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Agenda 12/10/2024 Item #16J 5 (Report to the Board regarding the investment of County funds as of the quarter ended September 30, 2024.)12/10/2024 Item # 16.J.5 ID# 2024-1942 Executive Summary Report to the Board regarding the investment of County funds as of the quarter ended September 30, 2024. OBJECTIVE: To provide the Board a report regarding the investment of County funds as of the quarter ended September 30, 2024. 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’ lawfully 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 fourth quarter of FY-2024. The total managed portfolio, as of September 30, 2024, was $2.13B, at par value. As of September 2024, Collier’s 12-month short-term yield exceeded the benchmark by .18%. 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 4.83% as of September 30, 2024. Over the same period, the Collier portfolio’s long-term sector 12-month total return was lower by 0.21% than the benchmark Bank of America 1 to 3-year Treasury index’s total return. The long-term yield was lower due to the buy and hold strategy of the portfolio compared to an actively managed index. Periods of rising rates favor the actively managed index while periods with falling rates favor the buy and hold strategy. 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. FISCAL IMPACT: None. GROWTH MANAGEMENT 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 any Board action. -JAK RECOMMENDATIONS: 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 ATTACHMENTS: 1. Investment Exhibits QTR4 FY 2024 Page 9626 of 10663 A B C D E as of 09/30/2024 Weighted Weighted Bond Cont. Rate/ FNBB Final Years Years Yield Equiv. /Weighted Market Amortized Settlement First Call Maturity to to First to Coupon Purchased CUSIP Par Value Value Cost Date Call Date Frequency Date Maturity Call/Maturity Worst Rate Yield Agency Holdings FEDERAL FARM CREDIT BANK 3133EMYN6 25,000,000.00 24,490,985.50 25,000,000.00 5/6/2021 5/6/2022 continuously 5/6/2025 0.01 0.01 4.18%0.71%0.01 FEDERAL FARM CREDIT BANK 3133EM3T7 25,000,000.00 23,641,981.25 24,990,402.52 9/1/2021 9/1/2022 continuously 9/1/2026 0.04 0.04 3.83%0.87%0.02 FEDERAL FARM CREDIT BANK 3133EPA70 10,000,000.00 10,002,419.50 10,000,000.00 11/10/2023 none N/A 11/1/2024 0.00 0.00 4.98%5.38%0.04 FEDERAL FARM CREDIT BANK 3133ENUH1 15,000,000.00 14,740,978.20 14,655,212.52 12/15/2023 4/12/2023 continuously 4/12/2027 0.03 0.03 4.05%3.33%0.05 FEDERAL FARM CREDIT BANK 3133ERLV1 15,000,000.00 15,095,652.60 15,000,000.00 7/22/2024 none N/A 7/22/2025 0.01 0.01 4.05%4.88%0.06 FEDERAL FARM CREDIT BANK 3133ERMH1-1 10,000,000.00 10,063,716.10 10,000,000.00 7/29/2024 7/29/2025 continuously 7/29/2027 0.02 0.01 4.20%5.00%0.04 FEDERAL FARM CREDIT BANK 3133ERMH1-2 5,000,000.00 5,031,858.05 5,000,000.00 7/29/2024 7/29/2025 continuously 7/29/2027 0.01 0.00 4.20%5.00%0.02 FEDERAL FARM CREDIT BANK 3133ERLT6 10,000,000.00 10,054,373.20 9,995,842.70 8/1/2024 7/23/2025 continuously 7/23/2029 0.04 0.01 4.44%5.14%0.04 TOTAL =115,000,000.00$ 113,121,964.40$ 114,641,457.74$ FEDERAL HOME LOAN BANK (Step)3130ALKB9 25,000,000.00 24,305,482.25 25,000,000.00 3/17/2021 6/17/2021 quarterly 3/17/2026 0.03 0.03 2.70%0.88%0.02 FEDERAL HOME LOAN BANK (Step)3130AM6U1 25,000,000.00 24,070,012.75 25,000,000.00 4/28/2021 7/28/2021 quarterly 4/28/2026 0.03 0.03 3.70%1.25%0.01 FEDERAL HOME LOAN BANK 3130ALY65 23,250,000.00 22,932,157.39 23,250,000.00 4/29/2021 7/29/2021 quarterly 1/29/2025 0.01 0.01 4.95%0.75%0.01 FEDERAL HOME LOAN BANK 3130AMBY7 25,000,000.00 24,841,127.75 25,000,000.00 5/26/2021 11/26/2021 quarterly 11/26/2024 0.00 0.00 4.66%0.55%0.01 FEDERAL HOME LOAN BANK (Step)3130AMR46 25,000,000.00 24,028,776.75 25,000,000.00 6/16/2021 9/16/2021 quarterly 6/16/2026 0.03 0.03 3.10%1.00%0.02 FEDERAL HOME LOAN BANK (Step)3130AMS45 25,000,000.00 24,013,273.25 25,000,000.00 6/24/2021 9/24/2021 quarterly 6/24/2026 0.04 0.04 3.11%1.00%0.02 FEDERAL HOME LOAN BANK 3130AMXF4 25,000,000.00 24,748,224.00 25,000,000.00 6/30/2021 9/30/2021 quarterly 12/30/2024 0.01 0.01 4.67%0.60%0.01 FEDERAL HOME LOAN BANK (Step)3130AMXW7 25,000,000.00 24,156,479.75 25,000,000.00 6/30/2021 9/30/2021 quarterly 6/30/2026 0.04 0.04 2.79%1.00%0.02 FEDERAL HOME LOAN BANK 3130ANP61 25,000,000.00 24,612,826.75 25,000,000.00 8/26/2021 11/26/2021 quarterly 2/26/2025 0.01 0.01 4.57%0.68%0.01 FEDERAL HOME LOAN BANK 3130ANQC7 25,000,000.00 24,231,056.75 25,000,000.00 8/27/2021 9/27/2021 monthly 8/27/2025 0.02 0.02 4.34%0.85%0.02 FEDERAL HOME LOAN BANK 3130ANV31 15,000,000.00 14,186,385.75 14,997,059.15 9/16/2021 9/16/2022 quarterly 9/16/2026 0.02 0.02 3.85%0.95%0.01 FEDERAL HOME LOAN BANK (Step)3130AP5V3 24,000,000.00 23,369,507.76 24,000,000.00 9/30/2021 12/30/2021 quarterly 9/30/2025 0.02 0.02 3.70%1.00%0.01 FEDERAL HOME LOAN BANK 3130AP6V2 25,000,000.00 23,669,599.50 25,000,000.00 9/30/2021 12/30/2021 quarterly 9/30/2026 0.04 0.04 3.84%1.05%0.02 FEDERAL HOME LOAN BANK 3130APBX2 25,000,000.00 23,702,784.25 25,000,000.00 10/14/2021 1/14/2022 quarterly 10/14/2026 0.04 0.04 3.79%1.13%0.02 FEDERAL HOME LOAN BANK 3130APAY1 25,000,000.00 23,678,288.50 25,000,000.00 10/21/2021 1/21/2022 quarterly 10/21/2026 0.04 0.04 3.79%1.10%0.02 FEDERAL HOME LOAN BANK 3130APBF1 25,000,000.00 23,701,002.00 25,000,000.00 10/22/2021 11/22/2021 monthly 10/22/2026 0.04 0.04 3.79%1.15%0.02 FEDERAL HOME LOAN BANK 3130APPK5 100,000,000.00 99,531,254.00 100,000,000.00 11/15/2021 2/15/2022 quarterly 11/15/2024 0.01 0.01 4.67%0.91%0.07 FEDERAL HOME LOAN BANK 3130A8ZQ9 4,900,000.00 4,794,636.72 4,774,236.89 12/19/2023 none N/A 9/12/2025 0.00 0.00 4.03%1.75%0.02 FEDERAL HOME LOAN BANK 3130B2SS5 15,000,000.00 14,731,449.30 14,813,160.00 9/20/2024 2/12/2027 quarterly 9/12/2029 0.06 0.03 3.77%3.38%0.04 TOTAL =507,150,000.00$ 493,304,325.17$ 506,834,456.04$ FREDDIE MAC 3134GXDM3 25,000,000.00 24,109,318.25 25,000,000.00 12/1/2020 12/1/2021 quarterly 12/1/2025 0.02 0.02 3.76%0.62%0.01 FREDDIE MAC 3134GXFV1 25,000,000.00 24,075,035.75 25,000,000.00 12/17/2020 12/17/2021 quarterly 12/17/2025 0.02 0.02 3.77%0.63%0.01 FREDDIE MAC 3134H1KL6 10,000,000.00 9,994,333.70 10,000,000.00 11/13/2023 11/23/2024 quarterly 11/13/2026 0.02 0.00 5.53%5.50%0.04 FREDDIE MAC 3134H1JP9 15,000,000.00 15,005,833.20 15,000,000.00 11/27/2023 11/27/2024 quarterly 11/27/2028 0.05 0.00 5.57%5.93%0.07 FREDDIE MAC 3134H1LM3 20,000,000.00 20,113,961.00 19,881,992.34 12/18/2023 6/18/2024 annual 12/18/2028 0.07 0.07 4.58%4.75%0.08 FREDDIE MAC 3134H1MP5 10,000,000.00 10,003,885.00 10,000,000.00 12/20/2023 12/18/2024 annual 12/18/2026 0.02 0.00 4.96%5.00%0.04 FREDDIE MAC 3134H1MN0 10,000,000.00 9,981,352.60 9,952,770.02 12/28/2023 3/28/2024 quarterly 8/28/2026 0.02 0.02 4.35%4.25%0.04 FREDDIE MAC 3134H1PB3 20,000,000.00 20,001,200.00 20,000,000.00 1/11/2024 10/9/2024 one time 1/9/2026 0.02 0.00 4.65%5.00%0.08 FREDDIE MAC 3134H1RF2 10,000,000.00 9,988,380.00 10,000,000.00 2/6/2024 2/6/2026 one time 2/6/2029 0.04 0.01 4.56%4.53%0.04 FREDDIE MAC 3134H1YS6 10,000,000.00 9,742,580.50 9,804,931.51 3/27/2024 3/27/2025 monthly 3/27/2029 0.04 0.00 4.13%3.50%0.04 FREDDIE MAC (Step)3134GXVW1 2,000,000.00 1,988,510.42 1,965,067.58 4/10/2024 6/23/2024 quarterly 6/23/2027 0.00 0.00 3.47%3.50%0.01 FREDDIE MAC 3134GW5R3 15,000,000.00 14,486,913.90 14,311,787.10 4/17/2024 7/27/2024 quarterly 10/27/2025 0.01 0.01 3.93%0.65%0.06 FREDDIE MAC 3134H1H89 10,000,000.00 10,048,058.20 10,000,000.00 4/18/2024 4/17/2025 one time 10/17/2025 0.01 0.00 4.32%5.22%0.04 FREDDIE MAC 3134H1L92 25,000,000.00 25,027,238.25 24,809,613.01 5/1/2024 5/1/2025 quarterly 5/1/2026 0.03 0.01 4.18%4.38%0.10 FREDDIE MAC 3134H16Z1 10,000,000.00 10,025,369.10 9,877,040.00 7/17/2024 7/17/2025 quarterly 7/17/2029 0.04 0.01 3.92%4.25%0.04 FREDDIE MAC 3134HACY7 10,000,000.00 9,957,731.10 9,911,246.58 8/13/2024 8/13/2026 quarterly 8/13/2029 0.04 0.02 4.10%4.00%0.03 FREDDIE MAC 3134HADG5 10,000,000.00 10,014,927.20 9,966,494.57 8/14/2024 2/14/2025 semi-annual 8/14/2029 0.04 0.00 3.70%4.30%0.04 FREDDIE MAC 3134HACZ4 10,000,000.00 10,037,097.00 10,000,000.00 8/20/2024 8/20/2026 quarterly 8/20/2029 0.04 0.02 4.12%4.33%0.04 FREDDIE MAC 3134HADA8 10,000,000.00 10,045,392.90 9,936,087.67 8/20/2024 8/20/2025 quarterly 8/20/2029 0.04 0.01 3.85%4.38%0.04 FREDDIE MAC 3134HADB6 15,000,000.00 15,001,041.90 14,844,879.45 8/20/2024 8/20/2025 quarterly 8/20/2029 0.06 0.01 4.11%4.13%0.05 FREDDIE MAC 3134HAHC0 10,000,000.00 9,903,928.90 9,939,444.38 9/4/2024 9/4/2025 annual 9/4/2029 0.04 0.01 4.34%4.13%0.03 FREDDIE MAC 3134HALD3 10,000,000.00 9,992,143.90 10,000,000.00 9/18/2024 9/12/2025 one time 9/12/2029 0.04 0.01 4.25%4.23%0.03 TOTAL =292,000,000.00$ 289,544,232.77$ 290,201,354.21$ FARMER MAC 31424WBY7 10,000,000.00 10,117,336.80 10,000,000.00 11/14/2023 none N/A 11/14/2025 0.01 0.01 3.92%5.00%0.04 FARMER MAC 31424WMA7 10,000,000.00 10,093,894.50 10,000,000.00 8/6/2024 8/6/2026 one time 8/6/2029 0.04 0.02 4.13%4.67%0.04 FARMER MAC 31424WMC3 10,000,000.00 10,074,197.20 10,000,000.00 8/6/2024 8/6/2026 one time 8/6/2029 0.04 0.02 4.13%4.55%0.04 FARMER MAC 31424WMV1 10,000,000.00 10,061,807.60 10,000,000.00 8/20/2024 11/20/2026 quarterly 8/20/2029 0.04 0.02 3.91%4.25%0.03 FARMER MAC 31424WNZ1 15,000,000.00 14,935,050.15 15,000,000.00 9/24/2024 3/24/2027 one time 9/24/2029 0.06 0.03 3.85%3.75%0.05 TOTAL =55,000,000.00$ 55,282,286.25$ 55,000,000.00$ FANNIE MAE 3135G06J7 25,000,000.00 24,060,913.50 25,000,000.00 12/10/2020 6/10/2021 quarterly 12/10/2025 0.02 0.02 3.90%0.65%0.01 FANNIE MAE 3135G06M0 25,000,000.00 24,776,205.25 25,000,000.00 12/16/2020 6/16/2021 quarterly 12/16/2024 0.00 0.00 4.78%0.50%0.01 FANNIE MAE 3135GAMY4 15,000,000.00 14,944,748.10 14,931,803.28 2/5/2024 2/5/2025 quarterly 8/5/2027 0.03 0.00 4.14%4.00%0.05 FANNIE MAE 3135GAR60 10,000,000.00 9,818,442.30 9,773,687.67 4/11/2024 4/11/2025 monthly 4/11/2029 0.04 0.00 3.94%3.50%0.04 TOTAL =75,000,000.00$ 73,600,309.15$ 74,705,490.95$ 1,044,150,000.00$ 1,024,853,117.74$ 1,041,382,758.94$ Corporate Notes AMAZON.COM INC CORP NOTE 023135CG9 10,000,000.00 9,844,564.70 9,814,712.71 8/29/2024 2/13/2029 continuously 4/13/2029 0.04 0.04 3.83%3.45%0.03 APPLE INC CORP NOTE 037833EB2 10,000,000.00 9,585,898.90 9,530,005.12 12/19/2023 none N/A 2/8/2026 0.01 0.01 3.86%7.00%0.04 20,000,000.00$ 19,430,463.60$ 19,344,717.83$ Collier County Investment Portfolio Instrument TOTAL Corporate Notes TOTAL Agency Holdings Page 9627 of 10663 A B C D E as of 09/30/2024 Weighted Weighted Bond Cont. Rate/ FNBB Final Years Years Yield Equiv. /Weighted Market Amortized Settlement First Call Maturity to to First to Coupon Purchased CUSIP Par Value Value Cost Date Call Date Frequency Date Maturity Call/Maturity Worst Rate Yield Collier County Investment Portfolio Instrument U.S. Treasuries US TREASURY NOTE 91282CFQ9 20,000,000.00 19,990,366.00 19,985,096.15 11/15/2023 none N/A 10/31/2024 0.00 0.00 4.87%4.38%0.09 US TREASURY NOTE 91282CJV4-1 20,000,000.00 20,108,593.80 19,955,766.57 2/7/2024 none N/A 1/31/2026 0.02 0.02 3.82%4.25%0.07 US TREASURY NOTE 91282CJV4-2 20,000,000.00 20,108,593.80 19,911,201.19 2/14/2024 none N/A 1/31/2026 0.02 0.02 3.82%4.25%0.07 US TREASURY NOTE 91282CKB6 10,000,000.00 10,112,890.60 9,982,020.28 4/10/2024 none N/A 2/28/2026 0.01 0.01 3.80%4.63%0.04 US TREASURY NOTE 91282CHN4-1 15,000,000.00 15,082,265.55 14,956,911.45 4/24/2024 none N/A 7/31/2025 0.01 0.01 4.07%4.75%0.06 US TREASURY NOTE 91282CEU1 15,000,000.00 14,864,179.65 14,770,885.79 4/24/2024 none N/A 6/15/2025 0.01 0.01 4.18%2.88%0.06 US TREASURY NOTE 91282CHM6-1 25,000,000.00 25,342,773.50 24,906,221.28 6/27/2024 none N/A 7/15/2026 0.04 0.04 3.70%4.50%0.10 US TREASURY NOTE 91282CHM6-2 10,000,000.00 10,137,109.40 9,979,496.45 7/11/2024 none N/A 7/15/2026 0.01 0.01 3.70%4.50%0.04 US TREASURY NOTE 91282CHN4-2 15,000,000.00 15,082,265.55 14,987,616.98 7/22/2024 none N/A 7/31/2025 0.01 0.01 4.07%4.75%0.06 US TREASURY NOTE 91282CHL8 15,000,000.00 15,051,914.10 14,972,018.49 7/22/2024 none N/A 6/30/2025 0.01 0.01 4.14%4.63%0.06 165,000,000.00$ 165,880,951.95$ 164,407,234.63$ 7/22/2024 none N/A 1,229,150,000.00$ 1,210,164,533.29$ 1,225,134,711.40$ 1.83 1.13 2.65 Balance Overnight Rate (F) 64,997,509.88$ 4.83% 374,687,712.89$ 5.33% 45,708,705.71$ 5.33% 155,956,690.83$ 5.24% 101,071,586.79$ 5.24% 60,000,000.00$ 5.00% BoCC US Treasury SLGSafe Demand Account 101,037,931.30$ 3.72% 903,460,137.40$ 2,132,610,137.40$ 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. C - Yield to Worst is a forward looking measure of the lowest possible yield that can be received on a security effective from this report date. 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. E - Weighted Purchased Yield calculation is based on individual par value divided by total long term investment par value multiplied by the Purchased Yield. BoCC FFB SBA Daily Indexed Account BoCC FFB Concentration Account BoCC FL PALM LGIP Account-Term Investment 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. 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. The SLGSafe Demand Account pays interest based on an adjustment of the average yield for the 13-week Treasury Bills at the most recent Treasury Bill auction. TOTAL LONG TERM INVESTMENTS TOTAL U.S. Treasuries Deposit / LGIP Accounts TOTAL FUNDS ON DEPOSIT TOTAL MANAGED PORTFOLIO BoCC FL PALM LGIP Account-Liquidity Account BoCC FLCLASS-Daily LGIP Account BoCC Florida PRIME LGIP Account Page 9628 of 10663 US Treasuries Notes & T-Bills $165,000,000.00 7.8% Bank Deposits $439,685,222.77 20.6% Federal Agencies / GSE (FHLB,FNMA,FHLMC,FFCB) $1,044,150,000.00 49.0%Corporates $20,000,000.00 0.9% SBA Prime $45,708,705.71 2.1% FLCLASS $155,956,690.83 7.3% FL PALM, $161,071,586.79 7.6% SLGSafe Demand Account $101,037,931.30 4.7% Collier County Portfolio Composition as of September 30, 2024 (At Par Value) $2,132,610,137.40 Sector Allowed (%)Current (%) Sector Maximum Total Cash Based Interest & Gains Fiscal Year to Date $ 76,557,372 Bank Deposits 100% 20.6% U.S. Treasury Notes & T-Bills 100% 7.8% Federal Agency / GSE 80% 49.0% SBA Prime 50% 2.1% Corporates 25% 0.9% FLCLASS 25% 7.3% FL PALM 25% 7.6% SLGSafe Demand Account 100% 4.7% Page 9629 of 10663 4.83% 5.23% 5.15% 4.50% 4.75% 5.00% 5.25% 5.50% 5.75% 6.00% Oct 2023 Nov 2023 Dec 2023 Jan 2024 Feb 2024 Mar 2024 Apr 2024 May 2024 June 2024 July 2024 Aug 2024 Sept 2024 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 30-Day Net Yield % Page 9630 of 10663 6.74% 6.53% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 6.50% 7.00% Oct 2023 Nov 2023 Dec 2023 Jan 2024 Feb 2024 Mar 2024 Apr 2024 May 2024 June 2024 July 2024 Aug 2024 Sept 2024 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. 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