Agenda 05/10/2016 Item #16J 65/10/2016 16.16.
/'1 EXECUTIVE SUMMARY
Report to the Board regarding the investment of County funds as of the quarter
ended March 31, 2016.
OBJECTIVE: To provide the Board a report regarding the investment of County funds
as of the quarter ended March 31, 2016.
CONSIDERATIONS: Florida Statute 28.33 provides for the investment of County
surplus funds by the Clerk of Courts. 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, or as necessary, at a publicly noticed Board of
County Commissioners meeting.
Attached, as exhibits to this executive summary, are the investment portfolio inventory,
portfolio composition pie chart and yield graphs as of the end of the second quarter of
FY -2016. Changes have been made to the attached exhibits to reflect amendments made
to the Board's investment policy on December 9, 2014, Agenda Item I I (C). Please note
that the yield charts indicate that the Collier portfolio's long term sector performance
exceeded the bench mark by.30%. The long term measure was exceeded as the bench
mark is comprised solely of 1 to 3 year Treasuries, while the Collier long term sector
includes both Treasuries and higher yielding agencies. Collier's short term sector yield
exceeded the benchmark due to the establishment of a First Florida Integrity Bank (FFIB)
overnight investment account that pays interest indexed to Florida PRIME, which
exceeded the benchmark. The Board's Concentration (Operating) Account has also been
included on the chart and bears interest at 95% of the daily Effective Federal Funds Rate,
or .36% for March 2016. In order to maximize short term yield only funds necessary to
meet current Board obligations will be kept in the Concentration Account. Both FFIB
accounts are fully collateralized through the Qualified Public Depositor program.
GROWTH MANAGEMENT IMPACT: None.
FISCAL IMPACT: None.
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney,
raises no legal issue, and requires majority vote for acceptance of the report. -JAK
RECOMMENDATION: The investment report exhibits are provided to the Board as
information only, no action is required.
Prepared by: Derek M. Johnssen, Assistant Finance Director,
Office of the Clerk of the Circuit Court
Packet Page -1239-
5/10/2016 16.J.6.
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.16.1.16.1.6.
Item Summary: Report to the Board regarding the investment of County funds as of the
quarter ended March 31, 2016.
Meeting Date: 5/10/2016
Prepared By
Name: MilumJennifer
Title: Office Assistant, Clerk of Courts
5/4/2016 11:55:09 AM
Approved By
Name: KinzelCrystal
Date: 5/4/2016 12:14:35 PM
Name: IsacksonMark
Title: Division Director - Corp Fin & Mgmt Svc, Office of Management & Budget
Date: 5/4/2016 1:51:07 PM
Name: KlatzkowJeff
Title: County Attorney,
Date: 5/4/2016 3:21:19 PM
Name: OchsLeo
Title: County Manager, County Managers Office
Date: 5/4/2016 3:56:19 PM
Packet Page -1240-
FNMA
3136G1LT4
5/28/2013
5/28/2014
quarterly -$,
25,000,000.00 $
25,007,450.00 $
24,998,818.36.'
11/28/2016
0.02
0.02
0.50
0.02
FHLMC
3137EADSS
8/16/2013
none
N/A '
25,000,000.00
25,040,600.00
; 24,999,360.39..
10/14/2016
0.02
0.02
0.88
0.03
US Treasury Note
912828A91
1/15/2014
none
N/A
.60,000,000.00
60,046,860.00
59,985,219.69
1/15/2017
0.07
0.07
0.75
0.06
US Treasury Note
912828874
2/18/2014
none
N/A
25,000,000.00
24,991,200.00
24,983,724.52 -'.
2/15/2017
0.03
0.03
0.63
0.02
US Treasury Note
91282SC32
3/17/2014
none
N/A -
10,000,000.00
:10,00S,860.00
9,995,289.30
3/15/2017
0.01
0.01
0.75
0.01
US Treasury Note
912828G46
12/12/2014
none
N/A '
25,000,000.00
124,986,325.00
24,989,394.99
11/30/2016
0.02
0.02
0.50
0.02
FHLMC
3134G6CT8
2/13/2015
2/13/2017
once
"25,000,000.00
; 25,024,900.00
25,OD0,000.00':
2/13/2020
0.13
0.03
1.00
0.03
FNMA
3136G2G35
3/30/2015
9/29/2015
quarterly
:35,000,000.00
X35,061,180.00
35,000,000.00 itis.
3/29/2018
0.10
0.10
1.16
0.06
FNMA
3136G2G43
3/30/2015
3/30/2016
quarterly
50,000,000.00
50,131,900.00
50,000,000.00.
3/30/2020
0.28
0.28
1.70
0.12
FFCB
3133EEWLO
4/1/2015
4/1/2016
continuously :
`.40,000,000.00
40,002,840.00
40,000,000.00".
4/1/2020
0.22
0.00
1.78
0.10
FNMA
3136G2G27
4/2/2015
10/2/2015
quarterly
50,000,000.00
50,091,300.00
5000,000.00
4/2/2018
0.14
0.14
1.16
0.08
FHLB
3130A61B4
10/21/2015
1/21/2016
quarterly
25,000,000.00
24,935,925.00
25,000,000.00.
7/21/2017
0.05
0.05
0.70
0.02
FHLMC
3134G7U25
10/27/2015
1/27/2016
quarterly
25,000,000.00
-(24,920,200.00
25,000,000.00`
10/27/2017
0.05
0.05
0.80
0.03
US Treasury Note
91282BUA6
11/9/2015
none
N/A
25,000,000.00
24,905,275.00
-24,873,462.431
11/30/2017
0.06
0.06
0.63
0.02
FHLB
3130A6SW8
11/20/2015
none
N/A
23,000,000.00
23,029,716.00.
22,995,736.21`
12/19/2017
0.05
0.05
1.00
0.03
FHLMC
3134G74Q1
11/24/2015
2/24/2016
quarterly '.::
25,000,000.00
24,969,700.00
25,000,000.00 -
11/24/2017
0.06
0.06
0.85
0.03
FHLMC
3134G7503
11/30/2015
2/23/2016
quarterly
-25,000,000.00
25,004,050.00
25,000,000.00-.
11/23/2018
0.09
0.09
1.20
0.04
reasury Note
91282SM72
12/3/2015
none
N/A
.50,000,000.00
50,023,450.00
49,930,380.84
11/30/2018
0.18
0.18
0.88
0.06
S
313381820
12/8/2015
none
N/A
20,000,000.00
19,939,700.00
19,908,336.25
12/8/2017
0.05
0.05
0.75
0.02
S
�
3130A6V95
12/9/2015
none
N/A
9,000,000.00
9,012,087.00.
9,00,000.00.
12/1/2017
0.02
0.02
1.02
0.01
rD I
3133EFSG3
12/14/2015
none
N/A ,.
25,000,000.00
25,049,025.00
25,000,000.00
3/14/2018
0.07
0.07
1.10
0.04
r+ dC
3134G8CM9
12/15/2015
6/15/2016
once
50,000,000.00;.,
.10,002,470.00
30,000,000.00
6/15/2018
0.03
0.00
1.20
0.02
S
313379FW4
12/18/2015
none
N/A'
10,000,000.00
10,022,030.00
10,001,170.22
6/9/2017
0.02
0.02
1.00
0.01
00 I
3133EFSWB
12/21/2015
12/21/2016
continuously
25,000,000.00
25,037,500.00
25,000,000.00
12/21/2018
0.09
0.03
1.38
0.05
fD S
3130A6TY3
12/28/2015
6/28/2016
quarterly
25,000,000.00
25,017,050.00
X25,000,000.00
6/28/2018
0.08
0.01
1.25
0.04
IA
3136G2YM3
2/26/2016
8/26/2016
quarterly
30,000,000.00
29,952,900.00
30,000,000.00
2/26/2021
0.20
0.02
1.00
0.04
F�
N I long term investments
$
722,000,000.00 $
722,211,493.00 $
721,660,893.20
2.14
1.48
':1.01
I-�
�
Balance
BoCC FFIB Concentration Account
':-
$"
41,172,001.91
-
036-
'BoCC FFIBO/N Investment Account,
$.
35,011,393.55
0.5s
Total Funds on Deposit
$
76,183,395.46
Total managed portfolio $ 798,183,39S.46
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 and BoCC Investment Accounts) pursuant to contracts with First Florida Integrity Bank. Concentration Account Rate is indexed at 95% of the daily Effective Federal Funds Rate
with a floor (minimum) rate of .25%. The Investment Account Rate is the greater of (1) 95% of the Fed Funds Effective Rate, or (2) 7 day SEC Yield published on the Florida Prime website, adjusted monthly to previous month end rate.
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 -Purchased Yield is taken from the respective investment trade tickets and is based upon yield to worst, or the minimum yield the investment will achieve.
G -Weighted Purchased Yield calculation is based on individual par value divided by total long term investment par value multiplied by the Purchased Yield.
0.51 0.02
0.88 0.03
0.50 0.07
0.70 0.02
0.80 0.01
0.56 0.02
1.00 0.03
1.16 0.06
1.70 0.12
1.78 0.10
1.16 0.08
0.70 0.02
0.80 0.03
0.93 0.03
1.02 0.03
0.85 0.03
1.20 0.04
0.94 0.07
1.02 0.03
1.02 0.01
1.10 0.04
1.20 0.02
0.99 0.01
1.38 0.05
1.25 0.04
1.00 0.04
`1.05
C-71
0
N
O
L
Sector
Bank Deposit Accounts
U.S.Treasury
Federal Agency / GSE
Cash Based Interest
Fiscal Year to Date
Collier County Portfolio Composition
as of March 31, 2016 (At Par Value)
$798,183,395.46
Sector Maximum
Allowed M Current (%)
100% - --
100%
80%
$3,511,018
Agencies
(FHLB,FNMA,FHLMC,FF(
$527,000,000.00
66.0%
Notes
100.00
BoCC Deposit Accounts
$76,183,395.46
9.6
C.T7
O
fV
O
Cy)
CA
i_
WE
Collier County Short Term Sector Yields
FFIB Deposit Accounts
VS.
S&P Rated GIP Benchmark
0.80%
i
0.60%
0.55%
0.50%
v
v
'n
77
rD
'-r
40%
am
0.36%
N
A
W
0.20%
0.00%
Apr. 2015 May. 2015 Jun. 2015 Jul. 2015 Aug. 2015 Sept. 2015 Oct. 2015 Nov. 2015 Dec. 2015 Jan. 2016 Feb. 2016
Mar. 2016 C
IS
C
Concentration Account (FFIB) -:° O/N Investment Account (FFIB) sk S&P Rated GIP Benchmark
C
Account Established March 2016
C
C
C
Collier County Long Term Sector Yields
Collier Long Term Portfolio Yield
VS.
B of A 1-3 Yr. Treasury Note Benchmark
1.50%
1.05%
1.00%
-v
v
n
r�
r+
0.75%
oq
m
0.50%
0.00%
Apr. 2015 May. 2015 Jun. 2015 Jul. 2015 Aug. 2015 Sept. 2015 Oct. 2015 Nov. 2015 Dec. 2015 Jan. 2016 Feb. 2016 Mar. 2016
Collier Long Term Portfolio Yield —R—B of A 1-3 Yr Treasury Note Benchmark
M