STAFF REPORT ADDENDUM
CORRESPONDENCE RECEIVED BY THE
CITY COUNCIL FOR PUBLIC REVIEW
PRIOR TO THE MEETING
AGENDA NO: 7.b
MEETING DATE: April 23, 2024
Prepared By: __EC____ Dept Review: _EC__
Staff Report Addendum
TO: Honorable Mayor and City Council DATE: April 22, 2024 FROM: Emily Conrad, Acting Finance Director
SUBJECT: Third Quarter Investment Report (period ending March 31, 2024) for Fiscal Year (FY) 2023-24
RECOMMENDED ACTION
Receive the attached Third Quarter Investment Report (period ending March 31, 2024) for Fiscal Year 2023-24.
ADDENDUM
The attached revised investment report includes (2) two redline corrections. The subtotal of non-liquid instruments’ market value (page two) was overstated by $2,998,673 as $15,830,232. The overstatement was due to a formula error which caused a matured investment to continue to be included in the subtotal (page three, U.S. Treasury Bills). The error also inflated the total liquid and non-liquid investments by the same amount as $77,588,064. The correct subtotal of non-liquid instruments’ market value is $12,831,559 and the correct total liquid and non-liquid investments is $74,589,391.
AGENDA NO: 7.b
MEETING DATE: April 23, 2024
LIQUID INSTRUMENTS
INVESTMENT
OR CUSIP PURCHASE MARKET INTEREST PURCHASE MATURITY DAYS TO
NUMBER INSTITUTION PRICE VALUE RATE DATE DATE MATURITY
POOLED MONEY INVESTMENT ACCOUNT:
LAIF $ 37,563,425 $ 37,563,425 4.30% DAILY DAILY 1
MONEY MARKET ACCOUNT:
MM 19,418,654 19,418,654 4.59% DAILY DAILY 1
SWEEP 4,775,753 4,775,753 0.01% DAILY DAILY 1
24,194,407
SUBTOTAL LIQUID INSTRUMENTS: 61,757,832 61,757,832
NON-LIQUID INSTRUMENTS
INVESTMENT
OR CUSIP PURCHASE MARKET INTEREST PURCHASE MATURITY DAYS TO
NUMBER INSTITUTION PRICE VALUE RATE DATE DATE MATURITY
CERTIFICATES OF DEPOSIT
052392BM8 ZIONS BANK - Austin Telco Fed. Cred. Union Tex 249,000 247,215 3.40% 8/12/2022 8/12/2024 134 53052LAT6 ZIONS BANK - Liberty FCU Evansville 248,000 247,993 5.00% 5/24/2023 5/27/2025 422 33715LFH8 ZIONS BANK - First Technology FCU 248,000 247,879 5.05% 5/26/2023 5/27/2025 422 795451BQ5 ZIONS BANK - Sallie Mae 245,000 240,118 3.40% 7/6/2022 7/7/2025 463 20825WAZ3 ZIONS BANK - Connexus Cred. Union 249,000 243,718 3.40% 8/15/2022 8/15/2025 502 27002YFE1 ZIONS BANK - Eaglebank - Bethesda 249,000 243,344 3.30% 8/18/2022 8/18/2025 505 30960QAV9 ZIONS BANK- Farmers Insurance Group 249,000 247,749 4.60% 1/26/2024 1/26/2026 666 90352RDA0 ZIONS BANK - US Alliance FCU Rye NY 249,000 248,426 4.70% 5/26/2023 5/26/2026 786 39573LEC8 ZIONS BANK - Greenstate Credit Unions 248,000 248,465 4.90% 5/31/2023 6/1/2026 792 254673Q33 ZIONS BANK - Discover Bank Greenwood 245,000 237,245 3.35% 8/16/2022 8/17/2026 869 130162AX8 ZIONS BANK- California Cr Un Glendale 243,000 245,295 5.15% 8/28/2023 8/28/2026 880 444425AC6 ZIONS BANK- Hughes Fed Cr Un Tuscon Az 248,000 250,335 5.15% 8/29/2023 8/31/2026 883 065427BG0 ZIONS BANK- Bank Utah Ogden Utah 244,000 240,311 4.10% 1/26/2024 1/26/2027 1,031 856285G21 ZIONS BANK - State Bank of India NY 250,000 230,642 1.75% 2/9/2022 2/9/2027 1,045 25844MBN7 ZIONS BANK- Dort Finl Cr Un Grand Blanc 246,000 248,323 5.00% 8/28/2023 2/26/2027 1,062 41138NAB4 ZIONS BANK- Hapo Comnty Cr Un Richland 248,000 250,295 5.00% 8/31/2023 2/26/2027 1,062 02589ABQ4 ZIONS BANK - American Express Natl 247,000 229,104 2.00% 3/9/2022 3/9/2027 1,073 14042TFJ1 ZIONS BANK - Capital One 246,000 232,688 2.70% 4/6/2022 4/13/2027 1,108 19058RAE1 ZIONS BANK- Coastal1 Cr Un Pawtucket RI 249,000 246,903 4.15% 1/31/2024 1/31/2028 1,401 05580A4P6 ZIONS BANK- BMW Bk North Amer Utah 244,000 249,921 4.90% 11/17/2023 11/17/2028 1,692 4,944,000 4,875,969
CITY OF MORRO BAY
QUARTERLY PORTFOLIO PERFORMANCE
3/31/2024
LOCAL AGENCY INVESTMENT FUND
MECHANICS BANK - MONEY MARKET
MECHANICS BANK - SWEEP
CITY OF MORRO BAY
QUARTERLY PORTFOLIO PERFORMANCE
3/31/2024
U.S. OBLIGATIONS
3133EP5S0 ZIONS BANK- Federal Farm Cr Bks 2,988,009 2,987,731 4.250% 3/21/2024 3/20/2028 1,450 3133EP3B9 ZIONS BANK - Federal Farm Cr Bks 1,989,780 1,989,056 4.125% 2/29/2024 2/13/2029 1,780 4,977,789 4,976,788
U.S. TREASURY NOTES & BONDS
91282CFQ9 ZIONS BANK- US Treasury Notes 996,718 994,896 4.375% 10/31/2022 10/31/2024 214 91282CKA8 ZIONS BANK- US Treasury Note 1,984,850 1,983,906 4.125% 2/29/2024 2/15/2027 1,051 2,981,568 2,978,802
SUBTOTAL NON-LIQUID INSTRUMENTS: 12,903,357 15,830,232
TOTAL LIQUID AND NON-LIQUID INVESTMENTS: $ 74,661,189 $ 77,588,064 Q3 2023-2024 3/31/2024
835,808 1,636,509 82.717% 4.074% 193
3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024
Portfolio - weighted average rate of earnings 3.039% 3.367% 3.521% 3.724% 4.074% LAIF - quarterly earnings rate 2.740% 3.150% 3.590% 4.000% 4.300% Portfolio over (under) LAIF 0.299% 0.217% -0.069% -0.276% -0.226% PARS OPEB Public Agency Retirement Services 2,466,075 2.75% DAILY DAILY 1 PARS Pension
Trust Public Agency Retirement Services 2,467,970 2.41% DAILY DAILY 1 4,934,046
82.717%
QUARTERLY
INTEREST
EARNED
WEIGHTED
AVERAGE DAYS
TO MATURITY
WEIGHTED
AVERAGE RATE
OF EARNINGS
% OF LIQUID
PORTFOLIO
HOLDINGS
YTD
RECORDED
INTEREST AS
OF
of the portfolio held in liquid instruments, allowing the City to meet cash flow needs for at least six months, in compliance with theinvestment policy approved by the City Council in June 2023. The investment policy will be updated annually as required by state law.
Portfolio holdings as of the quarter ended March 31, 2024, are in compliance with the current Investment Policy. With
QUARTERLY PERFORMANCE COMPARISON - PORTFOLIO VS LAIF
PUBLIC AGENCY RETIREMENT SERVICES (PARS) - LEAGALLY RESTRICTED INVESTMENTS EXCLUDED FROM WEIGHTED PORTFOLIO
--------- 12,831,559
--------- 74,589,391
CITY OF MORRO BAY
QUARTERLY PORTFOLIO PERFORMANCE
3/31/2024
MATURED INSTRUMENTS PURCHASE MARKET INTEREST PURCHASE MATURITY DAYS TO
CERTIFICATES OF DEPOSIT PRICE VALUE RATE DATE DATE MATURITY 61690UDL1 ZIONS BANK - Morgan Stanley Bk NA 246,000 246,000 3.10% 1/24/2019 1/24/2024 Matured 1731202F5 ZIONS BANK - Citibank NA 246,000 246,000 3.20% 1/25/2019 1/25/2024 Matured 90307LAB0 ZIONS BANK - Uncle Cr Union Livermore CA 248,000 248,000 5.00% 1/25/2023 1/25/2024 Matured U.S. OBLIGATIONS
3130AV3G5 ZIONS BANK- Federal Home Loan Banks 401,974 400,000 5.13% 3/20/2023 2/23/2024 Matured 3130ARHG9 ZIONS BANK- Federal Home Loan Banks 3,590,680 3,670,000 2.13% 3/27/2023 2/28/2024 Matured U.S. TREASURY BILLS
91282CFQ9 US Treasury Bills 2,998,673 2,998,673 4.58% 4/26/2023 3/21/2024 Matured TOTAL MATURED VALUE 7,731,327 7,808,673
NEW INSTRUMENTS PURCHASE MARKET INTEREST PURCHASE MATURITY DAYS TO
CERTIFICATES OF DEPOSIT PRICE VALUE RATE DATE DATE MATURITY 30960QAV9 ZIONS BANK- Farmers Insurance Group 249,000 247,749 4.60% 1/26/2024 1/26/2026 666 065427BG0 ZIONS BANK- Bank Utah Ogden Utah 244,000 240,311 4.10% 1/26/2024 1/26/2027 1,031 19058RAE1 ZIONS BANK- Coastal1 Cr Un Pawtucket RI 249,000 246,903 4.15% 1/31/2024 1/31/2028 1,401 U.S. OBLIGATIONS
3133EP5S0 ZIONS BANK- Federal Farm Cr Bks 2,988,009 2,987,731 4.250% 3/21/2024 3/20/2028 1,450 3133EP3B9 ZIONS BANK - Federal Farm Cr Bks 1,989,780 1,989,056 4.125% 2/29/2024 2/13/2029 1,780 U.S. TREASURY NOTES & BONDS
91282CKA8 ZIONS BANK- US Treasury Note 1,984,850 1,983,906 4.125% 2/29/2024 2/15/2027 1,051 TOTAL NEW INSTRUMENTS 7,704,639 7,695,657
CHANGES FROM PRIOR QUARTERLY REPORT
AGENDA CORRESPONDENCE
RECEIVED BY THE CITY COUNCIL FOR
PUBLIC REVIEW PRIOR TO THE MEETING
AGENDA NO: 7.e
MEETING DATE: April 23, 2024
AGENDA CORRESPONDENCE
RECEIVED BY THE CITY COUNCIL FOR
PUBLIC REVIEW PRIOR TO THE MEETING
AGENDA NO: 9.a
MEETING DATE: April 23, 2024