Agenda 11/15/2016 Item #16J4 16.J.4
11/15/2016
EXECUTIVE SUMMARY
Report to the Board regarding the investment of County funds as of the quarter ended September
30,2016.
OBJECTIVE: To provide the Board a report regarding the investment of County funds as of the quarter
ended September 30,2016.
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 fourth quarter of FY-2016. Please note that
the yield charts indicate that the Collier portfolio's long term sector performance exceeded the bench
mark by.28%. This is the result of the benchmark being comprised solely of 1 to 3 year Treasuries,while
the Collier long term sector includes both Treasuries and higher yielding agencies which are allowed for
in the investment policy. Collier's short term sector yield exceeded the benchmark by .13% due to the
establishment of a First Florida Integrity Bank (FFIB) overnight investment account that pays interest
indexed to Florida PRIME. 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 .37% for September
2016. In order to maximize short term yield only funds necessary to meet current Board obligations are
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, is approved as to
form and legality,and requires majority vote to accept 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
ATTACHMENT(S)
1.Investment Exhibits QTR4 FY 2016 (PDF)
Packet Pg. 1719
16.J.4
11/15/2016
COLLIER COUNTY
0 Board of County Commissioners
Item Number: 16.J.4
Item Summary: Report to the Board regarding the investment of County funds as of the quarter
ended September 30,2016.
Meeting Date: 11/15/2016
Prepared by:
Title: Fiscal Technician I—Clerk of the Circuit Court
Name: Jennifer Milum
11/03/2016 3:19 PM
Submitted by:
Title: Fiscal Technician I—Clerk of the Circuit Court
Name: Jennifer Milum
11/03/2016 3:19 PM
Approved By:
Review:
Clerk of the Circuit Court Crystal Kinzel Additional Reviewer Completed 11/09/2016 1:51 PM
ii
Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 11/09/2016 1:55 PM
Budget and Management Office Mark Isackson Additional Reviewer Completed 11/09/2016 2:00 PM
County Attorneys Office MaryJo Brock Level 3 County Attorneys Office Review Skipped 11/09/2016 3:05 PM
County Manager's Office Leo E.Ochs Level 4 County Manager Review Completed 11/09/2016 3:30 PM
Board of County Commissioners MaryJo Brock Meeting Pending 11/15/2016 9:00 AM
1
Packet Pg. 1720
Collier County Investment Portfolio
as of 09/30/2016
Instrument
US Treasury Note
US Treasury Note
FHLMC
FHL8
FHLMC
US Treasury Note
FHL8
FHLMC
US T ree1sury Note
FHL8
FHL8
FF C8
FHL8
FF C8
FFC8
FHL8
FH L8
FNMA
FNMA
FH L8
FHL MC
FNMA
FHLMC
FHL8
FNMA
Total long t erm Investments
BoCC FFIB Concentration Account
BoCC FF \8 O/N Investment Account
Total Funds on Deposit
Total managed portfolio
CUSIP
912828A91
91 2828C32
3134G6CT8
3130A6JB4
3134G7U25
912828UA6
3130A6SW8
3134G74Ql
912828M72
313381820
3130A6V95
3133EFSG3
313379FW4
3133EF5W8
3133EFW52
313381820
3133790T3
3135GOLSO
3136G3XR1
3130A8VQ3
3134GAFY5
3135GOP49
3134GAGF5
3130A9JZS
3136G4851
settlement
Date
1/15/2014
3/17/2014
2/13/2015
10/21/2015
10/27/2015
11/9/2015
11/20/2015
11/24/2015
12/3/2015
12/8/2015
12/9/2015
12/14/2015
12/18/2015
12/21/2015
4/1/2016
6/22/2016
6/22/2016
7/12/2016
7/27/2016
8/23/2016
8/31/2016
9/2/2016
9/13/2016
9/27/2016
9/30/2016
First
call Date
none
none
2/13/2017
1/21/2016
1/27/2016
none
none
2/24/2016
none
none
none
none
none
12/21/2016
none
none
none
1/12/2017
1/27/2017
11/23/2016
11/28/2016
none
12/13/2016
12/27/2016
3/30/2017
can
Freouen~
N/A
N/A
Par Value
FNBB
Market
Value
Amortized
Cost
10,000,000.00 10,012,130 .00 9,999,847.46
10,000,000.00 10,013,280.00 9,997,759.38
once 25,000,000.00 25,039,000.00 25,000,000.00
quarterly 25,000,000.00 25,000,700.00 25 ,000,000.00
quarterly 25,000,000.00 24,991 ,150.00 25,000,000.00
N/A 25,000,000.00 24,980,4 75 .00 24,911,486.04
N/A 23,000,000.00 23,067,666.00 22,996,978 .68
quarterly 25,000,000.00 25,004,225 .00 25 ,000,000.00
N/A 10,000,000.00 10,019,530.00 9,989,485.32
N/A 20,000,000.00 20,004,460.00 19,935,523 .39
N/A 9,000,000.00 9,022,293 .00 9,000,000.00
N/A 25,000,000.00 25,072,475.00 25,000,000.00
N/A 10,000,000.00 10,026,380.00 10,000,677.92
continuously 25,000,000.00 25,031,650.00 25,000,000.00
N/A 40,000,000.00 40,141,520.00 39,975,280.94
N/A 25,000,000.00 25,005,575 .00 25,000,000.00
N/A 25,000,000 .00 25 ,169,825.00 25,163,893.85
quarterly 25,000,000.00 24 ,961,100.00 25,000,000.00
quarterly 25,000,000.00 24,892,625 .00 24,967,663.04
quarterly 25,000,000.00 25,001,125 .00 25,000,000.00
quarterly 25,000,000.00 25,000,925 .00 25,000,000.00
N/A 15,000,000.00 14,993,100.00 14,977,201 .10
quarterly 25,000,000.00 25,001,675 .00 25,000,000.00
con t inuously 25,000,000.00 24,953,175 .00 25,000,000.00
quarterly __ _,2:::5:.:,0c::cOO::,OOO=o:·OO:;o.. __ ..:2::5,"00::8'",1"5"'0"'.o"'o __ .....:;25,,_,oo=o,,,ooo=·c::cOO:c...
547,000,000.00 547,4 14,209.00 546,915,797.12
Balance
33,868,092 .93
100,259,515 .03
134,127,607.96
681,127,607.96
A·Weighted Years to Maturity calculation is based on individual par value divided by total lone term Investment par value multiplied by the rema ining number of year(s) to full maturity.
A B c
Weighted
Final
Maturity
Date
Weighted
Years
to
Maturity
Years O/N
to First Cont.
call/Maturltv Rate
1/15/2017 0.01 0.01
3/15/2017 0.01 0.01
2/13/2020 0.15 0.02
7 /21/2017 0.04 0.04
10/27/2017 0.05 0.05
11/30/2017 0.05 0.05
12/19/2017 0.05 0.05
11/24/2017 0.05 0.05
11/30/2017 0.02 0.02
12/8/2017 0.04 0.04
12/1/2017 0.02 0.02
3/14/2018 0.07 0.07
6/9/2017 0.01 0.01
12/21/2018 0.10 0.01
7 /1/2019 0.20 0.20
12/8/2017 0.05 0.05
6/8/2018 0.08 0.08
7 /12/2019 0.13 0.01
7 /27 /2020 0.17 0.01
8/23/2018 0.09 0.01
8/28/2019 0.13 0.01
8/28/2019 0.08 0.08
9/13/2018 0.09 0,01
9/27 /2021 0.23 0.01
9/30/20 21 ___ ---'o"'.2:::3'-----'o"'.0"2'-
2.15 0.94
0.37
0.75
B-Weighted Years To First Call/Maturity calculation is based o n individual par value dNided by total long term investment par value mult iplied by the remaining number o f year(s) to full maturity, or to the first call date if applicable .
When an investm ent passes the first call dat e the calculation is adjusted based on date of fina l maturity.
D
Coupon
Rate
Cont. Rate/
Coupon
Weighted
Yield
0 .75 0 .01
0.75 0.01
l.00 0 .05
0.70 0 .03
0.80 0 .04
0 .63 0.03
l.00 0 .04
0.85 0.04
0 .88 O.Q2
0.75 0 .03
1.02 0.02
1.10 0.05
l.00 0.02
l.38 0.06
1.15 0.08
0 .75 0 .03
1.25 0 .06
1.05 0 .05
1.13 0.05
l.13 0 .05
1.30 0 .06
l.00 0.03
1.10 0.05
l.60 0 .07
1.60 ----'0-'.0_7_
1 .05
C-An Overnight Cont ractu al Rate is provided for overnight investments (BoCC Concentration and BoCC Investment Accounts) pursuant to cont racts with First Florida Integrity Bank. Concentration Accou nt Rate is indexed at 95% of the daily Effective Federal Funds Rate
with a floor (minimum) rate of .25%. The Investment Account Ra t e is the greater of (1) 95% of the Fed Funds Effective Rate, or (2) 7 day SEC Yield published on t he Fk>rida Prime website, adjusted monthly t o previous month end rate .
0-Coupon Rate is take n from the respective invest ment trade tickets. Step coupons, if any, are shown at their current rate .
E-Coupon Weighted Yield calculation is based on individual pa r value divided by total long term invest ment par value multiplied by t he coupon rate .
F-Purchased Yield is taken from the respective invest ment 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 t erm Investment par value mu ltiplied by t he Purchased Yie ld .
Purchased
Yield
G
Cont . Rate/
Weighted
Purchased
Yield
0.80 0.01
0 .80 0.01
1.00 o.os
0.70 0.03
0.80 0.04
0 .93 0.04
1.02 0.04
0.85 0.04
0 .94 0.02
1.02 0.04
l.02 0.02
l.10 0.05
0.99 0.02
l.38 0.06
1.17 0.09
0.75 0.03
0 .86 0.04
LOS 0.05
1.18 0.05
l.13 0.05
l.30 0.06
1.05 0.03
1.10 0.05
l.60 0.07
i.60 ----'o"'.0"1_
1 .06
Collier County Portfolio Composition
as of September 30, 2016 (At Par Value)
$681,127,607.96
Sector Maximum
Allowed (%) Current(%)
Bank Deposit Accounts 100%
U.S . Treas ury 100%
19 .7%
8.1%
72.2% Federal Age ncy I GSE 80%
Total Cash Ba sed Interest $7,814,099
Fi sca l Year to Date
Agencies
(FHLB ,FNMA,FHLMC ,FFCB)
$492,000,000.00
72.2%
US Treasury Notes
$55,000,000.00
8.1%
BoCC Deposit Accounts
$134,127,607 .96
19.7%
0 .80%
0 .60%
0.40%
0 .20%
0 .00%
Oct . 2015
Collier County Short Term Sector Yields
FFIB Deposit Accounts
vs.
S&P Rated GIP Benchmark
Nov . 20 15 Dec . 2015 Jan . 2016 Feb . 2016 Mar. 2016 Apr. 2016 May. 2016
0.75%
0.37 %
June . 2016 July . 2016 Aug . 2016 Sept. 2016
L-____ -__ C_o_n_re_n_tr_a_fu_n_A_c_oo_u_n_t _~_Fl_B_) _______ O_/_N _~_·_·_~_M_t_A_cr_o_u_M_(_~_l _~ ______ -__ S _&_P _~_t_~_QP~~~ I Account Establis hed March 2016 ___J
1.50%
1.00%
0.50%
0.00%
Collier County Long Term Sector Yields
Collier Long Term Portfolio Yield
vs.
B of A 1-3 Yr. Treas. Note Benchmark
0 .78%
Oct. 2015 Nov . 20 15 Dec . 2015 Jan . 20 16 Feb. 2016 Mar. 2016 Apr. 2016 May. 20 16 Ju ne. 2016 July. 2016 Aug . 20 16 Sept. 2016
Co ll ier Long Term Portfolio Yie ld -B of A 1-3 Yr Tre asury Note Benchmark