PISMO BEACH COUNCIL AGENDA REPORT
Agenda Item #9.D
SUBJECT / TITLE:
QUARTERLY INVESTMENT REPORT FOR THE THREE MONTHS OF APRIL THROUGH JUNE 2022—THE FOURTH 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 June 30, 2022. 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 June 30, 2022.
• 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 June 30, 2022 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 $7.33 million, earning a projected 1.92% 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 $6.13 million, which is 25% of the FY 2022 budgeted annual operating Council Agenda 9-6-2022 9.D-1
expenditures. Currently, $6.58 million is invested in various CDs, GASs, Corp Bonds, and Munis earning 1.85% 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 2.38% 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 2.76% 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 $28.30 million in various CDs, GASs, Corp Bonds, Munis, and US Treasury Notes that mature at various periods over the next five years and have a 1.83% 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 June 30, 2022, the City-Pooled Funds B are allocated or invested as described below.
• $19.29 million in Local Agency Investment Fund (LAIF): LAIF is a State investment pool earning 0.75% annually and is the City’s main savings account where the majority of cash is held for current year expenditures.
• $20.16 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 $234 thousand for this year toward the City’s unfunded liability. This contribution now appears as an asset for the City’s future retiree health costs instead of a significant liability on the City’s balance sheet.
Council Agenda 9-6-2022 9.D-2
Portfolio Allocation
Per the State Government Code 53600 et seq., and the City's Investment Policy, the City may invest up to a maximum percentage of the entire portfolio of funds in authorized financial instruments. The following table shows a summary of the authorized financial instruments, the maximum percentage limits, the book value as of June 30, 2022 of the City’s funds, and the percentage of the total City’s pooled funds that are invested in each financial instrument.
Financial Instrument
Maximum
%
Book Value as
of 6/30/22
% of
Portfolio
Checking Account 100% 20,160,679 27%
Local Agency Investment Fund 100% 19,294,133$ 26%
US Government Agency Obligations 50% 12,750,000 17% Negotiable Certificates of Deposit 30% 11,920,363 16% US Treasury Issues 100% 6,045,375 8%
Corporate Bond 30% 2,591,143 3%
Issues of Other California entities 30% 2,319,402 3% 75,081,094$ 100%
Bond funds: Wilmington Trust 57$
OPEB Trust Account 4,313,918
Total Book Value 79,395,070$
Checking Account,
27%
Local Agency
Investment Fund,
26%
US Government
Agency
Obligations, 17%
Negotiable
Certificates of
Deposit, 16%
US Treasury Issues,
8%Corporate Bond,
3%
Issues of Other
California entities,
3%
Portfolio Allocation
Council Agenda 9-6-2022 9.D-3
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 39,454,812$
FY 2023 8,353,881
FY 2024 1,130,862
FY 2025 9,211,177
FY 2026 8,250,000
FY 2027 8,680,363
75,081,094$
0 10,000 20,000 30,000 40,000
0 to 30 days
FY 2023
FY 2024
FY 2025
FY 2026
FY 2027
Portfolio Amount ($ thousands)
Li
q
u
i
d
i
t
y
P
e
r
i
o
d
Portfolio Liquidity
Council Agenda 9-6-2022 9.D-4
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 June 30, 2022, the City’s total book value of cash and investments was $79.40 million. This is $4.35 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 June 30, 2022 for CDs, GASs, Municipal Bonds, Corporate Bonds, and US Treasury Notes was $33.97 million, which is $1.66 million less than the book value. The City expects to hold onto the majority of its investments to maturity and would receive the book value of its investment.
Investment Name Type of Investment
Book Value as
of 6/30/22
Book Value as of
3/31/22 Variance
General Fund Reserve CDs/GASs/Corp
Bonds/Muni Bonds
7,328,013$ 7,328,013$ -$
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ Muni
28,298,269 22,143,579 6,154,690
City Pooled Funds - B Various 39,454,812 40,617,529 (1,162,717) Bond funds Blackrock Federal
Fund
57 9 48
OPEB Trust Account Benefit Trust
Account
4,313,918 4,957,672 (643,754)
TOTAL 79,395,070$ 75,046,803$ 4,348,267$
Investment Name
Type of
Investment
Book Value as of
6/30/22
Market Value as
of 6/30/22 Variance
General Fund Reserve CDs/GASs/
Corp Bonds/
Muni Bonds
7,328,013$ 6,904,411$ (423,602)$
City Pooled Funds - A CDs/GASs/
Corp Bonds/
Muni Bonds/US
Treasury Note
28,298,269 27,065,197 (1,233,073)
Total All Securities 35,626,282$ 33,969,607$ (1,656,675)$ Council Agenda 9-6-2022 9.D-5
Investment Earnings and Performance
Interest Earnings: In the past quarter ending June 30, 2022, the City’s total interest earnings were a loss of $144 thousand, including a $351 thousand gain in the City’s managed portfolio and a $232 thousand loss in OPEB. The OPEB loss reflects the last two quarters of the fiscal year losses, largely reflecting the decline in the market compared to the end of the second quarter of FY 2022. The actual interest earnings for FY 2022 reflects a $144 thousand loss, which is -0.18% for the year for the City’s entire portfolio and 0.69% for the City’s managed portfolio. The City’s entire portfolio consists of the managed portfolio, which is managed by the City Treasurer, and the OPEB Trust Account, which is managed by CalPERS. The managed portfolio is regulated by the City’s Investment Policy and is restricted on its investments. OPEB investments are invested based on various strategies allowed by the California Employer’s Retiree Benefit Trust, which produce more volatility in earnings each quarter and each year. For example, last year, the actual annual interest earnings for OPEB was a gain of $1.03 million. Note that as the City’s cash and investments change, the interest earnings change correspondingly.
Performance: The actual annual interest earnings rate for FY 2022 is a loss of 0.18% for the City’s entire portfolio. The actual annual interest earnings rate for FY 2022 is 0.69% for the City’s managed portfolio (excludes Bond funds and OPEB Trust Account). This is compared to LAIF, which earned 0.75% as of June 30, 2022, or the 1-year U.S. Treasury Note, which earned 2.69% as of June 30, 2022. The U.S. Treasury rate has increased by
1.12% in the third quarter, whereas the City’s investments are typically held for 5 years.
The City Treasurer is seeking investments to sell existing lower earning securities and buying higher earning securities to improve performance compared to the benchmarks.
The following table lists the various performance measures regarding the various annual earnings rate for the City’s entire portfolio, the City’s managed portfolio, and the two benchmarks of LAIF and the 1-year U.S. Treasury Note.
Investment Name Type of Investment
Book Value as
of 6/30/22
Actual
Interest
Earned 4th
Quarter
Actual Annual
Interest
Earnings
Actual Annual
Interest
Earnings Rate
General Fund Reserves CDs/GASs/Corp
Bonds/Muni Bonds
7,328,013$ 36,166$ 118,661$ 1.62%
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ Muni Bonds/
US Treasury Note
28,298,269 92,041 325,817 1.15%
City Pooled Funds - B Various 39,454,812 36,608 75,332 0.19% Bond funds Wilmington Trust 57 52 58 101.69% OPEB Trust Account*Benefit Trust
Account
4,313,918 (642,781) (663,865) -15.39%
TOTAL 79,395,070$ (477,915)$ (143,996)$ -0.18%
Total Managed Portfolio 75,081,094$ 164,814$ 519,810$ 0.69% Council Agenda 9-6-2022 9.D-6
Performance Measure Earnings
Rate
City’s Annual Earnings Rate for entire Portfolio (0.18)% City’s Annual Earnings Rate for Managed Portfolio 0.69% LAIF Average Annual Earnings Rate 0.75%
1 Year U.S. Treasury Note 2.69%
Future Outlook
Recent indicators of economic activity have softened, while employment continues to strengthen, including strong job gains in recent months and a declining unemployment rate. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures. The invasion of Ukraine by Russia may have implications for the U.S. economy, and are creating additional upward pressure on inflation and weigh on economic activity.
On July 27, 2022, the Federal Open Market Committee (FOMC) decided to raise the target range for the federal funds rate from a range of 1.5% to 1.75% to a range of 2.25% to 2.50%. The Committee expects further ongoing increases in the 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: September 6, 2022
Nadia Feeser, Administrative Services Director/City Treasurer City Manager Approval:
Council Agenda 9-6-2022 9.D-7
Investment Name Name of Institution Type of Investment Current
Earnings
Rate
Book Value
as of 6/30/22
Actual Interest
Earned 4th
Quarter Ending
6/30/22
Year-to-Date
Interest
Earned
Ending
6/30/22
* Data
Source
General Fund Reserves US Bank CDs/GASs/Corp
Bonds/Muni Bonds
1.92% avg 7,328,013$ 36,166$ 118,661$ 1 City Pooled Funds - A US Bank CDs/GASs/ Corp
Bonds/ Muni Bonds/
US Treasury Note
1.83% avg 28,298,269 92,041 325,817 1 Total All Securities 35,626,282$ 128,207$ 444,478$ City Pooled Funds - B US Bank Custody 0.00%-$ 232$ 239$ 1 City Pooled Funds - B Local Agency Invest.
Fund
State Investment Pool 0.75%19,294,133 36,123 74,133 2 City Pooled Funds - B US Bank Checking 0.00%20,160,679 253 960 3 City Pooled Funds - B 39,454,812$ 36,608$ 75,332$ City Pooled Funds total A + B 67,753,081$ 128,648$ 401,149$ Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017 Pier Project 52$ 52$ 55$ 4 Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017B CREBs 6 - 3 4 Calpers Benefit Trust
OPEB Trust Account CalPERS Benefit Trust
Account
Various managed by
CalPERS
4,313,918$ (642,781)$ (663,865)$ 5
TOTAL, Cash and Investments at June 30, 2022:79,395,070$ (477,915)$ (143,996)$ TOTAL for City Managed Portfolio, Cash and Investments:75,081,094$ 164,814$ 519,810$ 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 City of Pismo Beach
Table 1: Summary Table for All Funds,
including Book Values & Earnings Data for Investments in Other Financial Instruments Council Agenda 9-6-2022 9.D-8
Attachment 1
City of Pismo Beach
June 30, 2022 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 96.68 245,000 236,861 (8,139) 804 02589ACE0 American Express
(59.76%)
2.90% 05/03/22 04/27/27 CD 97.65 147,000 143,552 (3,448) 1,762 06406RBA4 Bank New York Mellon
(32.69%)
2.05% 01/26/22 01/26/27 CD A 91.88 245,000 225,267 (19,733) 1,671 13077CY32 California State
University Rev Bonds
(97.66%)
5.00% 05/07/20 11/01/23 Municipal Bond AA-104.25 245,000 223,975 (21,025) 489 13063CLW8 California State GO
Bonds (41.83%)
5.00% 05/08/20 10/01/24 Municipal Bond AA-106.54 245,000 222,824 (22,176) 824 13063CLW8 California State GO
Bonds (8.54%)
5.00% 05/08/20 10/01/24 Municipal Bond AA-106.54 50,000 45,492 (4,508) 824 14042TFP7 Capital One Bank
(47.76%)
2.90% 04/27/22 04/27/27 CD 97.65 117,000 114,260 (2,740) 1,762 24951TAL9 Department of
Commerce FCU
(22.45%)
1.25% 01/07/22 01/07/27 CD 91.00 55,000 50,054 (4,946) 1,652 24951TAL9 Department of
Commerce FCU
(20.41%)
1.25% 01/07/22 01/07/27 CD 91.00 50,000 45,506 (4,494) 1,652 25460FCF1 Direct Federal Credit
Union
3.50% 12/10/18 09/11/23 CD 100.64 245,000 246,578 1,578 438 29367RLM6 Enterprise Bank
(63.27%)
0.85% 05/18/20 05/14/25 CD 93.09 155,000 144,303 (10,697) 1,049 3130ALYC2 FHLB (19.2%)1.14% 04/29/21 04/29/26 Agency AA+93.45 192,000 179,426 (12,574) 1,399 3130ALYC2 FHLB (5.3%)1.14% 04/29/21 04/29/26 Agency AA+93.45 53,000 49,529 (3,471) 1,399 3130AMCY6 FHLB (25.8%)1.00% 05/27/21 05/27/26 Agency AA+92.84 516,000 479,049 (36,951) 1,427 3130AMCY6 FHLB (2.5%)1.00% 05/27/21 05/27/26 Agency AA+92.84 50,000 46,420 (3,581) 1,427 3130APB87 FHLB 1.10% 10/13/21 10/13/26 Agency AA+90.84 500,000 454,195 (45,805) 1,566 3130AQAU7 FHLB (24.5%)1.45% 12/29/21 12/29/26 Agency AA+93.71 245,000 229,599 (15,401) 1,643 3130AQZ55 FHLB 2.50% 03/10/22 03/10/27 Agency AA+97.05 500,000 485,255 (14,745) 1,714 3130ARF55 FHLB (51%)2.60% 03/30/22 03/30/27 Agency AA+97.31 255,000 248,133 (6,867) 1,734 3130ARF55 FHLB (49%)2.60% 03/30/22 03/30/27 Agency AA+97.31 245,000 238,402 (6,598) 1,734 33847E3J4 Flagstar Bank 0.90% 05/15/20 05/15/25 CD 93.22 245,000 228,391 (16,609) 1,050 46632FRU1 JP Morgan Chase Bank 0.70% 01/22/21 01/22/26 Corporate Bond A+88.69 500,000 443,460 (56,540) 1,302 499724AE2 Knoxville TVA Employees
Credit Union (20.4%)
3.30% 09/27/18 09/27/23 CD 100.40 50,000 50,180 180 454 59013KPN0 Merrick Bank 1.10% 11/09/21 11/09/26 CD 90.76 245,000 222,357 (22,643) 1,593 62384RAB2 Mountain American FCU
(53.06%)
2.30% 10/12/17 10/12/22 CD 100.13 130,000 130,165 165 104 6966674G6 Palm Springs USD GO
Bonds (95.66%)
0.85% 10/28/20 08/01/24 Municipal Bond AA 94.98 773,013 731,375 (41,638) 763 835104BZ2 Somerset Tr Co 1.00% 03/19/20 03/19/25 CD 93.85 245,000 229,920 (15,080) 993 89235MLC3 Toyota Financial Savings
Bank
0.95% 07/15/21 07/15/26 CD 91.00 245,000 222,943 (22,057) 1,476 50625LBN2 Lafayette Federal Credit
Union
3.25% 06/15/22 06/15/27 CD 99.11 245,000 242,817 (2,183) 1,811 27004PCV3 Eaglemark Savings Bank
(20%)
3.25% 06/22/22 06/22/27 CD 99.10 50,000 48,559 (1,441) 1,818 88413QDL9 Third Federal Savings
Bank
3.50% 06/28/22 06/28/27 CD 100.23 245,000 245,564 564 1,824 Total $ 7,328,013 $ 6,904,411
Council Agenda 9-6-2022 9.D-9
Attachment 2
City of Pismo Beach
June 30, 2022 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 96.54 245,000 236,521 (8,479) 811 01748DAX4 Allegiance Bank 2.15% 09/29/17 09/29/22 CD 100.09 245,000 245,211 211 91 02554BDA6 American Eagle Bank 1.10% 03/13/20 03/13/25 CD 94.14 245,000 230,650 (14,350) 987 02589ACE0 American Express
(40.24%)
2.90% 05/03/22 04/27/27 CD 97.65 99,000 96,662 (2,338) 1,762 037833AZ3 Apple Inc 2.50% 03/05/20 02/09/25 Corporate Bond AA+98.06 1,062,000 980,580 (81,420) 955 06406RBA4 Bank New York Mellon
(67.31%)
2.05% 01/26/22 01/26/27 CD A 91.88 504,363 463,833 (40,529) 1,671 06048WS43 Bank of America Corp 2.00% 02/18/22 08/18/25 Corporate Bond A-93.25 500,000 466,260 (33,740) 1,145 06740KQE0 Barclays Bank 3.00% 05/11/22 05/11/27 CD 98.06 245,000 240,242 (4,758) 1,776 13063DDF2 California State GO
Bonds
2.50% 05/07/20 10/01/22 Municipal Bond AA-100.13 103,506 100,133 (3,373) 93 13077CY32 California State
University Rev Bonds
(2.34%)
5.00% 05/07/20 11/01/23 Municipal Bond AA-104.25 5,862 5,367 (495) 489 13063CLW8 California State GO
Bonds (49.63%)
5.00% 05/08/20 10/01/24 Municipal Bond AA-106.54 290,655 264,374 (26,281) 824 14042TFP7 Capital One Bank
(52.24%)
2.90% 04/27/22 04/27/27 CD 97.65 128,000 124,978 (3,022) 1,762 14042RQU8 Capital One National
(79.59%)
2.90% 04/27/22 04/27/27 CD 97.65 195,000 190,409 (4,591) 1,762 14042RQU8 Capital One National
(20.41%)
2.90% 04/27/22 04/27/27 CD 97.65 50,000 48,828 (1,172) 1,762 15118RUR6 Celtic Bank 1.35% 04/02/20 04/02/25 CD 94.68 245,000 231,959 (13,041) 1,007 15201QCJ4 Centerstate Bank 1.00% 03/30/20 03/31/25 CD N/A 93.80 245,000 229,808 (15,192) 1,005 12556LBB1 CIT Bank 1.95% 08/23/19 08/23/22 CD 100.02 245,000 245,059 59 54 17286TAG0 Citadel Federal Credit
Union
1.65% 02/25/20 02/27/25 CD 95.64 245,000 234,323 (10,677) 973 17312QJ67 Citibank 3.00% 04/24/18 04/24/23 CD 100.37 245,000 245,894 894 298 24951TAL9 Department of
Commerce FCU
(57.14%)
1.25% 01/07/22 01/07/27 CD 91.00 140,000 127,398 (12,602) 1,652 254673D94 Discover Bank 3.20% 05/19/22 05/19/27 CD 98.93 245,000 242,386 (2,614) 1,784 29367SJQ8 Enterprise Bank 1.80% 11/08/19 11/08/24 CD 96.53 245,000 236,486 (8,514) 862 29367RLM6 Enterprise Bank
(36.73%)
0.85% 05/18/20 05/14/25 CD 93.09 90,000 83,772 (6,228) 1,049 3130ALD76 FHLB 0.70% 02/25/21 02/25/26 Agency AA+92.33 500,000 461,645 (38,355) 1,336 3130ALYC2 FHLB (75.5%)1.14% 04/29/21 04/29/26 Agency AA+93.45 755,000 705,555 (49,445) 1,399 3130AMCY6 FHLB (25%)1.00% 05/27/21 05/27/26 Agency AA+92.84 500,000 464,195 (35,805) 1,427 3130AMCY6 FHLB (46.7%)1.00% 05/27/21 05/27/26 Agency AA+92.84 934,000 867,116 (66,884) 1,427 3130AMS37 FHLB (50%)1.00% 06/24/21 06/24/26 Agency AA+92.69 1,000,000 926,930 (73,070) 1,455 3130AMS37 FHLB (20%)1.00% 06/24/21 06/24/26 Agency AA+92.69 400,000 370,772 (29,228) 1,455 3130AMS37 FHLB (30%)1.00% 06/24/21 06/24/26 Agency AA+92.69 600,000 556,158 (43,842) 1,455 3130ANSB7 FHLB 1.00% 09/17/21 09/17/26 Agency AA+92.34 1,000,000 923,430 (76,570) 1,540 3130AQAU7 FHLB (61.5%)1.45% 12/29/21 12/29/26 Agency AA+93.71 615,000 576,341 (38,659) 1,643 3130AQAU7 FHLB (14%)1.45% 12/29/21 12/29/26 Agency AA+93.71 140,000 131,200 (8,800) 1,643 3130ARGQ8 FHLB 2.88% 04/14/22 04/14/27 Agency AA+97.81 500,000 489,040 (10,960) 1,749 3130ARGE5 FHLB (50%)3.00% 04/21/22 04/21/27 Agency AA+98.34 250,000 245,840 (4,160) 1,756 Council Agenda 9-6-2022 9.D-10
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
3130ARGE5 FHLB (50%)3.00% 04/21/22 04/21/27 Agency AA+98.34 250,000 245,840 (4,160) 1,756 32112UDJ7 First National Bank
McGregor
1.80% 12/30/19 12/30/24 CD 96.29 245,000 235,906 (9,094) 914 334342CD2 First National Bank
Syracuse
1.85% 08/30/19 08/30/24 CD 96.93 245,000 237,488 (7,512) 792 3136G4WV1 FNMA 0.75% 06/16/20 06/16/25 Agency AA+93.49 1,000,000 934,870 (65,130) 1,082 3136G4J61 FNMA 0.57% 08/26/20 08/26/25 Agency AA+92.53 750,000 694,005 (55,995) 1,153 3136G43L5 FNMA 0.55% 09/30/20 09/30/25 Agency AA+92.25 1,000,000 922,540 (77,460) 1,188 38149MAJ2 Goldman Sachs Bank 2.70% 05/22/19 05/22/24 CD 98.98 145,000 143,527 (1,473) 692 474067AF2 Jefferson Financial
Federal Credit Union
2.45% 11/10/17 11/10/22 CD 100.19 245,000 245,453 453 133 499724AE2 Knoxville TVA Employees
Credit Union (79.6%)
3.30% 09/27/18 09/27/23 CD 100.40 195,000 195,802 802 454 50116CBD0 KS Statebank Manhattan 2.10% 07/31/17 07/29/22 CD 100.03 245,000 245,078 78 29 502516QY6 La Canada California
USD
1.75% 04/28/20 08/01/24 Municipal Bond N/A 96.66 571,288 546,112 (25,176) 763 51210SSD0 Lakeside Bank 1.40% 03/30/20 03/31/25 CD N/A 94.82 245,000 232,297 (12,703) 1,005 58404DCZ2 Medallion Bank Utah 3.30% 12/18/18 12/19/22 CD N/A 100.58 245,000 246,414 1,414 172 61760ARS0 Morgan Stanley 3.55% 11/08/18 11/08/23 CD 100.61 245,000 246,482 1,482 496 61690UJ68 Morgan Stanley Bank 3.25% 05/19/22 05/19/27 CD N/A 99.16 245,000 242,935 (2,065) 1,784 62384RAB2 Mountain American FCU
(46.94%)
2.30% 10/12/17 10/12/22 CD 100.13 115,000 115,151 151 104 694231AF8 Pacific Enterprise Bank 1.35% 04/09/20 04/09/25 CD N/A 94.64 245,000 231,858 (13,142) 1,014 69506YRG6 Pacific Western Bank 1.35% 04/16/20 04/16/25 CD 94.62 245,000 231,819 (13,181) 1,021 6966674G6 Palm Springs USD GO
Bonds (4.34%)
0.85% 10/28/20 08/01/24 Municipal Bond AA 94.98 35,078 33,182 (1,897) 763 70962LAS1 Pentagon Federal Credit
Union
0.90% 09/29/21 09/29/26 CD 90.23 245,000 221,066 (23,934) 1,552 75472RAE1 Raymond James Bank 2.00% 08/23/19 08/23/24 CD 97.29 245,000 238,365 (6,635) 785 856285K91 State Bank India 2.00% 03/23/22 03/23/27 CD 93.83 245,000 229,884 (15,117) 1,727 88241THJ2 Texas Exchange Bank 1.00% 06/10/20 06/13/25 CD 93.28 245,000 228,531 (16,469) 1,079 87270LAY9 TIAA Federal Savings
Bank
2.20% 11/22/17 11/22/22 CD 100.09 245,000 245,216 216 145 89236TGT6 Toyota Motor Corp 1.80% 06/05/20 02/13/25 Corporate Bond A+95.34 257,893 238,343 (19,550) 959 90348JTH3 UBS Bank USA 1.25% 03/25/20 03/25/25 CD N/A 94.46 245,000 231,422 (13,578) 999 91435LAB3 University Iowa
Community FCU
3.00% 04/30/18 04/28/23 CD 100.36 245,000 245,872 872 302 90331HMS9 US Bank National 2.80% 05/29/20 01/27/25 Corporate Bond AA-97.77 271,250 244,418 (26,833) 942 9128284L1 US Treasury Note
(83.46%)
2.75% 05/12/22 04/30/23 Treasury Note N/A 99.90 5,045,375 5,002,342 (43,033) 304 9128284L1 US Treasury Note
(16.54%)
2.75% 05/12/22 04/30/23 Treasury Note N/A 99.90 1,000,000 991,358 938828BN9 Washington Federal
Bank
1.95% 08/28/19 08/28/24 CD 97.16 245,000 238,030 (6,970) 790 27004PCV3 Eaglemark Savings Bank
(80%)
3.25% 06/22/22 06/22/27 CD 99.10 195,000 194,238 (762) 1,818 Total 28,298,269$ 27,065,197$
Council Agenda 9-6-2022 9.D-11
Attachment 3