Finance & Risk
Management
Committee
Meeting
February 20, 2025
Welcome
and
Call to
Order
Roll
Call
4 Items to
be Added,
Withdrawn
or
Reordered
on the
Agenda
Public
Comment
for Items
not
on the
Agenda
7 Consent Calendar
Consent
Calendar
1. Approve January 16, 2025, Meeting Minutes
Public
Comment
for
Consent
Calendar
9 Regular
Agenda
2. Amendment of the FY 2024-25 Operating
Budget, the FY 2024-25 Capital Budget, and
the FY 2025-29 Capital Investment Plan
3. Treasurer’s Report for Period Ending
December 31, 2024
10 Item No. 2
Recommendation:
Recommend Board approval amending the FY 2024-2025 Operating Budget, the FY 2024-2025 Capital Budget, and the FY 2025-2029 Capital Investment Plan.
Presenter:
Dr. Eric Washington, Chief Financial Officer
Timothy Manglicmot, Director of Finance
Amendment of the FY 2024-25 Operating Budget, the FY 2024-25 Capital Budget, and the FY 2025-29 Capital Investment Plan 11 Budget Timeline
The Board adopted schedule for budget development is the following.
Develop Operating
Revenue Estimate
Develop Operating
Expense Estimate
Develop financial
plan for credit rating
in 3-years
February March-April
Strategic planning
sessions with SDCP
Board
Staff develop
operating budgets
Baseline budget is
developed
May
Financial and Risk
Management
Committee Review
SDCP Board Preview
(Information Item)
June
SDCP Board Approval July 1st Budget
Implemented
Mid-year budget
review (February)
Budget amendments
as necessary
12 Budget Principles for FY 2024-25
• Maintain Fiscal Responsibility
• Maintain Sufficient Reserves
• User-Friendly Financial Reports
• Model Best Practices
• Facilitate Engagement
• Promote Transparency
• Community Focused
13 Proposed FY 2024-25 Amended Budget
Operational Revenue
FY 2025
$1,177.9M
Total Expense
$1,143.9M
Net Position
+$34.0M
Operational Revenue
$1,221.3M
FY 2025 Amended
Total Expense
$1,187.1M
Net Position
+$34.2M
14 Proposed FY 2024-25 Amended Budget
Net Revenue
FY 2025
$1,177.9M
Total Expense
$1,143.9M
Net Position
+$34.0M
Net Revenue
$1,221.3M
FY 2025 Amended
Total Expense
$1,187.1M
Net Position
+$34.2M
+$43.3 million
Approved rate change,
effective February 1, 2025
+$43.2 million
Higher energy costs,
reduced non-energy
costs, and CIP investment
+$0.2 million
Increase to net position
over adopted budget
15 Budget Amendment – Summary
Item FY 25 Amended
Budget, $M
FY 25 Approved
Budget, $M Difference
Gross Revenue 1,243.0 1,233.4 9.6
Less Uncollectible Accounts (21.7) (54.5) (33.7)
Net Revenue 1,221.3 1,177.9 43.3
Cost of Energy 1,116.8 1,073.7 43.2
Non-Energy Costs 50.8 53.8 (3.0)
Subtotal Operating Expense 1,167.6 1,127.5 40.2
Debt Service 1.3 1.3 0.0
Capital Investment Program 18.2 15.2 3.0
Total Expense 1,187.1 1,143.9 43.2
Net Position 34.2 34.0 0.2
16 Proposed FY 2024-25 Budget Amendment
Budget Changes by Category
Revenue
Cost of Energy
Board approved rate change on
2/7/2025.
Increases in renewable and resource
adequacy energy prices.
FY25 (amendment)
$1,243.0m
FY25
$1,116.8m
Professional
Services
Personnel
Marketing and
Outreach
General and
Administrative
FY25 (approved)
$1,233.4m
FY25
$1,073.6m
Increase in personnel is lowering the
need for professional services.
FY25
$24.3m
FY25
$24.8m
Recruitment strategy of 7 new staff
growing the agency to 87 total staff.
FY25
$18.6m
FY25
$18.6m
Marketing and Outreach budget remains
relatively even.
FY25
$2.9m
FY25
$3.0m
Reduced spending through fiscal
prudence.
FY25
$4.9m
FY25
$7.4m
Capital Budget Proposed SBS investment of an
additional $3.0 million.
FY25
$147.6m
FY25
$144.6m
17 Budget – CCA Comparison
Community Choice
Aggregator
Years Est.
(JPA eff.
Date)
Customer
Accounts*
Cost of
Energy, $M**
Non-Energy
Costs, $M
Net
Ratepayer
Revenue, $M
Energy
Costs/Net
Revenue (%)
Clean Power Alliance Jun 2017 1,044,116 1,393.3 67.5 1,582.4 88% San Diego Community
Power Oct 2019 954,418 1,073.7 53.8 1,177.9 91%
Ava Community Energy Dec 2016 643,500 771.9 45.3 881.7 88% Marin Clean Energy Dec 2008 586,906 668.8 45.5 787.9 85% Central Coast Community
Energy Mar 2018 447,166 665.3 65.1 745.9 89%
Peninsula Clean Energy Feb 2016 314,175 423.4 57.1 451.9 94% *Customer are from CalCCA as of December 2024 (https://cal-cca.org/cca-impact/). **Cost of energy, non-energy costs and ratepayer revenue are from FY25 adopted budgets. SDCP costs and revenue are from its proposed FY25 budget amendment. ***SDCP includes CIP and debt service costs whereas most other CCAs do have minimal or zero debt service costs.
Public
Comment for
Item No. 2
19 Item No. 3
Recommendation:
Receive and File Treasurer's Report for Period Ending December 31, 2024.
Treasurer’s Report for Period Ending December 31, 2024
Presenter:
Dr. Eric Washington, Chief Financial Officer
20 Results for the period underperformed overall
compared to the adopted budget:
• Net operating revenues 3.0 percentage
points over budget.
• Operating expenses came in 6.0
percentage points over budget.
Financial results for the YTD FY25:
• $756.0M in net operating revenues
• $717.7M in total expenses (includes
energy costs of $687.7M or 91% of net
revenues)
• $38.4M change in YTD net position
Item 3: Treasurer’s Report
YTD FY25 Budget v. Actual
YTD FY25 as of
12/31/24 (6 months) FY25 YTD Budget Budget Variance ($) Budget (%) Net Operating Revenues $ 756,048,845 $ 731,417,225 $ 24,631,620 103% Total Expenses $ 717,660,481 $ 677,423,389 $ 40,237,092 106% Change in Net Position $ 38,388,364 $ 53,993,836 $ (15,605,472) -29% Budget Comparison
$-
$100,000,000
$200,000,000
$300,000,000
$400,000,000
$500,000,000
$600,000,000
$700,000,000
$800,000,000
Net Operating Revenues Total Expenses Change in Net Position YTD FY25 Results v. Budget
YTD FY25 as of 12/31/24 (6 months) FY25 YTD Budget
21 $M $200M $400M $600M
$M $50M $100M $150M $200M
$38M
Reserve
Contribution
FY 2024-25 YTD
Item 3: Treasurer’s Report
$583M
Total Liquidity
FY 2024-25 YTD
$0M
Outstanding
Debt
FY 2024-25 YTD
67%
Percent Reserve
Goal Met
FY 2024-25
CONTRIBUTION RESERVES
GOAL DEBT
Reserve contribution
for the fiscal year
Outstanding loans
FY25 YTD
Total available liquidity
FY25 YTD
$556M 180-DCOH
Reserve Target FY25
$556M
$38M Actual
FYTD $54M Budget
FYTD
$371M
Cash
$212
LOC
$M $20M $40M $60M
Cash
67%
Unmet
Reserves
33%
22 Item 3: Treasurer’s Report
120
Days
Cash on Hand
188
Days
Cash on Hand with
Total Liquidity
$369.6M
$383.3M
$388.5M
$361.7M
$336.0M
$299.8M
$296.1M
$346.3M
$367.7M
$422.2M
$417.2M
$371.0M
$482.6M $496.3M $501.5M
$474.7M
$449.0M
$412.8M $409.1M
$450.3M $471.7M
$526.2M
$582.7M $583.5M
$0.0M
$50.0M
$100.0M
$150.0M
$200.0M
$250.0M
$300.0M
$350.0M
$400.0M
$450.0M
$500.0M
$550.0M
$600.0M
$650.0M
$700.0M
1/31/20242/29/20243/31/20244/30/20245/31/20246/30/20247/31/20248/31/20249/30/2024 10/31/202411/30/202412/31/2024
Rolling 12 Month Reserves FY 2024-25
Unrestricted Cash Lines of Credit
FY25 RESERVE GOAL:
23 Item 3: Treasurer’s Report
INVESTMENT REPORT
San Diego Community Power | As of December 31, 2024
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
ECONOMIC UPDATE
26 -400
-200
0 200
400
600
800
1,000
MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 143,000 jobs in January, below consensus expectations, and the last two months were revised up by 100,000.
Gains were led by retail and health care. The three-month moving average and six-month moving average payrolls totaled 237,000 and 178,000 respectively. The unemployment rate declined to 4.0% in January, and the labor participation rate edged up to 62.6%, remaining below the pre-pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons remained unchanged at 7.5%. Average hourly earnings ticked up to an increase of
4.1% year-over-year in January.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
27 0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) Change
In December, the Consumer Price Index (CPI) rose 0.4% month-over-month and 2.9% year-over-year. The Core CPI, which excludes volatile food and energy components, rose 0.2% month-over-month and 3.2% year-over-year, slowing from last month and coming in lower than consensus expectations. The Personal Consumption Expenditures (PCE) Index rose 0.3% from the previous month and 2.6% year-over-year in December versus a 2.4% increase in November. The Core PCE deflator (the Fed’s preferred gauge) increased 0.2% month-over-month and 2.8% over the past year. Although inflation has moderated, price increases remain above the Fed’s 2% target.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
28 Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Jan-25
Oct-24
Jan-24
Yield (%)
At the end of January, the 2-year Treasury yield was 1 basis point lower, and the 10-Year Treasury yield was 63 basis points higher, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve increased slightly to +34 basis points at January month-end versus +33 basis points at December month-end. The yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2005) is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +25 basis points in January, unchanged from December.
BOND YIELDS
29 ACCOUNT PROFILE
30 OBJECTIVES
Investment Objectives
The investment objectives of the San Diego Community Power are first, to provide safety of principal to ensure the preservation of capital in the overall portfolio; second, to provide sufficient liquidity to meet all disbursement
requirements; and third, to earn an acceptable rate of return after first considering safety of principal and liquidity.
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.
Strategy
In order to achieve this objective, the portfolio invests in high- quality fixed income securities that comply with the investment policy and all regulations governing the funds. 31 PORTFOLIO CHARACTERISTICS
San Diego Community Power | Account #XXXXX | As of December 31, 2024 *Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index **The credit quality is a weighted average calculation of S&P, Moody’s and Fitch.
Benchmark* 12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs) 2.66 2.43 3.20
Average Modified Duration 2.48 2.06 2.70
Average Purchase Yield 4.30% 4.25%
Average Market Yield 4.29% 4.41% 3.88%
Average Quality** AA+ AA+ AA+
TotalMarket Value 50,337,325 25,462,904
32 SECTOR DISTRIBUTION
San Diego Community Power | Account #XXXX | As of December 31, 2024 Sector as a Percentage of Market Value
Sector 12/31/2024 09/30/2024
US Treasury 57.53% 47.79%
Corporate 16.93% 24.10%
Agency CMBS 11.73% 12.03%
ABS 5.28% 9.70%
Money Mkt Fd 4.90% 0.79%
Agency 2.79% 5.56%
Muni Bonds 0.80% --
33 STATEMENT OF COMPLIANCE
San Diego Community Power| Account# XXXX| As of December 31, 2024 Rules Name Limit Actual Complianc e
Status
Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max% (MV) 100.0 11.7 Compliant
Max% Issuer (MV) 30.0 11.7 Compliant
Max Maturity (Years) 5.0 4.9 Compliant
Min Rating (A-1 by 1,A- by 1) 0.0 0.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max% (MV) 20.0 5.3 Compliant
Max% Issuer (MV) 5.0 0.9 Compliant
Max Maturity (Years) 5.0 4.6 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max% (MV) 40.0 0.0 Compliant
Max% Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180.0 0.0 Compliant
Min Rating (A-1 by 1) 0.0 0.0 Compliant
CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
Max% (MV) 50.0 0.0 Compliant
Max% Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (A-1 by 1,A- by 1) 0.0 0.0 Compliant
COLLATERALIZED BANK DEPOSITS
Max% (MV) 100.0 0.0 Compliant
Max% Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NON-
NEGOTIABLE CD/TD)
Max% (MV) 100.0 0.0 Compliant
Max% Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (A-1 by 1) 0.0 0.0 Compliant
34 STATEMENT OF COMPLIANCE
San Diego Community Power| Account# XXXX| As of December 31, 2024 Rules Name Limit Actual Complianc e
Status
Notes
COMMERCIAL PAPER
Max% (MV) 25.0 0.0 Compliant
Max% Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270.0 0.0 Compliant
Min Rating (A-1 by 1,A- by 1) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max% (MV) 30.0 16.9 Compliant
Max% Issuer (MV) 5.0 1.2 Compliant
Max Maturity (Years) 5.0 4.9 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
FDIC INSURED TIME DEPOSITS (NON-
NEGOTIABLE CD/TD)
Max% (MV) 100.0 0.0 Compliant
Max% Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (A-1 by 1,A- by 1) 0.0 0.0 Compliant
FEDERAL AGENCIES
Max% (MV) 100.0 2.8 Compliant
Max% Issuer (MV) 30.0 1.8 Compliant
Max Maturity (Years) 5.0 2.6 Compliant
Min Rating (A-1 by 1,A- by 1) 0.0 0.0 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max% (MV) 100.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max% (MV) 20.0 4.9 Compliant
Max% Issuer (MV) 20.0 4.9 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max% (MV) 20.0 0.0 Compliant
Max% Issuer (MV) 5.0 0.0 Compliant
35 STATEMENT OF COMPLIANCE
San Diego Community Power| Account# XXXX| As of December 31, 2024 Rules Name Limit Actual Complianc e
Status
Notes
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max% (MV) 30.0 0.8 Compliant
Max% Issuer (MV) 5.0 0.8 Compliant
Max Maturity (Years) 5.0 4.6 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
Max% (MV) 30.0 0.0 Compliant
Max% Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max% (MV) 30.0 0.0 Compliant
Max% Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (A-1 orA- by 1) 0.0 0.0 Compliant
SRI PROHIBITED INVESTMENTS
Prohibited Investment- Fossil Fuels 0.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max% (MV) 30.0 0.0 Compliant
Max% Issuer (MV) 10.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max% (MV) 100.0 57.5 Compliant
Max Maturity (Years) 5.0 4.8 Compliant
Min Rating (A-1 by 1,A- by 1) 0.0 0.0 Compliant
36 QUALITY DISTRIBUTION
Rating 12/31/2024 09/30/2024
AAA 32.3% 13.7%
AA 50.7% 63.1%
A 15.9% 21.7%
NA 1.1% 1.4%
Rating 12/31/2024 09/30/2024
AAA 59.1% 69.5%
AA 3.0% 2.4%
A 35.6% 23.6%
NA 2.2% 4.5%
Rating 12/31/2024 09/30/2024
AAA 36.4% 17.5%
AA 50.1% 60.4%
A 5.8% 8.3%
NA 7.7% 13.8%
San Diego Community Power | Account # XXXX | As of December 31, 2024 S&P Rating Moody’s Rating Fitch Rating
37 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 24.8% 0.0% 3.9% 18.6% 20.4% 20.2% 12.1% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury
& Agency Index 0.0% 0.0% 2.4% 36.3% 26.3% 24.0% 11.0% 0.0% 0.0%
DURATION DISTRIBUTION
San Diego Community Power | Account # XXXX | As of December 31, 2024 Portfolio Compared to the Benchmark
38 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
San Diego Community Power (0.66%) (0.66%)
Benchmark (0.76%) (0.76%)
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.
INVESTMENT PERFORMANCE
San Diego Community Power | Account # XXXX | As of December 31, 2024 Total Rate of Return : Inception | 10/01/2024
-0.80%
-0.70%
-0.60%
-0.50%
-0.40%
-0.30%
-0.20%
-0.10%
0.00%
3 months 12 months 2 years 3 years 5 years 10 years Since Inception San Diego Community Power Benchmark
39 IMPORTANT DISCLOSURES
2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data ServicesInc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory feeslowers performance results. These resultsinclude the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clientsshould not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changesin investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.
Thisreport is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. Thisreport may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. Thisreport is not intended to constitute an offer,solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratingsinformation have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities(“MBS”) reflect the issuer rating because the securitiesthemselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively. 40 BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.
Public
Comment for
Item No. 3
Committee Member
Announcements
Adjournment
Next Regular
Finance & Risk
Management
Committee
Meeting
March 20, 2025