Agenda Item A.7
CPMS CONSENT CALENDAR
Meeting Date: May 20, 2025
TO: Mayor and Councilmembers
SUBMITTED BY: Luke Rioux, Finance Director
PREPARED BY: Ryan Schwarz, Accountant
SUBJECT: Acceptance of the February 2025 Investment Transaction Report RECOMMENDATION:
Accept the investment transaction report for the month of February 2025.
BACKGROUND:
Transmitted herewith is the investment transaction report for the month of February 2025.
DISCUSSION:
Investment Transaction Report
As of February 28, 202 5, the City‘s investment portfolio totaled $ 69,195,681.32. The City’s weighted average yield in February was 4.170%.
Attachment 1 contains the Investment Transaction Report, which includes the Investment Activity and Interest Report, Summary of Cash and Investments, and Investment Portfolio detail as of February 28, 2025.
FISCAL IMPACTS:
As of February 28, 2025, 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.
APPROVED BY: Robert Nisbet, City Manager
ATTACHMENTS:
1. Investment Transaction Report – February 2025
1 ATTACHMENT 1
Investment Transaction Report – February 2025
2 Attachment 1
INVESTMENT ACTIVITY INVESTMENT INCOME
PURCHASES OR DEPOSITS POOLED INVESTMENTS
2/12/2025 MORGAN STANLEY PRIVATE BANK 244,000.00$ Interest Earned on Investments 52,006.21$ Total
Total 244,000.00$
SALES, MATURITIES, CALLS OR WITHDRAWALS
2/14/2025 RAYMOND JAMES BK 247,000.00$
Total 247,000.00$
ACTIVITY TOTAL 491,000.00$ INCOME TOTAL 52,006.21$ City of Goleta
Investment Activity and Interest Report
Investment Transaction Report - February 2025
3 Attachment 1
ENDING BALANCE AS OF JANUARY 31, 2025
Account Description
Book
Value
Market
Value
Percent of
Portfolio
Weighted Yield to
Maturity
Average
Days to
Maturity
Checking Accounts 2,765,297.00$ 2,765,297.00$ 4.355% 0.000% 1 Money Market Accounts 8,989,523.39 8,989,523.39$ 14.159% 4.710% 1 Local Agency Investment Funds 45,384,386.65 45,367,230.67$ 71.481% 4.710% 1 Certificates of Deposit 5,178,000.00 5,131,508.40$ 8.155% 2.883% 1735 United States Treasury Bill 1,174,435.16 5,530,252.00$ 1.850% 4.700% 168 POOLED INVESTMENTS SUBTOTAL 63,491,642.20$ 67,783,811.46$ 100.000% 4.356% 145.504 Held by Fiscal Agent (US Bank - PARS) 503,500.00$ 564,184.06$ 1 Held by Fiscal Agent (BNY Mellon) 899.57 899.57$ 1 HELD BY FISCAL AGENT SUBTOTAL 504,399.57$ 565,083.63 Totals 63,996,041.77$ 68,348,895.09$
Total Cash and Investments 63,996,041.77$
NET CASH AND INVESTMENT ACTIVITY FOR FEBRUARY 2025
5,199,639.55$
ENDING BALANCE AS OF FEBRUARY 28, 2025
Account Description
Book
Value
Market
Value
Percent of
Portfolio
Weighted Yield to
Maturity
Average
Days to
Maturity
Checking Accounts 4,563,906.31$ 4,563,906.31$ 6.644% 0.000% 1 Money Market Accounts (1) 7,986,413.36 7,986,413.36 11.627% 4.620% 1 Local Agency Investment Funds (2) 45,384,386.65 45,367,230.67 66.070% 4.620% 1 Certificates of Deposit 5,175,000.00 5,131,779.77 7.534% 3.114% 1735 United States Treasury Bill 5,581,575.43$ 5,573,375.50 8.126% 4.250% 1315 POOLED INVESTMENTS SUBTOTAL 68,691,281.75$ 68,622,705.61$ 100.000% 4.170% 238.387 Held by Fiscal Agent (US Bank - PARS) 503,500.00$ 567,347.93$ 1 Held by Fiscal Agent (BNY Mellon) 899.57 899.57 1 HELD BY FISCAL AGENT SUBTOTAL 504,399.57$ 568,247.50$ Totals 69,195,681.32$ 69,190,953.11$
Total Cash and Investments 69,195,681.32$
Notes:
(1)
(2)
City of Goleta
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 Pension 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.
Summary of Cash and Investments
Investment Transaction Report - February 2025
4 Attachment 1
PURCHASE MATURITY DAYS TO STATED YIELD AT FACE BOOK MARKET** DATE DATE MATURITY RATE 365 VALUE VALUE VALUE
CHECKING ACCOUNTS
COMMUNITY WEST BANK GENERAL CHKING ACCT - - 1 0 0.000% 3,814,881.54 3,814,881.54 3,814,881.54 COMMUNITY WEST BANK GENERAL REV ACCT 1 0 0.000% 569,597.70 569,597.70 569,597.70 COMMUNITY WEST BANK PAYROLL CHKING ACCT 1 0 0.000% 89.06 89.06 89.06 PERSHING - SAFE KEEPING ACCT 0 0.000% 179,338.01 179,338.01 179,338.01 Subtotal, Checking Accounts 1 0.000% 0.000% 4,563,906.31$ 4,563,906.31$ 4,563,906.31$
MONEY MARKET ACCOUNTS
COMMUNITY WEST BANK MMA - - 1 4.620% 4.6200% 7,986,413.36 7,986,413.36 7,986,413.36 Subtotal, MMA Account 1 4.620% 4.6200% 7,986,413.36$ 7,986,413.36$ 7,986,413.36$
LOCAL AGENCY INVESTMENT FUND
LOCAL AGENCY INVESTMENT FUND - - 1 4.620% 4.620% 45,384,386.65 45,384,386.65 45,367,230.67 Subtotal, LAIF 1 4.620% 4.620% 45,384,386.65$ 45,384,386.65$ 45,367,230.67$
CERTIFICATES OF DEPOSIT
ENCORE BK LITTLE ROCK ARK CTF DEP 4/25/2020 3/25/2025 1,795 1.150% 1.150% 249,000.00 249,000.00 248,469.63 29260MAV7 POPPY BK SANTA ROSA CA CTF DEP 4/27/2020 3/27/2025 1,795 1.100% 1.100% 249,000.00 249,000.00 248,417.34 73319FAK5 AMERICAN EXPRESS NATL BK BROKERED INTL CTF DEP3/31/2020 3/31/2025 1,826 1.550% 1.550% 248,000.00 248,000.00 247,412.24 02589AB68 PACIFIC ENTERPRISE BK IRVINE CA CTF DEP 3/31/2020 3/31/2025 1,826 1.150% 1.150% 249,000.00 249,000.00 248,345.13 694231AC5 STATE BK INDIA NEW YORK NY CTF DEP 4/29/2020 4/29/2025 1,826 1.600% 1.600% 248,000.00 248,000.00 246,851.76 856285TF8 ALLY BK SANDY UTAH CRF ACT/365 6/2/2022 6/2/2027 1,826 3.100% 3.100% 249,000.00 249,000.00 245,421.87 02007GSH7 TOYOTA FINANCIAL SAVINGS BANK HEND NV 10/14/2021 10/14/2026 1,826 1.050% 1.050% 247,000.00 247,000.00 234,669.76 89235MLU3 UBS BANK USA SALT LAKE CITY UT 10/27/2021 10/27/2026 1,826 1.050% 1.050% 249,000.00 249,000.00 236,251.20 90348JV56 DISCOVER BK GREENWOOD DEL 6/1/2022 6/1/2027 1,826 3.200% 3.200% 245,000.00 245,000.00 239,423.80 254673F76 FIRST TECHNOLOGY FED CREDIT UNION #19976 8/5/2022 8/5/2027 1,826 3.650% 3.650% 247,000.00 247,000.00 243,559.29 33715LEB2 DORT FINANCIAL CREDIT UNION 6/20/2023 6/20/2028 1,827 4.500% 4.500% 247,000.00 247,000.00 248,714.18 25844MBB3 COVANTAGE CREDIT UNION 8/6/2024 8/7/2028 1,462 4.200% 4.200% 247,000.00 247,000.00 246,481.30 22282XAD2 CUSTOMERS BANK 8/8/2024 8/8/2028 1,461 4.150% 4.150% 244,000.00 244,000.00 242,994.72 23204HPW2 MERRICK BANK SOUTH JORDAN 9/12/2024 8/11/2028 1,429 4.000% 4.000% 247,000.00 247,000.00 244,900.50 59013KG59 SNB BANK NATIONAL ASSOCIATION 8/14/2024 8/14/2028 1,461 4.100% 4.100% 226,000.00 226,000.00 224,779.60 78470MBS6 BAXTER CREDIT UNION VERNON HILLS 8/22/2023 8/22/2028 1,827 5.000% 5.000% 248,000.00 248,000.00 253,066.64 07181JBB9 FIRST NATIONAL BANK 8/30/2024 8/30/2028 1,461 3.800% 3.800% 249,000.00 249,000.00 245,187.81 32110YP74 CARTER FEDERAL CREDIT UNION 8/7/2024 8/7/2029 1,826 4.250% 4.250% 247,000.00 247,000.00 246,859.21 14622LAS1 ALTAONE FEDERAL CREDIT UNION 8/15/2024 8/15/2029 1,826 4.250% 4.250% 247,000.00 247,000.00 246,869.09 02157RAB3 NEIGHBORS FEDERAL CREDIT UNION 1/30/2025 1/30/2030 1,826 4.300% 4.300% 249,000.00 249,000.00 249,353.58 64017ABN3 MORGAN STANLEY PRIVATE BANK NATL ASSOCIATION2/12/2025 2/12/2030 1,826 4.250% 4.250% 244,000.00 244,000.00 243,751.12 61776NLK7 Subtotal, Certificates of Deposit 1,735 3.114% 3.114% 5,175,000.00$ 5,175,000.00$ 5,131,779.77$
US TREASURY SECURITIES - DISCOUNT
UNITED STS TREAS BILLS 1/31/2024 1/31/2026 731 4.250% 4.250% 1,150,000.00 1,174,435.16 1,150,770.50 91282CJV4 UNITED STS TREAS BILLS 1/15/2024 1/15/2027 1,096 4.000% 4.000% 1,100,000.00 1,096,572.38 1,099,615.00 91282CJT9 UNITED STS TREAS BILLS 1/15/2025 1/15/2028 1,095 4.250% 4.250% 1,100,000.00 1,100,208.15 1,107,645.00 91282CMF5 UNITED STS TREAS BILLS 1/31/2024 1/31/2029 1,827 4.000% 4.000% 1,100,000.00 1,106,975.51 1,099,098.00 91282CJW2 Investment Transaction Report - February 2025
City of Goleta
DESCRIPTION OF POOLED INVESTMENTS COMMENTS *
Investment Portfolio
5 Attachment 1
PURCHASE MATURITY DAYS TO STATED YIELD AT FACE BOOK MARKET** DATE DATE MATURITY RATE 365 VALUE VALUE VALUE
Investment Transaction Report - February 2025
City of Goleta
DESCRIPTION OF POOLED INVESTMENTS COMMENTS *
Investment Portfolio
UNITED STS TREAS BILLS 12/31/2024 12/31/2029 1,826 4.375% 4.375% 1,100,000.00 1,103,384.23 1,116,247.00 91282CMD0 Subtotal, US Treasuries 1,315 4.175% 4.250% 5,550,000.00$ 5,581,575.43$ 5,573,375.50$ Grand Total 68,659,706.32$ 68,691,281.75$ 68,622,705.61$ 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. 6 Attachment 1
PURCHASE MATURITY DAYS TO STATED YIELD AT FACE BOOK MARKET** DATE DATE MATURITY RATE 365 VALUE VALUE VALUE
Held By Fiscal Agent (US Bank - PARS)
PUBLIC AGENCY RETIREMENT SERVICES (PARS) -
OPEB - Moderate Index Plus 2/4/2022 1 12.240% 333,500.00 333,500.00 375,790.52
PUBLIC AGENCY RETIREMENT SERVICES (PARS) -
PENSION - Moderate Index Plus 2/4/2022 1 12.240% 170,000.00 170,000.00 191,557.41 Subtotal 1 12.240% 503,500.00$ 503,500.00$ 567,347.93$ Total 503,500.00$ 503,500.00$ 567,347.93$ Held By Fiscal Agent (BNY Mellon)
Holding Account 1 899.57 899.57 899.57 Total 899.57$ 899.57$ 899.57$ Grand Total 504,399.57$ 504,399.57$ 568,247.50$ 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.
City of Goleta
Investment Transaction Report - February 2025
Investment Portfolio
DESCRIPTION - HOLDINGS BY FISCAL AGENTS COMMENTS *
7