09.E Report FY 2023 Q4 Investment Report 2023-09-05 — Pismo Beach City Council, September 5, 2023

PISMO BEACH CITY COUNCIL STAFF REPORT
Agenda Item #9.E
SUBJECT/TITLE:

QUARTERLY INVESTMENT REPORT FOR THE THREE MONTHS OF APRIL THROUGH JUNE 2023—THE FOURTH QUARTER OF FY 2023
RECOMMENDATION:

No action recommended; for information only.

EXECUTIVE SUMMARY:

This report updates City Council on the City’s investment portfolio as of the quarter ending on June 30, 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 June 30, 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 June 30, 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 $7.90 million, earning a projected 2.12% 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 $7.03 million, which is 25% of the FY 2023 budgeted annual operating expenditures. Currently, $7.15 million is invested in various CDs, GASs, Corp

9.E-1Council Agenda 9-5-2023

Bonds, and Munis earning 2.07% on average per year and $16 thousand is pending investment.
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 $42.73 million in various CDs, GASs, Corp Bonds, Treasury notes, and Munis that mature at various periods over the next five years and have a 3.19% 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 June 30, 2023, the City-Pooled Funds B are allocated or invested as described below.
$14.63 million in Local Agency Investment Fund (LAIF): LAIF is a State investment pool earning 3.15% annually and is the City’s main savings account where the majority of cash is held for current year expenditures.
$14.26 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 contributed 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 9-5-2023

Portfolio Allocation
Per California 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, 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 6/30/23
% of
Portfolio
US Treasury Issues 100% 16,725,029$ 21%
Local Agency Investment Fund 100% 14,628,763 18%
Checking Account 100% 14,256,974 18%
Negotiable Certificates of Deposit 30% 15,350,363 19% US Government Agency Obligations 50% 13,750,000 17% Corporate Bond 30% 2,591,143 3%
Issues of Other California entities 30% 2,215,896 3% 79,518,166$ 100%
Bond funds: Wilmington Trust 889$
OPEB Trust Account 4,827,849
Total Book Value 84,346,905$
US Treasury
Issues, 21%
Local Agency
Investment Fund,
18%
Checking Account,
18%
Negotiable
Certificates of
Deposit, 19%
US Government
Agency Obligations,
17%
Corporate Bond,
3%
Issues of Other
California entities,
3%
Portfolio Allocation

9.E-3Council Agenda 9-5-2023

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 28,885,736$
FY 2024 18,345,891
FY 2025 9,211,177
FY 2026 8,250,000
FY 2027 9,170,363
FY 2028 5,655,000
79,518,166$
0 10,000 20,000 30,000
0 to 30 days
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 9-5-2023

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 June 30, 2023, the City’s total book value of cash and investments was $84.35 million. This is $3.96 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, 2023 for CDs, GASs, Municipal Bonds, Treasury Notes, and Corporate Bonds was $48.26 million, which is $2.38 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 6/30/23
Book Value as of
3/31/23 Variance
General Fund Reserve CDs/GASs/Corp
Bonds/Muni Bonds
7,903,573$ 7,764,573$ 139,000$
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ Muni
Bonds/ US
Treasury Note
42,728,857 36,863,094 5,865,763
City Pooled Funds - B Various 28,885,736 31,288,660 (2,402,924) Bond funds Blackrock Federal
Fund
889 703 186
OPEB Trust Account Benefit Trust
Account
4,827,849 4,473,647 354,202
TOTAL 84,346,905$ 80,390,677$ 3,956,227$
Investment Name
Type of
Investment
Book Value as of
6/30/23
Market Value as
of 6/30/23 Variance
General Fund Reserve CDs/GASs/
Corp Bonds/
Muni Bonds
7,903,573$ 7,259,811$ (643,762)$
City Pooled Funds - A CDs/GASs/
Corp Bonds/
Muni Bonds/US
Treasury Note
42,728,857 40,997,302 (1,731,555)
Total All Securities 50,632,430$ 48,257,113$ (2,375,317)$

9.E-5Council Agenda 9-5-2023

Investment Earnings and Performance

Interest Earnings: In the past quarter ending June 30, 2023, the City’s total interest earnings were a gain of $534 thousand, including a $412 thousand gain in the City’s managed portfolio and a $122 thousand gain in OPEB. The actual annual interest earnings for FY 2023 are $2.55 million, which is a gain of 3.02% for the year for the City’s entire portfolio and a gain of 2.54% 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 3.02% for the City’s entire portfolio. The projected annual interest earnings rate for FY 2023 is 2.54% for the City’s managed portfolio (excludes Bond funds and OPEB Trust Account). This is compared to LAIF, which is earned 3.15% as of June 30, 2023, or the 1-year U.S.

Treasury Note, which earned 5.42% as of June 30, 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 3.02%
City’s Annual Earnings Rate for Managed Portfolio 2.54% LAIF Average Annual Earnings Rate 3.15%
1 Year U.S. Treasury Note 5.42%

Investment Name Type of Investment
Book Value as
of 6/30/23
Actual
Interest
Earned 4th
Quarter
Actual Annual
Interest
Earnings
Actual Annual
Interest
Earnings Rate
General Fund Reserves CDs/GASs/Corp
Bonds/Muni Bonds
7,903,573$ 44,211$ 187,521$ 2.37%
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ Muni Bonds/
US Treasury Note
42,728,857 238,795 957,664 2.24%
City Pooled Funds - B Various 28,885,736 129,111 875,254 3.03% Bond funds Wilmington Trust 889 611 2,618 294.31% OPEB Trust Account* Benefit Trust
Account
4,827,849 121,203 526,113 10.90%
TOTAL 84,346,905$ 533,931$ 2,549,170$ 3.02%
Total Managed Portfolio 79,518,166$ 412,116$ 2,020,438$ 2.54%

9.E-6Council Agenda 9-5-2023

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 US banking system has 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 May 3, 2023, the FOMC decided to raise the target range for the federal funds rate to 5.00% to

5.25%. On July 26, 2023, the FOCM raised the target range for the federal funds rate to

5.25% to 5.5%. 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 Submitted by: Meeting Date: September 5, 2023
Nadia Feeser, Administrative Services Director/City Treasurer Interim City Manager Approval:

9.E-7Council Agenda 9-5-2023

Investment Name Name of Institution Type of Investment Current
Earnings
Rate
Book Value
as of 6/30/23
Actual Interest
Earned 4th
Quarter Ending
6/30/23
Year-to-Date
Interest
Earned
Ending
6/30/23
* Data
Source
General Fund Reserves US Bank CDs/GASs/Corp
Bonds/Muni Bonds

2.12% avg 7,903,573$ 44,211$ 147,860$ 1 City Pooled Funds - A US Bank CDs/GASs/ Corp
Bonds/ Muni Bonds/
US Treasury Note

3.19% avg 42,728,857 238,795 616,518 1 Total All Securities 50,632,430$ 283,006$ 764,378$ City Pooled Funds - B US Bank Custody 0.00%-$ 1,995$ 4,397$ 1 City Pooled Funds - B Local Agency Invest.

Fund
State Investment Pool 3.15%14,628,763 122,159 420,666 2 City Pooled Funds - B US Bank Checking 0.00%14,256,974 4,956 12,564 3 City Pooled Funds - B 28,885,736$ 129,111$ 437,627$ City Pooled Funds total A + B 71,614,594$ 367,905$ 1,054,145$ Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017 Pier Project 379$ 380$ 804$ 4 Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017B CREBs 511 231 505 4
Calpers Benefit Trust
OPEB Trust Account CalPERS Benefit Trust
Account
Various managed by
CalPERS
4,827,849$ 121,203$ 283,708$ 5
TOTAL, Cash and Investments at June 30, 2023:84,346,905$ 533,931$ 1,487,021$ TOTAL for City Managed Portfolio, Cash and Investments:79,518,166$ 412,116$ 1,202,005$ 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

9.E-8Council Agenda 9-5-2023
Attachment 1

City of Pismo Beach
June 30, 2023 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 91.662 147,000 134,752 (12,248) 1,397 052392BT3 Austin Telco Federal
Credit Union

3.80% 09/21/22 09/21/27 CD 94.302 245,000 231,040 (13,960) 1,544 06406RBA4 Bank New York Mellon
(32.69%)

2.05% 01/26/22 01/26/27 CD A 89.991 245,000 220,635 (24,365) 1,306 05600XQL7 BMO Harris Bank
(56.73%)

4.45% 05/24/23 05/24/28 CD 98.416 139,000 136,787 (2,213) 1,790 13063CLW8 California State GO
Bonds (41.83%)

5.00% 05/08/20 10/01/24 Municipal Bond AA- 102.572 245,000 214,529 (30,471) 459 13063CLW8 California State GO
Bonds (8.54%)

5.00% 05/08/20 10/01/24 Municipal Bond AA- 102.572 50,000 43,798 (6,202) 459 13077CY32 California State
University Rev Bonds
(97.66%)

5.00% 05/07/20 11/01/23 Municipal Bond AA- 100.6 245,000 216,141 (28,859) 124 14042TFP7 Capital One Bank
(47.76%)

2.90% 04/27/22 04/27/27 CD 91.662 117,000 107,256 (9,744) 1,397 24951TAL9 Department of
Commerce FCU
(20.41%)

1.25% 01/07/22 01/07/27 CD 86.85 50,000 43,429 (6,571) 1,287 24951TAL9 Department of
Commerce FCU
(22.45%)

1.25% 01/07/22 01/07/27 CD 86.85 55,000 47,770 (7,230) 1,287 25460FCF1 Direct Federal Credit
Union

3.50% 12/10/18 09/11/23 CD 99.651 245,000 244,145 (855) 73 27004PCV3 Eaglemark Savings Bank
(20%)

3.25% 06/22/22 06/22/27 CD 92.645 50,000 45,396 (4,604) 1,453 29367RLM6 Enterprise Bank
(63.27%)

0.85% 05/18/20 05/14/25 CD 91.918 155,000 142,483 (12,517) 684 3130APB87 FHLB 1.10% 10/13/21 10/13/26 Agency AA+ 89.589 500,000 447,945 (52,055) 1,201 3130AQZ55 FHLB 2.50% 03/10/22 03/10/27 Agency AA+ 93.018 500,000 465,090 (34,910) 1,349 3130ALYC2 FHLB (19.2%)1.14% 04/29/21 04/29/26 Agency AA+ 89.366 192,000 171,583 (20,417) 1,034 3130AMCY6 FHLB (2.5%)1.00% 05/27/21 05/27/26 Agency AA+ 90.029 50,000 45,015 (4,986) 1,062 3130AQAU7 FHLB (24.5%)1.45% 12/29/21 12/29/26 Agency AA+ 90.226 245,000 221,054 (23,946) 1,278 3130AMCY6 FHLB (25.8%)1.00% 05/27/21 05/27/26 Agency AA+ 90.029 516,000 464,550 (51,450) 1,062 3130ARF55 FHLB (49%)2.60% 03/30/22 03/30/27 Agency AA+ 93.249 245,000 228,460 (16,540) 1,369 3130ALYC2 FHLB (5.3%)1.14% 04/29/21 04/29/26 Agency AA+ 89.366 53,000 47,364 (5,636) 1,034 3130ARF55 FHLB (51%)2.60% 03/30/22 03/30/27 Agency AA+ 93.249 255,000 237,785 (17,215) 1,369 32024JAM5 First Federal Credit
Union - (78.35%)

4.40% 02/17/23 02/17/28 CD 96.359 191,967 184,968 (6,999) 1,693 33847E3J4 Flagstar Bank 0.90% 05/15/20 05/15/25 CD 91.995 245,000 225,388 (19,612) 685 46632FRU1 JP Morgan Chase Bank 0.70% 01/22/21 01/22/26 Corporate Bond A+ 86.853 500,000 434,265 (65,735) 937 499724AE2 Knoxville TVA Employees
Credit Union (20.4%)

3.30% 09/27/18 09/27/23 CD 99.521 50,000 49,741 (259) 89 50625LBN2 Lafayette Federal Credit
Union

3.25% 06/15/22 06/15/27 CD 92.615 245,000 226,907 (18,093) 1,446 59013KPN0 Merrick Bank 1.10% 11/09/21 11/09/26 CD 86.902 245,000 212,910 (32,090) 1,228 6966674G6 Palm Springs USD GO
Bonds (95.66%)

0.85% 10/28/20 08/01/24 Municipal Bond AA 95.289 773,013 733,785 (39,228) 398 74909LAC4 Quorum Federal Credit
Union (52.90%)

4.25% 09/30/22 09/29/23 CD 99.743 129,593 129,272 (321) 91 835104BZ2 Somerset Tr Co 1.00% 03/19/20 03/19/25 CD 92.731 245,000 227,191 (17,809) 628 88413QDL9 Third Federal Savings
Bank

3.50% 06/28/22 06/28/27 CD 93.513 245,000 229,107
89235MLC3 Toyota Financial Savings
Bank

0.95% 07/15/21 07/15/26 CD 87.678 245,000 214,811 (30,189) 1,111 Total $ 7,903,573 $ 7,259,811

9.E-9Council Agenda 9-5-2023
Attachment 2

City of Pismo Beach
June 30, 2023 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 95.573 245,000 234,154 (10,846) 446 011852AE0 Alaska USA Federal
Credit Union

4.60% 03/08/23 03/08/28 CD 97.158 245,000 238,037 (6,963) 1,713 01664MAB2 All In Federal Credit
Union

4.40% 12/20/22 12/20/27 CD 96.438 245,000 236,273 (8,727) 1,634 01882MAB8 Alliant Credit Union 4.95% 12/30/22 12/30/27 CD 98.622 245,000 241,624 (3,376) 1,644 02554BDA6 American Eagle Bank 1.10% 03/13/20 03/13/25 CD 92.959 245,000 227,750 (17,250) 622 02589ACE0 American Express
(40.24%)

2.90% 05/03/22 04/27/27 CD 91.662 99,000 90,737 (8,263) 1,397 037833AZ3 Apple Inc 2.50% 03/05/20 02/09/25 Corporate Bond AA+ 96.023 1,062,000 960,230 (101,770) 590 062119BS0 Bank Five Nine (40.82%) 4.60% 04/14/23 04/13/28 CD N/A 97.125 100,000 97,134 (2,866) 1,749 062119BS0 Bank Five Nine (59.18%) 4.60% 04/14/23 04/13/28 CD N/A 97.125 145,000 140,823 (4,178) 1,749 06406RBA4 Bank New York Mellon
(67.31%)

2.05% 01/26/22 01/26/27 CD A 89.991 504,363 454,297 (50,065) 1,306 06048WS43 Bank of America Corp 2.00% 02/18/22 08/18/25 Corporate Bond A- 91.865 500,000 459,325 (40,675) 780 06740KQE0 Barclays Bank 3.00% 05/11/22 05/11/27 CD 91.937 245,000 225,246 (19,754) 1,411 05600XQL7 BMO Harris Bank
(43.27%)

4.45% 05/24/23 05/24/28 CD 98.416 106,000 104,332 (1,668) 1,790 05580AW59 BMW Bank North
America

4.60% 03/10/23 03/10/28 CD 97.173 245,000 238,074 (6,926) 1,715 130162AF7 California Credit Union 4.10% 09/23/22 09/22/23 CD 99.686 245,000 244,231 (769) 84 13063CLW8 California State GO
Bonds (49.63%)

5.00% 05/08/20 10/01/24 Municipal Bond AA- 102.572 290,655 254,532 (36,123) 459 13077CY32 California State
University Rev Bonds
(2.34%)

5.00% 05/07/20 11/01/23 Municipal Bond AA- 100.6 5,862 5,179 (683) 124 14042TFP7 Capital One Bank
(52.24%)

2.90% 04/27/22 04/27/27 CD 91.662 128,000 117,316 (10,684) 1,397 14042RQU8 Capital One National
(20.41%)

2.90% 04/27/22 04/27/27 CD 91.662 50,000 45,835 (4,165) 1,397 14042RQU8 Capital One National
(79.59%)

2.90% 04/27/22 04/27/27 CD 91.662 195,000 178,737 (16,263) 1,397 15118RUR6 Celtic Bank 1.35% 04/02/20 04/02/25 CD 93.174 245,000 228,276 (16,724) 642 15201QCJ4 Centerstate Bank 1.00% 03/30/20 03/31/25 CD N/A 92.666 245,000 227,032 (17,968) 640 12547CAX6 CIBC Bank USA Chicago 4.45% 04/14/23 04/14/28 CD 96.51 245,000 236,450 (8,551) 1,750 17286TAG0 Citadel Federal Credit
Union

1.65% 02/25/20 02/27/25 CD 94.001 245,000 230,302 (14,698) 608 19075JAB4 Cobalt Federal Credit
Union

3.60% 09/15/22 09/15/27 CD 93.562 245,000 229,227 (15,773) 1,538 22551KAU6 Credit Union of Texas 4.40% 12/09/22 12/09/27 CD 96.454 245,000 236,312 (8,688) 1,623 23204HPB8 Customers Bank 4.50% 06/14/23 06/14/28 CD 99.199 245,000 243,038 (1,962) 1,811 24951TAL9 Department of
Commerce FCU
(57.14%)

1.25% 01/07/22 01/07/27 CD 86.85 140,000 121,584 (18,416) 1,287 254673D94 Discover Bank 3.20% 05/19/22 05/19/27 CD 92.596 245,000 226,860 (18,140) 1,419 27004PCV3 Eaglemark Savings Bank
(80%)

3.25% 06/22/22 06/22/27 CD 92.645 195,000 181,584 (13,416) 1,453 29367SJQ8 Enterprise Bank 1.80% 11/08/19 11/08/24 CD 95.228 245,000 233,309 (11,691) 497 29367RLM6 Enterprise Bank
(36.73%)

0.85% 05/18/20 05/14/25 CD 91.918 90,000 82,716 (7,284) 684

9.E-10Council Agenda 9-5-2023
Attachment 3

City of Pismo Beach
June 30, 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
Maturit y
30002CAT5 Everett Co-Operative 3.90% 01/23/23 01/19/27 CD 95.65 245,000 234,343 (10,658) 1,299 3130ALD76 FHLB 0.70% 02/25/21 02/25/26 Agency AA+ 89.22 500,000 446,100 (53,900) 971 3130ANSB7 FHLB 1.00% 09/17/21 09/17/26 Agency AA+ 89.289 1,000,000 892,890 (107,110) 1,175 3130ARGQ8 FHLB 2.88% 04/14/22 04/14/27 Agency AA+ 94.087 500,000 470,435 (29,565) 1,384 3130ATDV6 FHLB 5.00% 09/30/22 09/30/27 Agency AA+ 98.363 500,000 491,815 (8,185) 1,553 3130AQAU7 FHLB (14%)1.45% 12/29/21 12/29/26 Agency AA+ 90.226 140,000 126,316 (13,684) 1,278 3130AMS37 FHLB (20%)1.00% 06/24/21 06/24/26 Agency AA+ 89.724 400,000 358,896 (41,104) 1,090 3130AMCY6 FHLB (25%)1.00% 05/27/21 05/27/26 Agency AA+ 90.029 500,000 450,145 (49,855) 1,062 3130AMS37 FHLB (30%)1.00% 06/24/21 06/24/26 Agency AA+ 89.724 600,000 538,344 (61,656) 1,090 3130AMCY6 FHLB (46.7%)1.00% 05/27/21 05/27/26 Agency AA+ 90.029 934,000 840,871 (93,129) 1,062 3130AMS37 FHLB (50%)1.00% 06/24/21 06/24/26 Agency AA+ 89.724 1,000,000 897,240 (102,760) 1,090 3130ARGE5 FHLB (50%)3.00% 04/21/22 04/21/27 Agency AA+ 94.406 250,000 236,015 (13,985) 1,391 3130ARGE5 FHLB (50%)3.00% 04/21/22 04/21/27 Agency AA+ 94.406 250,000 236,015 (13,985) 1,391 3130AQAU7 FHLB (61.5%)1.45% 12/29/21 12/29/26 Agency AA+ 90.226 615,000 554,890 (60,110) 1,278 3130ALYC2 FHLB (75.5%)1.14% 04/29/21 04/29/26 Agency AA+ 89.366 755,000 674,713 (80,287) 1,034 3130AV6C1 FHLN (50%)5.71% 03/27/23 03/27/28 Agency AA+ 99.302 250,000 248,255 (1,745) 1,732 3130AV6C1 FHLN (50%)5.71% 03/27/23 03/27/28 Agency AA+ 99.302 250,000 248,255 (1,745) 1,732 32024JAM5 First Federal Credit
Union - (21.65%)

4.40% 02/17/23 02/17/28 CD 96.359 53,033 51,111 (1,922) 1,693 32112UDJ7 First National Bank
McGregor

1.80% 12/30/19 12/30/24 CD 94.752 245,000 232,142 (12,858) 549 334342CD2 First National Bank
Syracuse

1.85% 08/30/19 08/30/24 CD 95.905 245,000 234,967 (10,033) 427 33715LED8 First Technology 3.70% 08/19/22 08/19/27 CD 94.025 245,000 230,361 (14,639) 1,511 3136G4WV1 FNMA 0.75% 06/16/20 06/16/25 Agency AA+ 92.051 1,000,000 920,510 (79,490) 717 3136G4J61 FNMA 0.57% 08/26/20 08/26/25 Agency AA+ 91.134 750,000 683,505 (66,495) 788 3136G43L5 FNMA 0.55% 09/30/20 09/30/25 Agency AA+ 90.818 1,000,000 908,180 (91,820) 823 38149MAJ2 Goldman Sachs Bank 2.70% 05/22/19 05/22/24 CD 97.624 145,000 141,555 (3,445) 327 472207AE9 Jeanne D Arc Federal
Credit Union

3.80% 09/30/22 09/30/27 CD 94.276 245,000 230,976 (14,024) 1,553 499724AE2 Knoxville TVA Employees
Credit Union (79.6%)

3.30% 09/27/18 09/27/23 CD 99.521 195,000 194,086 (914) 89 502516QY6 La Canada California
USD

1.75% 04/28/20 08/01/24 Municipal Bond N/A 96.229 571,288 543,694 (27,595) 398 51210SSD0 Lakeside Bank 1.40% 03/30/20 03/31/25 CD N/A 93.267 245,000 228,504 (16,496) 640 58404DSM4 Medallion Bank Utah 4.40% 06/16/23 06/16/28 CD 96.201 245,000 235,692 (9,308) 1,813 60425SKB4 Minnwest Bank 4.25% 05/01/23 05/03/27 CD 96.247 245,000 235,805 (9,195) 1,403 61760ARS0 Morgan Stanley 3.55% 11/08/18 11/08/23 CD 99.34 245,000 243,383 (1,617) 131 61690UJ68 Morgan Stanley Bank 3.25% 05/19/22 05/19/27 CD N/A 92.77 245,000 227,287 (17,714) 1,419 67054NBC6 Numerica Credit Union 4.95% 11/04/22 11/04/27 CD 98.634 245,000 241,653 (3,347) 1,588 694231AF8 Pacific Enterprise Bank 1.35% 04/09/20 04/09/25 CD N/A 93.104 245,000 228,105 (16,895) 649 69506YRG6 Pacific Western Bank 1.35% 04/16/20 04/16/25 CD 93.085 245,000 228,058 (16,942) 656 6966674G6 Palm Springs USD GO
Bonds (4.34%)

0.85% 10/28/20 08/01/24 Municipal Bond AA 95.289 35,078 33,291 (1,787) 398 70962LAS1 Pentagon Federal Credit
Union

0.90% 09/29/21 09/29/26 CD 86.68 245,000 212,366 (32,634) 1,187 74909LAC4 Quorum Federal Credit
Union (47.10%)

4.25% 09/30/22 09/29/23 CD 99.743 115,407 115,098 (309) 91 75472RAE1 Raymond James Bank 2.00% 08/23/19 08/23/24 CD 96.176 245,000 235,631 (9,369) 420 79772FAG1 San Francisco Federal
Credit Union

4.35% 02/03/23 02/03/28 CD 96.175 245,000 235,629 (9,371) 1,679

9.E-11Council Agenda 9-5-2023
Attachment 3

City of Pismo Beach
June 30, 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
Maturit y
856285K91 State Bank India 2.00% 03/23/22 03/23/27 CD 88.813 245,000 217,592 (27,408) 1,362 88241THJ2 Texas Exchange Bank 1.00% 06/10/20 06/13/25 CD 91.824 245,000 224,969 (20,031) 714 89236TGT6 Toyota Motor Corp 1.80% 06/05/20 02/13/25 Corporate Bond A+ 94.621 257,893 236,553 (21,340) 594 90348JTH3 UBS Bank USA 1.25% 03/25/20 03/25/25 CD N/A 93.079 245,000 228,044 (16,956) 634 90331HMS9 US Bank National 2.80% 05/29/20 01/27/25 Corporate Bond A+ 95.454 271,250 238,635 (32,615) 577 912797FR3 US Treasury Bill 4.40% 03/16/23 07/05/23 Treasury Note N/A 99.973 2,960,474 2,999,190 38,716 5 912796YH6 US Treasury Bill 4.31% 03/16/23 09/07/23 Treasury Note N/A 99.059 2,939,417 2,971,770 32,353 69 912796Z36 US Treasury Bill
(18.73%)

4.76% 04/18/23 08/17/23 Treasury Note N/A 99.355 922,266 930,460 8,193 48 912796Z36 US Treasury Bill
(20.32%)

4.76% 04/18/23 08/17/23 Treasury Note N/A 99.355 1,000,000 1,009,447 9,447 48 912796Z36 US Treasury Bill
(20.32%)

4.76% 04/18/23 08/17/23 Treasury Note N/A 99.355 1,000,000 1,009,447 9,447 48 912796Z36 US Treasury Bill
(40.63%)

4.76% 04/18/23 08/17/23 Treasury Note N/A 99.355 2,000,000 2,018,397 18,397 48 912828V23 US Treasury Note
(15.30%)

4.74% 05/01/23 12/31/23 Treasury Note N/A 98.512 902,872 904,340 1,468 184 912828V23 US Treasury Note
(84.70%)

4.74% 05/01/23 12/31/23 Treasury Note N/A 98.512 5,000,000 5,006,380 6,380 184 917352AH9 Utah Community Credit
Union

4.50% 06/07/23 06/07/28 CD 98.801 245,000 242,062 (2,938) 1,804 92891CCP5 Vystar Credit Union 4.45% 09/30/22 09/30/27 CD 96.744 245,000 237,023 (7,977) 1,553 938828BN9 Washington Federal
Bank

1.95% 08/28/19 08/28/24 CD 96.046 245,000 235,313 (9,687) 425 Total 42,728,857$ 40,997,302$

9.E-12Council Agenda 9-5-2023
Attachment 3

Pismo Beach City CouncilSeptember 5, 2023

Pismo Beach City Council
September 5, 2023