Agenda Item B.4
CONSENT CALENDAR
Meeting Date: January 17, 2023
TO: Mayor and Councilmembers
FROM: Luke Rioux, Finance Director
SUBJECT: Acceptance of the October 2022 Investment Transaction Report RECOMMENDATION:
Accept the investment transaction report for the month of October 2022.
BACKGROUND:
Transmitted herewith is the investment transaction report for the month of October 2022.
DISCUSSION:
Investment Transaction Report
As of October 31, 20 22, the City‘s investment portfolio total ed $83,794,307.43. The City’s weighted average yield in October was 1.350%.
Attachment 1 contains the Investment Transaction Report, whi ch includes the Investment Activity and Interest Report, Summary of Cash and Investments, and Investment Portfolio detail as of October 31, 2022.
FISCAL IMPACTS:
As of October 31, 2022, the investment portfolio is in compliance with all State laws and the City’s Investment Policy. There are sufficient funds available to meet the City’s expenditure requirements for the next six months.
Reviewed By: Approved By:
___________________ _________________
Kristine Schmidt Robert Nisbet
Assistant City Manager City Manager
1 ATTACHMENTS:
1. October 2022 Investment Transaction Report
2 ATTACHMENT 1
Investment Transaction Report October 2022
3 Attachment 1
INVESTMENT ACTIVITY INVESTMENT INCOME
PURCHASES OR DEPOSITS POOLED INVESTMENTS
10/14/2022 Transfer from LAIF to Money Market 10,000,000.00$ Interest Earned on Investments 40,629.08 $ Total
Total 10,000,000.00 $
SALES, MATURITIES, CALLS OR WITHDRAWALS
10/14/2022 Transfer from LAIF to Money Market (10,000,000.00)$ Total (10,000,000.00)$
ACTIVITY TOTAL -$ INCOME TOTA L 40,629.08$ City of Goleta
Investment Activity and Interest Report
October 31, 2022
4 Attachment 1
ENDING BALANCE AS OF SEPTEMBER 30, 2022
Account Description
Book
Value
Market
Value
Percent of
Portfolio
Weighted Yield to
Maturity
Average
Days to
Maturity
Checking Accounts 726,361.59 $ 726,361.59 $ 0.874% 0.000% 1 Money Market Accounts 25,356,670.70 25,356,670.70 30.518% 1.273% 1 (1) Local Agency Investment Funds 51,548,361.71 50,556,620.82 62.040% 1.350% 1 (2) Certificates of Deposit 4,954,000.00 4,675,436.08$ 5.962% 1.960% 1794 U.S. BANK (PARS) 503,500.00 432,957.48$ 0.606% 0.000% 1 Totals and Averages 83,088,894.00 81,748,046.67$ 100.000% 1.343% 108 Total Cash and Investments 83,088,894.00$
NET CASH AND INVESTMENT ACTIVITY FOR OCTOBER 2022
705,413.43$
ENDING BALANCE AS OF OCTOBER 31, 2022
Account Description
Book
Value
Market
Value
Percent of
Portfolio
Weighted Yield to
Maturity
Average
Days to
Maturity
Checking Accounts 2,288,326.70 $ 2,288,326.70 $ 2.731% 0.000% 1 Money Market Accounts (1) 34,324,706.98 34,324,706.98 40.963% 1.371% 1 Local Agency Investment Funds (2) 41,723,773.75 40,921,048.48 49.793% 1.350% 1 Certificates of Deposit 4,954,000.00 4,636,693.61 5.912% 1.960% 1794 U.S. BANK (PARS) 503,500.00 445,861.78 0.601% 0.000% 1 Totals and Averages 83,794,307.43$ 82,616,637.55$ 100.000% 1.350% 107 Total Cash and Investments 83,794,307.43$
Notes:
(1)
(2)
City of Goleta
Summary of Cash and Investments
October 31, 2022
Community West Bank serves as the City's primary banking institution. Interest earnings are guaranteed at a minimum rate 0.7098% per banking agreement for the money market account. The rate may be adjusted to match the higher of the Pooled Money Investment Account (PMIA) or quarterly Local Agency Investment Fund (LAIF) apportionment rate. All deposits held are required to be fully collateralized by State law. The City has a written collateralization agreement with Community West Bank to ensure the safety of public funds and utilizes an irrevocable letter of credit through the Federal Home Loan Bank of San Francisco.
For reporting purposes the LAIF yield displayed is the apportionment rate available at the time of preparing this report. The apportionment rate is the actual interest earned from LAIF and is based on the prior three-month average of the PMIA effective yield, net of administrative costs. As of FY 17/18 the quarterly apportionment rate includes interest earned on the CalPERS Supplemental Pensio n
Payment loan pursuant to Government Code 20825 (c)(1) and in FY 18/19 interest earned on Wildfire Fund loan pursuant to Public Utility Code 3288 (a), which are not reflected in the PMIA monthly effective yield, due to the structure of the loan.
5 City of Goleta
Investment Portfolio
October 31, 2022
Attachment 1
PURCHASE MATURITY DAYS TO STATED YIELD A T FACE BOOK MARKET** DATE DATE MATURITY RATE 365 VALUE VALUE VALUE
CHECKING ACCOUNTS
COMMUNITY WEST BANK GENERAL CHKING ACCT - - 1 0 0.000% 1,786,908.83 1,786,908.83 1,786,908.83 COMMUNITY WEST BANK GENERAL REV ACCT 1 0 0.000% 217,740.04 217,740.04 217,740.04 COMMUNITY WEST BANK PAYROLL CHKING ACCT 1 0 0.000% - - - PERSHING - SAFE KEEPING ACCT 0 0.000% 283,677.83 283,677.83 283,677.83 Subtotal, Checking Accounts 0.000% 0.000% 2,288,326.70$ 2,288,326.70$ 2,288,326.70$
MONEY MARKET ACCOUNTS
COMMUNITY WEST BANK MMA - - 1 1.3713% 1.3713% 34,324,706.98 34,324,706.98 34,324,706.98 Subtotal, MMA Account 1 1.3713% 1.3713% 34,324,706.98 $ 34,324,706.98$ 34,324,706.98$
LOCAL AGENCY INVESTMENT FUND
LOCAL AGENCY INVESTMENT FUND - - 1 1.350% 1.350% 41,723,773.75 41,723,773.75 40,921,048.48 Subtotal, LAIF 1 1.350% 1.350% 41,723,773.75 $ 41,723,773.75$ 40,921,048.48$
CERTIFICATES OF DEPOSIT
MEDALLION BK UTAH 8/1/2019 7/31/2023 1,460 2.100% 2.100% $249,000.00 $249,000.00 244,620.09 $ 58404DEV9 CAPITAL ONE NA 8/1/2019 7/30/2024 1,825 2.250% 2.250% $247,000.00 $247,000.00 236,887.82 $ 14042RMU2 CAPITAL ONE BANK USA NA 8/1/2019 7/30/2024 1,825 2.250% 2.250% $247,000.00 $247,000.00 236,887.82 $ 14042TBQ9 ENERBANK USA 8/1/2019 7/30/2024 1,825 2.150% 2.150% $247,000.00 $247,000.00 236,472.86 $ 29278TKJ8 MORGAN STANLEY BANK NA 8/1/2019 7/30/2024 1,825 2.200% 2.200% $247,000.00 $247,000.00 236,663.05 $ 61690UJX9 MORGAN STANLEY PVT BANK 8/1/2019 7/30/2024 1,825 2.200% 2.200% $247,000.00 $247,000.00 236,663.05 $ 61760AS75 LIVE OAK BKG CO WILMINGTON NC 2/12/2020 8/12/2024 1,643 1.700% 1.700% $247,000.00 $247,000.00 234,427.70 $ 538036HY3 WASHINGTON FEDERAL 8/1/2019 7/30/2024 1,825 2.050% 2.050% $249,000.00 $249,000.00 237,608.25 $ 938828BJ8 WELLS FARGO BK N A SIOUX FALLS S D 1/29/2020 1/29/2025 1,827 1.950% 1.950% $247,000.00 $247,000.00 232,414.65 $ 949763T30 RAYMOND JAMES BK NATL ASSN ST PETERSBURG2/18/2020 2/14/2025 1,823 1.750% 1.750% $247,000.00 $247,000.00 231,187.06 $ 75472RBB6 ENCORE BK LITTLE ROCK ARK CTF DEP 3/25/2020 3/25/2025 1,826 1.150% 1.150% $249,000.00 $249,000.00 228,801.12 $ 29260MAV7 POPPY BK SANTA ROSA CA CTF DEP 4/27/2020 3/27/2025 1,795 1.100% 1.100% $249,000.00 $249,000.00 228,474.93 $ 73319FAK5 AMERICAN EXPRESS NATL BK BROKERED INTL CT 4/16/2020 3/31/2025 1,810 1.550% 1.550% $248,000.00 $248,000.00 230,173.76 $ 02589AB68 PACIFIC ENTERPRISE BK IRVINE CA CTF DEP 4/30/2020 3/31/2025 1,796 1.150% 1.150% $249,000.00 $249,000.00 228,689.07 $ 694231AC5 STATE BK INDIA NEW YORK NY CTF DEP 5/15/2020 4/29/2025 1,810 1.600% 1.600% $248,000.00 $248,000.00 229,898.48 $ 856285TF8 ALLY BK SANDY UTAH CRF ACT/365 6/2/2022 6/2/2027 1,826 3.100% 3.100% $249,000.00 $249,000.00 235,212.87 $ 02007GSH7 TOYOTA FINANCIAL SAVINGS BANK HEND NV 10/14/2021 10/14/2026 1,826 1.050% 1.050% $247,000.00 $247,000.00 213,701.93 $ 89235MLU3 US BANK USA SALT LAKE CITY UT 10/27/2021 10/27/2026 1,826 1.050% 1.050% $249,000.00 $249,000.00 214,842.18 $ 90348JV56 DISCOVER BK GREENWOOD DEL 6/1/2022 6/1/2027 1,826 3.200% 3.200% $245,000.00 $245,000.00 228,599.70 $ 254673F76 FIRST TECHNOLOGY FED CREDIT UNION #19976 8/5/2022 8/5/2027 1,826 3.650% 3.650% $247,000.00 $247,000.00 234,467.22 $ 33715LEB2 Subtotal, Certificates of Deposit 1,794 1.960% 1.960% 4,954,000.00 $ 4,954,000.00 $ 4,636,693.61 $
PUBLIC AGENCY RETIREMENT SERVICES (PARS)
OPEB - Moderate Index Plus 2/4/2022 1 0.000% 333,500.00$ 333,500.00 $ 295,322.56 $ PENSION - Moderate Index Plus 2/4/2022 1 0.000% 170,000.00$ 170,000.00 $ 150,539.22 $ Subtotal 1 0.000% 503,500.00 $ 503,500.00 $ 445,861.78 $ Total 83,794,307.43$ 83,794,307.43 $ 82,616,637.55$
Notes:
* Comments for Certificates of Deposit represent the CUSIP Number (Committee on Uniform Securities Identification Procedures). * *Market Value on Certificates of Deposit have been obtained from the City's safekeeping agent, Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation. Market value disclosure is for informational purposes only.
City policy is to hold all investments to maturity; therefore, any unrealized gain or loss reflected between the book value and market value of an investment will not be realized. **Market Value on U.S. Bank, Trustee for PARS: Account balances are inclusive of Trust Administration, Trustee and Investment Management fees.
DESCRIPTION COMMENTS *
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