Agenda 11/14/2017 Item #16J111/14/2017
EXECUTIVE SUMMARY
Report to the Board regarding the investment of County funds as of the quarter ended September
30, 2017.
OBJECTIVE: To provide the Board a report regarding the investment of County funds as of the quarter
ended September 30, 2017.
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 at a publicly noticed Board of County Commissioners meeting.
Attached as exhibits are the investment portfolio inventory, portfolio composition pie chart and yield
graphs as of the end of the fourth quarter of FY-2017. The total managed portfolio at September 30, 2017
was $720,921,049, at par value. For September 2017, Collier’s short -term yield exceeded the benchmark
by .29%, primarily due to Florida PRIME’s participant yield. 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 1.08% as of September 2017. In order to maximize short term yield, only funds necessary
to meet current Board obligations are kept in the Concentration Account. Over the same period, the
Collier portfolio’s long-term sector performance was .41% lower than the benchmark due to the relative
market volatility of the 1 to 3 year Treasury yields upon which the index is based. The short overall
maturity of the portfolio, $141M (par value) maturing during the next quarter alone, will allow Collier to
take advantage of recent market shifts as well as provide sufficient liquidity for operations. There is no
loss of principal associated with the performance to benchmark of either the short or long-term portfolio.
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 Board approval 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
ATTACHMENT(S)
1. Investment Exhibits QTR4 FY 2017 (PDF)
16.J.1
Packet Pg. 1972
11/14/2017
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.J.1
Doc ID: 4147
Item Summary: Report to the Board regarding the investment of County funds as of the quarter
ended September 30, 2017.
Meeting Date: 11/14/2017
Prepared by:
Title: Senior Staff Assistant – Clerk of the Circuit Court
Name: Jennifer Milum
11/06/2017 12:36 PM
Submitted by:
Title: Senior Staff Assistant – Clerk of the Circuit Court
Name: Jennifer Milum
11/06/2017 12:36 PM
Approved By:
Review:
Clerk of the Circuit Court Derek Johnssen Additional Reviewer Completed 11/06/2017 2:32 PM
Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 11/06/2017 2:36 PM
Budget and Management Office Mark Isackson Additional Reviewer Completed 11/06/2017 3:12 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 11/07/2017 7:41 AM
County Manager's Office Nick Casalanguida Level 4 County Manager Review Completed 11/07/2017 4:46 PM
Board of County Commissioners MaryJo Brock Meeting Pending 11/14/2017 9:00 AM
16.J.1
Packet Pg. 1973
Collier County Investment Portfolio
as of 09/30/2017
Instrument
FHLMC
US Treasury Note
FHL8
FHLMC
US Treasury Note
FHL8
FHL8
FFC8
FFC8
FFCB
FHL8
FHL8
FNMA
FNMA
FHL8
FHLMC
FNMA
FHLMC
FHL8
FNMA
US Treasury Note
US Treasury Note
FHLMC
FHLMC
FHLMC
FNMA
FFC8
FFC8
Total long ter m invMtme nts
BoCC FFIB Concentration Account
BoCC FFIB O/N Investment Account
BoCC SBA Florida LGIP Account
BoCC FCB CD
Total Fund s on Deposi t
Total m a naged portfolio
CUSIP
3134G7U25
912828UA6
3130A65W8
3134G74Ql
912828M72
313381820
3130A6V95
3133EFSG3
3133EF5W8
3133EFW52
313381820
313379013
3135GOLSO
3136G3XR1
3130A8VQ3
3134GAFY5
3135GOP49
3134GAGF5
3130A9J25
3136G4851
912828T59
912828T83
3134GART3
3134G8L98
3134GABQ6
3135GOL68
3133EGW84
3133EGZ24
Settlement
Date
10/27/2015
11/9/2015
11/20/2015
11/24/2015
12/3/2015
12/8/2015
12/9/2015
12/14/2015
12/21/2015
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
10/27/2016
10/31/2016
11/1/2016
11/23/2016
12/6/2016
12/12/2016
12/19/2016
12/27/2016
Rrst
Call Date
1/27/2016
none
none
2/24/2016
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
none
none
4/28/2017
2/26/2017
8/15/2017
7/27/2017
none
12/27/2017
Call
Frequency Par Value
FNBB
Market
Value
Amortized
Cost
quarterly 25,000,000.00 24,995,600.00 25,000,000 .00
N/A 25,000,000.00 24,980,800.00 24,987,325.47
N/A 23,000,000.00 22,996,067.00 22,999,456.84
quarterly 25,000,000.00 24,991,000.00 25,000,000.00
N/A 10,000,000.00 9,996,330.00 9,998,494.38
N/A 20,000,000.00 19,987,320.00 19,989,749.11
N/A 9,000,000.00 8,999,478 .00 9,000,000.00
N/A 25,000,000.00 24,983,275 .00 25,000,000.00
continuously 25,000,000 .00 24,951,100.00 25,000,000.00
N/A 40,000,000.00 39,724,480.00 39,984,267.45
N/A 4,000,000.00 3,997,464 .00 4,000,000.00
N/A 25,000,000.00 24,993,625 .00 25,066,781.42
quarterly 25,000,000.00 24 ,723,850.00 25,000,000 .00
qu1rterly 25,000,000.00 24,346,725.00 24,964,715 .95
quarterly 25,000,000.00 24,948,700.00 25,000,000.00
quarterly 25,000,000.00 24,850,725.00 25,000,000.00
N/A 15,000,000.00 14,853,030.00 14,985,036.88
quarterly 25,000,000.00 24,920,000.00 25,000,000.00
continuously 25,000,000.00 24,688,750.00 25,000,000.00
quarterly 25,000,000.00 24 ,346,350.00 25,000,000.00
N/A 25,000,000.00 24,753,900.00 24,991,938.63
N/A 25,000,000.00 24,830,075.00 24,969,274.40
qu1rterly 22,250,000.00 22,240,365 .75 22,250,000.00
quarterly 21,000,000.00 20,978,517 .00 21,000,000.00
once 20,000,000.00 19,944,560.00 19,974,045.71
once 50,000,000.00 49,772,150.oo 49,853,040.54
N/A 10,000,000.00 9,963,520.00 9,997,561 .64
cont lnuously ___ 2~4~,0~5~0,~000~.oo~---2~3~,9~83~,9_l_0_.60 ___ ~24~,_05~0~,ooo~~·oo~
643,300,000.00 639,741,667.35 643,061,&U.42
Balance
31,096,217.92
316,884.87
36,168,826.35
10,039,119.43
77,621,048.57
720,921,048.57
A-Weighted Years to Maturity calculation is based on individual par value divided by total Iona term Investment par value multiplied by the remainina: number of year(s) to full maturity.
A B c
Weighted
Fin al
Maturity
Date
Weighted
Years
to
Maturitv
Years O/N
to Rrst Cont.
Call/Maturity Rate
10/27/2017 0.00 0.00
11/30/2017 0.01 0.01
12/19/2017 0.01 0.01
11/24/2017 0.01 0.01
11/30/2017 0.00 0.00
12/8/2017 0.01 0.01
12/1/2017 0.00 0 .00
3/14/2018 0.02 0 .02
12/21/2018 0.05 0 .05
7/1/2019 0.11 0 .11
12/8/2017 0.00 0.00
6/8/2018 0.03 0 .03
7/12/2019 0.07 0.07
7 /27 /2020 0.11 0.11
8/23/2018 0.03 0.03
8/28/2019 0,07 0,07
8/28/2019 0.04 0.04
9/13/2018 0.04 0.04
9/27/2021 0.16 0.16
9/30/2021 0.16 0.16
10/15/2019 0.08 0.08
10/31/2018 0 .04 0 .04
10/28/2019 0,07 0,07
2/26/2018 0 .01 0 .01
8/15/2018 0 .03 O.Q3
7/27/2018 0.06 0.06
12/19/2018 0.02 0.02
12/27/2018 ----~o~.0~5 ____ ~0~.0~1
1.29 1 .25
1.08
1.23
1.34
1.58
8-Weighted Years To First caH/Matu rrty calculation is based on indMdual par value divided by to tal Iona: term investment par value mu ltiplied by the remaining number of year(s) to full maturity, or to the first call date if applicab le.
When an investment passes the first call date the calculation is adjusted based on date of final maturity.
D
Coupon
Rate
0.80
0.63
1.00
0.85
0.88
0.75
1 .02
1.10
1.38
1.15
0.75
1.25
1.05
1.13
1.13
1 .30
1.00
1.10
1.60
1.60
1.00
0 .75
0.85
1 .05
1.00
0 .75
1.20
1.37
Cont. FQte/
Coupon
Weighted
Yleld
0 .03
0 .02
0 .04
0 .03
0 .01
0.02
0.01
0.04
0.05
0,07
0 .00
0 .05
0 .04
0 .04
0.04
0.05
0.02
0.04
0.06
0.06
0.04
0.03
0.03
0.03
0.03
0.06
0.02
0.05
1.01
C-An Overnight Contractual Rate is provided for overnight investments (BoCCConcentra t lon and BoCC Investment Accounts) pursuant to con tracts with First Florida lntegrrty Bank . Concentration Account Rate is indexed at 95% of the dally Effective Federal Funds Rate
with a floor (minimum) rate of .25%. The Investment Accoun t Rate is the current Fed Funds Rate , as published in the Wall Street Journal . The SBA Florida LGIP rate is the current Participant Yield as published on the SBA Florkta Prime website . A term rate is provided
for the certificate of deposit (CO) pu rsuant to contract with Flork:la Community Bank (FCB). The rate Is locked In for t he term of the CO and the CO does not have an early withdrawal penalty .
0-Coupon Rate is taken from the respective investmen t 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 Iona: term investment par value multiplted by the coupon rate .
F-Purchased Yteld is taken from the respective investment trade tickets and is based upon yteld to worst, or the minimum yield the investment will ach ieve .
G-Weighted Purchased Yiekt calculation is based on individual par value divided by total Iona: term Investment par value multiplied by t he Purchased Yield .
Purchased
Yield
G
Cont. FQte/
Weighted
Purchased
Yleld
0 .80 0.03
0 .93 0.04
1.02 0.04
0.85 0.03
0 .94 0.01
1.02 0.03
1.02 0.01
1 .10 0.04
1.38 0.05
1.17 0.07
0 .75 0.00
0 .86 0.03
1.05 0.04
1.18 0.05
1.13 0.04
1.30 0.05
1.05 0.02
1.10 0.04
1.60 0.06
1.60 0.06
1.02 0.04
0.87 0.03
0.85 0.03
1.05 0.03
1.15 0.04
1.11 0.09
1.22 0.02
1.37 ____ o~.0~5-
1.01
16.J.1.a
Packet Pg. 1974 Attachment: Investment Exhibits QTR4 FY 2017 (4147 : Investment Report)
Collier County Portfolio Composition
as of September 30, 2017 (At Par Value)
$720,921,048.57
Sector Maximum
Allowed (%) Current(%)
Bank Deposit Accounts 100% 4.4%
U.S . Treasury 100% 11 .8%
Federal Agency I GSE 80% 77.4%
SBA Florida LGIP 50% 5 .0%
FCB CD 30% 1.4%
Total Cash Ba sed Interest $7,960,199
Fisca l Year to Date
Agencies
(FHLB,FNMA,FHLMC,FFCB)
$558,300,000 .00
77 .4%
BoCC FCBCD
$10,039,119.43
1.4%
11.8%
BoCC Deposit Accounts
$31,413,102.79
4 .4%
16.J.1.a
Packet Pg. 1975 Attachment: Investment Exhibits QTR4 FY 2017 (4147 :
1.50%
1.25%
1.00%
0.75%
0.50%
0.25%
Oct. 2016 Nov. 2016 Dec. 2016
--Concentration Account (FF IB)
Collier County Short Term Sector Yields
Collier Short Term Portfolio Yield
vs .
S&P Rated GIP Government Index
Feb . 2017 Mar. 2017 Apr. 2017 May. 2017 June . 2017 July. 2017 Aug . 2017
Collier Short Term Portfolio Yield
Combined Yield on FFIB O/N Investment,
SBA Florida Prime LGIP Accounts, &
FCB CD (as of July 2017)
~S&P Rated GIP Government Index
Sept. 2017
16.J.1.a
Packet Pg. 1976 Attachment: Investment Exhibits QTR4 FY 2017 (4147 :
2.00%
1.50%
1.00%
0.50%
0.00%
Oct. 2016 Nov. 2016 Dec . 2016
Collier County Long Term Sector Yields
Collier Long Term Portfolio Yield
vs .
B of A 1-3 Yr. Treas. Note Benchmark
Feb . 2017 Mar. 2017 Apr. 2017 May. 2017 Jun e. 2017 July. 2017
--Collier Long Term Portfol io Yield .,._B of A 1-3 Yr Trea sury Note Benchmark
Aug. 2017 Sept. 2017
16.J.1.a
Packet Pg. 1977 Attachment: Investment Exhibits QTR4 FY 2017 (4147 :