PISMO BEACH COUNCIL AGENDA REPORT
Agenda Item #9.E
SUBJECT / TITLE:
QUARTERLY INVESTMENT REPORT FOR THE THREE MONTHS OF OCTOBER THROUGH DECEMBER 2021—THE SECOND QUARTER OF FY 2022
RECOMMENDATION:
No action required; information only.
EXECUTIVE SUMMARY:
This report updates City Council on the City’s investment portfolio as of the quarter ending on December 31, 2021. This report complies with regulations set forth in California State Government Code Section 53646 in which the City Treasurer is required to submit to the legislative body (City Council) a quarterly report containing various information on the City’s investments.
The report includes all investments managed by the City, including funds invested in various securities, the City’s pooled funds invested in various financial instruments, and funds held in reserve with fiscal agents.
• Table 1 (Attachment 1) provides a summary of the City’s cash, investments, and earnings based on book value as of December 31, 2021.
• Tables 2 and 3 (Attachments 2 and 3) provides details on the investment type, issuer, maturity date, book value, market value, and interest rates as of December 31, 2021 for the General Fund Reserve and City Pooled Funds A, respectively.
All of the City’s investments and the City’s allocation of funds in the various financial instruments comply with State Government Code Sections 53610—53686 and with the City’s Investment Policy’s primary objective to safeguard the principal. Additionally, the City of Pismo Beach’s invested funds as described in this report comply with the City’s Investment Policy and meet the City’s pooled expenditure requirements for the next six months.
Description of Cash and Investment Accounts
Negotiable Certificates of Deposit (CDs), US Government Agency Securities (GASs), Corporate Bonds (Corp Bonds), and Municipal Bonds (Munis) • General Fund Reserves: The City has three reserves invested in various financial instruments that mature at various periods over the next five years. The total amount invested for these three reserves is $7.06 million, earning a projected 1.78% average interest rate during Fiscal Year (FY) 2022. Specifics of each reserve are provided below:
o General Fund Reserve: The City adopted a Fiscal Policy that maintains a General Fund Reserve of 25% of budgeted annual operating expenditures. This Reserve should be $6.36 million, which is 25% of the FY 2022 budgeted annual operating
9.E-1Council Agenda 2-1-2022
expenditures. Currently, $6.31 million is invested in various CDs, GASs, Corp Bonds, and Munis earning 1.71% on average per year.
o City Building Reserve: The City Council created a City Building Reserve of $500 thousand for the maintenance and upkeep of City facilities and buildings. Currently, this Reserve is invested in various CDs and GASs earning on average 2.11% per year during FY 2022.
o Risk Management Reserve: The City Council established a Risk Management Reserve, contributing $50 thousand each year. Currently, this Reserve is $250 thousand, which is invested in CDs, GASs, and Munis earning 2.72% on average per year.
• City-Pooled Funds A (for deferred capital projects): Based on the City’s 10-year capital plan and the cash flow needs for the next five years, the City has invested $21.63 million in various CDs, GASs, Corp Bonds, and Munis that mature at various periods over the next five years and have a 1.65% average interest rate during FY 2022.
Other Financial Instruments
City-Pooled Funds B (for current year expenditures): The City follows the practice of pooling cash for all funds in financial instruments. Interest earned on pooled cash and investments is allocated quarterly to the various funds based on the respective fund’s average quarterly cash balance. As of December 31, 2021, the City-Pooled Funds B are allocated or invested as described below.
• $19.27 million in Local Agency Investment Fund (LAIF): LAIF is a state investment pool earning 0.23% annually and is the City’s main savings account where the majority of cash is held for current year expenditures.
• $21.75 million in U.S. Bank Checking: This account is the City’s primary checking account.
OPEB Trust Account
The Governmental Accounting Standards Board (GASB) requires public-sector entities to account for the promise to provide other post-employment benefits (OPEB) over the working life of the employee rather than on a pay-as-you-go basis. The City has an actuarial study performed every two years to determine how much to set aside each year to partially or completely fund our future obligations for retiree health costs.
The OPEB Trust Account is the California Employers’ Retiree Benefit Trust (CERBT) Fund that was set up for the purpose of receiving employer contributions to prefund retiree health and OPEB costs for retirees and their beneficiaries. This trust fund helps finance future costs in large part from the investment earnings provided by CalPERS, rather than the City’s restricted investment earnings. The projected earnings are 6.75% per year and fluctuate from quarter to quarter. The City contributes to the account at the Actuarial Determined Contribution amount of $234 thousand for this year toward the City’s unfunded liability. This contribution now appears as an asset for the City’s future retiree health costs instead of a significant liability on the City’s balance sheet.
9.E-2Council Agenda 2-1-2022
Portfolio Allocation
Per the State Government Code 53600 et seq., and the City's Investment Policy, the City may invest up to a maximum percentage of the entire portfolio of funds in authorized financial instruments. The following table shows a summary of the authorized financial instruments, the maximum percentage limits, the book value as of December 31, 2021 of the City’s funds, and the percentage of the total City’s pooled funds that are invested in each financial instrument.
Financial Instrument
Maximum
%
Book Value as
of 12/31/21
% of
Portfolio
Local Agency Investment Fund 100% 19,267,848$ 28%
Negotiable Certificates of Deposit 30% 13,032,000 19% Checking Account 100% 21,753,070 31%
Corporate Bond 30% 2,590,828 4%
Issues of Other California entities 30% 2,319,402 3% US Government Agency Obligations 50% 10,750,000 15% 69,713,148$ 100%
Bond funds: Wilmington Trust 9$
OPEB Trust Account 4,956,606
Total Book Value 74,669,763$
Local Agency
Investment Fund,
28%
Negotiable
Certificates of
Deposit, 19%Checking Account,
31%
Corporate Bond,
4%
Issues of Other
California entities, 3%
US Government
Agency
Obligations, 15%
Portfolio Allocation
9.E-3Council Agenda 2-1-2022
Portfolio Liquidity
The portion of the City’s portfolio that is managed by the City Treasurer (all accounts except the Bond Funds and OPEB Trust Account) is sufficiently liquid to meet the City’s expenditure requirements for the next 6 months. The majority of funds are invested in LAIF, which has a liquidity of one day. The following table and chart illustrate the liquidity of the City’s managed portfolio.
Liquidity Amount
0 to 30 days 41,020,919$
FY 2022 4,076,685
FY 2023 3,288,506
FY 2024 1,130,862
FY 2025 9,211,177
FY 2026 7,750,000
FY 2027 3,235,000
69,713,148$
0 10,000 20,000 30,000 40,000 50,000
0 to 30 days
FY 2022
FY 2023
FY 2024
FY 2025
FY 2026
Portfolio Amount ($ thousands)
Li
q
u
i
d
i
t
y
P
e
r
i
o
d
Portfolio Liquidity
9.E-4Council Agenda 2-1-2022
Investment Value
Book Value: The book value represents the initial outlay for an investment and is the amount carried on a balance sheet. In the past quarter ending December 31, 2021, the City’s total book value of cash and investments was $74.67 million. This is $5.08 million greater than the last quarter’s ending balance. There are a number of factors that impact changes in cash and investment balances from quarter to quarter. These changes may include receiving periodic payments (e.g., property taxes are received in December and April), large payments on debt service or capital projects, seasonal revenues and expenditures, and other factors affecting cash flow.
Market Value: The market value represents the current price at which a security can be traded and is the value of an investment comparing the various aspects of the security to other factors in the market such as interest rates. The market value as of December 31, 2021 for CDs, GASs, Municipal Bonds, and Corporate Bonds was $28.66 million, which is $37 thousand less than the book value. The City expects to hold onto the majority of its investments to maturity and would receive the book value of its investment.
Investment Name Type of Investment
Book Value as
of 12/31/21
Book Value as of
9/30/21 Variance
General Fund Reserve CDs/GASs/Corp
Bonds/Muni Bonds
7,063,013$ 6,563,013$ 500,000$
City Pooled Funds - A CDs/GASs/Corp
Bonds/Muni Bonds
21,629,217 22,114,217 (485,000)
City Pooled Funds - B Various 41,020,919 36,189,657 4,831,261 Bond funds Blackrock Federal
Fund
9 5 4
OPEB Trust Account Benefit Trust
Account
4,956,606 4,727,421 229,184
TOTAL 74,669,763$ 69,594,314$ 5,075,450$
Investment Name
Type of
Investment
Book Value as of
12/31/21
Market Value as
of 12/31/21 Variance
General Fund Reserve CDs/GASs/
Corp Bonds/
Muni Bonds
7,063,013$ 7,031,239$ (31,774)$
City Pooled Funds - A CDs/GASs/
Corp Bonds/
Muni Bonds
21,629,217 21,624,009 (5,208)
Total All Securities 28,692,230$ 28,655,248$ (36,981)$
9.E-5Council Agenda 2-1-2022
Investment Earnings and Performance
Interest Earnings: In the past quarter ending December 31, 2021, the City’s total interest earnings were a gain of $357 thousand, including a $127 thousand gain in the City’s managed portfolio and a $230 thousand gain in OPEB. The estimated interest earnings for FY 2022 are $791 thousand, which is 1.08% for the year for the City’s entire portfolio and 0.73% for the City’s managed portfolio. Note that as the City’s cash and investments change, the interest earnings change correspondingly.
Performance: The projected annual interest earnings rate for FY 2022 is 1.08% for the City’s entire portfolio. The projected annual interest earnings rate for FY 2022 is 0.73% for the City’s managed portfolio (excludes Bond funds and OPEB Trust Account). This is compared to LAIF, which earned 0.23% as of December 31, 2021, or the 1-year U.S.
Treasury Note, which earned 0.38% as of December 31, 2021. The following table lists the various performance measures regarding the various annual earnings rate for the City’s entire portfolio, the City’s managed portfolio, and the two benchmarks of LAIF and the 1 year U.S. Treasury Note.
Performance Measure Earnings
Rate
City’s Annual Earnings Rate for entire Portfolio 1.08%
City’s Annual Earnings Rate for Managed Portfolio 0.73% LAIF Average Annual Earnings Rate 0.23%
1 Year U.S. Treasury Note 0.38%
Investment Name
Type of
Investment
Book Value as
of 12/31/21
Actual
Interest
Earned 2nd
Quarter
Annual
Interest
Earnings
Estimated
Annual
Interest
Earnings
Estimated
Annual Interest
Earnings Rate
General Fund Reserves CDs/GASs/
Corp Bonds/
Muni Bonds
7,063,013$ 34,602$ 57,786$ 120,541$ 1.71% City Pooled Funds - A CDs/GASs/
Corp Bonds/
Muni Bonds
21,629,217 81,039 161,401 339,912 1.57% City Pooled Funds - B Various 41,020,919 11,346 23,260 46,519 0.11% Bond funds Wilmington
Trust
9 7 7 13 143.10% OPEB Trust Account*Benefit Trust
Account
4,956,606 230,228 210,859 297,396 6.00% TOTAL 74,669,763$ 357,221$ 453,312$ 804,382$ 1.08% Total Managed Portfolio 69,713,148$ 126,987$ 242,446$ 506,972$ 0.73%
9.E-6Council Agenda 2-1-2022
Future Outlook
On December 15, 2021, Federal Reserve stated that it is committed to using its full range of tools to support the U.S. economy during this challenging time to promote its maximum employment and price stability goals. With progress on vaccinations and strong policy support, employment and economic activity have improved. Inflation is elevated, reflecting supply and demand issues related to the pandemic and the reopening of the economy. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.
The Federal Open Market Committee (FOMC) decided to maintain the target range for the federal funds rate to 0.00% to 0.25%. The Committee expects to maintain this target range until it is confident the economy is on track to achieve maximum employment and price stability, exceeding 2% inflation for a period of time.
With inflation, the market interest rates are increasing. Based on increasing interest rates, the City’s investment earnings potential is improving and could lead to greater investment earnings as the City’s current investments mature and are reinvested in higher yielding securities.
FISCAL IMPACT:
No fiscal impact from the report itself—information only.
ALTERNATIVES:
No Council action is proposed, other than to receive the information.
ATTACHMENTS:
1.Table 1: Summary Table for ALL Funds, including Book Values and Earnings Data for Investments in Other Financial Instruments
2.Table 2: For the General Fund Reserve—Basic Data on Investments in Securities
3.Table 3: For City Pooled Funds A—Basic Data on Investments in Securities Submitted by: Meeting Date: February 1, 2022
Nadia Feeser, Administrative Services Director/City Treasurer City Manager Approval:
9.E-7Council Agenda 2-1-2022
Investment Name Name of Institution Type of Investment Current
Earnings
Rate
Book Value
as of 12/31/21
Actual Interest
Earned 2nd
Quarter Ending
12/31/21
Year-to-Date
Interest
Earned
Ending
12/31/21
* Data
Source
Estimated
Annual Interest
Earnings **
General Fund Reserves Union Bank CDs/GASs/Corp
Bonds/Muni Bonds
1.78% avg 7,063,013$ 34,602$ 57,786$ 1 120,541$ City Pooled Funds - A Union Bank CDs/GASs/Corp
Bonds/Muni Bonds
1.65% avg 21,629,217 81,039 161,401 1 339,912 Total All Securities 28,692,230$ 115,641$ 219,187$ 460,453$ City Pooled Funds - B US Bank Custody 0.00%-$ 5$ 6$ 1 12 City Pooled Funds - B Local Agency Invest.
Fund
State Investment Pool 0.23%19,267,848 11,092 22,818 2 45,636 City Pooled Funds - B US Bank Checking 0.00%21,753,070 249 436 3 871 City Pooled Funds - B 41,020,919$ 11,346$ 23,260$ 46,519$ City Pooled Funds total A + B 62,650,135$ 92,384$ 184,660$ 506,972$ Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017 Pier Project 4$ 4$ 4$ 4 7 Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017B CREBs 6$ 3$ 3$ 4 6 Calpers Benefit Trust
OPEB Trust Account CalPERS Benefit Trust
Account
Various managed by
CalPERS
4,956,606$ 230,228$ 210,859$ 5 297,396 TOTAL, Cash and Investments at December 31, 2021:74,669,763$ 357,221$ 453,312$ 804,382$ TOTAL for City Managed Portfolio, Cash and Investments:69,713,148$ 126,987$ 242,446$ 506,972$ Notes:
* Data Sources for Book Values and Actual Interest Earned:
1 = Monthly Customer Statement from US Bank
2 = Monthly statement from Local Agency Investment Fund. 3 = Monthly reconciled bank statement from respective bank. 4 = Monthly statement from Wilmington Trust
5 = Monthly statement from CalPERS Benefit Trust Account ** Estimated Annual Interest Earnings for the current Fiscal Year FY 2022:
1. Estimated Earnings on Government Agency Securities and Certificates of Deposit are based on scheduled Interest Payments during FY 2022
2. Estimated Earnings on Other Financial Instruments are based on anticipated average account balances (Book Values) and interest rates during FY 2022.
City of Pismo Beach
Table 1: Summary Table for All Funds,
including Book Values & Earnings Data for Investments in Other Financial Instruments
9.E-8Council Agenda 2-1-2022
Attachment 1
City of Pismo Beach
December 31, 2021 QUARTERLY INVESTMENT REPORT
Table 2: For the General Fund Reserves - Basic Data on Investments in Securities:
Government Agency Securities and Bank Certificates of Deposit CUSIP Issuer Name Coupon Acq Date Maturity Type S&P Par Value Book Value IDC Market Value
Gain/
Loss
Days to
Stated
Maturity
020080BL0 Alma Bank 1.75% 09/11/19 09/11/24 CD N/A 102.47 245,000 251,049 6,049 804 02587CEM8 American Express
Federal Savings Bank
2.35% 05/03/17 05/03/22 CD N/A 100.72 147,000 148,054 1,054 (58) 13063CLW8 California State GO
Bonds (41.83%)
5.00% 05/08/20 10/01/24 Municipal Bond AA-112.60 245,000 235,492 (9,508) 824 13063CLW8 California State GO
Bonds (8.54%)
5.00% 05/08/20 10/01/24 Municipal Bond AA-112.60 50,000 48,078 (1,922) 824 13077CY32 California State
University Rev Bonds
(97.66%)
5.00% 05/07/20 11/01/23 Municipal Bond AA-108.60 245,000 233,323 (11,677) 489 14042RHM6 Capital One (47.75%)2.35% 08/23/17 08/23/22 CD N/A 101.34 117,000 118,559 1,559 54 25460FCF1 Direct Federal Credit
Union
3.50% 12/10/18 09/11/23 CD N/A 104.96 245,000 257,162 12,162 438 29367RLM6 Enterprise Bank
(63.27%)
0.85% 05/18/20 05/14/25 CD N/A 99.55 155,000 154,312 (688) 1,049 3130APB87 FHLB 1.10% 10/13/21 10/13/26 Agency AA+99.10 500,000 495,475 (4,525) 1,566 3130ALYC2 FHLB (19.2%)1.14% 04/29/21 04/29/26 Agency AA+99.37 192,000 190,783 (1,217) 1,399 3130AMCY6 FHLB (2.5%)1.00% 05/27/21 05/27/26 Agency AA+98.94 50,000 49,471 (530) 1,427 3130AQAU7 FHLB (24.5%)1.45% 12/29/21 12/29/26 Agency AA+99.87 245,000 244,682 (319) 1,643 3130AMCY6 FHLB (25.8%)1.00% 05/27/21 05/27/26 Agency AA+98.94 516,000 510,536 (5,464) 1,427 3130ALYC2 FHLB (5.3%)1.14% 04/29/21 04/29/26 Agency AA+99.37 53,000 52,664 (336) 1,399 32110YJT3 First National Bank
(20.41%)
2.00% 01/20/17 01/20/22 CD N/A 100.10 50,000 50,053 53 (161) 32110YJT3 First National Bank
(22.45%)
2.00% 01/20/17 01/20/22 CD N/A 100.10 55,000 55,056 56 (161) 33847E3J4 Flagstar Bank 0.90% 05/15/20 05/15/25 CD N/A 99.71 245,000 244,294 (706) 1,050 46632FRU1 JP Morgan Chase Bank 0.70% 01/22/21 01/22/26 Corporate Bond A+96.51 500,000 482,565 (17,435) 1,302 499724AE2 Knoxville TVA
Employees Credit Union
(20.4%)
3.30% 09/27/18 09/27/23 CD N/A 104.72 50,000 52,341 2,341 454 57116APE2 Marlin Business Bank 2.20% 06/12/17 06/13/22 CD N/A 100.89 245,000 247,173 2,173 (17) 59013KPN0 Merrick Bank 1.10% 11/09/21 11/09/26 CD N/A 99.11 245,000 242,827 (2,173) 1,593 62384RAB2 Mountain American FCU
(53.06%)
2.30% 10/12/17 10/12/22 CD N/A 101.56 130,000 132,022 2,022 104 67054NAK9 Numerica Credit Union
(20%)
2.30% 06/21/17 06/21/22 CD N/A 100.97 50,000 49,477 (523) (9) 6966674G6 Palm Springs USD GO
Bonds (95.66%)
0.85% 10/28/20 08/01/24 Municipal Bond AA 99.65 773,013 767,352 (5,661) 763 74267GVT1 Private Bank 2.20% 03/30/17 03/30/22 CD N/A 100.48 245,000 246,178 1,178 (92) 795450A70 Sallie Mae Bank 2.35% 06/21/17 06/21/22 CD N/A 101.00 245,000 247,455 2,455 (9) 835104BZ2 Somerset Tr Co 1.00% 03/19/20 03/19/25 CD N/A 100.16 245,000 245,387 387 993 8562846V1 State Bank India 2.35% 03/14/17 03/14/22 CD N/A 100.43 245,000 246,041 1,041 (108) 87165FPA6 Synchrony Bank 2.30% 02/24/17 02/24/22 CD N/A 100.28 245,000 245,676 676 (126) 89235MLC3 Toyota Financial
Savings Bank
0.95% 07/15/21 07/15/26 CD N/A 98.76 245,000 241,967 (3,033) 1,476 90984P5A9 United Community Bank 2.05% 03/01/17 03/01/22 CD N/A 100.30 245,000 245,735 735 (121) Total $ 7,063,013 $ 7,031,239
9.E-9Council Agenda 2-1-2022
Attachment 2
City of Pismo Beach
December 31, 2021 QUARTERLY INVESTMENT REPORT
Table 3: For City Pooled Funds A - Basic Data on Investments in Securities:
Government Agency Securities and Bank Certificates of Deposit CUSIP Issuer Name Coupon Acq Date Maturity Type S&P Par Value Book Value IDC Market Value
Gain/
Loss
Days to
Stated
Maturity
00257TBH8 Abacus Federal Savings
Bank
1.70% 09/18/19 09/18/24 CD N/A 102.34 245,000 250,731 5,731 811 01748DAX4 Allegiance Bank 2.15% 09/29/17 09/29/22 CD N/A 101.38 245,000 248,381 3,381 91 02554BDA6 American Eagle Bank 1.10% 03/13/20 03/13/25 CD N/A 100.49 245,000 246,188 1,188 987 02587DN38 American Express
Centurion (20.4%)
2.45% 04/05/17 04/05/22 CD N/A 100.58 50,000 50,270 270 (86) 02587DN38 American Express
Centurion (79.6%)
2.45% 04/05/17 04/05/22 CD N/A 100.58 195,000 196,151 1,151 (86) 037833AZ3 Apple Inc 2.50% 03/05/20 02/09/25 Corporate Bond AA+104.06 1,062,000 1,040,620 (21,380) 955 06740KKR7 Barclay's Bank 2.25% 07/26/17 07/26/22 CD N/A 101.13 245,000 247,778 2,778 26 13063DDF2 California State GO
Bonds
2.50% 05/07/20 10/01/22 Municipal Bond AA-101.52 103,506 101,517 (1,989) 93 13063CLW8 California State GO
Bonds (49.63%)
5.00% 05/08/20 10/01/24 Municipal Bond AA-112.60 290,655 279,404 (11,251) 824 13077CY32 California State
University Rev Bonds
(2.34%)
5.00% 05/07/20 11/01/23 Municipal Bond AA-108.60 5,862 5,591 (271) 489 14042RHM6 Capital One (52.25%)2.35% 08/23/17 08/23/22 CD N/A 101.34 128,000 129,732 1,732 54 140420Y53 Capital One Bank 2.30% 03/01/17 03/01/22 CD N/A 100.34 245,000 245,835 835 (121) 15118RUR6 Celtic Bank 1.35% 04/02/20 04/02/25 CD N/A 101.25 245,000 248,067 3,067 1,007 15201QCJ4 Centerstate Bank 1.00% 03/30/20 03/31/25 CD N/A 100.13 245,000 245,328 328 1,005 12556LBB1 CIT Bank 1.95% 08/23/19 08/23/22 CD N/A 101.08 245,000 247,653 2,653 54 17286TAG0 Citadel Federal Credit
Union
1.65% 02/25/20 02/27/25 CD N/A 102.22 245,000 250,432 5,432 973 17312QJ67 Citibank 3.00% 04/24/18 04/24/23 CD N/A 103.35 245,000 253,198 8,198 298 254673JF4 Discover Bank (40.82%)2.55% 12/20/17 12/20/22 CD N/A 102.14 100,000 102,149 2,149 173 254673JF4 Discover Bank (59.18%)2.55% 12/20/17 12/20/22 CD N/A 102.14 145,000 148,094 3,094 173 29367SJQ8 Enterprise Bank 1.80% 11/08/19 11/08/24 CD N/A 102.64 245,000 251,468 6,468 862 29367RLM6 Enterprise Bank
(36.73%)
0.85% 05/18/20 05/14/25 CD N/A 99.55 90,000 89,583 (417) 1,049 3130ALD76 FHLB 0.70% 02/25/21 02/25/26 Agency AA+98.28 500,000 491,375 (8,625) 1,336 3130ANSB7 FHLB 1.00% 09/17/21 09/17/26 Agency AA+98.76 1,000,000 987,630 (12,370) 1,540 3130AQAU7 FHLB (14%)1.45% 12/29/21 12/29/26 Agency AA+99.87 140,000 139,818 (182) 1,643 3130AMS37 FHLB (20%)1.00% 06/24/21 06/24/26 Agency AA+98.88 400,000 395,508 (4,492) 1,455 3130AMCY6 FHLB (25%)1.00% 05/27/21 05/27/26 Agency AA+98.94 500,000 494,705 (5,295) 1,427 3130AMS37 FHLB (30%)1.00% 06/24/21 06/24/26 Agency AA+98.88 600,000 593,262 (6,738) 1,455 3130AMCY6 FHLB (46.7%)1.00% 05/27/21 05/27/26 Agency AA+98.94 934,000 924,109 (9,891) 1,427 3130AMS37 FHLB (50%)1.00% 06/24/21 06/24/26 Agency AA+98.88 1,000,000 988,770 (11,230) 1,455 3130AQAU7 FHLB (61.5%)1.45% 12/29/21 12/29/26 Agency AA+99.87 615,000 614,201 (800) 1,643 3130ALYC2 FHLB (75.5%)1.14% 04/29/21 04/29/26 Agency AA+99.37 755,000 750,213 (4,787) 1,399 32110YJT3 First National Bank
(57.14%)
2.00% 01/20/17 01/20/22 CD N/A 100.10 140,000 140,129 129 (161) 32112UDJ7 First National Bank
McGregor
1.80% 12/30/19 12/30/24 CD N/A 102.67 245,000 251,529 6,529 914 334342CD2 First National Bank
Syracuse
1.85% 08/30/19 08/30/24 CD N/A 102.73 245,000 251,689 6,689 792
9.E-10Council Agenda 2-1-2022
Attachment 3
CUSIP Issuer Name Coupon Acq Date Maturity Type S&P Par Value Book Value IDC Market Value
Gain/
Loss
Days to
Stated
Maturity
3136G4WV1 FNMA 0.75% 06/16/20 06/16/25 Agency AA+98.96 1,000,000 989,560 (10,440) 1,082 3136G4J61 FNMA 0.57% 08/26/20 08/26/25 Agency AA+97.87 750,000 733,995 (16,005) 1,153 3136G43L5 FNMA 0.55% 09/30/20 09/30/25 Agency AA+97.77 1,000,000 977,730 (22,270) 1,188 38149MAJ2 Goldman Sachs Bank 2.70% 05/22/19 05/22/24 CD N/A 104.62 145,000 151,705 6,705 692 45581EAC5 Industrial & Commercial
Bank China
2.15% 04/12/17 04/12/22 CD N/A 100.54 245,000 246,318 1,318 (79) 474067AF2 Jefferson Financial
Federal Credit Union
2.45% 11/10/17 11/10/22 CD N/A 101.83 245,000 249,471 4,471 133 49254FAG1 Keesler Federal Credit
Union
3.05% 01/31/19 01/31/22 CD N/A 100.24 245,000 245,590 590 (150) 499724AE2 Knoxville TVA
Employees Credit Union
(79.6%)
3.30% 09/27/18 09/27/23 CD N/A 104.72 195,000 204,233 9,233 454 50116CBD0 KS Statebank Manhattan 2.10% 07/31/17 07/29/22 CD N/A 101.07 245,000 247,619 2,619 29 502516QY6 La Canada California
USD
1.75% 04/28/20 08/01/24 Municipal Bond N/A 101.15 571,288 571,520 232 763 51210SSD0 Lakeside Bank 1.40% 03/30/20 03/31/25 CD N/A 101.42 245,000 248,467 3,467 1,005 538036CM4 Live Oak Bank (20.4%)2.25% 04/07/17 04/07/22 CD N/A 100.54 50,000 50,249 249 (84) 538036CM4 Live Oak Bank (79.6%)2.25% 04/07/17 04/07/22 CD N/A 100.54 195,000 196,071 1,071 (84) 58404DCZ2 Medallion Bank Utah 3.30% 12/18/18 12/19/22 CD N/A 102.86 245,000 251,997 6,997 172 61760ARS0 Morgan Stanley 3.55% 11/08/18 11/08/23 CD N/A 105.29 245,000 257,956 12,956 496 61747MF63 Morgan Stanley 2.65% 01/11/18 01/11/23 CD N/A 102.35 245,000 250,753 5,753 195 62384RAB2 Mountain American FCU
(46.94%)
2.30% 10/12/17 10/12/22 CD N/A 101.56 115,000 116,795 1,795 104 67054NAK9 Numerica Credit Union
(80%)
2.30% 06/21/17 06/21/22 CD N/A 100.97 195,000 197,907 2,907 (9) 694231AF8 Pacific Enterprise Bank 1.35% 04/09/20 04/09/25 CD N/A 101.25 245,000 248,050 3,050 1,014 69506YRG6 Pacific Western Bank 1.35% 04/16/20 04/16/25 CD N/A 101.24 245,000 248,026 3,026 1,021 6966674G6 Palm Springs USD GO
Bonds (4.34%)
0.85% 10/28/20 08/01/24 Municipal Bond AA 99.65 35,078 34,814 (264) 763 70212YAY8 Partners Bank 2.00% 08/30/17 02/28/22 CD N/A 100.29 245,000 245,711 711 (122) 70962LAS1 Pentagon Federal Credit
Union
0.90% 09/29/21 09/29/26 CD N/A 98.30 245,000 240,845 (4,155) 1,552 75472RAE1 Raymond James Bank 2.00% 08/23/19 08/23/24 CD N/A 103.11 245,000 252,620 7,620 785 88241THJ2 Texas Exchange Bank 1.00% 06/10/20 06/13/25 CD N/A 99.96 245,000 244,907 (93) 1,079 87270LAY9 TIAA Federal Savings
Bank
2.20% 11/22/17 11/22/22 CD N/A 101.67 245,000 249,082 4,082 145 89236TFX8 Toyota Motor Corp 2.65% 04/12/19 04/12/22 Corporate Bond A+100.63 499,685 503,145 3,460 (79) 89236TGT6 Toyota Motor Corp 1.80% 06/05/20 02/13/25 Corporate Bond A+101.50 257,893 253,743 (4,150) 959 90348JTH3 UBS Bank USA 1.25% 03/25/20 03/25/25 CD N/A 100.94 245,000 247,310 2,310 999 91435LAB3 University Iowa
Community FCU
3.00% 04/30/18 04/28/23 CD N/A 103.37 245,000 253,266 8,266 302 90331HMS9 US Bank National 2.80% 05/29/20 01/27/25 Corporate Bond AA-104.45 271,250 261,128 (10,123) 942 938828BN9 Washington Federal
Bank
1.95% 08/28/19 08/28/24 CD N/A 102.99 245,000 252,321 7,321 790 Total 21,629,217$ 21,624,009$
9.E-11Council Agenda 2-1-2022
Attachment 3