CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
To: Honorable Mayor and Council Members
FROM: Tamara S. Letourneau, City Manager
DATE: October 17, 2023
SUBJECT: Investment Report as of August 31, 2023
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of August 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 Goal #2, fiscal sustainability, in the City's Strategic Plan.
ANALYSIS
At the most recent Federal Open Market Committee (FOMC) meeting in September, the Committee decided to maintain the target range for the federal funds rate at 5.25%-
5.50%. In the press release from the September meeting, the Committee stated they are "strongly committed to returning inflation to its 2% objective", and that they would "take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments" The most recent "dot plot" was also released, which suggests where each FOMC member sees interest rates moving towards in the future. These projections, copied on the next page for convenience, indicate that the central bank is projected to increase interest rates to a median of 5.60% by the end of 2023, signaling one more rate increase before the end of this year. Additionally, the FOMC Committee is forecasting just two rate cuts in 2024, two fewer than its forecast in June, estimating a federal funds rate of 5.1% at the end of 2024. Federal Reserve Chair Jerome Powell indicated that the Committee wants to see convincing evidence that inflation has reached an appropriate level, and that more progress is needed in that area.
Although the 5-year Treasuries remain near the highest levels since 2007, the dot plot projections and the changes from the last forecast in June indicate a clear sign that the Federal Reserve believes more work is to be done to bring inflation down to its 2% target.
And that means that future increases to interest rates and quantitative tightening are still their main focus. Staff continue to monitor the 5-year Treasury rates and will strategically purchase securities when advantageous. With current money market rates yielding approximately 5%, the City is in a strong position and can afford to be strategic.
For release at 2:00 p.m., EDT, September 20, 2023
Figure 2. FOMC participants' assessments of appropriate monetary policy: Midpoint of target range or target level for the federal funds rate
Percent
30 •
9.0 :
•
8•
8 8
8•
15 20
2023 2024 2025 2026 Longer run
Source: Federal Open Market Cormittee (FOMC)
The following table compares the portfolio balance as of August 2023 to August 2022.
Portfolio Balance August 2023 August 2022 Difference
Balance $62,693,730.54 $65,792,937.25 $(3,099,206.71)
• From July 2023 to August 2023, the City's total cash and investments had a net decrease of $2,123,431 going from $64,817,162 to $62,693,731. Cash receipts remained consistent from July to August, but outlay increased, primarily due to execution of the Residential Resurfacing Program, Zones III and IV. The first progress payment was made in August for $975,837. • The percentage of pooled investments increased from 0.26% to 0.28%. 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 and money market, decreased from 529 days to 520 days. The average weighted maturity of City investments, including investment pools and money market, , 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 3.305% to 3.434%. net yield of OCIP increased from 3.756% to 3.799%. The net yield for the First American money market funds in the City's custodian account increased from 5.000% to 5.210%.
Staff anticipates the pooled yields to increase in the short-term as those funds catch up to the Fed Funds rate, as can be seen below:
Average Monthly Yeld Comparison - 08/2018 through 08/2023 6 00%
5.00% —PHIA
4 00% - S&P GIP
3 00% -a- Fed Funds
2 00%
1.00%
August Yields
0.00% PMLA 3.434%
2/2020 5/2020 8/2020 252021 5/2021 8/2021 5/2022 8/2022 2/2023 5/2023 8/2023 S&P GIP 5.420% 11/2018 2/2019 5/2019 8/2019 11/2019 11/2020 2/2022 11/2022 Fed Funds 5.320% • The average weighted yield of City investments, including investment pools and money market, decreased from 3.100% to 3.061%. It is not unusual for the City's weighted average return to trail the LAIF rate during times of rising interest rates. A large portion of the City's portfolio was purchased during the 2020-2022 timeframe when the fed funds rate was at zero, so the City's portfolio will continue to lag the LAIF rates until those investments mature. The City's average weighted yield of City investments, including investment pools and money market, is calculated by taking the total investment earnings divided by the total portfolio at cost, and includes cash in the sweep investments. 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
3.061% 4.230% 5.370% 5.480% 3.799% 3.434%
The monthly Investment Report as of August 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 August 31, 2023.
FISCAL REVIEW
There is no fiscal impact as a result of this action.
CONCLUSION
The City Investment Policy requires the submittal of a monthly Investment Report. Staff recommends that the City Council receive and file this Report.
Jamara Betonam In A
Tamara S. Letourneau Trevor Agrelius
City Manager Finance Director
Attachments:
A. Monthly Investment Report as of August 31, 2023
ATTACHMENT A
Investment Report as of August 31, 2023
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
August 31, 2023
amara s. Letourneal
ITY MANAGEI
Trevor Agrelius
FINANCE DIRECTOR
October 17, 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 6-9
US Bank Statement 10-22
PARS Statement
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 August 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.
Jamasall Retornan
Tamara S. Letourneau Trevor Agrelius
City Manager Finance Director
1 City of Laguna Niguel
Summary of Cash and Investments
8/31/23
Settlement Maturity Coupon Purchased Percent of Maximum Allowable Market Description Date Date Rate Yield Cost Portfolio Per Investment Policy Value etty Cash/Change Drawer $ 2,500.00 0.00% N/A $ 2,500.00 JS Bank Checking & Investment Account 4.943% 4,018,843.64 6.41% N/A 4,018,843.64 US Bank Money Market 5.230% 6,014,471.29 9.59% 10.00% 6,014,471.29 Local Agency Investment Fund 3.434% 99,907.23 0.16% Lesser of $40 million or 55% 98,391.49 Orange County Investment Pool 3.799% 73,913.02 0.12% Lesser of $40 million or 55% 73,913.02 US Treasury Note: 28.89% N/A
912828T26 3/28/2023 9/30/2023 1.375% 4.430% 2,954,430.00 2,990,310.00 912828T91 4/10/2023 10/31/2023 1.625% 4.500% 2,461,250.00 2,484,475.00 912828U57 5/16/2023 11/30/2023 2.125% 4.460% 2,469,100.00 2,479,700.00 912828V23 3/28/2023 12/31/2023 2.250% 4.350% 2,953,290.00 2,968,950.00 912828529 4/10/2023 1/31/2024 2.500% 4,530% 2,460,150.00 2,469,925.00 9128286G0 5/16/2023 2/29/2024 2.375% 4.501% 2,459,075.00 2,462,600.00 912810EV6 6/22/2023 8/15/2025 6.875% 4.311% 2,104,000.00 2,074,140.00 Certificates of Deposit:
062119CD2 7/28/2023 7/28/2028 4.500% 4.500% 250,000.00 241,785.00 05580AY24 7/18/2023 4/14/2028 4.400% 4.408% 249,875.00 241,542.50 15140RCY3 7/25/2023 7/26/2027 4.700% 4.700% 250,000.00 245,727.50 20033A4J2 7/26/2023 7/26/2028 4.450% 4.450% 250,000.00 241,260.00 2546733V6 7/18/2023 4/17/2028 4.400% 4.408% 249,875.00 241,507.50 8562834C7 7/31/2023 8/2/2027 4.600% 4.600% 250,000.00 244,860.00 Federal Home Loan Mortgage Corporation: 8.28% 25.00%
3134GV5R5 7/15/2020 7/15/2024 0.570% 0.570% 1,000,000.00 958,370.00 3137EAEPO 1/29/2021 2/12/2025 1.500% 0,337% 4,188,112.71 3,798,400.00 Federal National Mortgage Association: 13.79% 25.00%
3135G05X7 1/29/2021 8/25/2025 0.375% 0.519% 8,645,922.29 7,953,975.00 Federal Farm Credit Banks: 6.37% 25.00%
3133ENVD9 4/26/2022 4/26/2027 2.875% 2.900% 3,995,360.00 3,777,400.00 Federal Home Loan Banks: 24.39% 25.00%
3130ATBLO 9/19/2022 12/8/2023 3.625% 3.810% 3,991,360.00 3,977,440.00 3130AJTF6 7/14/2020 7/14/2025 0.740% 0.740% 1,000,000.00 921,310.00 3130AJTX7 7/21/2020 7/21/2025 0.720% 0.720% 625,000.00 575,200.00 3130AMFS6 8/12/2021 6/12/2026 0.750% 0.735% 2,001,415.36 1,799,160.00 3130AWLY4 7/25/2023 6/13/2025 5.125% 4.900% 1,004,010.00 1,001,320.00 3130A8XY4 10/18/2021 9/11/2026 1.875% 1.100% 4,665,690.00 4,163,850.00 3130AWC24 6/23/2023 6/9/2028 4.000% 3.930% 2,006,180.00 1,975,980.00
52.83% 60.00%
3 62,693.730.54 98.01% 3 60,497,306.94
Restricted for Specific Use
PARS 115 Pension Trust $ 2,000,000.00 3.19% 20.00% $ 2,005,160.31 verage weighted maturity of Investments, exciuding Investment Pools 621 days verage weighted maturity of Investments, including Investment Pools and Money Market 520 days Average weste ed of mesmen, ecuang mesmen pro and Money Market. 2.666%
3.061%
• Market value of City investments is provided by US Bank IOTE: Market value disclosure is for informational purposes only. City policy is to hold all investments to maturity; therefore, an nrealized gain or loss reflected between the cost and market value of an investment will not be realizer PMIA/LAIF Performance Report
as of 09/14/23
Quarterly Performance PMIA Average Monthly
Quarter Ended 06/30/23 Effective Yields(1)
LAIF Apportionment Ratel?). 3.15 August 3.434
LAIF Earnings Ratio?). 0.00008636172883763 July 3.305** LAIF Administrative Cost"*: 0.06 June 3.167
LAIF Fair Value Factor ("). 0.984828499 May 2.993
PMIA Daily (. 3.26 April 2.870
MIA Quarter to Date(") 3.01 March 2.831
PMIA Average Life(?). 260
Pooled Money Investment Account
Monthly Portfolio Composition (1)
08/31/23
$168.1 billion
Corporate
Commercial Bonds
Time Paper 0.26%
Deposits 4.61% Loans
.10% 0.23%
Certificates of
Deposit/Bank Notes
7.59%
Agencies. Treasuries
24.30% 59.91%
Chart does not include $2,496,000.00 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 otes: The apportionment rate includes interest earned on the CaPERS Supplemental Pension Payment pursuant to Government Code 208. )(1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 (c *The percentage of administrative cost equals the total administrative cost divided by the quarterly interest earnings. The law provides thai administrative costs are not to exceed 5% of quarterly EARNINGS of the fund. However, if the 13-week Daily Treasury Bill Rate on the last day o, the fiscal year is below 1%, then administrative costs shall not exceed 8% of quarterly EARNINGS of the fund for the subsequent fiscal year. ** Revised
Source:
State of California, Office of the Treasur
State of Calfiornia, Office of the Controll
3 State of California
PMIA Pooled Money Investment Account
Market Valuation
8/31/2023
Carrying Cost Plus
Description Accrued Interest Purch. Fair Value Accrued Interest United States Treasury:
Bills $ 22,023,789,518.08 $ 22,394,918,000.00 NA
Notes $ 78,659,969,162.05 76,762,511,000.00 1$ 352,718,311.00 Federal Agency:
SBA $ 294.597,465.19 $ 293.910,724.75 $ 1,303,888.28
MBS-REMICS $ 2,496,528.70 $ 2,437,489.70 $ 11,034.70
Debentures $ 8,171,256,546.87 8,011,534,400.00 $ 53,443,992.40 Debentures FR $
Debentures CL 1,350,000,000.00 1,311,878,000.00 $ 12,502,464.50 Discount Notes 27,765,399,791.62 28,146,053,000.00 NA
Supranational Debentures $ 3,270,170,437.63 3,203,417,800.00 22,878,064.10 Supranational Debentures FR $ $
CDs and YCDs FR $ - $
Bank Notes $ 100,000,000.00 99,951,176.99 $ 3,004,166.67 CDs and YCDs 12,650,000,000.00 12,644,810,352.00 $ 238,227,250.00 Commercial Paper $ 7.748,831,013.87 7,834,453,944.44 NA Corporate:
Bonds FR $
Bonds $ 438,848,712.92 415,141,150.00 $ 2,753,541.98
Repurchase Agreements $ $
Reverse Repurchase $ $
Time Deposits $ 5,203,000,000.00 5,203,000,000.00 NA
PMIA & GF Loans $ 380,513,000.00 380,513,000.00 NA
TOTAL $ 168,058,872,176.93 $ 166,704,530,037.88 $ 686,842,713.63 Fair Value Including Accrued Interest $ 167,391,372,751.51 Repurchase Agreements, Time Deposits, PMIA & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). 4 California State Treasurer
Fiona Ma, CPA
Local Agency Investment Fund September 01, 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 PARKWAY
LAGUNA NIGUEL, CA 92677
Tran Type Definitions
Account Number:
August 2023 Statement
Account Summary.
Total Deposit: 0.00 Beginning Balance: 99,907.23
Total Withdrawal: 0.00 Ending Balance: 99,907.23
COUNTY OF ORANGE
UNTY OFFICE OF THE TREASURER-TAX COLLECTOR
Shari L. Freidenrich, CPA, CCT, CPFA, ACPFIM
P. O. BOX 4515
PILIFORNI SANTA ANA, CA 92702-4515
octreasurer.com/publicfunds
August 31, 2023
CITY OF LAGUNA NIGUEL
Fund Number :
AUGUST 2023 STATEMENT
INVESTMENT BALANCE IN OCIP
Transactions
Transaction Transaction Description Authorized Signer Amount Date
08/01/2023 July 2023 Investment Admin Fee (5.93)
08/30/2023 May 2023 Interest Paid 3,270.32
Summary
Total Deposit: $ 3,270.32 Beginning Balance: $ 70,648.63 Total Withdrawal: $ (5.93) Ending Balance: $ 73,913.02
6 ORANGE COUNTY TREASURER-TAX COLLECTOR
ORANGE COUNTY INVESTMENT FUND (OCIF)
ORANGE COUNTY TREASURER'S POOL (OCTP) AND SPECIFIC INVESTMENT ACCOUNTS (') FOR THE MONTH ENDED: AUGUST 31, 2023
OCT INVESTMENT STATISTICS?)
Average Days to Maturity Daily Yield as of 8/31/2023 MONTHLY Gross Yield Current NAV
DESCRIPTION CURRENT BALANCES
MARKET Value $ 13,748,679,275
COST (Capital) $ 13,755,826,400 252 3.990% 3.893% 0.9925 Orange County Treasurer's Pool (OCTP)
MONTHLY AVG Balance $ 13,772,491,582
BOOK Value S 13,853,218,305
INVESTMENT STATISTICS - Specific Investment Accounts!"
DESCRIPTION CURRENT BALANCE BY SPECIFIC INVESTMENT
Specific Investment Specific Investment Fund Market Value Book Value Current NAV Funds: Totals:
Pension Prepayment-CEO (PP-CEO) MARKET Value $ 562,371,077 PP-CEO 508,149,962 511,942,874 0.9926 Fountain Valley School District Fund 40 (FVSD) COST (Capital) $ 556,865,153 FVSD 32,451,642 33,813,989 0.9597 CCCD Series 2017E Bonds (CCCD) MONTHLY AVG Balance $ 556,826,280 CCCD 21,769,472 23,376,885 0.9312 BOOK Value S 569,133,748
OCIF TOTALS
INVESTMENTS YEAR-TO-DATE EARNINGS
OCIP 5,723,057,211 37,057,079
OCEIP 8,032,769,189 OCEIP 55,450,011
Specific Investment 556,865,153
Cash 48,698,646
Total Assets in the County Treasury Is 14,361,390,199 Total OCT Year-To-Date Earnings 92,507,089
KEY POOL STATISTICS
INTEREST RATE YIELD WEIGHTED AVERAGE MATURITY (WAM)
OCTP - YTD NET YIELD 3.799% OCTP 252
90-DAY T-BILL YIELD - MONTHLY AVERAGE 5.437% LGIP (Standard & Poors) (1) Reported in compliance with Goverment Code Section 53646(b)(1), with 2023 IPS requiring at least quarterly reporting per Government Code Section 53646 (d). (2) The current NAV for OCTP has increased slightly to 0.9925 from 0.9908. Short-term rates continue to rise, causing the market values on OCTP, PP-CEO, FVSD, and CCCD to continue to stay below book values. The OCTP, PP-CEO, FVSD, and CCCD have sufficient liquidity to meet projected cash flow needs. 7 ORANGE COUNTY TREASURER-TAX COLLECTOR
SUMMARY OF INVESTMENT DATA
INVESTMENT TRENDS
INCREASE NET CHANGE INCREASE
AUGUST 2023 JULY 2023 AUGUST 2022 NET CHANGE%
(DECREASE) (DECREASE)
Orange County Investment Pool (OCIP)
End Of Month Market Value' $ 5,720,224,967 $ 5,630,393,375 $ 89,831,592 1.60% $ 5,204,838,405 $ 515,386,562 9.90% End Of Month Book Value' $ 5,763,369,315 $ 5,682,084,279 $ 81,285,036 1.43% $ 5,306,693,411 $ 456,675,904 8.61% Monthly Average Balance $ 5,521,334,125 5,744,919,482 $ (223,585,357) -3.89% $ 5,306,080,561 $ 215,253,564 4.06% Year-To-Date Average Balance $ 5,633, 126,804 $ 5,744,919,482 $ (111,792,678) -1.95% $ 5,530,505,489 $ 102,621,315 1.86% Monthly Accrued Earnings? $ 18,385,882 $ 18,671,196 $ (285,314) -1.53% $ 4,774,583 $ 13,611,299 285.08% Orange County Educational Investment Pool (OCEIP)
End Of Month Market Value? $ 8,028,456,308 $ 8,447,929,617 $ (419,473,309) 4.97% $ 6,124,984,214 $ 1,903,472,094 31.08% End Of Month Book Value!? $ 8,089,848,990 $ 8,526,562,881 $ (436,713,891) -5.12% $ 6,246,337,979 $ 1,843,511,011 29.51% Monthly Average Balance? $ 8,251,157,457 $ 8,525,172,301 (274,014,844) -3.21% $ 6,346,773,533 $ 1,904,383,924 30.01% Year-To-Date Average Balance? $ 8,388,164,879 $ 8,525,172,301 $ (137,007,422) - 1.61% $ 6,436,312,544 $ 1,951,852,335 30.33% Monthly Accrued Earnings? $ 27,606,708 $ 27,843,303 (236,594) -0.85% $ 5,839,128 $ 21,767,580 372.79% 00 Orange County Treasurer's Pool (OCTP)
Monthly Net Yield 3.843% 3.756% 0.087% 2.31% 0.994% 2.849% 286.61% Year-To-Date Net Yield? 3.799% 3.756% 0.043% 1,14% 0.892% 2.907% 325.73% Annual Estimated Gross Yield* 4.050% 4.050% 0.000% 2.62% 2.615% 1.435% 54.86% Weighted Average Maturity (WAM) 252 236 16 6.92% 259 (7) -2.77% 1 Market values provided by Bloomberg and Northem Trust. Market values for OCIP and OCEIP are lower than book values. Shorl-term rates rose sharply in FY 2022-2023 while the increase this fiscal year is less, the market values on these pools remain below book values.
ORANGE COUNTY TREASURER - TAX COLLECTOR
OCT INVESTMENT TYPE AND CREDIT QUALITY BY MARKET VALUE PERCENT August 31, 2023
Security Type Credit Quality
100% 0.01% 100% 0.01%
5.85%
90% 90%
16.96%
80% 80%
70%
60%
50% 99.99%
40%
30% 30%
20% 20%
10% 10%
0% 0%
•U.S. GOVERNMENT AGENCIES = U.S. TREASURIES
# LOCAL AGENCY INVESTMENT FUND • US Government # NR
e MONEY MARKET MUTUAL FUNDS
Orange County Treasurer's Pool Orange County Treasurer's Pool Investment Type by Market Value - (%) Credity Quality by Market Value (%) In Thousands In Thousands %
U.S. GOVERNMENT AGENCIES $ 10,611,967 77.18% LE US GOVERNMENT $ 13,747,679 99.99% |U. S. TREASURIES 2,331,583 16.96% ENR 1,000 0.01%
MONEY MARKET MUTUAL FUNDS 804,129 5.85% 13.748.679 100.00% | LOCAL AGENCY INVESTMENT FUND 1.000 0.01%
13,748.679 100.00%
19307
O--M -UC-UU -244-0
220657-00-04007-
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: August 1, 2023 to August 31, 2023
MARKET VALUE SUMMARY
Current Period
08/01/23 to 08/31/23
Change: -1,700,776.87
Beginning Market Value $58,004,435.66 $70,000,000
Taxable Interest 182,045.38 $60,000,000
Cash Disbursements -2,000,000.00 $50,000,000
Short Term Gains/Losses 24,675.00 $40,000,000
Change in Investment Value 92,502.75 $30,000,000
Ending Market Value $56,303,658.79 $20,000,000
$10,000,000
$0
Beginning Ending
MV MV
$58,004,435.66 $56,303,658.79
19307
00- -M -UC-UU -244-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: August 1, 2023 to August 31, 2023
ASSET SUMMARY
Current Period % of Estimated
Assets Market Value Total Annual Income
Cash & Equiv
10.70 314,351.21 S6,014,471.29
Cash & Equivalents 6,014,471.29
Taxable Bonds 50,289,187.50 89.30 1,130,350.00
Total Market Value $56,303,658.79 100.00 $1,444,701.21
Taxable Bonds
$50,289,187.50
11 Fixed Income Summary
Corporate Issues
$1,456,682.50
US Government Issues
$48,832,505.00
19307
00--M -UC-UU -244-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: August 1, 2023 to August 31, 2023
INCOME SUMMARY
Income Received
Current Period
Taxable Interest 182,045.38
Total Current Period Income $182,045.38
12 19307
)- -M -UC-UU -244-(
220657-00-04007-0
REHE
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: August 1, 2023 to August 31, 2023
CASH SUMMARY
Cash
Beginning Cash 08/01/2023 $0.00
Taxable Interest 182,045.38
Cash Disbursements -2,000,000.00
Sales 2,500,000.00
Net Money Market Activity -682,045.38
Ending Cash 08/31/2023 $0.00
13 19307
10--M -UC-UU -244-0
220657-00-04007-0
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: August 1, 2023 to August 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 Treasury Oblig - 31846V54:
Fd CI Z
#3678
6,014,471.290 1.0000 6,014,471.29 6,014,471.29 0.00 10.7 314,351.21 5.23 Total Cash/Money Market $6,014,471.29 $6,014,471.29 $0.00 10.7 $314,351.21 Total Cash & Equivalents $6,014,471.29 $6,014,471.29 $0.00 10.7 $314,351.21 Taxable Bonds
US Government Issues
- H L MC - 3137EAEP(
1.500 02/12/202:
4,000,000.000 94.9600 3,798,400.00 4,188,112.71 -389,712.71 6.7 60,000.00 1.58 FHLMC MTN - 3134GV5R5
0.570 07/15/2024
1,000,000.000 95.8370 958,370.00 1,000,000.00 -41,630.00 1.7 5,700.00 0.59 FNMA - 3135G05X7
0.375 08/25/2025
8,700,000.000 91.4250 7,953,975.00 8,645,922.29 -691,947.29 14.1 32,625.00 0.41 Federal Farm Credit Bks - 3133ENVD9
2.875 04/26/2027
4,000,000.000 94.4350 3,777,400.00 3,995,360.00 -217,960.00 6.7 115,000.00 3.04 Federal Home Loan Bks - 3130AJTX7
0.720 07/21/2025
625,000.000 92.0320 575,200.00 625,000.00 -49,800.00 1.0 4,500.00 0.78 19307
00- -M -UC-UU -244-04
0220657-00-04007-0-
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: August 1, 2023 to August 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 - 3130AJTF6
0.740 07/14/2025
1,000,000.000 92.1310 921,310.00 1,000,000.00 -78,690.00 1.6 7,400.00 0.80 Federal Home Loan Bks - 3130AMFS6
0.750 06/12/2026
2,000,000.000 89.9580 1,799,160.00 2,001,415.36 -202,255.36 3.2 15,000.00 0.83 Federal Home Loan Bks - 3130A8XY4
1.875 09/11/2026
4,500,000.000 92.5300 4,163,850.00 4,665,690.00 -501,840.00 7.4 84,375.00 2.03 Üfederal Home Loan Bks - 3130ATBLO
3.625 12/08/2023
4,000,000.000 99.4360 3,977,440.00 3,991,360.00 -13,920.00 7.1 145,000.00 3.65 Federal Home Loan Bks - 3130AWC24
4.000 06/09/2028
2,000,000.000 98.7990 1,975,980.00 2,006,180.00 -30,200.00 3.5 80,000.00 4.05 Federal Home Loan Bks - 3130AWLY4
5.125 06/13/2025
1,000,000.000 100.1320 1,001,320.00 1,004,010.00 -2,690.00 1.8 51,250.00 5.12 U S Treasury Bond - 912810EV6
6.875 08/15/2025
2,000,000.000 103.7070 2,074,140.00 2,104,000.00 -29,860.00 3.7 137,500.00 6.63 U S Treasury Note - 912828T26
1.375 09/30/2023
3,000,000.000 99.6770 2,990,310.00 2,954,430.00 35,880.00 5.3 41,250.00 1.38 U S Treasury Note - 912828T91
1.625 10/31/2023
2,500,000.000 99.3790 2,484,475.00 2,461,250.00 23,225.00 4.4 40,625.00 1.63 U S Treasury Note - 912828U57
2.125 11/30/2023
2,500,000.000 99.1880 2,479,700.00 2,469,100.00 10,600.00 4.4 53,125.00 2.14 19307
0--M-UC-UU -244-C
)220657-00-04007-0
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: August 1, 2023 to August 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 - 912828V23
2.250 12/31/2023
3,000,000.000 98.9650 2,968,950.00 2,953,290.00 15,660.00 5.3 67,500.00 2.27 U S Treasury Note - 9128286G0
2.375 02/29/2024
2,500,000.000 98.5040 2,462,600.00 2,459,075.00 3,525.00 4.4 59,375.00 2,41 U S Treasury Note - 9128285Z9
2.500 01/31/2024
2,500,000.000 98.7970 2,469,925.00 2,460,150.00 9,775.00 4.4 62,500.00 2.53 Potal US Government Issues $48,832,505.00 $50,984,345.36 -$2,151,840.36 86.7 $1,062,725.00 Corporate Issues
Cen Five Nine Oconomowoc Wis 062119C22
4.500 07/28/2028
250,000.000 96.7140 241,785.00 250,000.00 -8,215.00 0.4 11,250.00 4.65 Bmw Bk North Amer Salt Lake City - 05580AY24
4.400 04/14/2028
250,000.000 96.6170 241,542.50 249,875.00 -8,332.50 0.4 11,000.00 4.55 Center BK Whiting Ind - 15140RCY3
4.700 07/26/2027
250,000.000 98.2910 245,727.50 250,000.00 -4,272.50 0.4 11,750.00 4.78 Comenity Cap Bk Draper - 20033A4J2
4.450 07/26/2028
250,000.000 96.5040 241,260.00 250,000.00 -8,740.00 0.4 11,125.00 4.61 Discover Bk Greenwood Del - 2546733V6
4.400 04/17/2028
250,000.000 96.6030 241,507.50 249,875.00 -8,367.50 0.4 11,000.00 4.55 19307
)- -M -UC-UU -244-
220657-00-04007-0
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: August 1, 2023 to August 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 State Bk India Chicago III - 8562834C7
L.600 08/02/2027
250,000.000 97.9440 244,860.00 250,000.00 -5,140.00 0.4 11,500.00 4.70 Total Corporate Issues $1,456,682.50 $1,499,750.00 -$43,067.50 2.6 $67,625.00 Total Taxable Bonds $50,289,187.50 $52,484,095.36 -$2,194,907.86 89.3 $1,130,350.00 Total Assets $56,303,658.79 $58,498,566.65 -$2,194,907.86 100.0 $1,444,701.21 Estimated Current Yield 2.56
ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request. leited a values to are val eternal ouras. is is for una curer value not valid ay erected dare a ray a da a a rear a ale are are ev ot 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 generatio May note entre al rate are you meant an ey peter rate real you edent a an it for making investmen, rain, or la declan. the elimates. 19307
220657-00-04007-
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: August 1, 2023 to August 31, 2023
TRANSACTION DETAIL
Date
Posted Activity Description Cash Tax Cost
Beginning Balance 08/01/2023 $0.00 $60,291,846.27
08/01/23 Asset Income Interest Earned On 18,207.54
First Am Treas Ob Fd Cl
nterest From 7/1/23 To 7/31/2
08/08/23 Cash Disbursement -2,000,000.00
CH Transfer To Checkin
Per Ins Dtd 08-08-2023
08/14/23 Asset Income Interest Earned On 30,000.00
F HL MC 1.500% 2/12/25
0.0075 USD/$1 Pv On 4,000,000 Par Value Due 8/12/23
5811523 Asset Income Interest Earned On 68,750.00
U S Treasury Bd 6.875 08/15/2025
0.034375 USD/$1 Pv On 2,000,000 Par Value Due 8/15/23
08/25/23 Asset Income Interest Earned On 16,312.50
F N MA 0.375% 8/25/25
0.001875 USD/$1 Pv On 8,700,000 Par Value Due 8/25/23
08/28/23 Asset Income Interest Earned On 944.86
Comenity Cap Bk C D 4.450% 7/26/28
0.003779 USD/$1 Pv On 250,000 Par Value Due 8/26/23
08/28/23 Asset Income Interest Earned On 955.48
Bank Five Nine C D 4.500% 7/28/28
0.003822 USD/$1 Pv On 250,000 Par Value Due 8/28/23
08/31/23 Sale Matured 2,500,000 Par Value Of 2,500,000.00 -2,475,325.00 JS Treasury Nt 1.375% 8/31/23
Trade Date 8/31/23
2,500,000 Par Value At 100%
08/31/23 Asset Income terest Earned Or 17,187.50
.S USD/S USDIS1 PUSh 2,500.00 Par Value Due 8/312
08/31/23 Asset Income Interest Earned On 29,687.50
101875 US DIS 1 3750n 23500,000 Par Value Due 8/312
Purchase ombined Purchases For The Period 8/ 1/23 - 8/31/23 C -2,682,045.38 2,682,045.38 irst Am Treas Ob Fd Cl
19307
02200.0040-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: August 1, 2023 to August 31, 2023
TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
Sale ombined Sales For The Period 8/ 1/23 - 8/31/23 2,000,000.00 -2,000,000.00 rst Am Treas Ob Fd Cl
Ending Balance 08/31/2023 $0.00 $58,498,566.65
19 19307
0- -M -UC-UU -244-(
220657-00-04007-1
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: August 1, 2023 to August 31, 2023
SALE/MATURITY SUMMARY
Settlement Estimated
Date Description Tax Cost Proceeds Gain/Loss
Taxable Bonds
U S Treasury Note
1.375 08/31/2023
9128282D1
08/31/23 Matured 2,500,000 -2,475,325.00 2,500,000.00 24,675.00 Par Value
rade Date 8/31/2
500,000 Par Value At 100
Total Taxable Bonds -$2,475,325.00 $2,500,000.00 $24,675.00 Total Sales & Maturities -$2,475,325.00 $2,500,000.00 $24,675.00
SALE/MATURITY SUMMARY MESSAGES
Estimated Year-To-Date Short-Term Gain (Loss): $72,160.62 Estimates should not be used for tax purposes
19307
)- -M -UC-UU -244-(
20657-00-04007-0
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: August 1, 2023 to August 31, 2023
BOND SUMMARY
50% |
40%
0%
2023 2024 2025 2026 2027 2028
Percentage of
Par Value Market Value Category
MATURITY
2023 15,000,000.00 14,900,875.00 29.64
2024 6,000,000.00 5,890,895.00 11.72
2025 17,325,000.00 16,324,345.00 32.46
2026 6,500,000.00 5,963,010.00 11.85
2027 4,500,000.00 4,267,987.50 8.48
2028 3,000,000.00 2,942,075.00 5.85
Total of Category $52,325,000.00 $50,289,187.50 100.00
MOODY'S RATING
Aaa 49,825,000.00 47,874,135.00 95.20
N/A 1,250,000.00 1,200,155.00 2.39
NOT RATED 1,250,000.00 1,214,897.50 2.41
Total of Category $52,325,000.00 $50,289,187.50 100.00
19307
0--M -UC-UU-244-04
0220657-00-04007-0
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: August 1, 2023 to August 31, 2023
BOND SUMMARY (continued)
Percentage of
Par Value Market Value Category
S&P RATING
AA+ 31,825,000.00 29,944,035.00 59.54
N/A 19,000,000.00 18,888,470.00 37.56
NOT RATED 1,500,000.00 1,456,682.50 2.90
Total of Category $52,325,000.00 $50,289,187.50 100.00
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 8/1/2023 to 8/31/2023 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 8/1/2023 Contributions Earnings Expenses Distributions Transfers 8/31/2023 PENSION S2,029,921.10 $0.00 -$23,780.79 $980.00 $0.00 $0.00 $2,005,160.31 Totals $2,029,921.10 $0.00 -$23,780.79 $980.00 $0.00 50.00 $2,005,160.31 Investment Selection
Source
PENSION Moderately Conservative HighMark PLUS
Investment Objective
Source
"he dual goals of the Moderately Conservative Strategy are current income and moderate capital appreciation. The major portion of the assets i PENSION committed to income-producing securities. Market fluctuations should be expecte Investment Return
Annualized Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years Plan's Inception Date PENSION -1.17% 1.99% 3.76% - 0.51% 5/26/2020
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured, No Bank Guarantee; May Lose Value ccount balances are inclusive of Trust Administration. Trustee and Investment Management fes Headquarters - 4350 Von Karman Ave, Suite 100, Newport Beach, CA 92660 800 540 6369 Fax 949 250.1250 www.pars.org 23