Agenda 05/13/2008 Item #10E
EXECUTIVE SUMMARY
Agenda Item No. 10E
May 13, 2008
Page 1 of 5
Recommendation for direction on tbe type, content and timing of reports tbe Board of
Couoty Commissiooen' would like to receive from the Clerk of Courts 00 the taxpayen'
investment portfolio.
OBJECTIVE: Board of County Commissioners' (Board) provide direction to the Clerk of
Courts (Clerk) for the type, content and timing of periodic reports on its' inveslment portfolio
maintained by the Clerk.
CONSIDERATIONS: From time to time, the Board through ordinance, resolution and motion
provides investment guidance to the Clerk. The most recent investment portfolio guidance was at
the Clerks request/recommendation. On January 22, 2002 (Agenda Item 16Kl), the Board
adopted Resolution 2002-42, which made two (2) modifications to the Board's Investment
Policy adopted on September 26, 1995 (Agenda Item 10D). The two (2) changes were:
1. Increase maximum portfolio composition ofU. S. Instrumentalities from 75% to 100"/0 of
the portfolio. The previous guidance for Instrumentalities was 75% of the portfolio.
2. Fonnally recognize continuing educational requirements for individuals who make
investment decisions on the Board's portfolio.
The Clerk reported to the Board on the Board's inveslment portfolio during the March 25/26,
2008 Board meeting (Agenda Item 5C). During the discussion, several key points were
considered. They are:
1. Frequency of reports to the Board (monthly, quarterly and annually);
2. Content of the reports to the Board;
3. Composition and structuring of the portfolio (laddering); and
4. Risk
Below is a list of items the Board may want to consider for inclusion in periodic reports on its
investment portfolio from the Clerk.
1. Activity section:
a. Sales activity. Maturities, calls and sales in dollars by composition category for
the current reporting period.
b. Purchase activity. Purchases by composition category and dollar amount for the
current reporting period.
2. Portfolio statistics section. A six (6) month schedule that includes:
a. Month-end portfolio balance for the current month and the preceding five (5)
months; and
b. Yield based on cost for each of the six (6) months.
3. Portfolio analysis section. Current month compared to the same month last year that
includes a percentage of change for each of the following items:
a. Month-end portfolio balance;
b. Yield based on cost;
c. Interest received for the current month; and
d. Interest received for the year to date.
4. Schedule of securities in the portfolio which includes:
a. Instrument description;
b. CUSIP number for each security that has a CUSIP number;
c. Cost (book basis) by security;
d. Fair value by security (mark to market); and
e. Net difference by security between cost and fair value.
5. Portfolio yield comparison section. A graph comparing the portfolio yield for the current
month over a ten (10) year period to the 3-month T-bill, the Fed Funds Rate, the SBA
rate, and the 2 year Treasury Average.
6. A maturities schedule based on average time to maturity.
Agenda Item No. 10E
May 13, 2008
Page 2 of 5
Risk and mark to market were discussed. For the Fiscal Years ended 9/30/06, 9/30/05, and
9/30/04, the Annual Financial Report for Collier County provided to the State Department of
Financial Services lists the Net Increase (Decrease) in the Fair Value of Investments owned by
Collier County to be, respectively, minus $2.4 Million for FY 2006; minus $3.2 Million for FY
2005 and minus $7.2 Million for FY 2004. There are no Increase (Decrease) listings for FY 2003
and FY 2002. The FY 2007 information has not yet been listed. These dollar amounts of the
decreases in fair values are not material when compared to the size of the portfolios nor do they
indicate dollars lost. The decreases are indicative of the level of risk assumed to maximize
return.
The Board's current investment policy does not describe the content of monthly portfolio reports
for the Board. It does provide that annual, quarterly and monthly reports will be presented to the
Board. These reports are not presented to the Board; they are displayed on the Clerk's web site.
The Clerk's web site currently has two (2) reports which are attached.
Should the Board decide to define the contents of the monthly portfolio reports and to have those
reports presented to the Board, the Board should consider directing the County Attorney to
prepare a modified investment policy and enabling resolution to memorialize this direction.
FISCAL IMPACT: A fiscal impact relative to this Executive Summary cannot be determined
at this time.
GROWTH MANAGEMENT IMPACT: There is no growth management impact associated
with this agenda item.
RECOMMENDATION: That the Board of County Commissioners' provide direction about
the type, content and frequency of portfolio reports the Board wants to receive.
Prepared By: John A. Y onkosky, CPA, Director
Office of Management and Budget
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Page 1 of 1
Agenda Item No. 10E
May 13, 2008
Page 5 of 5
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
Item Number:
Item Summary:
10E
Meeting Date:
Recommendation for direction on the type, content and timing of reports the Board of County
Commissioners would like to receive from the Clerk of Courts on the taxpayers investment
portfolio. (John Yonkosky, Office of Management and Budget Director)
5/13/2008 900:00 AM
Approved By
OMS Coordinator
OMS Coordinator
Date
County Manager's Office
Office of Management & Budget
5/6/20084:27 PM
Approved By
John A. Yonkosky
Director of the Office of Management
Date
County Manager's Office
Office of Management & Budget
5/6/20084:30 PM
Approved By
James V. Mudd
Board of County
Commissioners
County Manager
Date
County Manager's Office
5/6/2008 5:04 PM
file://C:\AgendaTest\Export\1 07 -May%20 13,%202008\ I 0.%20COUNTY%20MANAGER%... 5/7/2008