/21/2026 0.06 0.06 2.93%1.100%0.02
FEDERAL HOME LOAN BANK 3130APBF1 25,000,000.00 22,915,543.50 25,000,000.00 10/22/2021 11/22/2021 monthly 10/22/2026 0.06 0.06 2.95%1.150%0.02
FEDERAL HOME LOAN BANK 3130APPK5 100,000,000.00 96,552,415.00 100,000,000.00 11/15/2021 2/15/2022 quarterly 11/15/2024 0.07 0.07 2.10%0.910%0.07
FEDERAL HOME LOAN BANK 3130AXHF8 25,000,000.00 24,998,762.75 25,000,000.00 10/26/2023 4/26/2024 quarterly 10/26/2028 0.10 0.01 6.05%6.050%0.12
FEDERAL HOME LOAN BANK 3130A8ZQ9 4,900,000.00 4,687,974.06 4,674,931.16 12/19/2023 none N/A 9/12/2025 0.01 0.01 4.32%1.750%0.02
FEDERAL HOME LOAN BANK 3130AY5R3 15,000,000.00 14,976,725.10 15,000,000.00 12/22/2023 3/22/2024 quarterly 6/22/2027 0.04 0.00 5.72%5.670%0.07
TOTAL =599,100,000.00$ 570,109,760.61$ 598,868,026.21$
FREDDIE MAC 3134GXDM3 25,000,000.00 23,212,041.00 25,000,000.00 12/1/2020 12/1/2021 quarterly 12/1/2025 0.04 0.04 2.15%0.620%0.01
FREDDIE MAC 3134GXFV1 25,000,000.00 23,174,433.25 25,000,000.00 12/17/2020 12/17/2021 quarterly 12/17/2025 0.04 0.04 2.17%0.625%0.01
FREDDIE MAC 3134GYXF4 10,000,000.00 9,979,792.60 10,000,000.00 7/27/2023 10/27/2023 monthly 7/27/2028 0.04 0.04 6.05%6.000%0.05
FREDDIE MAC 3134GYXS6 5,000,000.00 4,988,281.65 4,999,314.07 7/28/2023 10/27/2023 quarterly 7/27/2028 0.02 0.02 6.05%6.000%0.02
FREDDIE MAC 3134GYXU1 10,000,000.00 10,001,135.40 10,000,000.00 7/31/2023 10/26/2023 quarterly 7/26/2027 0.03 0.03 5.94%6.000%0.05
FREDDIE MAC 3134H1DP5 25,000,000.00 24,991,024.00 25,000,000.00 10/12/2023 1/12/2024 quarterly 10/12/2028 0.10 0.00 6.16%6.150%0.13
FREDDIE MAC 3134H1EA7 25,000,000.00 24,992,535.25 25,000,000.00 10/24/2023 1/24/2024 quarterly 10/24/2028 0.10 0.00 6.26%6.250%0.13
FREDDIE MAC 3134H1KL6 10,000,000.00 10,021,316.10 10,000,000.00 11/13/2023 11/23/2024 quarterly 11/13/2026 0.02 0.01 5.28%5.500%0.05
FREDDIE MAC 3134H1JP9 15,000,000.00 15,083,866.95 15,000,000.00 11/27/2023 11/27/2024 quarterly 11/27/2028 0.06 0.01 5.35%5.930%0.07
FREDDIE MAC 3134H1LM3 20,000,000.00 19,876,083.20 19,869,945.36 12/18/2023 6/18/2024 annual 12/18/2028 0.08 0.01 4.89%4.750%0.08
FREDDIE MAC 3134H1MD2 10,000,000.00 10,006,039.40 10,000,000.00 12/18/2023 3/18/2024 monthly 6/17/2027 0.03 0.00 5.31%5.625%0.05
FREDDIE MAC 3134H1MM2 15,000,000.00 15,011,578.50 14,906,400.00 12/20/2023 9/20/2024 annual 9/20/2027 0.05 0.01 4.44%4.550%0.06
FREDDIE MAC 3134H1MP5 10,000,000.00 10,003,152.70 10,000,000.00 12/20/2023 12/18/2024 annual 12/18/2026 0.02 0.01 4.95%5.000%0.04
FREDDIE MAC 3134H1MN0 10,000,000.00 10,003,026.70 9,936,175.82 12/28/2023 3/28/2024 quarterly 8/28/2026 0.02 0.00 4.08%4.250%0.04
TOTAL =215,000,000.00$ 211,344,306.70$ 214,711,835.25$
16.J.2.a
Packet Pg. 1901 Attachment: Investment Exhibits QTR1 FY 2024 (27913 : QTR 1 FY2024 Investments)
Collier County Investment Portfolio A B C D E
as of 12/31/2023 Weighted Weighted Bond Cont. Rate/
FNBB Final Years Years Yield Equiv. /Weighted
Market Amortized Settlement First Call Maturity to to First to Coupon Purchased
Instrument CUSIP Par Value Value Cost Date Call Date Frequency Date Maturity Call/Maturity Worst Rate Yield
FARMER MAC 31422XCV2 10,000,000.00 9,877,589.80 10,000,000.00 4/1/2021 none N/A 4/1/2024 0.00 0.00 0.77%0.360%0.00
FARMER MAC 31424WBY7 10,000,000.00 10,134,963.80 10,000,000.00 11/14/2023 none N/A 11/14/2025 0.02 0.02 4.29%5.000%0.04
TOTAL =20,000,000.00$ 20,012,553.60$ 20,000,000.00$
1,002,430,000.00$ 963,135,457.75$ 1,001,449,482.96$
Corporate Notes
BANK OF AMERICA CORP NT (Step)06048WL24 28,147,000.00 27,872,979.95 28,145,781.85 2/25/2021 2/16/2022 quarterly 2/16/2024 0.02 0.02 0.62%0.500%0.01
CITIGROUP GLOBAL MRKTS 17328YK86 25,000,000.00 24,896,232.00 24,999,172.37 1/29/2021 1/29/2022 quarterly 1/29/2024 0.00 0.00 0.54%0.400%0.01
APPLE INC CORP NOTE 037833EB2 10,000,000.00 9,264,912.50 9,270,370.84 12/19/2023 none N/A 2/8/2026 0.00 0.00 4.34%7.000%0.04
63,147,000.00$ 62,034,124.45$ 62,415,325.06$
U.S. Treasuries
TREASURY BILL 912797GL5 5,000,000.00 4,837,541.75 4,825,181.25 11/10/2023 none N/A 9/5/2024 0.00 0.00 4.07%0.000%0.02
US TREASURY NOTE 91282CBR1 25,000,000.00 24,750,976.50 24,994,898.99 3/15/2021 none N/A 3/15/2024 0.00 0.00 0.59%0.250%0.01
US TREASURY NOTE 91282CBV2 25,000,000.00 24,656,250.00 25,000,000.00 4/15/2021 none N/A 4/15/2024 0.01 0.01 0.84%0.375%0.01
US TREASURY NOTE 91282CCL3 25,000,000.00 24,380,859.50 24,993,042.04 7/15/2021 none N/A 7/15/2024 0.01 0.01 1.22%0.375%0.01
US TREASURY NOTE 91282CCT6 50,000,000.00 48,566,406.00 49,976,006.39 8/16/2021 none N/A 8/15/2024 0.03 0.03 1.35%0.375%0.02
US TREASURY NOTE 9128286Z8 5,000,000.00 4,916,601.55 4,911,514.22 11/10/2023 none N/A 6/30/2024 0.00 0.00 4.42%1.750%0.02
US TREASURY NOTE 91282CFQ9 20,000,000.00 19,914,843.80 19,853,365.38 11/15/2023 none N/A 10/31/2024 0.01 0.01 4.83%4.375%0.09
155,000,000.00$ 152,023,479.10$ 154,554,008.27$
1,220,577,000.00$ 1,177,193,061.30$ 1,218,418,816.28$ 1.86 1.27 1.98
Balance Overnight Rate (F)
42,521,775.26$ 5.06%
722,939,887.53$ 5.60%
43,866,235.99$ 5.60%
21,849,236.55$ 5.48%
127,946,560.93$ 5.36%
155,209,972.75$ 5.56%
1,114,333,669.01$
2,334,910,669.01$
F-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 minimum floor rate of .25%. First
Foundation Bank also provides an account with overnight availability that is fully collateralized and pays interest indexed to the Florida PRIME rate. The Florida PRIME, FLCLASS, and FL PALM LGIP rates are the current 7-Day Participant Yield as published on the respective LGIP
websites.
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-Yield to Worst is a measure of the lowest possible yield that can be received on a security. This value takes into account the yield to call, yield to maturity, face value, market value, coupon rate, and payment frequency.
D-Coupon Rate is taken from the respective investment trade tickets. Step coupons, if any, are shown at their current rate.
TOTAL LONG TERM INVESTMENTS
TOTAL U.S. Treasuries
TOTAL Corporate Notes
TOTAL Agency Holdings
E-Weighted Purchased Yield calculation is based on individual par value divided by total long term investment par value multiplied by the Purchased Yield.
Deposit / LGIP Accounts
TOTAL FUNDS ON DEPOSIT
TOTAL MANAGED PORTFOLIO
BoCC FL PALM LGIP Account
BoCC FLCLASS-Enhanced LGIP Account
BoCC FLCLASS-Daily LGIP Account
BoCC Florida PRIME LGIP Account
BoCC FFB SBA Daily Indexed Account
BoCC FFB Concentration Account
16.J.2.a
Packet Pg. 1902 Attachment: Investment Exhibits QTR1 FY 2024 (27913 : QTR 1 FY2024 Investments)
US Treasuries
Notes & T-Bills
$155,000,000.00
6.6%
Bank Deposits
$765,461,662.79
32.8%Federal Agencies / GSE
(FHLB,FNMA,FHLMC,FFCB)
$1,002,430,000.00
42.9%
Corporates
$63,147,000.00
2.7%
SBA Florida LGIP
$43,866,235.99
1.9%
FLCLASS LGIP
$149,795,797.48
6.4%
FL PALM LGIP,
$155,209,972.75
6.7%
Collier County Portfolio Composition
as of December 31, 2023 (At Par Value)
$2,334,910,669.01
Sector Allowed (%)Current (%)
Sector Maximum
Total Cash Based Interest &
Gains Fiscal Year to Date
$ 15,327,543
Bank Deposits 100% 32.8%
U.S. Treasury Notes & T-Bills 100% 6.6%
Federal Agency / GSE 80% 42.9%
SBA Florida LGIP 50% 1.9%
Corporates 25% 2.7%
FLCLASS LGIP 25% 6.4%
FL PALM LGIP 25% 6.7%
16.J.2.a
Packet Pg. 1903 Attachment: Investment Exhibits QTR1 FY 2024 (27913 : QTR 1 FY2024 Investments)
5.06%
5.59%
5.43%
3.75%
4.25%
4.75%
5.25%
5.75%
6.25%
Jan 2023 Feb 2023 Mar 2023 Apr 2023 May 2023 June 2023 July 2023 Aug 2023 Sept 2023 Oct 2023 Nov 2023 Dec 2023
Collier County Short Term Sector Yields
Collier Short Term Portfolio Yield
vs.
S&P Rated GIP Government Index
Concentration Account (FFB)Collier Short Term Portfolio Yield S&P Rated GIP Government Index
Combined Yield of LGIP Accounts (Florida Prime,
FLCLASS, & FL PALM) & FFB Indexed Account
16.J.2.a
Packet Pg. 1904 Attachment: Investment Exhibits QTR1 FY 2024 (27913 : QTR 1 FY2024 Investments)
4.26%
4.88%
-4.00%
-3.00%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Jan 2023 Feb 2023 Mar 2023 Apr 2023 May 2023 June 2023 July 2023 Aug 2023 Sept 2023 Oct 2023 Nov 2023 Dec 2023
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. 1905 Attachment: Investment Exhibits QTR1 FY 2024 (27913 : QTR 1 FY2024 Investments)