09.F Report FY 2024 Q1 Investment Report 2023-11-07 — Pismo Beach City Council, November 7, 2023

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

QUARTERLY INVESTMENT REPORT FOR THE THREE MONTHS OF JULY THROUGH SEPTEMBER 2023—THE FIRST QUARTER OF FY 2024
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 September 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 September 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 September 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 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 $7.90 million, earning a projected 2.17% average interest rate during Fiscal Year (FY) 2024. 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 $7.36 million, which is 25% of the FY 2024 budgeted annual operating expenditures. Currently, $7.15 million is invested in various CDs, GASs, Corp

9.F-1Council Agenda 11-7-2023

Bonds, and Munis earning 2.13% on average per year. Note that on October 17, 2023, Council approved Resolution R-2023-081 allocating $2.00 million of the General Fund Reserve to support the Public Safety Facility project. The next Quarterly Investment Report for the three months of October 2023 to December 2023, the second quarter of FY 2024, will reflect this shift. 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 2024.
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 3.10% 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 $42.90 million in various CDs, GASs, Corp Bonds, Treasury notes, and Munis that mature at various periods over the next five years and have a 3.37% average interest rate during FY 2024.

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, 2023, the City-Pooled Funds B are allocated or invested as described below.
$14.75 million in Local Agency Investment Fund (LAIF): LAIF is a State investment pool earning 3.59% annually and is the City’s main savings account where the majority of cash is held for current year expenditures.
$12.75 million in U.S. Bank Checking: This account is the City’s primary checking account.

OPEB Trust Account
The Governmental Accounting Standards Board (GASB) requires public-sector entities to account for the promise to provide other post-employment benefits (OPEB) over the working life of the employee rather than on a pay-as-you-go basis. The City has an actuarial study performed every two years to determine how much to set aside each year to partially or completely fund 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 $180 thousand for this year toward the City’s

9.F-2Council Agenda 11-7-2023

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.

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 September 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 9/30/23
% of
Portfolio
US Treasury Issues 100% 16,900,557$ 21%
Negotiable Certificates of Deposit 30% 15,350,363 20% Local Agency Investment Fund 100% 14,750,922 19%
US Government Agency Obligations 50% 13,750,000 17% Checking Account 100% 13,060,528 17%
Corporate Bond 30% 2,591,143 3%
Issues of Other California entities 30% 2,215,896 3% 78,619,408$ 100%
Bond funds: Wilmington Trust 900$
OPEB Trust Account 4,638,943
Total Book Value 83,259,252$
US Treasury
Issues, 21%
Negotiable
Certificates of
Deposit, 20%
Local Agency
Investment
Fund, 19%
US
Government
Agency
Obligations,
17%
Checking
Account, 17%
Corporate
Bond, 3%
Issues of Other
California
entities, 3%
Portfolio Allocation

9.F-3Council Agenda 11-7-2023

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 27,811,450$
FY 2024 17,541,419
FY 2025 9,211,177
FY 2026 8,250,000
FY 2027 9,170,363
FY 2028 5,655,000
FY 2029 980,000
78,619,408$
0 10,000 20,000 30,000
0 to 30 days
FY 2024
FY 2025
FY 2026
FY 2027
FY 2028
FY 2029
Portfolio Amount ($ thousands)
Li
q
u
i
d
i
t
y

P
e
r
i
o
d
Portfolio Liquidity

9.F-4Council Agenda 11-7-2023

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 September 30, 2023, the City’s total book value of cash and investments was $83.26 million. This is $1.09 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 September 30, 2023 for CDs, GASs, Municipal Bonds, Treasury Notes, and Corporate Bonds was $48.45 million, which is $2.36 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 9/30/23
Book Value as of
6/30/23 Variance
General Fund Reserve CDs/GASs/Corp
Bonds/Muni Bonds
7,903,980$ 7,903,573$ 407$
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ Muni
Bonds/ US
Treasury Note
42,903,978 42,728,857 175,121
City Pooled Funds - B Various 27,811,450 28,885,736 (1,074,286) Bond funds Blackrock Federal
Fund
900 889 11
OPEB Trust Account Benefit Trust
Account
4,638,943 4,827,849 (188,905)
TOTAL 83,259,252$ 84,346,905$ (1,087,653)$
Investment Name
Type of
Investment
Book Value as of
9/30/23
Market Value as
of 9/30/23 Variance
General Fund Reserve CDs/GASs/
Corp Bonds/
Muni Bonds
7,903,980$ 7,255,161$ (648,819)$
City Pooled Funds - A CDs/GASs/
Corp Bonds/
Muni Bonds/US
Treasury Note
42,903,978 41,191,513 (1,712,465)
Total All Securities 50,807,958$ 48,446,674$ (2,361,284)$

9.F-5Council Agenda 11-7-2023

Investment Earnings and Performance
Interest Earnings: In the past quarter ending September 30, 2023, the City’s total interest earnings were a gain of $287 thousand, including a $475 thousand gain in the City’s managed portfolio and a $188 thousand loss in OPEB. The estimated interest earnings for FY 2024 are $2.39 million, which is a gain of 2.87% for the year for the City’s entire portfolio and a gain of 2.67% 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 2024 is 2.87% for the City’s entire portfolio. The projected annual interest earnings rate for FY 2024 is 2.67% for the City’s managed portfolio (excludes Bond funds and OPEB Trust Account). This is compared to LAIF, which is earned 3.59% as of September 30, 2023, or the 1-year U.S.

Treasury Note, which earned 5.47% as of September 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 2.87%
City’s Annual Earnings Rate for Managed Portfolio 2.67% LAIF Average Annual Earnings Rate 3.59%
1-Year U.S. Treasury Note 5.47%

Investment Name Type of Investment
Book Value as
of 9/30/23
Actual
Interest
Earned 1st
Quarter
Estimated
Annual
Interest
Earnings
* Data
Sources
Actual Annual
Interest
Earnings
Estimated
Annual Interest
Earnings Rate
General Fund Reserves CDs/GASs/Corp
Bonds/Muni Bonds
7,903,980$ 28,675$ 28,675$ 1 157,589$ 1.99% City Pooled Funds - A CDs/GASs/ Corp
Bonds/ Muni Bonds/
US Treasury Note
42,903,978 308,041 308,041 1 1,391,829 3.24% City Pooled Funds - B Various 27,811,450 138,177 138,177 3 552,710 1.99% Bond funds Wilmington Trust 900 11 11 44 4.87% OPEB Trust Account* Benefit Trust
Account
4,638,943 (187,876) (187,876) 4 289,934 6.25% TOTAL 83,259,252$ 287,029$ 287,029$ 2,392,105$ 2.87% Total Managed Portfolio 78,619,408$ 474,894$ 474,894$ 2,102,128$ 2.67%

9.F-6Council Agenda 11-7-2023

Future Outlook
Economic activity reflects expansion at a solid pace with slowing job gains, low unemployment, and elevated inflation. 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 September 20, 2023, the FOMC decided to maintain the target range for the federal funds rate at 5.25% to 5.50%. 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 elevated federal funds rate, market interest rates are greater than the City’s overall portfolio. With these higher 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: November 7, 2023
Nadia Feeser, Administrative Services Director/City Treasurer City Manager Approval:

9.F-7Council Agenda 11-7-2023

Investment Name Name of Institution Type of Investment Current
Earnings
Rate
Book Value
as of 9/30/23
Actual Interest
Earned 1st
Quarter Ending
9/30/23
Year-to-Date
Interest
Earned
Ending
9/30/23
* Data
Source
Estimated
Annual Interest
Earnings **
General Fund Reserves US Bank CDs/GASs/Corp
Bonds/Muni Bonds

2.17% avg 7,903,980$ 28,675$ 28,675$ 1 157,589$ City Pooled Funds - A US Bank CDs/GASs/ Corp
Bonds/ Muni Bonds/
US Treasury Note

3.37% avg 42,903,978 308,041 308,041 1 1,391,829
Total All Securities 50,807,958$ 336,716$ 336,716$ 1,549,418$ City Pooled Funds - B US Bank Custody 0.00%310,291$ 703$ 703$ 1 2,813 City Pooled Funds - B Local Agency Invest.

Fund
State Investment Pool 3.59%14,750,922 133,009 133,009 2 532,035 City Pooled Funds - B US Bank Checking 0.00%12,750,236 4,466 4,466 3 17,863 City Pooled Funds - B 27,811,450$ 138,177$ 138,177$ 552,710$ City Pooled Funds total A + B 70,715,428$ 446,218$ 446,218$ 2,102,128$ Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017 Pier Project 383$ 5$ 5$ 4 18
Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017B CREBs 517 6 6 4 26
Calpers Benefit Trust
OPEB Trust Account CalPERS Benefit Trust
Account
Various managed by
CalPERS
4,638,943$ (187,876)$ (187,876)$ 5 289,934
TOTAL, Cash and Investments at September 30, 2023:83,259,252$ 287,029$ 287,029$ 2,392,105$ TOTAL for City Managed Portfolio, Cash and Investments:78,619,408$ 474,894$ 474,894$ 2,102,128$ 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) 2024:

1. Estimated Earnings on Investments are based on scheduled Interest Payments during FY 2024

2. Estimated Earnings on Other Financial Instruments are based on anticipated average account balances (Book Values) and interest rates during FY 2024.

City of Pismo Beach
Table 1: Summary Table for All Funds,
including Book Values & Earnings Data for Investments in Other Financial Instruments

9.F-8Council Agenda 11-7-2023
Attachment 1

City of Pismo Beach
September 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 92.238 147,000 135,599 (11,401) 1,031 052392BT3 Austin Telco Federal
Credit Union

3.80% 09/21/22 09/21/27 CD 94.794 245,000 232,245 (12,755) 1,178 06406RBA4 Bank New York Mellon
(32.69%)

2.05% 01/26/22 01/26/27 CD A 89.361 245,000 219,091 (25,909) 940 05600XQL7 BMO Harris Bank
(56.73%)

4.45% 05/24/23 05/24/28 CD 98.457 139,000 136,844 (2,156) 1,424 13077CY32 California State
University Rev Bonds
(97.66%)

5.00% 05/07/20 11/01/23 Municipal Bond AA- 100.104 245,000 215,075 (29,925) (242) 13063CLW8 California State GO
Bonds (41.83%)

5.00% 05/08/20 10/01/24 Municipal Bond AA- 101.399 245,000 212,076 (32,924) 93 13063CLW8 California State GO
Bonds (8.54%)

5.00% 05/08/20 10/01/24 Municipal Bond AA- 101.399 50,000 43,297 (6,703) 93 14042TFP7 Capital One Bank
(47.76%)

2.90% 04/27/22 04/27/27 CD 92.238 117,000 107,930 (9,070) 1,031 24951TAL9 Department of
Commerce FCU
(22.45%)

1.25% 01/07/22 01/07/27 CD 87.711 55,000 48,243 (6,757) 921 24951TAL9 Department of
Commerce FCU
(20.41%)

1.25% 01/07/22 01/07/27 CD 87.711 50,000 43,859 (6,141) 921 27004PCV3 Eaglemark Savings Bank
(20%)

3.25% 06/22/22 06/22/27 CD 93.17 50,000 45,653 (4,347) 1,087 29367RLM6 Enterprise Bank
(63.27%)

0.85% 05/18/20 05/14/25 CD 92.669 155,000 143,648 (11,352) 318 3130ALYC2 FHLB (19.2%)1.14% 04/29/21 04/29/26 Agency AA+ 90.306 192,000 173,388 (18,612) 668 3130ALYC2 FHLB (5.3%)1.14% 04/29/21 04/29/26 Agency AA+ 90.306 53,000 47,862 (5,138) 668 3130AMCY6 FHLB (25.8%)1.00% 05/27/21 05/27/26 Agency AA+ 89.798 516,000 463,358 (52,642) 696 3130AMCY6 FHLB (2.5%)1.00% 05/27/21 05/27/26 Agency AA+ 89.798 50,000 44,899 (5,101) 696 3130APB87 FHLB 1.10% 10/13/21 10/13/26 Agency AA+ 88.849 500,000 444,245 (55,755) 835 3130AQAU7 FHLB (24.5%)1.45% 12/29/21 12/29/26 Agency AA+ 89.208 245,000 218,560 (26,440) 912 3130AQZ55 FHLB 2.50% 03/10/22 03/10/27 Agency AA+ 91.727 500,000 458,635 (41,365) 983 3130ARF55 FHLB (51%)2.60% 03/30/22 03/30/27 Agency AA+ 91.922 255,000 234,401 (20,599) 1,003 3130ARF55 FHLB (49%)2.60% 03/30/22 03/30/27 Agency AA+ 91.922 245,000 225,209 (19,791) 1,003 32024JAM5 First Federal Credit
Union - (78.35%)

4.40% 02/17/23 02/17/28 CD 96.604 191,967 185,439 (6,528) 1,327 33847E3J4 Flagstar Bank 0.90% 05/15/20 05/15/25 CD 92.734 245,000 227,198 (17,802) 319 46632FRU1 JP Morgan Chase Bank 0.70% 01/22/21 01/22/26 Corporate Bond A+ 87.296 500,000 436,480 (63,520) 571 50625LBN2 Lafayette Federal Credit
Union

3.25% 06/15/22 06/15/27 CD 93.137 245,000 228,186 (16,814) 1,080 59013KPN0 Merrick Bank 1.10% 11/09/21 11/09/26 CD 87.777 245,000 215,054 (29,946) 862 6966674G6 Palm Springs USD GO
Bonds (95.66%)

0.85% 10/28/20 08/01/24 Municipal Bond AA 96.188 773,013 740,708 (32,305) 32 835104BZ2 Somerset Tr Co 1.00% 03/19/20 03/19/25 CD 93.454 245,000 228,962 (16,038) 262 88413QDL9 Third Federal Savings
Bank

3.50% 06/28/22 06/28/27 CD 93.99 245,000 230,276 (14,725) 1,093 89235MLC3 Toyota Financial Savings
Bank

0.95% 07/15/21 07/15/26 CD 88.504 245,000 216,835 (28,165) 745 87164X2C9 Synchrony Bank 4.60% 09/15/23 09/15/28 CD 96.984 245,000 237,611 (7,389) 1,538 39573LEM6 Greenstate Credit Union
(20.4%)

5.00% 09/26/23 09/26/28 CD 98.689 50,000 49,325
291916AB0 Empower Federal Credit
Union (53.06%)

5.10% 09/29/23 09/29/28 CD 99.124 130,000 128,858 (1,142) 1,552 Total $ 7,903,980 $ 7,255,161

9.F-9Council Agenda 11-7-2023
Attachment 2

City of Pismo Beach
September 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 96.247 245,000 235,805 (9,195) 80 011852AE0 Alaska USA Federal
Credit Union

4.60% 03/08/23 03/08/28 CD 97.344 245,000 238,493 (6,507) 1,347 01664MAB2 All In Federal Credit
Union

4.40% 12/20/22 12/20/27 CD 96.744 245,000 237,023 (7,977) 1,268 01882MAB8 Alliant Credit Union 4.95% 12/30/22 12/30/27 CD 98.811 245,000 242,087 (2,913) 1,278 02554BDA6 American Eagle Bank 1.10% 03/13/20 03/13/25 CD 93.662 245,000 229,472 (15,528) 256 02589ACE0 American Express
(40.24%)

2.90% 05/03/22 04/27/27 CD 92.238 99,000 91,307 (7,693) 1,031 037833AZ3 Apple Inc 2.50% 03/05/20 02/09/25 Corporate Bond AA+ 96.22 1,062,000 962,200 (99,800) 224 062119BS0 Bank Five Nine (59.18%) 4.60% 04/14/23 04/13/28 CD 97.271 145,000 141,034 (3,966) 1,383 062119BS0 Bank Five Nine (40.82%) 4.60% 04/14/23 04/13/28 CD 97.271 100,000 97,280 (2,720) 1,383 06406RBA4 Bank New York Mellon
(67.31%)

2.05% 01/26/22 01/26/27 CD A 89.361 504,363 451,117 (53,246) 940 06048WS43 Bank of America Corp 2.00% 02/18/22 08/18/25 Corporate Bond A- 91.771 500,000 458,855 (41,145) 414 06740KQE0 Barclays Bank 3.00% 05/11/22 05/11/27 CD 92.497 245,000 226,618 (18,382) 1,045 05600XQL7 BMO Harris Bank
(43.27%)

4.45% 05/24/23 05/24/28 CD 98.457 106,000 104,376 (1,624) 1,424 05580AW59 BMW Bank North
America

4.60% 03/10/23 03/10/28 CD 97.36 245,000 238,532 (6,468) 1,349 13077CY32 California State
University Rev Bonds
(2.34%)

5.00% 05/07/20 11/01/23 Municipal Bond AA- 100.104 5,862 5,153 (708) (242) 13063CLW8 California State GO
Bonds (49.63%)

5.00% 05/08/20 10/01/24 Municipal Bond AA- 101.399 290,655 251,622 (39,033) 93 14042TFP7 Capital One Bank
(52.24%)

2.90% 04/27/22 04/27/27 CD 92.238 128,000 118,054 (9,946) 1,031 14042RQU8 Capital One National
(79.59%)

2.90% 04/27/22 04/27/27 CD 92.238 195,000 179,860 (15,140) 1,031 14042RQU8 Capital One National
(20.41%)

2.90% 04/27/22 04/27/27 CD 92.238 50,000 46,123 (3,877) 1,031 15118RUR6 Celtic Bank 1.35% 04/02/20 04/02/25 CD 93.812 245,000 229,839 (15,161) 276 15201QCJ4 Centerstate Bank 1.00% 03/30/20 03/31/25 CD 93.403 245,000 228,837 (16,163) 274 12547CAX6 CIBC Bank USA Chicago 4.45% 04/14/23 04/14/28 CD 96.693 245,000 236,898 (8,102) 1,384 17286TAG0 Citadel Federal Credit
Union

1.65% 02/25/20 02/27/25 CD 94.586 245,000 231,736 (13,264) 242 19075JAB4 Cobalt Federal Credit
Union

3.60% 09/15/22 09/15/27 CD 94.092 245,000 230,525 (14,475) 1,172 22551KAU6 Credit Union of Texas 4.40% 12/09/22 12/09/27 CD 96.77 245,000 237,087 (7,914) 1,257 23204HPB8 Customers Bank 4.50% 06/14/23 06/14/28 CD 99.176 245,000 242,981 (2,019) 1,445 24951TAL9 Department of
Commerce FCU
(57.14%)

1.25% 01/07/22 01/07/27 CD 87.711 140,000 122,789 (17,211) 921 254673D94 Discover Bank 3.20% 05/19/22 05/19/27 CD 93.119 245,000 228,142 (16,858) 1,053 27004PCV3 Eaglemark Savings Bank
(80%)

3.25% 06/22/22 06/22/27 CD 93.17 195,000 182,613 (12,387) 1,087 29367SJQ8 Enterprise Bank 1.80% 11/08/19 11/08/24 CD 95.835 245,000 234,796 (10,204) 131 29367RLM6 Enterprise Bank
(36.73%)

0.85% 05/18/20 05/14/25 CD 92.669 90,000 83,391 (6,609) 318 30002CAT5 Everett Co-Operative 3.90% 01/23/23 01/19/27 CD 95.941 245,000 235,055 (9,945) 933 3130ALD76 FHLB 0.70% 02/25/21 02/25/26 Agency AA+ 89.847 500,000 449,235 (50,765) 605

9.F-10Council Agenda 11-7-2023
Attachment 3

City of Pismo Beach
September 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
3130ALYC2 FHLB (75.5%)1.14% 04/29/21 04/29/26 Agency AA+ 90.306 755,000 681,810 (73,190) 668 3130AMCY6 FHLB (25%)1.00% 05/27/21 05/27/26 Agency AA+ 89.798 500,000 448,990 (51,010) 696 3130AMCY6 FHLB (46.7%)1.00% 05/27/21 05/27/26 Agency AA+ 89.798 934,000 838,713 (95,287) 696 3130AMS37 FHLB (50%)1.00% 06/24/21 06/24/26 Agency AA+ 89.501 1,000,000 895,010 (104,990) 724 3130AMS37 FHLB (20%)1.00% 06/24/21 06/24/26 Agency AA+ 89.501 400,000 358,004 (41,996) 724 3130AMS37 FHLB (30%)1.00% 06/24/21 06/24/26 Agency AA+ 89.501 600,000 537,006 (62,994) 724 3130ANSB7 FHLB 1.00% 09/17/21 09/17/26 Agency AA+ 88.799 1,000,000 887,990 (112,010) 809 3130AQAU7 FHLB (61.5%)1.45% 12/29/21 12/29/26 Agency AA+ 89.208 615,000 548,629 (66,371) 912 3130AQAU7 FHLB (14%)1.45% 12/29/21 12/29/26 Agency AA+ 89.208 140,000 124,891 (15,109) 912 3130ARGQ8 FHLB 2.88% 04/14/22 04/14/27 Agency AA+ 92.671 500,000 463,355 (36,645) 1,018 3130ARGE5 FHLB (50%)3.00% 04/21/22 04/21/27 Agency AA+ 93.005 250,000 232,513 (17,488) 1,025 3130ARGE5 FHLB (50%)3.00% 04/21/22 04/21/27 Agency AA+ 93.005 250,000 232,513 (17,488) 1,025 3130ATDV6 FHLB 5.00% 09/30/22 09/30/27 Agency AA+ 97.506 500,000 487,530 (12,470) 1,187 3130AV6C1 FHLB (50%)5.71% 03/27/23 03/27/28 Agency AA+ 98.659 250,000 246,648 (3,353) 1,366 3130AV6C1 FHLB (50%)5.71% 03/27/23 03/27/28 Agency AA+ 98.659 250,000 246,648 (3,353) 1,366 32024JAM5 First Federal Credit
Union - (21.65%)

4.40% 02/17/23 02/17/28 CD 96.604 53,033 51,241 (1,792) 1,327 32112UDJ7 First National Bank
McGregor

1.80% 12/30/19 12/30/24 CD 95.331 245,000 233,561 (11,439) 183 334342CD2 First National Bank
Syracuse

1.85% 08/30/19 08/30/24 CD 96.587 245,000 236,638 (8,362) 61 33715LED8 First Technology 3.70% 08/19/22 08/19/27 CD 94.507 245,000 231,542 (13,458) 1,145 3136G4WV1 FNMA 0.75% 06/16/20 06/16/25 Agency AA+ 92.491 1,000,000 924,910 (75,090) 351 3136G4J61 FNMA 0.57% 08/26/20 08/26/25 Agency AA+ 91.536 750,000 686,520 (63,480) 422 3136G43L5 FNMA 0.55% 09/30/20 09/30/25 Agency AA+ 91.18 1,000,000 911,800 (88,200) 457 38149MAJ2 Goldman Sachs Bank 2.70% 05/22/19 05/22/24 CD 98.206 145,000 142,399 (2,601) (39) 472207AE9 Jeanne D Arc Federal
Credit Union

3.80% 09/30/22 09/30/27 CD 94.775 245,000 232,199 (12,801) 1,187 502516QY6 La Canada California
USD

1.75% 04/28/20 08/01/24 Municipal Bond 96.94 571,288 547,711 (23,577) 32 51210SSD0 Lakeside Bank 1.40% 03/30/20 03/31/25 CD 93.905 245,000 230,067 (14,933) 274 58404DSM4 Medallion Bank Utah 4.40% 06/16/23 06/16/28 CD 96.312 245,000 235,964 (9,036) 1,447 60425SKB4 Minnwest Bank 4.25% 05/01/23 05/03/27 CD 96.546 245,000 236,538 (8,462) 1,037 61760ARS0 Morgan Stanley 3.55% 11/08/18 11/08/23 CD 99.781 245,000 244,463 (537) (235) 61690UJ68 Morgan Stanley Bank 3.25% 05/19/22 05/19/27 CD 93.282 245,000 228,541 (16,459) 1,053 67054NBC6 Numerica Credit Union 4.95% 11/04/22 11/04/27 CD 98.878 245,000 242,251 (2,749) 1,222 694231AF8 Pacific Enterprise Bank 1.35% 04/09/20 04/09/25 CD 93.739 245,000 229,661 (15,339) 283 69506YRG6 Pacific Western Bank 1.35% 04/16/20 04/16/25 CD 93.735 245,000 229,651 (15,349) 290 6966674G6 Palm Springs USD GO
Bonds (4.34%)

0.85% 10/28/20 08/01/24 Municipal Bond AA 96.188 35,078 33,605 (1,473) 32 70962LAS1 Pentagon Federal Credit
Union

0.90% 09/29/21 09/29/26 CD 87.586 245,000 214,586 (30,414) 821 75472RAE1 Raymond James Bank 2.00% 08/23/19 08/23/24 CD 96.8 245,000 237,160 (7,840) 54 79772FAG1 San Francisco Federal
Credit Union

4.35% 02/03/23 02/03/28 CD 96.444 245,000 236,288 (8,712) 1,313

9.F-11Council Agenda 11-7-2023
Attachment 3

City of Pismo Beach
September 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 89.544 245,000 219,383 (25,617) 996 88241THJ2 Texas Exchange Bank 1.00% 06/10/20 06/13/25 CD 92.511 245,000 226,652 (18,348) 348 89236TGT6 Toyota Motor Corp 1.80% 06/05/20 02/13/25 Corporate Bond A+ 95.03 257,893 237,575 (20,318) 228 90348JTH3 UBS Bank USA 1.25% 03/25/20 03/25/25 CD 93.742 245,000 229,668 (15,332) 268 90331HMS9 US Bank National 2.80% 05/29/20 01/27/25 Corporate Bond A+ 95.848 271,250 239,620 (31,630) 211 912797FV4 US Treasury Bill 5.19% 07/06/23 12/21/23 Treasury Note 98.819 2,999,548 3,034,731 35,183 (192) 912796ZN2 US Treasury Bill
(40.63%)

5.14% 08/17/23 12/28/23 Treasury Note 98.714 2,031,583 2,042,675 11,092 (185) 912796ZN2 US Treasury Bill
(18.73%)

5.14% 08/17/23 12/28/23 Treasury Note 98.714 936,230 941,652 5,422 (185) 912796ZN2 US Treasury Bill
(20.32%)

5.14% 08/17/23 12/28/23 Treasury Note 98.714 1,015,796 1,021,589 5,793 (185) 912796ZN2 US Treasury Bill
(20.32%)

5.14% 08/17/23 12/28/23 Treasury Note 98.714 1,015,796 1,021,589 5,793 (185) 912828V23 US Treasury Note
(84.70%)

4.74% 05/01/23 12/31/23 Treasury Note 99.203 5,000,000 5,041,496 41,496 (182) 912828V23 US Treasury Note
(15.30%)

4.74% 05/01/23 12/31/23 Treasury Note 99.203 902,872 910,684 7,812 (182) 917352AH9 Utah Community Credit
Union

4.50% 06/07/23 06/07/28 CD 98.807 245,000 242,077 (2,923) 1,438 92891CCP5 Vystar Credit Union 4.45% 09/30/22 09/30/27 CD 97.117 245,000 237,937 (7,063) 1,187 938828BN9 Washington Federal
Bank

1.95% 08/28/19 08/28/24 CD 96.698 245,000 236,910 (8,090) 59 912797HW0 US Treasury Bill 5.13% 09/07/23 12/26/23 Treasury Note 98.746 2,998,733 3,006,816 8,083 (187) 32110YE84 First Nation Bank
America

4.60% 09/21/23 09/21/28 CD 96.948 245,000 237,523 (7,477) 1,544 39573LEM6 Greenstate Credit Union
(79.6%)

5.00% 09/26/23 09/26/28 CD 98.689 195,000 192,463 (2,537) 1,549 291916AB0 Empower Federal Credit
Union (46.94%)

5.10% 09/29/23 09/29/28 CD 99.124 115,000 113,996 (1,004) 1,552 Total 42,903,978$ 41,191,513$

9.F-12Council Agenda 11-7-2023
Attachment 3

Pismo Beach City CouncilNovember 7, 2023

Pismo Beach City Council
November 7, 2023