09.E Report FY 2023 Q1 Investment Report 2022-12-20 — Pismo Beach City Council, December 20, 2022

PISMO BEACH COUNCIL AGENDA REPORT
Agenda Item #9.E

SUBJECT / TITLE:

QUARTERLY INVESTMENT REPORT FOR THE THREE MONTHS OF JULY THROUGH SEPTEMBER 2022—THE FIRST QUARTER OF FY 2023

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 September 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 September 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 September 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), Treasury Note, 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 $7.70 million, earning a projected 2.02% average interest rate during Fiscal Year (FY) 2023. 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 $6.95 million, which is 25% of the FY 2023 budgeted annual operating

9.E-1Council Agenda 12-20-2022

expenditures. Currently, $6.95 million is invested in various CDs, GASs, Corp Bonds, and Munis earning 1.97% 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 2023.
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 $29.40 million in various CDs, GASs, Corp Bonds, Treasury notes, and Munis that mature at various periods over the next five years and have a 2.07% average interest rate during FY 2023.

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 September 30, 2022, the City-Pooled Funds B are allocated or invested as described below.
 $19.33 million in Local Agency Investment Fund (LAIF): LAIF is a State investment pool earning 1.35% annually and is the City’s main savings account where the majority of cash is held for current year expenditures.
 $18.79 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 the City’s 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 12-20-2022

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 September 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 9/30/22
% of
Portfolio
Local Agency Investment Fund 100% 19,330,256$ 26%
Checking Account 100% 18,787,645 25%
US Government Agency Obligations 50% 13,250,000 18% Negotiable Certificates of Deposit 30% 12,900,363 17% 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% 75,224,183$ 100%
Bond funds: Wilmington Trust 57$
OPEB Trust Account 3,999,974
Total Book Value 79,224,215$
Local Agency
Investment Fund,
26%
Checking Account,
25%US Government
Agency
Obligations, 18%
Negotiable
Certificates of
Deposit, 17%
US Treasury Issues,
8%Corporate Bond,
3%
Issues of Other
California entities,
3%
Portfolio Allocation

9.E-3Council Agenda 12-20-2022

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 38,117,901$
FY 2023 7,618,881
FY 2024 1,620,862
FY 2025 9,211,177
FY 2026 8,250,000
FY 2027 8,680,363
FY 2028 1,725,000
75,224,183$
0 10,000 20,000 30,000 40,000
0 to 30 days
FY 2023
FY 2024
FY 2025
FY 2026
FY 2027
FY 2028
Portfolio Amount ($ thousands)
Li
q
u
i
d
i
t
y

P
e
r
i
o
d
Portfolio Liquidity

9.E-4Council Agenda 12-20-2022

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 September 30, 2022, the City’s total book value of cash and investments was $79.22 million. This is $171 thousand less 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 September 30, 2022 for CDs, GASs, Municipal Bonds, Treasury Notes, and Corporate Bonds was $34.48 million, which is $2.63 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 9/30/22
Book Value as of
6/30/22 Variance
General Fund Reserve CDs/GASs/Corp
Bonds/Muni Bonds
7,702,606$ 7,328,013$ 374,593$
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ Muni
Bonds/ US
Treasury Note
29,403,676 28,298,269 1,105,407
City Pooled Funds - B Various 38,117,901 39,454,812 (1,336,911) Bond funds Blackrock Federal
Fund
57 57 0
OPEB Trust Account Benefit Trust
Account
3,999,974 4,313,918 (313,944)
TOTAL 79,224,215$ 79,395,070$ (170,855)$
Investment Name
Type of
Investment
Book Value as of
9/30/22
Market Value as
of 9/30/22 Variance
General Fund Reserve CDs/GASs/
Corp Bonds/
Muni Bonds
7,702,606$ 7,041,469$ (661,137)$
City Pooled Funds - A CDs/GASs/
Corp Bonds/
Muni Bonds/US
Treasury Note
29,403,676 27,439,625 (1,964,052)
Total All Securities 37,106,282$ 34,481,093$ (2,625,189)$

9.E-5Council Agenda 12-20-2022

Investment Earnings and Performance

Interest Earnings: In the past quarter ending September 30, 2022, the City’s total interest earnings were a loss of $145 thousand, including a $168 thousand gain in the City’s managed portfolio and a $313 thousand loss in OPEB. The estimated interest earnings for FY 2023 are $1.05 million, which is a gain of 1.32% for the year for the City’s entire portfolio and a gain of 1.07% 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 2023 is 1.32% for the City’s entire portfolio. The projected annual interest earnings rate for FY 2023 is 1.07% for the City’s managed portfolio (excludes Bond funds and OPEB Trust Account). This is compared to LAIF, which is earned 1.35% as of September 30, 2022, or the 1-year U.S.

Treasury Note, which earned 4.03% as of September 30, 2022. 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 1.32%
City’s Annual Earnings Rate for Managed Portfolio 1.07% LAIF Average Annual Earnings Rate 1.35%
1 Year U.S. Treasury Note 4.03%

Investment Name Type of Investment
Book Value as
of 9/30/22
Actual
Interest
Earned 1st
Quarter
Estimated
Annual
Interest
Earnings
Estimated
Annual Interest
Earnings Rate
General Fund Reserves CDs/GASs/Corp
Bonds/Muni Bonds
7,702,606$ 29,501$ 146,183$ 1.90%
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ Muni Bonds/
US Treasury Note
29,403,676 72,081 528,900 1.80%
City Pooled Funds - B Various 38,117,901 66,219 132,437 0.35% Bond funds Wilmington Trust 57 0 0 0.03% OPEB Trust Account* Benefit Trust
Account
3,999,974 (313,000) 239,998 6.00%
TOTAL 79,224,215$ (145,199)$ 1,047,519$ 1.32%
Total Managed Portfolio 75,224,183$ 167,801$ 807,521$ 1.07%

9.E-6Council Agenda 12-20-2022

Future Outlook
Recent indicators of economic activity reflect modest growth, while employment continues to strengthen, including robust job gains in recent months and a low 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 November 2, 2022, the Federal Open Market Committee (FOMC) decided to raise the target range for the federal funds rate from a range of 2.25% to 2.50% to a range of 3.75% to 4.00%. 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, to return inflation to 2% inflation over 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: December 20, 2022
Nadia Feeser, Administrative Services Director/City Treasurer City Manager Approval:

9.E-7Council Agenda 12-20-2022

Investment Name Name of Institution Type of Investment Current
Earnings
Rate
Book Value
as of 9/30/22
Actual Interest
Earned 1st
Quarter Ending
9/30/22
Year-to-Date
Interest
Earned
Ending
9/30/22
* Data
Source
Estimated
Annual Interest
Earnings **
General Fund Reserves US Bank CDs/GASs/Corp
Bonds/Muni Bonds

2.02% avg 7,702,606$ 29,501$ 29,501$ 1 146,183$ City Pooled Funds - A US Bank CDs/GASs/ Corp
Bonds/ Muni Bonds/
US Treasury Note

2.07% avg 29,403,676 72,081 72,081 1 528,900
Total All Securities 37,106,282$ 101,582$ 101,582$ 675,083$ City Pooled Funds - B US Bank Custody 0.00%-$ 225$ 225$ 1 450 City Pooled Funds - B Local Agency Invest.

Fund
State Investment Pool 1.35%19,330,256 65,774 65,774 2 131,548 City Pooled Funds - B US Bank Checking 0.00%18,787,645 220 220 3 440 City Pooled Funds - B 38,117,901$ 66,219$ 66,219$ 132,437$ City Pooled Funds total A + B 67,521,577$ 138,299$ 138,299$ 807,521$ Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017 Pier Project 52$ 0$ 0$ 4 0
Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017B CREBs 6 -$ - 4 -
-
Calpers Benefit Trust -
OPEB Trust Account CalPERS Benefit Trust
Account
Various managed by
CalPERS
3,999,974$ (313,000)$ (313,000) 5 239,998
TOTAL, Cash and Investments at September 30, 2022:79,224,215$ (145,199)$ (145,199)$ 1,047,519$ TOTAL for City Managed Portfolio, Cash and Investments:75,224,183$ 167,801$ 167,801$ 807,521$ 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) 2023:

1. Estimated Earnings on Investments are based on scheduled Interest Payments during FY 2023

2. Estimated Earnings on Other Financial Instruments are based on anticipated average account balances (Book Values) and interest rates during FY 2023.

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 12-20-2022
Attachment 1

City of Pismo Beach
September 30, 2022 QUARTERLY INVESTMENT REPORT
Table 2: For the General Fund Reserves - Basic Data on Investments in Securities:

2.90% 05/03/22 04/27/27 CD 0 93.84 147,000 137,960 (9,040) 1,397 052392BT3 Austin Telco Federal
Credit Union

3.80% 09/21/22 09/21/27 CD 0 97.17 245,000 238,069 (6,931) 1,544 06406RBA4 Bank New York Mellon
(32.69%)

2.05% 01/26/22 01/26/27 CD A 88.71 245,000 217,495 (27,505) 1,306 13063CLW8 California State GO
Bonds (41.83%)

5.00% 05/08/20 10/01/24 Municipal Bond AA- 103.65 245,000 216,784 (28,216) 459 13063CLW8 California State GO
Bonds (8.54%)

5.00% 05/08/20 10/01/24 Municipal Bond AA- 103.65 50,000 44,259 (5,741) 459 13077CY32 California State
University Rev Bonds
(97.66%)

5.00% 05/07/20 11/01/23 Municipal Bond AA- 102.01 245,000 219,162 (25,838) 124 14042TFP7 Capital One Bank
(47.76%)

2.90% 04/27/22 04/27/27 CD 0 93.84 117,000 109,809 (7,191) 1,397 24951TAL9 Department of
Commerce FCU
(20.41%)

1.25% 01/07/22 01/07/27 CD 0 87.86 50,000 43,931 (6,069) 1,287 24951TAL9 Department of
Commerce FCU
(22.45%)

1.25% 01/07/22 01/07/27 CD 0 87.86 55,000 48,322 (6,678) 1,287 25460FCF1 Direct Federal Credit
Union

3.50% 12/10/18 09/11/23 CD 0 99.44 245,000 243,623 (1,377) 73 27004PCV3 Eaglemark Savings Bank
(20%)

3.25% 06/22/22 06/22/27 CD 0 95.08 50,000 46,588 (3,412) 1,453 29367RLM6 Enterprise Bank
(63.27%)

0.85% 05/18/20 05/14/25 CD 0 91.45 155,000 141,756 (13,244) 684 3130APB87 FHLB 1.10% 10/13/21 10/13/26 Agency AA+ 87.62 500,000 438,085 (61,915) 1,201 3130AQZ55 FHLB 2.50% 03/10/22 03/10/27 Agency AA+ 91.74 500,000 458,710 (41,290) 1,349

9.E-9Council Agenda 12-20-2022
Attachment 2

City of Pismo Beach
September 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
Maturit y
3130ALYC2 FHLB (19.2%)1.14% 04/29/21 04/29/26 Agency AA+ 88.91 192,000 170,709 (21,291) 1,034 3130AMCY6 FHLB (2.5%)1.00% 05/27/21 05/27/26 Agency AA+ 88.26 50,000 44,129 (5,872) 1,062 3130AQAU7 FHLB (24.5%)1.45% 12/29/21 12/29/26 Agency AA+ 88.37 245,000 216,504 (28,496) 1,278 3130AMCY6 FHLB (25.8%)1.00% 05/27/21 05/27/26 Agency AA+ 88.26 516,000 455,406 (60,594) 1,062 3130ARF55 FHLB (49%)2.60% 03/30/22 03/30/27 Agency AA+ 92.00 245,000 225,400 (19,600) 1,369 3130ALYC2 FHLB (5.3%)1.14% 04/29/21 04/29/26 Agency AA+ 88.91 53,000 47,123 (5,877) 1,034 3130ARF55 FHLB (51%)2.60% 03/30/22 03/30/27 Agency AA+ 92.00 255,000 234,600 (20,400) 1,369 33847E3J4 Flagstar Bank 0.90% 05/15/20 05/15/25 CD 0 91.56 245,000 224,329 (20,671) 685 46632FRU1 JP Morgan Chase Bank 0.70% 01/22/21 01/22/26 Corporate Bond A+ 86.22 500,000 431,080 (68,920) 937 499724AE2 Knoxville TVA Employees
Credit Union (20.4%)

3.30% 09/27/18 09/27/23 CD 0 99.18 50,000 49,571 (429) 89 50625LBN2 Lafayette Federal Credit
Union

3.25% 06/15/22 06/15/27 CD 0 95.07 245,000 232,922 (12,079) 1,446 59013KPN0 Merrick Bank 1.10% 11/09/21 11/09/26 CD 0 87.76 245,000 215,012 (29,988) 1,228 62384RAB2 Mountain American FCU
(53.06%)

2.30% 10/12/17 10/12/22 CD 0 99.98 130,000 129,970 (30) (261) 6966674G6 Palm Springs USD GO
Bonds (95.66%)

0.85% 10/28/20 08/01/24 Municipal Bond AA 93.43 773,013 719,470 (53,543) 398 74909LAC4 Quorum Federal Credit
Union (52.90%)

4.25% 09/30/22 09/29/23 CD 0 100.10 129,593 129,735 142 91 835104BZ2 Somerset Tr Co 1.00% 03/19/20 03/19/25 CD 0 92.23 245,000 225,961 (19,039) 628 88413QDL9 Third Federal Savings
Bank

3.50% 06/28/22 06/28/27 CD 0 96.12 245,000 235,484 (9,516) 1,459 89235MLC3 Toyota Financial Savings
Bank

0.95% 07/15/21 07/15/26 CD 0 88.22 245,000 216,127 (28,873) 1,111 Total $ 7,702,606 $ 7,041,469

9.E-10Council Agenda 12-20-2022
Attachment 2

City of Pismo Beach
September 30, 2022 QUARTERLY INVESTMENT REPORT
Table 3: For City Pooled Funds A - Basic Data on Investments in Securities:

1.70% 09/18/19 09/18/24 CD 0 95.11 245,000 233,029 (11,971) 446 02554BDA6 American Eagle Bank 1.10% 03/13/20 03/13/25 CD 0 92.51 245,000 226,657 (18,343) 622 02589ACE0 American Express
(40.24%)

2.90% 05/03/22 04/27/27 CD 0 93.84 99,000 92,897 (6,103) 1,397 037833AZ3 Apple Inc 2.50% 03/05/20 02/09/25 Corporate Bond AA+ 95.46 1,062,000 954,630 (107,370) 590 06406RBA4 Bank New York Mellon
(67.31%)

2.05% 01/26/22 01/26/27 CD A 88.71 504,363 447,830 (56,532) 1,306 06048WS43 Bank of America Corp 2.00% 02/18/22 08/18/25 Corporate Bond A- 91.18 500,000 455,890 (44,110) 780 06740KQE0 Barclays Bank 3.00% 05/11/22 05/11/27 CD 0 94.19 245,000 230,770 (14,230) 1,411 130162AF7 California Credit Union 4.10% 09/23/22 09/22/23 CD 0 99.97 245,000 244,919 (81) 84 13063DDF2 California State GO
Bonds

2.50% 05/07/20 10/01/22 Municipal Bond 100.00 103,506 100,000 (3,506) (272) 13063CLW8 California State GO
Bonds (49.63%)

5.00% 05/08/20 10/01/24 Municipal Bond AA- 103.65 290,655 257,207 (33,448) 459 13077CY32 California State
University Rev Bonds
(2.34%)

5.00% 05/07/20 11/01/23 Municipal Bond AA- 102.01 5,862 5,251 (610) 124 14042TFP7 Capital One Bank
(52.24%)

2.90% 04/27/22 04/27/27 CD 0 93.84 128,000 120,109 (7,891) 1,397 14042RQU8 Capital One National
(20.41%)

2.90% 04/27/22 04/27/27 CD 0 93.84 50,000 46,926 (3,074) 1,397 14042RQU8 Capital One National
(79.59%)

2.90% 04/27/22 04/27/27 CD 0 93.84 195,000 182,992 (12,008) 1,397 15118RUR6 Celtic Bank 1.35% 04/02/20 04/02/25 CD 0 92.95 245,000 227,720 (17,280) 642 15201QCJ4 Centerstate Bank 1.00% 03/30/20 03/31/25 CD 92.18 245,000 225,851 (19,149) 640 17286TAG0 Citadel Federal Credit
Union

1.65% 02/25/20 02/27/25 CD 0 93.90 245,000 230,060 (14,940) 608 17312QJ67 Citibank 3.00% 04/24/18 04/24/23 CD 0 99.49 245,000 243,760 (1,240) (67) 19075JAB4 Cobalt Federal Credit
Union

3.60% 09/15/22 09/15/27 CD 0 96.29 245,000 235,920 (9,080) 1,538 24951TAL9 Department of
Commerce FCU
(57.14%)

1.25% 01/07/22 01/07/27 CD 0 87.86 140,000 122,991 (17,009) 1,287 254673D94 Discover Bank 3.20% 05/19/22 05/19/27 CD 0 94.99 245,000 232,726 (12,275) 1,419 27004PCV3 Eaglemark Savings Bank
(80%)

3.25% 06/22/22 06/22/27 CD 0 95.08 195,000 186,353 (8,647) 1,453 29367SJQ8 Enterprise Bank 1.80% 11/08/19 11/08/24 CD 0 94.97 245,000 232,667 (12,333) 497 29367RLM6 Enterprise Bank
(36.73%)

0.85% 05/18/20 05/14/25 CD 0 91.45 90,000 82,294 (7,706) 684 3130ALD76 FHLB 0.70% 02/25/21 02/25/26 Agency AA+ 87.99 500,000 439,970 (60,030) 971 3130ARGQ8 FHLB 2.88% 04/14/22 04/14/27 Agency AA+ 92.85 500,000 464,255 (35,745) 1,384 3130ANSB7 FHLB 1.00% 09/17/21 09/17/26 Agency AA+ 87.45 1,000,000 874,450 (125,550) 1,175 3130ATDV6 FHLB 5.00% 09/30/22 09/30/27 Agency AA+ 100.17 500,000 500,865 865 1,553

9.E-11Council Agenda 12-20-2022
Attachment 3

City of Pismo Beach
September 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
Maturit y
3130AQAU7 FHLB (14%)1.45% 12/29/21 12/29/26 Agency AA+ 88.37 140,000 123,717 (16,283) 1,278 3130AMS37 FHLB (20%)1.00% 06/24/21 06/24/26 Agency AA+ 88.05 400,000 352,208 (47,792) 1,090 3130AMCY6 FHLB (25%)1.00% 05/27/21 05/27/26 Agency AA+ 88.26 500,000 441,285 (58,715) 1,062 3130AMS37 FHLB (30%)1.00% 06/24/21 06/24/26 Agency AA+ 88.05 600,000 528,312 (71,688) 1,090 3130AMCY6 FHLB (46.7%)1.00% 05/27/21 05/27/26 Agency AA+ 88.26 934,000 824,320 (109,680) 1,062 3130AMS37 FHLB (50%)1.00% 06/24/21 06/24/26 Agency AA+ 88.05 1,000,000 880,520 (119,480) 1,090 3130ARGE5 FHLB (50%)3.00% 04/21/22 04/21/27 Agency AA+ 93.24 250,000 233,098 (16,903) 1,391 3130ARGE5 FHLB (50%)3.00% 04/21/22 04/21/27 Agency AA+ 93.24 250,000 233,098 (16,903) 1,391 3130AQAU7 FHLB (61.5%)1.45% 12/29/21 12/29/26 Agency AA+ 88.37 615,000 543,469 (71,531) 1,278 3130ALYC2 FHLB (75.5%)1.14% 04/29/21 04/29/26 Agency AA+ 88.91 755,000 671,278 (83,722) 1,034 32112UDJ7 First National Bank
McGregor

1.80% 12/30/19 12/30/24 CD 0 94.62 245,000 231,824 (13,176) 549 334342CD2 First National Bank
Syracuse

1.85% 08/30/19 08/30/24 CD 0 95.52 245,000 234,017 (10,983) 427 33715LED8 First Technology 3.70% 08/19/22 08/19/27 CD 0 96.82 245,000 237,197 (7,803) 1,511 3136G4J61 FNMA 0.57% 08/26/20 08/26/25 Agency AA+ 89.32 750,000 669,900 (80,100) 788 3136G4WV1 FNMA 0.75% 06/16/20 06/16/25 Agency AA+ 90.44 1,000,000 904,420 (95,580) 717 3136G43L5 FNMA 0.55% 09/30/20 09/30/25 Agency AA+ 88.94 1,000,000 889,390 (110,610) 823 38149MAJ2 Goldman Sachs Bank 2.70% 05/22/19 05/22/24 CD 0 97.56 145,000 141,465 (3,535) 327 472207AE9 Jeanne D Arc Federal
Credit Union

3.80% 09/30/22 09/30/27 CD 0 97.15 245,000 238,013 (6,987) 1,553 474067AF2 Jefferson Financial
Federal Credit Union

2.45% 11/10/17 11/10/22 CD 0 99.94 245,000 244,846 (154) (232) 499724AE2 Knoxville TVA Employees
Credit Union (79.6%)

3.30% 09/27/18 09/27/23 CD 0 99.18 195,000 193,425 (1,575) 89 502516QY6 La Canada California
USD

1.75% 04/28/20 08/01/24 Municipal Bond 95.08 571,288 537,202 (34,086) 398 51210SSD0 Lakeside Bank 1.40% 03/30/20 03/31/25 CD 93.07 245,000 228,031 (16,969) 640 58404DCZ2 Medallion Bank Utah 3.30% 12/18/18 12/19/22 CD 100.02 245,000 245,039 39 (193) 61760ARS0 Morgan Stanley 3.55% 11/08/18 11/08/23 CD 0 99.26 245,000 243,192 (1,808) 131 61690UJ68 Morgan Stanley Bank 3.25% 05/19/22 05/19/27 CD 95.20 245,000 233,235 (11,765) 1,419 62384RAB2 Mountain American FCU
(46.94%)

2.30% 10/12/17 10/12/22 CD 0 99.98 115,000 114,979 (21) (261) 694231AF8 Pacific Enterprise Bank 1.35% 04/09/20 04/09/25 CD 92.89 245,000 227,588 (17,412) 649 69506YRG6 Pacific Western Bank 1.35% 04/16/20 04/16/25 CD 0 92.90 245,000 227,603 (17,397) 656 6966674G6 Palm Springs USD GO
Bonds (4.34%)

0.85% 10/28/20 08/01/24 Municipal Bond AA 93.43 35,078 32,642 (2,437) 398 70962LAS1 Pentagon Federal Credit
Union

0.90% 09/29/21 09/29/26 CD 0 87.36 245,000 214,039 (30,961) 1,187 74909LAC4 Quorum Federal Credit
Union (47.10%)

4.25% 09/30/22 09/29/23 CD 0 100.10 115,407 115,510 103 91 75472RAE1 Raymond James Bank 2.00% 08/23/19 08/23/24 CD 0 95.86 245,000 234,857 (10,143) 420 856285K91 State Bank India 2.00% 03/23/22 03/23/27 CD 0 90.36 245,000 221,389 (23,611) 1,362 88241THJ2 Texas Exchange Bank 1.00% 06/10/20 06/13/25 CD 0 91.51 245,000 224,195 (20,805) 714 87270LAY9 TIAA Federal Savings
Bank

2.20% 11/22/17 11/22/22 CD 0 99.88 245,000 244,694 (306) (220) 89236TGT6 Toyota Motor Corp 1.80% 06/05/20 02/13/25 Corporate Bond A+ 93.27 257,893 233,185 (24,708) 594 90348JTH3 UBS Bank USA 1.25% 03/25/20 03/25/25 CD 92.77 245,000 227,277 (17,723) 634 91435LAB3 University Iowa
Community FCU

3.00% 04/30/18 04/28/23 CD 0 99.48 245,000 243,728 (1,272) (63) 90331HMS9 US Bank National 2.80% 05/29/20 01/27/25 Corporate Bond AA- 95.69 271,250 239,215 (32,035) 577 9128284L1 US Treasury Note
(16.54%)

2.75% 05/12/22 04/30/23 Treasury Note 99.29 1,000,000 985,384 (14,616) (61) 9128284L1 US Treasury Note
(83.46%)

2.75% 05/12/22 04/30/23 Treasury Note 99.29 5,045,375 4,972,196 (73,179) (61) 92891CCP5 Vystar Credit Union 4.45% 09/30/22 09/30/27 CD 0 100.06 245,000 245,142 142 1,553 938828BN9 Washington Federal
Bank

1.95% 08/28/19 08/28/24 CD 0 95.72 245,000 234,514 (10,486) 425 Total 29,403,676$ 27,439,625$

9.E-12Council Agenda 12-20-2022
Attachment 3

Pismo Beach City CouncilDecember 20, 2022

Pismo Beach City Council
December 20, 2022