PISMO BEACH COUNCIL AGENDA REPORT
Agenda Item #9.D
SUBJECT / TITLE:
QUARTERLY INVESTMENT REPORT FOR THE THREE MONTHS OF JANUARY THROUGH MARCH 2023—THE THIRD 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 March 31, 2023. 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 March 31, 2023.
• 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 March 31, 2023 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 Notes, 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 $7.76 million, earning a projected 2.07% 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 $7.16 million, which is 25% of the FY 2023 budgeted annual operating
9.D-1Council Agenda 6-6-2023
expenditures. Currently, $7.01 million is invested in various CDs, GASs, Corp Bonds, and Munis earning 2.03% 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, up to a maximum of $250 thousand. 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 $36.86 million in various CDs, GASs, Corp Bonds, Treasury notes, and Munis that mature at various periods over the next five years and have a 2.61% 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 March 31, 2023, the City-Pooled Funds B are allocated or invested as described below.
• $19.50 million in Local Agency Investment Fund (LAIF): LAIF is a State investment pool earning 2.74% annually and is the City’s main savings account where the majority of cash is held for current year expenditures.
• $11.79 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 $234 thousand for this year toward the City’s unfunded liability. This contribution now appears as an asset for the City’s future retiree health costs instead of a significant liability on the City’s balance sheet.
9.D-2Council Agenda 6-6-2023
Portfolio Allocation
Per the State Government Code 53600 et seq., and the City's Investment Policy, the City may invest up to a maximum percentage of the entire portfolio of funds in authorized financial instruments. The following table shows a summary of the authorized financial instruments, the maximum percentage limits, the book value as of March 31, 2023 of the City’s funds, and the percentage of the total City’s pooled funds that are invested in each financial instrument.
Financial Instrument
Maximum
%
Book Value as
of 3/31/23
% of
Portfolio
Local Agency Investment Fund 100% 19,497,354$ 26%
Negotiable Certificates of Deposit 30% 14,125,363 19% US Government Agency Obligations 50% 13,750,000 18% US Treasury Issues 100% 11,945,266 16%
Checking Account 100% 11,791,306 16%
Corporate Bond 30% 2,591,143 3%
Issues of Other California entities 30% 2,215,896 3% 75,916,327$ 100%
Bond funds: Wilmington Trust 703$
OPEB Trust Account 4,473,647
Total Book Value 80,390,677$
US Government
Agency
Obligations, 18%
US Treasury
Issues, 16%
Checking Account,
16%
Corporate Bond,
3%
Issues of Other
California entities, 3%
Portfolio Allocation
9.D-3Council Agenda 6-6-2023
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 31,288,660$
FY 2023 6,535,375
FY 2024 7,520,752
FY 2025 9,211,177
FY 2026 8,250,000
FY 2027 8,925,363
FY 2028 4,185,000
75,916,327$
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.D-4Council Agenda 6-6-2023
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 March 31, 2023, the City’s total book value of cash and investments was $80.39 million. This is $3.26 million 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 March 31, 2023 for CDs, GASs, Municipal Bonds, Treasury Notes, and Corporate Bonds was $42.56 million, which is $2.27 million less than the book value. The City expects to hold onto the majority of its investments to maturity and would receive the book value of its investment.
Investment Name Type of Investment
Book Value as
of 3/31/23
Book Value as of
12/31/22 Variance
General Fund Reserve CDs/GASs/Corp
Bonds/Muni Bonds
7,764,573$ 7,572,606$ 191,967$
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ Muni
Bonds/ US
Treasury Note
36,863,094 29,430,170 7,432,924
City Pooled Funds - B Various 31,288,660 42,378,321 (11,089,661) Bond funds Blackrock Federal
Fund
703 697 7
OPEB Trust Account Benefit Trust
Account
4,473,647 4,273,234 200,413
TOTAL 80,390,677$ 83,655,028$ (3,264,351)$
Investment Name
Type of
Investment
Book Value as of
3/31/23
Market Value as
of 3/31/23 Variance
General Fund Reserve CDs/GASs/
Corp Bonds/
Muni Bonds
7,764,573$ 7,173,923$ (590,650)$
City Pooled Funds - A CDs/GASs/
Corp Bonds/
Muni Bonds/US
Treasury Note
36,863,094 35,186,070 (1,677,024)
Total All Securities 44,627,667$ 42,359,993$ (2,267,674)$
9.D-5Council Agenda 6-6-2023
Investment Earnings and Performance
Interest Earnings: In the past quarter ending March 31, 2023, the City’s total interest earnings were a gain of $472 thousand, including a $270 thousand gain in the City’s managed portfolio and a $201 thousand gain in OPEB. The estimated interest earnings for FY 2023 are $1.95 million, which is a gain of 2.42% for the year for the City’s entire portfolio and a gain of 1.82% for the City’s managed portfolio. Note that as the City’s cash and investments change, the interest earnings change correspondingly.
Performance: The projected annual interest earnings rate for FY 2023 is 2.42% for the City’s entire portfolio. The projected annual interest earnings rate for FY 2023 is 1.82% for the City’s managed portfolio (excludes Bond funds and OPEB Trust Account). This is compared to LAIF, which is earned 2.74% as of March 31, 2023, or the 1-year U.S.
Treasury Note, which earned 4.69% as of March 31, 2023. The following table lists the various performance measures regarding the various annual earnings rate for the City’s entire portfolio, the City’s managed portfolio, and the two benchmarks of LAIF and the 1 year U.S. Treasury Note.
Performance Measure Earnings
Rate
City’s Annual Earnings Rate for entire Portfolio 2.42%
City’s Annual Earnings Rate for Managed Portfolio 1.82% LAIF Average Annual Earnings Rate 2.74%
1 Year U.S. Treasury Note 4.69%
Investment Name Type of Investment
Book Value as
of 3/31/23
Actual
Interest
Earned 3rd
Quarter
Estimated
Annual
Interest
Earnings
Estimated
Annual Interest
Earnings Rate
General Fund Reserves CDs/GASs/Corp
Bonds/Muni Bonds
7,764,573$ 32,809$ 143,907$ 1.85%
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ Muni Bonds/
US Treasury Note
36,863,094 100,208 617,941 1.68%
City Pooled Funds - B Various 31,288,660 137,304 617,032 1.97% Bond funds Wilmington Trust 703 7 1,395 198.39% OPEB Trust Account*Benefit Trust
Account
4,473,647 201,343 565,191 12.63%
TOTAL 80,390,677$ 471,671$ 1,945,466$ 2.42%
Total Managed Portfolio 75,916,327$ 270,321$ 1,378,881$ 1.82%
9.D-6Council Agenda 6-6-2023
Future Outlook
Economic activity reflects modest growth and employment continues to strengthen, including robust job gains in recent months and unemployment rate remains low. Inflation has eased but remains elevated. The U.S. banking system have tighter credit conditions for households and businesses, which will likely impact economic growth, including hiring and inflation.
As the Federal Open Market Committee (FOMC) is attentive to inflation risks, on March 22, 2023, the FOCM decided to raise the target range for the federal funds rate from a range of 4.50% to 4.75% to a range of 4.75% to 5.00%. On May 3, 2023, the FOMC raised the target range for the federal funds rate to 5.00% to 5.25%. The Committee expects to closely monitor inflation and adjust monetary policy to achieve maximum employment and price stability, to return to 2% inflation.
With the increase in the federal funds rate, 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. The yield curve is currently inverted, meaning that longer term rates are less than shorter term rates. As such, the City Treasurer is investing more of its idle cash in shorter-term investments to take advantage of the higher rates, while preserving principal and remaining liquid.
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 Meeting Date: June 6, 2023 Submitted by:
Nadia Feeser, Administrative Services Director/City Treasurer Interim City Manager Approval:
9.D-7Council Agenda 6-6-2023
Investment Name Name of Institution Type of Investment Current
Earnings
Rate
Book Value
as of 3/31/23
Actual Interest
Earned 3rd
Quarter Ending
3/31/23
Year-to-Date
Interest
Earned
Ending
3/31/23
* Data
Source
Estimated
Annual Interest
Earnings **
General Fund Reserves US Bank CDs/GASs/Corp
Bonds/Muni Bonds
2.07% avg 7,764,573$ 32,809$ 103,649$ 1 143,907$ City Pooled Funds - A US Bank CDs/GASs/ Corp
Bonds/ Muni Bonds/
US Treasury Note
2.61% avg 36,863,094 100,208 377,723 1 617,941 Total All Securities 44,627,667$ 133,018$ 481,372$ 761,848$ City Pooled Funds - B US Bank Custody 0.00%-$ 623$ 2,402$ 1 4,803 City Pooled Funds - B Local Agency Invest.
Fund
State Investment Pool 2.74%19,497,354 131,409 298,507 2 597,014 City Pooled Funds - B US Bank Checking 0.00%11,791,306 5,272 7,608 3 15,215 City Pooled Funds - B 31,288,660$ 137,304$ 308,516$ 617,032$ City Pooled Funds total A + B 68,151,754$ 237,512$ 686,239$ 1,378,881$ Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017 Pier Project 424$ 4$ 424$ 4 847 Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017B CREBs 280 3 274 4 548 -
Calpers Benefit Trust -
OPEB Trust Account CalPERS Benefit Trust
Account
Various managed by
CalPERS
4,473,647$ 201,343$ 162,505 5 565,191 TOTAL, Cash and Investments at March 31, 2023:80,390,677$ 471,671$ 953,091$ 1,945,466$ T OTAL for City Managed Portfolio, Cash and Investments:75,916,327$ 270,321$ 789,888$ 1,378,881$ 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.D-8Council Agenda 6-6-2023
Attachment 1
City of Pismo Beach
March 31, 2023 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 95.42 245,000 233,779 (11,221) 439 02589ACE0 American Express
(59.76%)
2.90% 05/03/22 04/27/27 CD 92.65 147,000 136,203 (10,797) 1,397 052392BT3 Austin Telco Federal
Credit Union
3.80% 09/21/22 09/21/27 CD 95.65 245,000 234,352 (10,648) 1,544 06406RBA4 Bank New York Mellon
(32.69%)
2.05% 01/26/22 01/26/27 CD A 90.21 245,000 221,175 (23,825) 1,306 13063CLW8 California State GO
Bonds (41.83%)
5.00% 05/08/20 10/01/24 Municipal Bond AA-103.69 245,000 216,859 (28,141) 459 13063CLW8 California State GO
Bonds (8.54%)
5.00% 05/08/20 10/01/24 Municipal Bond AA-103.69 50,000 44,274 (5,726) 459 13077CY32 California State
University Rev Bonds
(97.66%)
5.00% 05/07/20 11/01/23 Municipal Bond AA-101.47 245,000 218,006 (26,994) 124 14042TFP7 Capital One Bank
(47.76%)
2.90% 04/27/22 04/27/27 CD 92.65 117,000 108,410 (8,590) 1,397 24951TAL9 Department of
Commerce FCU
(20.41%)
1.25% 01/07/22 01/07/27 CD 87.42 50,000 43,713 (6,287) 1,287 24951TAL9 Department of
Commerce FCU
(22.45%)
1.25% 01/07/22 01/07/27 CD 87.42 55,000 48,083 (6,917) 1,287 25460FCF1 Direct Federal Credit
Union
3.50% 12/10/18 09/11/23 CD 99.33 245,000 243,349 (1,651) 73 27004PCV3 Eaglemark Savings Bank
(20%)
3.25% 06/22/22 06/22/27 CD 93.76 50,000 45,940 (4,060) 1,453 29367RLM6 Enterprise Bank
(63.27%)
0.85% 05/18/20 05/14/25 CD 91.85 155,000 142,372 (12,628) 684 3130APB87 FHLB 1.10% 10/13/21 10/13/26 Agency AA+90.36 500,000 451,805 (48,195) 1,201 3130AQZ55 FHLB 2.50% 03/10/22 03/10/27 Agency AA+94.21 500,000 471,045 (28,955) 1,349 3130ALYC2 FHLB (19.2%)1.14% 04/29/21 04/29/26 Agency AA+91.34 192,000 175,379 (16,621) 1,034 3130ALYC2 FHLB (5.3%)1.14% 04/29/21 04/29/26 Agency AA+91.34 53,000 48,412 (4,588) 1,034 3130AMCY6 FHLB (2.5%)1.00% 05/27/21 05/27/26 Agency AA+91.03 50,000 45,513 (4,488) 1,062 3130AMCY6 FHLB (25.8%)1.00% 05/27/21 05/27/26 Agency AA+91.03 516,000 469,689 (46,311) 1,062 3130AQAU7 FHLB (24.5%)1.45% 12/29/21 12/29/26 Agency AA+90.94 245,000 222,791 (22,209) 1,278 3130ARF55 FHLB (49%)2.60% 03/30/22 03/30/27 Agency AA+94.44 245,000 231,380 (13,620) 1,369 3130ARF55 FHLB (51%)2.60% 03/30/22 03/30/27 Agency AA+94.44 255,000 240,825 (14,175) 1,369 32024JAM5 First Federal Credit
Union - (78.35%)
4.40% 02/17/23 02/17/28 CD 98.03 191,967 188,176 (3,791) 1,693 33847E3J4 Flagstar Bank 0.90% 05/15/20 05/15/25 CD 91.94 245,000 225,243 (19,757) 685 46632FRU1 JP Morgan Chase Bank 0.70% 01/22/21 01/22/26 Corporate Bond A+87.49 500,000 437,435 (62,565) 937 499724AE2 Knoxville TVA Employees
Credit Union (20.4%)
3.30% 09/27/18 09/27/23 CD 99.16 50,000 49,562 (438) 89 50625LBN2 Lafayette Federal Credit
Union
3.25% 06/15/22 06/15/27 CD 93.73 245,000 229,636 (15,364) 1,446 59013KPN0 Merrick Bank 1.10% 11/09/21 11/09/26 CD 87.42 245,000 214,189 (30,811) 1,228 6966674G6 Palm Springs USD GO
Bonds (95.66%)
0.85% 10/28/20 08/01/24 Municipal Bond AA 95.13 773,013 732,538 (40,475) 398 74909LAC4 Quorum Federal Credit
Union (52.90%)
4.25% 09/30/22 09/29/23 CD 99.62 129,593 129,110 (483) 91 835104BZ2 Somerset Tr Co 1.00% 03/19/20 03/19/25 CD 92.59 245,000 226,853 (18,147) 628 88413QDL9 Third Federal Savings
Bank
3.50% 06/28/22 06/28/27 CD 94.69 245,000 231,981 (13,019) 1,459 89235MLC3 Toyota Financial Savings
Bank
0.95% 07/15/21 07/15/26 CD 88.10 245,000 215,847 (29,153) 1,111 Total $ 7,764,573 $ 7,173,923
9.D-9Council Agenda 6-6-2023
Attachment 2
City of Pismo Beach
March 31, 2023 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 95.30 245,000 233,473 (11,527) 446 011852AE0 Alaska USA Federal
Credit Union
4.60% 03/08/23 03/08/28 CD 98.90 245,000 242,310 (2,690) 1,713 01664MAB2 All In Federal Credit
Union
4.40% 12/20/22 12/20/27 CD 98.04 245,000 240,196 (4,804) 1,634 01882MAB8 Alliant Credit Union 4.95% 12/30/22 12/30/27 CD 100.37 245,000 245,894 894 1,644 02554BDA6 American Eagle Bank 1.10% 03/13/20 03/13/25 CD 92.83 245,000 227,443 (17,557) 622 02589ACE0 American Express
(40.24%)
2.90% 05/03/22 04/27/27 CD 92.65 99,000 91,714 (7,286) 1,397 037833AZ3 Apple Inc 2.50% 03/05/20 02/09/25 Corporate Bond AA+96.96 1,062,000 969,570 (92,430) 590 06406RBA4 Bank New York Mellon
(67.31%)
2.05% 01/26/22 01/26/27 CD A 90.21 504,363 455,408 (48,955) 1,306 06048WS43 Bank of America Corp 2.00% 02/18/22 08/18/25 Corporate Bond A-91.97 500,000 459,865 (40,135) 780 06740KQE0 Barclays Bank 3.00% 05/11/22 05/11/27 CD 92.96 245,000 227,759 (17,241) 1,411 05580AW59 BMW Bank North
America
4.60% 03/10/23 03/10/28 CD 98.91 245,000 242,322 (2,678) 1,715 130162AF7 California Credit Union 4.10% 09/23/22 09/22/23 CD 99.51 245,000 243,797 (1,203) 84 13063CLW8 California State GO
Bonds (49.63%)
5.00% 05/08/20 10/01/24 Municipal Bond AA-103.69 290,655 257,297 (33,358) 459 13077CY32 California State
University Rev Bonds
(2.34%)
5.00% 05/07/20 11/01/23 Municipal Bond AA-101.47 5,862 5,224 (638) 124 14042TFP7 Capital One Bank
(52.24%)
2.90% 04/27/22 04/27/27 CD 92.65 128,000 118,580 (9,420) 1,397 14042RQU8 Capital One National
(20.41%)
2.90% 04/27/22 04/27/27 CD 92.65 50,000 46,329 (3,671) 1,397 14042RQU8 Capital One National
(79.59%)
2.90% 04/27/22 04/27/27 CD 92.65 195,000 180,661 (14,339) 1,397 15118RUR6 Celtic Bank 1.35% 04/02/20 04/02/25 CD 93.14 245,000 228,195 (16,805) 642 15201QCJ4 Centerstate Bank 1.00% 03/30/20 03/31/25 CD 92.54 245,000 226,713 (18,287) 640 17286TAG0 Citadel Federal Credit
Union
1.65% 02/25/20 02/27/25 CD 93.98 245,000 230,244 (14,756) 608 17312QJ67 Citibank 3.00% 04/24/18 04/24/23 CD 99.87 245,000 244,682 (319) (67) 19075JAB4 Cobalt Federal Credit
Union
3.60% 09/15/22 09/15/27 CD 94.86 245,000 232,417 (12,583) 1,538 22551KAU6 Credit Union of Texas 4.40% 12/09/22 12/09/27 CD 98.04 245,000 240,203 (4,797) 1,623 24951TAL9 Department of
Commerce FCU
(57.14%)
1.25% 01/07/22 01/07/27 CD 87.42 140,000 122,380 (17,620) 1,287 254673D94 Discover Bank 3.20% 05/19/22 05/19/27 CD 93.67 245,000 229,501 (15,499) 1,419 27004PCV3 Eaglemark Savings Bank
(80%)
3.25% 06/22/22 06/22/27 CD 93.76 195,000 183,762 (11,238) 1,453 29367SJQ8 Enterprise Bank 1.80% 11/08/19 11/08/24 CD 95.05 245,000 232,882 (12,118) 497 29367RLM6 Enterprise Bank
(36.73%)
0.85% 05/18/20 05/14/25 CD 91.85 90,000 82,651 (7,349) 684 30002CAT5 Everett Co-Operative 3.90% 01/23/23 01/19/27 CD 96.85 245,000 237,270 (7,730) 1,299 3130ALD76 FHLB 0.70% 02/25/21 02/25/26 Agency AA+90.77 500,000 453,860 (46,140) 971 3130ANSB7 FHLB 1.00% 09/17/21 09/17/26 Agency AA+90.21 1,000,000 902,070 (97,930) 1,175 3130ARGQ8 FHLB 2.88% 04/14/22 04/14/27 Agency AA+95.20 500,000 476,005 (23,995) 1,384 3130ATDV6 FHLB 5.00% 09/30/22 09/30/27 Agency AA+99.12 500,000 495,585 (4,415) 1,553 3130AQAU7 FHLB (14%)1.45% 12/29/21 12/29/26 Agency AA+90.94 140,000 127,309 (12,691) 1,278 3130AQAU7 FHLB (61.5%)1.45% 12/29/21 12/29/26 Agency AA+90.94 615,000 559,250 (55,750) 1,278 3130AMS37 FHLB (20%)1.00% 06/24/21 06/24/26 Agency AA+90.65 400,000 362,616 (37,384) 1,090 3130AMS37 FHLB (50%)1.00% 06/24/21 06/24/26 Agency AA+90.65 1,000,000 906,540 (93,460) 1,090 3130AMS37 FHLB (30%)1.00% 06/24/21 06/24/26 Agency AA+90.65 600,000 543,924 (56,076) 1,090 3130AMCY6 FHLB (25%)1.00% 05/27/21 05/27/26 Agency AA+91.03 500,000 455,125 (44,875) 1,062 3130AMCY6 FHLB (46.7%)1.00% 05/27/21 05/27/26 Agency AA+91.03 934,000 850,174 (83,827) 1,062 3130ARGE5 FHLB (50%)3.00% 04/21/22 04/21/27 Agency AA+95.51 250,000 238,765 (11,235) 1,391 3130ARGE5 FHLB (50%)3.00% 04/21/22 04/21/27 Agency AA+95.51 250,000 238,765 (11,235) 1,391 3130ALYC2 FHLB (75.5%)1.14% 04/29/21 04/29/26 Agency AA+91.34 755,000 689,640 (65,360) 1,034
9.D-10Council Agenda 6-6-2023
Attachment 3
City of Pismo Beach
March 31, 2023 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
3130AV6C1 FHLN (50%)5.71% 03/27/23 03/27/28 Agency AA+100.92 250,000 252,293 2,293 1,732 3130AV6C1 FHLN (50%)5.71% 03/27/23 03/27/28 Agency AA+100.92 250,000 252,293 2,293 1,732 32024JAM5 First Federal Credit
Union - (21.65%)
4.40% 02/17/23 02/17/28 CD 98.03 53,033 51,998 (1,035) 1,693 32112UDJ7 First National Bank
McGregor
1.80% 12/30/19 12/30/24 CD 94.67 245,000 231,929 (13,071) 549 334342CD2 First National Bank
Syracuse
1.85% 08/30/19 08/30/24 CD 95.64 245,000 234,325 (10,675) 427 33715LED8 First Technology 3.70% 08/19/22 08/19/27 CD 95.32 245,000 233,524 (11,476) 1,511 3136G4WV1 FNMA 0.75% 06/16/20 06/16/25 Agency AA+92.91 1,000,000 929,130 (70,870) 717 3136G4J61 FNMA 0.57% 08/26/20 08/26/25 Agency AA+92.03 750,000 690,248 (59,753) 788 3136G43L5 FNMA 0.55% 09/30/20 09/30/25 Agency AA+91.73 1,000,000 917,260 (82,740) 823 38149MAJ2 Goldman Sachs Bank 2.70% 05/22/19 05/22/24 CD 97.38 145,000 141,195 (3,805) 327 472207AE9 Jeanne D Arc Federal
Credit Union
3.80% 09/30/22 09/30/27 CD 95.64 245,000 234,316 (10,684) 1,553 499724AE2 Knoxville TVA Employees
Credit Union (79.6%)
3.30% 09/27/18 09/27/23 CD 99.16 195,000 193,388 (1,612) 89 502516QY6 La Canada California
USD
1.75% 04/28/20 08/01/24 Municipal Bond 96.29 571,288 544,033 (27,256) 398 51210SSD0 Lakeside Bank 1.40% 03/30/20 03/31/25 CD 93.25 245,000 228,470 (16,530) 640 61760ARS0 Morgan Stanley 3.55% 11/08/18 11/08/23 CD 99.05 245,000 242,677 (2,323) 131 61690UJ68 Morgan Stanley Bank 3.25% 05/19/22 05/19/27 CD 93.86 245,000 229,955 (15,045) 1,419 67054NBC6 Numerica Credit Union 4.95% 11/04/22 11/04/27 CD 100.31 245,000 245,760 760 1,588 694231AF8 Pacific Enterprise Bank 1.35% 04/09/20 04/09/25 CD 93.08 245,000 228,044 (16,956) 649 69506YRG6 Pacific Western Bank 1.35% 04/16/20 04/16/25 CD 93.09 245,000 228,058 (16,942) 656 6966674G6 Palm Springs USD GO
Bonds (4.34%)
0.85% 10/28/20 08/01/24 Municipal Bond AA 95.13 35,078 33,235 (1,844) 398 70962LAS1 Pentagon Federal Credit
Union
0.90% 09/29/21 09/29/26 CD 87.14 245,000 213,500 (31,500) 1,187 74909LAC4 Quorum Federal Credit
Union (47.10%)
4.25% 09/30/22 09/29/23 CD 99.62 115,407 114,954 (453) 91 75472RAE1 Raymond James Bank 2.00% 08/23/19 08/23/24 CD 95.92 245,000 235,009 (9,991) 420 79772FAG1 San Francisco Federal
Credit Union
4.35% 02/03/23 02/03/28 CD 97.82 245,000 239,652 (5,348) 1,679 856285K91 State Bank India 2.00% 03/23/22 03/23/27 CD 89.55 245,000 219,400 (25,600) 1,362 88241THJ2 Texas Exchange Bank 1.00% 06/10/20 06/13/25 CD 91.80 245,000 224,917 (20,083) 714 89236TGT6 Toyota Motor Corp 1.80% 06/05/20 02/13/25 Corporate Bond A+95.12 257,893 237,788 (20,105) 594 90348JTH3 UBS Bank USA 1.25% 03/25/20 03/25/25 CD 93.01 245,000 227,875 (17,126) 634 91435LAB3 University Iowa
Community FCU
3.00% 04/30/18 04/28/23 CD 99.85 245,000 244,640 (360) (63) 90331HMS9 US Bank National 2.80% 05/29/20 01/27/25 Corporate Bond A+95.69 271,250 239,235 (32,015) 577 912797FR3 US Treasury Bill 4.40% 03/16/23 07/05/23 Treasury Note 98.79 2,960,474 2,963,640 3,166 5 912796YH6 US Treasury Bill 4.31% 03/16/23 09/07/23 Treasury Note 97.96 2,939,417 2,938,770 (647) 69 9128284L1 US Treasury Note
(16.54%)
2.75% 05/12/22 04/30/23 Treasury Note 99.85 1,000,000 990,872 (9,128) (61) 9128284L1 US Treasury Note
(83.46%)
2.75% 05/12/22 04/30/23 Treasury Note 99.85 5,045,375 4,999,888 (45,487) (61) 92891CCP5 Vystar Credit Union 4.45% 09/30/22 09/30/27 CD 98.26 245,000 240,737 (4,263) 1,553 938828BN9 Washington Federal
Bank
1.95% 08/28/19 08/28/24 CD 95.80 245,000 234,698 (10,302) 425 Total 36,863,094$ 35,186,070$
9.D-11Council Agenda 6-6-2023
Attachment 3