CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
To: Honorable Mayor and Council Members
FROM: Tamara S. Letourneau, City Manager
DATE: May 2, 2023
SUBJECT: Investment Report as of March 31, 2023
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of March 31, 2023.
BACKGROUND
The City Investment Policy requires the City Manager to submit an Investment Report monthly to the City Council that contains a summary of investment transactions, including investment types, percent of portfolio, yield, purchase date, maturity date, issuer or institution, par and dollar amount invested, market value, source of market valuation, the portfolio's average weighted yield and maturity, and a description of any local agency funds or investments under the management of contracted parties.
Submission of, and the City Council's action of receiving and filing this Report, addresses the City Council's goal of fiscal sustainability.
ANALYSIS
At the end of February 2023, the City was holding approximately $30 million with the Local Agency Investment Fund (LAIF). The Pooled Money Investment Account (PMIA) manages the LAIF pool for the State of California. The most recently available average monthly yields for the PMIA Portfolio are shown below:
Average Monthly Yield Comparison - 03/2018 through 03/2023 6 00%
5.00% —PHIA
4 00% - S&P GIP
3.00% - - -- Fed Funds
2.00%
1 00%
0 00% March Yields
PMIA 2.831%
6/2018 9/2018 3/2019 6/2019 9/2019 S&P GIP 4.790%
6/2020 12/2020 3/2021 6/2021 9/2021 12/2022 Fed Funds 4,6394
As can be seen in the chart, the PMIA/LAIF yields have trailed the Fed Funds yields since July 2022. LAIF is a great investment vehicle for the City, but historically, LAIF has underperformed the market during periods of rising interest rates. This is because the PMIA Fund has a portion of its portfolio invested in longer-term investments that underperform the market during times of rising interest rates.
The City Manager and Finance Director have identified an investment strategy that maintains the top two priorities of the City's Investment Policy of 1) safety and 2) liquidity, while earning a significantly higher interest rate by investing in United States Treasuries.
Staff intends to move approximately $10 million from the LAIF pooled funds in each of the months of March, April, and May, and spread the investments into each of the 3-month, 6-month, and 9-month Treasuries. At the end of the 3-month strategy, the City will have a maturity schedule that looks as follows:
Month Maturing
Month purchased Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-23 $3,000,000 $3,000,000 $3,000,000
Apr-23 2,500,000 2,500,000 2,500,000
May-23 2,500,000 2,500,000 2,500,000
$ 3,000,000 $2,500,000 $2,500,000 $3,000,000 $2,500,000 $2,500,000 $3,000,000 $2,500,000 $2,500,000 This strategy will maintain a rolling schedule of between $2.5 to $3 million maturing each month, while earning significantly higher interest rates than holding those funds in LAIF.
This will ensure the City maintains sufficient liquidity on a rolling basis. As securities mature each month, the City Manager and the Finance Director will evaluate the market conditions at that time and invest the monies in a security that meets the needs and operations of the City.
Per Section G. 1 of the City's Investment Policy, there is no maximum amount that can be invested in US Treasuries,
rested strate Treasuries but the adelines turtle or read rear e by the full faith and credit of the US Government and are considered one of the safest investments available.
Staff is also phasing in an increase to the amount invested in the First American Bank Treasury Obligations money market fund. This fund only invests in US Treasury securities and had a yield of 4.67% as of March 31, 2023. The City's Investment Policy allows a maximum of 10% of the entire portfolio to be invested in a single money market fund issuer. The money market funds will also provide additional liquidity as those funds will be available within the same day, if necessary.
The following table compares the portfolio balance as of March 2023 to March 2022.
Portfolio Balance March 2023 March 2022 Difference
Balance $62,860,559.18 $57,634,710.32 $5,225,848.86
• From February 2023 to March 2023, the City's total cash and investments had a net increase of $653,817.58, going from $62,206,740.60 to $62,860,741.60.
The cash receipts exceeded the outlay for the month, which led to the increase.
Month-to-month receipts were $712,425.77 higher while expenditures were $5,017,696.32 lower. February included two months' worth of payments to the County of Orange for law enforcement services and one of the $1.6 million additional discretionary payment to CaPERS for the reduction of the City's unfunded pension liability.
• The percentage of pooled investments decreased from 46.81% to 30.35%.
Pooled investments include the Local Agency Investment Fund (LAIF) and the Orange County Investment Pool (OCIP).
• The average weighted maturity of City investments, including investment pools, increased from 479 days to 500 days. The average weighted maturity of City investments, including investment pools, is calculated as follows: Sum of days left until maturity of each individual investment multiplied by the cost of each individual investment divided by the total portfolio at cost, excluding cash in bank.
The net yield of LAIF increased from 2.624 % to 2.831%. The net yield of OCIP increased from 3.085% to 3.253%. The net yield for the First American money market funds increased from 4.330% to 4.610% and 4.670%, respectively. • The average weighted yield of City investments, including investment pools, increased from 2.304% to 2.364%. The City's average weighted yield of City investments, including investment pools, is calculated by taking the total investment earnings divided by the total portfolio at cost, excluding cash in bank. A comparison of the City's average weighted yield to short-term and long- term benchmarks is presented below.
City Portfolio Benchmark Comparisons
Average 5-Year 1-Year 6-Month OCIP LAIF
Weighted Treasury Treasury Treasury
Yield
2.364% 3.600% 4.640% 4.940% 3.253% 2.831%
The monthly Investment Report as of March 31, 2023, is attached.
ALTERNATIVES CONSIDERED
1. The City Council can choose not to receive and file the City of Laguna Niguel Investment Report as of March 31, 2023.
FISCAL REVIEW
There is no fiscal impact as a result of this action.
Jamara S Retowneau Tan An
Tamara S. Letourneau Trevor Agrelius
City Manager Finance Director
Attachments:
A. Monthly Investment Report as of March 31, 2023
ATTACHMENT A
Investment Report as of March 31, 2023
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
March 31, 2023
amara S. Letournea
ITY MANAGE
Trevor Agrelius
FINANCE DIRECTOR
May 2, 2023
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
TABLE OF CONTENTS
Statement of Compliance/Non-Compliance 1
Report of Cash and Investments 2
LAIF Investment Reports 3-5
OCIP Investment Reports 6-10
US Bank Statement 11-21
PARS Statement 22
City of Laguna Niguel
Statement of Compliance/Non-Compliance with the City's Investment Policy The undersigned officers of the City of Laguna Niguel hereby certify that:
As of March 31, 2023, the City was in compliance with the Investment Policy adopted at the July 19, 2022 Regular City Council Meeting.
Sufficient investment liquidity from cash and cash equivalents and anticipated revenues are available to meet the City's budgeted expenditure requirements for the next six months.
Tamara S. Letourneau Trevor Agrelius
City Manager Finance Director
1 City of Laguna Niguel
Summary of Cash and Investments
3/31/23
Settlement Maturity Coupon Purchased Percent of Maximum Allowable Market Description Date Date Rate Yield Cost Portfolio Per Investment Policy Value Petty Cash/Change Drawers 2,600.00 0.00% N/A 2,600.00
US Bank Checking Account 3,452,172.76 5.49% N/A 3,452,172.76 US Bank Money Market 4.670% 20,625.00 0.03% 10.00% 20,625.00 US Bank Money Market 4.610% 1,253,772.09 1.99% 10.00% 1,253,772.09 Local Agency Investment Fund 2.831% 18,064,574.18 28.74% Lesser of $40 million or 55% 17,728,379.05 Orange County Investment Pool 3.253% 1,058,804.79 1.68% Lesser of $40 million or 55% 1,058,804.79 US Treasury Note 14.15% N/A
9128284U1 3/28/2023 6/30/2023 2.625% 4.230% 2,987,430.00 2,985,090.00 912828T26 3/28/2023 9/30/2023 1.375% 4.430% 2,954,430.00 2,951,490.00 912828V23 3/28/2023 12/31/2023 2.250% 4.350% 2,953,290.00 2,945,730.00 Federal Home Loan Mortgage Corporation: 8.25% 25.00%
3134GV5R5 7/15/2020 7/15/2024 0.570% 0.570% 1,000,000.00 949,510.00 3137EAEPO 1/29/2021 2/12/2025 1.500% 0.337% 4,188,112.71 3,807,600.00 Federal National Mortgage Association: 13.75% 25.00%
3135G05X7 1/29/2021 8/25/2025 0.375% 0.519% 8,645,922.29 7,965,198.00 Federal Farm Credit Banks: 6.36% 25.00%
3133ENVD9 4/26/2022 4/26/2027 2.875% 2.900% 3,995,360.00 3,846,480.00 Federal Home Loan Banks: 19.54% 25.00%
3130ATBLO 9/19/2022 12/8/2023 3.625% 3.810% 3,991,360.00 3,968,880.00 3130AJTF6 7/14/2020 7/14/2025 0.740% 0.740% 1,000,000.00 927,070.00 3130AJTX7 7/21/2020 7/21/2025 0.720% 0.720% 625,000.00 578,843.75 3130AMFS6 8/12/2021 6/12/2026 0.750% 0.735% 2,001,415.36 1,812,780.00 3130A8XY4 10/18/2021 9/11/2026 1.875% 1.100% 4,665,690.00 4,191,210.00
47.90%
62,860,559.18 100.00% 3 60,146,235.44
Restricted for Specific Use
PARS 115 Pension Trust 2,000,000.00 3.18% 20.00% $ 1,972,205.99 Average weighted maturity of Investments, excluding Investment Pools: 746 days Average weighted maturity of Investments, including Investment Pools: 500 days Average weighted yield of Investments, excluding Investment Pools 2.041% Average weighted yield of Investments, including Investment Pools 2.358% * Market value of City investments is provided by US Bank NOTE: 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 cost and market value of an investment will not be realized.
PMIA/LAIF Performance Report
as of 04/19/23
PMIA Average Monthly Quarterly Performance
Effective Yields(1) Quarter Ended 03/31/23
March 2.831 LAIF Apportionment Rate(2).
February 2.624 LAIF Earnings Ratio 2). 0.00007493902135155 January 2.425 LAIF Fair Value Factor: 0.986510329
PMIA Quarter to Date!").
PMIA Average Life (1).
Pooled Money Investment Account
Monthly Portfolio Composition (1)
03/31/23
$191.2 billion
Corporate
Commercial Bonds
Time Paper 0.24%
Deposits 4,47%. Loans
2.74% 0.20%
Certificates of
Deposit/Bank Notes
6.48%
Agencies
21.72%
Treasuries
64.15%
Chart does not include $3,085,000.00 in mortgages, which equates to 0.002%. Percentages may not total 100% due to rounding.
Daily rates are now available here. View PMIA Daily Rates Notes: The apportionment rate includes interest earned on the CaPERS Supplemental Pension Payment pursuant to Government Code 20825 (c)(1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288(a).
Source:
(2) State of California, Office of the Treasurer 3
(2) State of Calfiornia, Office of the Controller
State of California
Pooled Money Investment Account
Market Valuation
WHET LIEUT HAND 3/31/2023
Carrying Cost Plus
Description Accrued Interest Purch. Amortized Cost Fair Value Accrued Interest United States Treasury:
Bills $ 29,418,545,599.25 $ 29,779,495,353.47 29,757,207,000.00 NA Notes $ 93,242,224,235.91 93.212,620,838.86 $ 90,945,077,500.00 $ 288,849,618.00 Federal Agency:
SBA $ 322,209,737.47 $ 322,209,737.47 $ 321,868,141.12 $ 1,291,571.96 MBS-REMICs $ 3,084,994.85 $ 3,084,994.85 $ 3,058,806.67 13,760.19 Debentures $ 10,349,812,980.86 $ 10,349,583,675.33 10,206,571,800.00 45,703,340.00 Debentures FR $
Debentures CL $ 2,550,000,000.00 2,550,000,000.00 $ 2,495,849,500.00 25,411,824.00 Discount Notes $ 25,242,636,340.20 $ 25,554,072,104.18 $ 25,548,182,500.00 NA Supranational Debentures $ 3,074,194,538.58 $ 3,074,194,538.58 $ 3,010,317,500.00 $ 11,201,903.00 Supranational Debentures FR $ - $ - $ - $ -
CDs and YCDs FR $ - -
Bank Notes $ 200,000,000.00 200,000,000.00 200,045,234.42 2,003,194.45 CDs and YCDs $ 12,200,000,000.00 $ 12,200,000,000.00 12,194,072,815.39 $ 141,674,375.01 Commercial Paper $ 8,539,926,819.43 8,629,619,069.50 $ 8,625,697,222.20 NA Corporate:
Bonds FR $ - $ $ $
Bonds $ 454,676,266.87 454,676,266.87 432,355,270.00 $ 3,364,631.80 Repurchase Agreements $ - $ $ $
:
Reverse Repurchase $ - $ $ - $
Time Deposits $ 5,237,000,000.00 5,237,000,000.00 5,237,000,000.00 NA PMIA & GF Loans $ 376,839,000.00 $ 376,839,000.00 $ 376,839,000.00 NA TOTAL $ 191,211,150,513.42| $ 191.943,395,579.11| $ 189,354,142,289.80 519,514,218.41 Fair Value Including Accrued Interest $ 189,873,656,508.21 Repurchase Agreements, Time Deposits, PMIA & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost).
The value of each participating dollar equals the fair value divided by the amortized cost (0.986510329).
As an example: if an agency has an account balance of $20,000,000.00, then the agency would report its participation in the LAIF valued at $19,730,206.58 or $20,000,000.00 x 0.986510329. 4 California State Treasurer
Fiona Ma, CPA
Local Agency Investment Fund April 03, 2023
P.O. Box 942809
Sacramento, CA 94209-0001 LAIF Home
(916) 653-3001 PMIA Average Monthly.
Yields
CITY OF LAGUNA NIGUEL
TREASURER
30111 CROWN VALLEY PARK WAY
LAGUNA NIGUEL, CA 92677
Tran Type Definitions
Account Number:
March 2023 Statement
Effective Transaction Tran Confirm Confirm
Date Date Type Number Number Authorized Caller Amount
3/27/2023 3/27/2023 RW 1725319 N/A KRISTIN FORIER -10,000,000.00 Account Summary
Total Deposit: 0.00 Beginning Balance: 28,064,574.18
Total Withdrawal: -10,000,000.00 Ending Balance: 18,064,574.18
COUNTY OF ORANGE
OFFICE OF THE TREASURER-TAX COLLECTOR DANCE COUN
Shari L. Freidenrich, CPA, CCT, CPFA, ACPFIM
P. O. BOX 4515
SANTA ANA, CA 92702-4515
LIFOR
octreasurer.com/publicfunds
March 31, 2023
CITY OF LAGUNA NIGUEL
Attn: Eric Hendrickson, Finance Director
30111 Crown Valley Parkway
Laguna Niguel, CA 92677
Fund Number
MARCH 2023 STATEMENT
INVESTMENT BALANCE IN OCIP
Transactions
Transaction Transaction Description Authorized Signer Amount Date
03/01/2023 February 2023 Investment Admin Fee $ (24.43) 03/30/2023 December 2022 Interest Paid $ 2,515.70
Summary
Total Deposit: $ 2,515.70 Beginning Balance: $ 1,056,313.52 Total Withdrawal: $ (24.43) Ending Balance: $ 1,058,804.79 OF
OFFICE OF THE TREASURER-TAX COLLECTOR DANCE COUNT
SHARI L. FREIDENRICH, CPA, CCMT, CPFA, ACPFIM
P.O. Box 4515
ALIFORNI SANTA ANA, CA 92702-4515
octreasurer.com/publicfunds
ORANGE COUNTY INVESTMENT POOL
APPORTIONMENT YIELDS & BASIS POINT FEES
Monthly Apportionment Monthly Apportionment Charged Basis Actual Basis FY 22/23 Date Year
Gross Yield Net Yield Point Fees Point Fees
YTD July 2022 0.848% (1) 0.793% (1) 5.5
GROSS August 2022 1.055% (1) 1.000% (1) 5.5
YIELD September 2022 1.280% (1) 1.225% (1) 5.5
1.503% October 2022 1.827% (1) 1.772% (1) 5.5
November 2022 2.405% 2.350% 5.5
YTD NET
YIELD
1.448%
Note: Effective December 1, 2022, reporting of Apportionment Yields is no longer being reported for the Orange County Investment Pool and yields are only being reported for the Orange County Treasurer's Pool (OCTP). See the OCTP report for December 2022 to June 2023 gross FY 21/22 Date Monthly Apportionment Monthly Apportionment Charged Basis Actual Basis Year Gross Yield Net Yield Point Fees Point Fees
July 2021 0.593% 0.535% 5.8
YTD August 2021 0.575% 0.517% 5.8
GROSS September 2021 0.562% 0.504% 5.8
YIELD October 2021 0.514% 0.456% 5.8
0.523% November 2021 0.515% 0.457% 5.8
December 2021 0.396% 0.338% 5.8 Not Yet
January 2022 0.402% 0.344% 5.8 Available
February 2022 0.439% 0.381% 5.8
YTD NET March 2022 0.462% 0.404% 5.8
YIELD April 2022 0.513% (1) 0.455% (1) 5.8
0.471% May 2022 0.614% (1) 0.594% (1) 2.0
June 2022 0.722% (1) 0.702% (1) 2.0
Monthly Apportionment Monthly Apportionment Charged Basis Actual Basis FY 20/21 Date Year Net Yield Point Fees Point Fees
Gross Yield
July 2020 1.223% 1.164% 5.9 5.0
YTD August 2020 1.144% 1.085% 5.9 5.0
GROSS September 2020 1.060% 1.001% 5.9 5.0
YIELD October 2020 0.956% 0.897% 5.9 5.0
0.802% November 2020 0.899% 0.840% 5.9 5.0
December 2020 0.767% 0.708% 5.9 5.0
January 2021 0.694% 0.635% 5.9 5.0
February 2021 0.803% 0.744% 5.9 5.0
YTD NET March 2021 0.624% 0.565% 5.9 5.0
YIELD April 2021 0.539% 0.480% 5.9 5.0
0.752% May 2021 0.562% 0.503% 5.9 5.0
June 2021 0.598% 0.588% 1.0 5.0
(1) Revised gross and net yields based on adjustments to interest income 7 Mission: Ensure safe and timely receipt, deposit, collection and investment of public funds.
SUMMARY OF INVESTMENT DATA
INVESTMENT TRENDS
MARCH 2023 FEBRUARY 2023 INCREASE NET CHANGE INCREASE
(DECREASE) MARCH 2022 (DECREASE) NET CHANGE %
Orange County Investment Pool (OCIP)
End Of Month Market Value' 6,429,770,777 6,231,723,672 198,047,105 3.18% 6,258,292,832 171,477,945 2.74% End Of Month Book Value' 6,499,594,982 6,326,347,517 173,247,465 2.74% 6,336,387,507 163,207,475 2.58% Monthly Average Balance 6,176,679,359 6,060,966,431 115,712,928 1.91% 6,002,731,714 173,947,645 2.90% Year-To-Date Average Balance 6,072,566,798 6,059,552,728 13,014,070 0.21% 5,663,651,027 408,915,771 7.22% Monthly Accrued Earnings? 17,327,338 14,596,699 2,730,640 18.71% 2,388,242 14,939,096 625.53% Monthly Net Yield? 3.253% 3.085% 0.168% 5.46% 0.404% 2.849% 705.28% Year-To-Date Net Yield? 2.174% 2.035% 0.139% 6.82% 0.471% 1.703% 361.54% Annual Estimated Gross Yield* 2.500% 2.500% 0.000% 0.00% 0.523% 1.977% 378.01% Weighted Average Maturity (WAM) 199 198 0.51% 338 (139) -41.12% Orange County Educational Investment Pool (OCEIP)
End Of Month Market Value'a 7,736,339,489 7,673,600,099 62,739,390 0.82% 5,902,917,368 1,833,422,121 31.06% End Of Month Book Value!? 7,820,846,376 7,790,940,072 29,906,304 0.38% 5,977,329,223 1,843,517,153 30.84% Mathly Average Balance? 7,727,459,084 7,820,686,765 (93,227,681) -1.19% 5,858,313,591 1,869,145,493 31.91% Year-To-Date Average Balance? 6,975,465,901 6,881,466,753 93,999,148 1.37% 5,427,744,789 1,547,721,112 28.51% Monthly Accrued Earnings? 21,713,979 18,840,351 2,873,628 15.25% 2,197,133 19,516,846 888.29% Monthly Net Yield? 3.253% 3.085% 0.168% 5.46% 0.372% 2.881% 774.55% Year-To-Date Net Yield? 2.194% 2.043% 0.151% 7.40% 0.480% 1.714% 357.08% Annual Estimated Gross Yield* 2.500% 2.500% 0.000% 0.00% 0.531% 1.969% 370.81% Weighted Average Maturity (WAM)5 199 198 0.51% 342 (143) -41.81% + Maudly to meet pried ly cash flow need Northern Trust. Marker valos for CIP and OCEIP are lower than book values. Shar-torm rates have rison sharply causing the market values on those pools to be slighly below book values. The OCIP and OCEIP have suficient * The OCIP and OCEIP Annual Estimated Gross Yields are higher than the prior year due to continued higher yields from short-term rate increases. The OCIP and OCEIP Annual Estimated Gross Yields for March 2022 are reported at the actual annual gross yields for FY 21- The OCIP and OCEIP WAM decreased from the prior year due to shorter term purchases as the FOMC is expected to raise short-term rates at their next meeting.
ORANGE COUNTY TREASURER-TAX COLLECTOR
ORANGE COUNTY INVESTMENT FUND (OCIF)
ORANGE COUNTY TREASURER'S POOL (OCTP) AND SPECIFIC INVESTMENT ACCOUNTS (") FOR THE MONTH AND QUARTER ENDED: March 31, 2023
OCTP INVESTMENT STATISTICS - By Reporting Entity
Average Days to Day Ye MONTHLY GOD QUARTER GROS Current NAV Maturity
DESCRIPTION CURRENT BALANCES
MARKET Value $ 6,429,770,777 199 3.193% 3.283% 3.105% 0.9892(2) COST (Capital) $ 6,460,024,653
Orange County Investment Pool (OCIP) MONTHLY AVG Balance $ 6,176,679,359 QUARTERLY AVG Balance $ 6,239,326,793
BOOK Value $ 6,499,594,982
MARKET Value $ 7,736,339,489 199 3.193% 3.283% 3.105% 0.9892(2) COST (Capltal) $ 7,773,009,671
Orange County Educational Investment
Pool (OCEIP) MONTHLY AVG Balance $ 7,727,459,084
QUARTERLY AVG Balance S 7,896,831,758
BOOK Value $ 7,820,846,376
INVESTMENT STATISTICS - Specific Investment Accounts
DESCRIPTION CURRENT BALANCE BY SPECIFIC INVESTMENT
Specific Investment
Funds: MARKET Value $ 558,304,500 Fund Market Value Book Value Current NAV Pension Prepayment-CEO (PP-CEO)(3) COST (Capital) $ 556,985,212 Fountain Valley School District Fund 40 (FVSD) MONTHLY AVG Balance S 557,319,720 PP-CEO $503,159,588 $502,881,276 1.0006 CCCD Series 2017E Bonds (CCCD) QUARTERLY AVG Balance $ 439,088,298 FVSD 33,045,764 34,246,710 0.9649 John Wayne Airport Investment Fund (JWA) BOOK Value CCCD 22,099,148 23,054,915 0.9585
JWA N/A
OCIF TOTALS
INVESTMENTS YEAR-TO-DATE EARNINGS
LOCIP $ 6,460,024,653 OCIP $ 102,842,976
OCEIP 7,773,009,671 118,552,185
Specific Investment 556,985,212
Cash 46,313,410
Total Assets in the County Treasury 14.836.332,946 Total OCT Year-To-Date Earnings 221,395,161
KEY POOL STATIST
INTEREST RATE YIELD WEIGHTED AVERAGE MATURITY (WAM
OCIP - YTD NET YIELD 2.174% OCTP 199
OCEIP - YTD NET YIELD 2.194% LGIP (Standard & Poors) 27 90-DAY T-BILL YIELD - MONTHLY AVERAGE 4.711%
(3) Specific Investment Account set up in January. 2023 for plan sponsor pension payments authorized by CEO.
ORANGE COUNTY TREASURER - TAX COLLECTOR
BY INVESTMENT TYPE AT MARKET VALUE - By Percentage Holdings March 31, 2023
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Orange County Investment Pool Orange County Educational Investment Pool Orange County Investment Pool Orange County Educational Investment Pool In Thousands In Thousands
IU.S. GOVERNMENT AGENCIES 4,055.492 63.07% U.S. GOVERNMENT AGENCIES 4,874,626 63.01%| U.S. TREASURIES 1,342,479 20.88% U.S. TREASURIES 1,613,550 20.86% MONEY MARKET MUTUAL FUNDS 940,077 14.62% MONEY MARKET MUTUAL FUNDS 1,137,203 14.70% MUNICIPAL DEBT 59,031 0.92% MUNICIPAL DEBT 71,411 0.92% BLOCAL AGENCY INVESTMENT FUND 32,692 0.51% I LOCAL AGENCY INVESTMENT FUND 39.549 0.51% $ 6,429,771 100.00% 7.736,339 100.00%
23382
00--M -UC-UU -091-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: March 1, 2023 to March 31, 2023
MARKET VALUE SUMMARY
Current Period
03/01/23 to 03/31/23
Beginning Market Value Change: 10,453,589.41
$27,750,689.43 $48,000,000
Taxable Interest 7,820.66 $40,000,000
Cash Receipts 10,000,000.00
Change in Investment Value $32,000,000
445,768.75
$24,000,000
Ending Market Value $38,204,278.84 $16,000,000
$8,000,000
$O-
Beginning Ending
MV MV
$27,750,689.43 $38,204,278.84
-
12 $36,929,881.75
Taxable Bonds
$715,901.23 100.00 $38,204,278.84 Total Market Value
657,100.00 96.70 36,929,881.75 Taxable Bonds
58,801.23 3.30 1,274,397.09 Cash & Equivalents
$1,274,397.09
Cash & Equiv
Annual Income Total Market Value Assets
Estimated % of Current Period
ASSET SUMMARY
March 1, 2023 to March 31, 2023 ACCOUNT NUMBER:
CITY OF LAGUNA NIGUEL
usbank
0220657-00-04007-04
00--M -UC-UU -091-04
23382
13 $7,820.66 Total Current Period Income
7,820.66 Taxable Interest
Current Period
Income Received
INCOME SUMMARY
March 1, 2023 to March 31, 2023 ACCOUNT NUMBER:
CITY OF LAGUNA NIGUEL
usbank
0220657-00-04007-04
00- -M -UC-UU -091-04
23382
$0.00 Ending Cash 03/31/2023
-1,112,670.66 Net Money Market Activity
-8,895,150.00 Purchases
10,000,000.00 Cash Receipts
7,820.66 Taxable Interest
$0.00 Beginning Cash 03/01/2023
Cash
CASH SUMMARY
March 1, 2023 to March 31, 2023 ACCOUNT NUMBER:
CITY OF LAGUNA NIGUEL
usbank
0220657-00-04007-04
00- -M -UC-UU -091-04
23382
23382
00--M -UC-UU -091-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: March 1, 2023 to March 31, 2023
ASSET DETAIL
Security Description Percent
Unrealized of Total Estimated Estimated
Shares/Face Amt Price Market Value Tax Cost Gain/Loss Portfolio Annual Income Current Yield Cash & Equivalents
Cash/Money Market
First American Government - 31846V567
Oblig Fd CI Z
1,253,772.090 1.0000 1,253,772.09 1,253,772.09 0.00 3.3 57,837.62 4.61 First American Treasury Oblig - 31846V542
Fd CIZ
#3678
20,625.000 1.0000 20,625.00 20,625.00 0.00 0.1 963.61 4.67 Total Cash/Money Market $1,274,397.09 $1,274,397.09 $0.00 3.3 $58,801.23 Total Cash & Equivalents $1,274,397.09 $1,274,397.09 $0.00 3.3 $58,801.23 Taxable Bonds
US Government Issues
FHLMC - 3137EAEPO
1.500 02/12/2025
4,000,000.000 95.1900 3,807,600.00 4,188,112.71 -380,512.71 10.0 60,000.00 1.58 FHLMC MTN - 3134GV5R5
0.570 07/15/2024
1,000,000.000 94.9510 949,510.00 1,000,000.00 -50,490.00 2.5 5,700.00 0.60 FNMA - 3135G05X7
0.375 08/25/2025
8,700,000.000 91.5540 7,965,198.00 8,645,922.29 -680,724.29 20.8 32,625.00 0.41 Federal Farm Credit Bks - 3133ENVD9
2.875 04/26/2027
4,000,000.000 96.1620 3,846,480.00 3,995,360.00 -148,880.00 10.1 115,000.00 2.99 23382
00--M -UC-UU -091-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: March 1, 2023 to March 31, 2023
ASSET DETAIL (continued)
Security Description Percent
Unrealized of Total Estimated Estimated
Shares/Face Amt Price Market Value Tax Cost Gain/Loss Portfolio Annual Income Current Yield Federal Home Loan Bks - 3130AJTX7
0.720 07/21/2025
625,000.000 92.6150 578,843.75 625,000.00 46,156.25 1.5 4,500.00 0.78 Federal Home Loan Bks - 3130AJTF6
0.740 07/14/2025
1,000,000.000 92.7070 927,070.00 1,000,000.00 -72,930.00 2.4 7,400.00 0.80 Federal Home Loan Bks - 3130AMFS6
0.750 06/12/2026
2,000,000.000 90.6390 1,812,780.00 2,001,415.36 -188,635.36 4.7 15,000.00 0.83 Federal Home Loan Bks - 3130A8XY4
187509/11/2026
4,500,000.000 93.1380 4,191,210.00 4,665,690.00 -474,480.00 11.0 84,375.00 2.01 Federal Home Loan Bks - 3130ATBLO
3.625 12/08/2023
4,000,000.000 99.2220 3,968,880.00 3,991,360.00 -22,480.00 10.4 145,000.00 3.65 U S Treasury Note - 912828T26
1.375 09/30/2023
3,000,000.000 98.3830 2,951,490.00 2,954,430.00 -2,940.00 7.7 41,250.00 1.40 U S Treasury Note - 91282BV23
2.250 12/31/2023
3,000,000.000 98.1910 2,945,730.00 2,953,290.00 -7,560000 7.7 67,500.00 2.29 23382
00--M -UC-UU -091-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: March 1, 2023 to March 31, 2023
ASSET DETAIL (continued)
Security Description Percent
Unrealized of Total Estimated Estimated
Shares/Face Amt Price Market Value Tax Cost Gain/Loss Portfolio Annual Income Current Yield U S Treasury Note - 9128284U1
2.625 06/30/2023
3,000,000.000 99.5030 2,985,090.00 2,987,430.00 -2,340.00 7.8 78,750.00 2.64 Total US Government Issues $36,929,881.75 $39,008,010.36 -$2,078,128.61 96.7 $657,100.00 Total Taxable Bonds $36,929,881.75 $39,008,010.36 -$2,078,128.61 96.7 $657,100.00 Total Assets $38,204,278.84 $40,282,407.45 -$2,078,128.61 100.0 $715,901.23 Estimated Current Yield 1.87
ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request. relected a values formother extermal sores. ises for Mich a curer value is not available may be renected at a presus castle or as no valued par vale or a are a ale are an a al not necessarily reflect prices at which assets could be bought or sold. Values are updated based on internal policy and may be updated less frequently than statement generation. may not e resent the dual value a ed by your vestments and they prede no guarante of what your inventments may am in the four making investment, trading, or tax decisions. The estimates 23382
00--M -UC-UU -091-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: March 1, 2023 to March 31, 2023
TRANSACTION DETAIL
Date
Posted Activity Description Cash Tax Cost
Beginning Balance 03/01/2023 $0.00 $30,274,586.79
03/01/23 Asset Income Interest Earned On 441.67
First Am Got Ob Fa CIZ
Interest From 2/1/23 To 2/28/23
03/13/23 Asset Income FHL 8 Deb 1: 875% 911/26 42,187.50
0.009375 USD/$1 Pv On 4,500,000 Par Value Due 3/11/23
03/28/23 Cash Receipt Cash Receipt 10,000,000.00
Due 10/20/21
Transfer Of Funds To Custody Account
03/28/23 Purchase Purchased 3,000,000 Par Value Of -2,987,430.00 2,987,430.00 U S Treasury Nt 2.625% 6/30/23
Trade Date 3/27/23
Purchased Through Cantor Fitzgerald & Co.
3,000,000 Par Value At 99.581%
03/28/23 Purchase Accrued Interest Paid Accrued Interest On Purchase Of -18,926.10 U S Treasury Nt 2.625% 6/30/23
Income Debit 18,926.10- USD
03/28/23 Purchase Purchased 3,000,000 Par Value Of -2,954,430.00 2,954,430.00 U S Treasury Nt 1.375% 9/30/23
Trade Date 3/27/23
Purchased Through Cantor Fitzgerald & Co.
3,000,000 Par Value At 98.481%
03/28/23 Purchase Accrued Interest Paid Accrued Interest On Purchase Of -20,285.03 U S Treasury Nt 1.375% 9/30/23
Income Debit 20,285.03-USD
03/28/23 Purchase Purchased 3,000,000 Par Value Of -2,953,290.00 2,953,290.00 U S Treasury Nt 2.250% 12/31/23
Trade Date 3/27/23
Purchased Through Cantor Fitzgerald & Co.
3,000,000 Par Value At 98.443 %
03/28/23 Purchase Accrued Interest Paid Accrued Interest On Purchase Of -16,222.38 U S Treasury Nt 2.250% 12/31/23
Income Debit 16.222 38- USD
23382
00--M -UC-UU -091-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: March 1, 2023 to March 31, 2023
TRANSACTION DETAIL (continued)
Posted Activity Description Cash Tax Cost
03/31/23 Asset Income Interest Eamed On 20,625.00
U S Treasury Nt 1.375% 9/30/23
0.006875 USD/$1 Pv On 3,000,000 Par Value Due 3/31/23
Purchase Combined Purchases For The Period 3/1/23 - 3/31/23 Of -224,980.60 224,980.60 First Am Treas Ob Fd CIZ
Sale fantas or a gro 1232-3912301 204,355.60 -204,355.60 Purchase Combined Purchases For The Period 3/ 1/23 - 3/31/23 Of -1,296,401.26 1,296,401.26 First Am Govt Ob Fd Cl Z
Sale Combined Sales For The Period 3/ 1/23 - 3/31/23 Of 204,355.60 -204.355.60 First Am Govt Ob Fd CIZ
Ending Balance 03/31/2023 $0.00 $40,282,407.45
23382
00--M -UC-UU -091-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: March 1, 2023 to March 31, 2023
BOND SUMMARY
50%
40%
30%
20%
0% T
2023 2024 2025 2026 2027
Percentage of
Par Value Market Value Category
MATURITY
2023 13,000,000.00 12,851,190.00 34.80
2024 14325,00000 949,510.00 2.58
2025 13,278,711.75 35.96
2026 6,500,000.00 6,003,990.00 16.25
2027 4,000,000.00 3,846,480.00 10.41
Total of Category $38,825,000.00 $36,929,881.75 100.00
MOODY'S RATING
Aaa 37,825,000.00 35,980,371.75 97.43
N/A 1,000,000.00 949,510.00 2.57
Total of Category $38,825,000.00 $36,929,881.75 100.00
23382
00--M -UC-UU -091-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: March 1, 2023 to March 31, 2023
BOND SUMMARY (continued)
Percentage of
Par Value Market Value Category
S&P RATING
AA+ 28,825,000.00 27,098,061.75 73.38
N/A 10,000,000.00 9,831,820.00 26.62
Total of Category $38,825,000.00 $36,929,881.75 100.00
BOND SUMMARY MESSAGES
Data contained within this section excluded Mutual Funds, Exchange Traded Funds, and Closed-Ended Funds.
PUBLIC
AGENCY PARS
RETIREMENT
SERVICES
CITY OF LAGUNA NIGUEL Account Report for the Period
PARS Post-Employment Benefits Trust 3/1/2023 to 3/31/2023 Tamara Letourneau
City Manager
City of Laguna Niguel
30111 Crown Valley Parkway
Laguna Niguel, CA 92677
Account Summary
Balance as of Balance as of
Source 3/1/2023 Contributions Earnings Expenses Distributions Transfers 3/31/202 PENSION S1,940,249.53 $0.00 $32,913.65 $957.19 $0.00 $0.00 $1,972,205.99 Totals $1,940,249.53 50.00 $32,913.65 $957.19 50.00 S0.00 S1,972,205.99 Investment Selection
Source
PENSION Moderately Conservative HighMark PLUS
Investment Objective
Source
The dual goals of the Moderately Conservative Strategy are current income and moderate capital appreciation. The major portion of the assets is
PENSION
committed to income-producing securities. Market fluctuations should be expectec Investment Return
Annualized Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years Plan's Inception Date PENSION 1.70% 3.83% -5.22% 5/26/2020
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returs. Information is deemed reliable but may be subject to change.
Investment Return: Annualized rate of return is the retum on an investment over a period other than one year multiplied or divided to give a comparable one-year retum.
Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Headquarters - 4350 Von Karman Ave, Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949,250, 1250 www.pars.org
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