09.E Report FY 2024 Q2 Investment Report 2024-02-06 — Pismo Beach City Council, February 6, 2024

PISMO BEACH CITY COUNCIL STAFF REPORT
Agenda Item #9.E
Meeting Date: February 6, 2024
TITLE:

Quarterly Investment Report for the three months of October through December 2023 – the second quarter of Fiscal Year (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 December 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 December 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 December 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), US 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 $7.66 million, earning a projected 2.08% 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 $7.58 million, which is 25% of the FY 2024 budgeted annual operating expenditures. Currently, $7.26 million is invested in various CDs, GASs, and Munis

9.E-1Council Agenda 2-6-2024

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. A future Quarterly Investment Report 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, GASs, and corporate bonds 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 to a maximum of $250 thousand . 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 $39.89 million in various CDs, GASs, Corp Bonds, Treasury notes, and Munis that mature at various periods over the next five years and have a 3.20% 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 December 31, 2023, the City-Pooled Funds B are allocated or invested as described below.
$14.88 million in Local Agency Investment Fund (LAIF): LAIF is a State investment pool earning 4.00% annually and is the City’s main savings account where the majority of cash is held for current year expenditures.
$14.18 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 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 2-6-2024

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 December 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 12/31/23
% of
Portfolio
Negotiable Certificates of Deposit 30% 15,350,363$ 20% Local Agency Investment Fund 100% 14,883,931 19%
Checking Account 100% 14,175,865 19%
US Treasury Issues 100% 13,895,585 18%
US Government Agency Obligations 50% 13,750,000 18% Corporate Bond 30% 2,591,143 3%
Issues of Other California entities 30% 1,965,035 3% 76,611,920$ 100%
Bond funds: Wilmington Trust 1,588$
OPEB Trust Account 5,133,541
Total Book Value 81,747,049$
Negotiable
Certificates of
Deposit, 20%
Local Agency
Investment
Fund, 19%
Checking
Account, 19%
US Treasury
Issues, 18%
US
Government
Agency
Obligations,
18%
Corporate
Bond, 3%Issues of Other
California
entities, 3%
Portfolio Allocation

9.E-3Council Agenda 2-6-2024

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 29,059,795$
FY 2024 14,040,585
FY 2025 9,211,177
FY 2026 8,250,000
FY 2027 9,170,363
FY 2028 5,655,000
FY 2029 1,225,000
76,611,920$
0 10,000 20,000 30,000 40,000
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.E-4Council Agenda 2-6-2024

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 December 31, 2023, the City’s total book value of cash and investments was $81.75 million. This is $1.51 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 December 31, 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 12/31/23
Book Value as of
9/30/23 Variance
General Fund Reserve CDs/GASs/Corp
Bonds/Muni Bonds
7,658,980$ 7,903,980$ (245,000)$
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ Muni
Bonds/ US
Treasury Note
39,893,145 42,903,978 (3,010,833)
City Pooled Funds - B Various 29,059,795 27,811,450 1,248,345 Bond funds Blackrock Federal
Fund
1,588 900 687
OPEB Trust Account Benefit Trust
Account
5,133,541 4,638,943 494,597
TOTAL 81,747,049$ 83,259,252$ (1,512,203)$
Investment Name
Type of
Investment
Book Value as of
12/31/23
Market Value as
of 12/31/23 Variance
General Fund Reserve CDs/GASs/
Corp Bonds/
Muni Bonds
7,658,980$ 7,219,442$ (439,538)$
City Pooled Funds - A CDs/GASs/
Corp Bonds/
Muni Bonds/US
Treasury Note
39,893,145 38,735,441 (1,157,704)
Total All Securities 47,552,125$ 45,954,882$ (1,597,243)$

9.E-5Council Agenda 2-6-2024

Investment Earnings and Performance
Interest Earnings: In the past quarter ending December 31, 2023, the City’s total interest earnings were a gain of $1.09 million, including a $589 thousand gain in the City’s managed portfolio and a $496 thousand gain in OPEB. The estimated interest earnings for FY 2024 are $2.24 million, which is a gain of 2.74% for the year for the City’s entire portfolio and a gain of 2.71% 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 2.74% for the City’s entire portfolio. The projected annual interest earnings rate for FY 2024 is 2.71% for the City’s managed portfolio (excludes Bond funds and OPEB Trust Account). This is compared to LAIF, which is earned 4.00% as of December 31, 2023, or the 1-year U.S.

Treasury Note, which earned 4.78% as of December 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 2.74%
City’s Annual Earnings Rate for Managed Portfolio 2.71% LAIF Average Annual Earnings Rate 4.00%
1-Year U.S. Treasury Note 4.78%
Investment Name Type of Investment
Book Value as
of 12/31/23
Actual
Interest
Earned 2nd
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
7,658,980$ 51,567$ 80,242$ 1 160,060$ 2.09% City Pooled Funds - A CDs/GASs/ Corp
Bonds/ Muni Bonds/
US Treasury Note
39,893,145 382,347 690,388 1 1,328,704 3.33%
City Pooled Funds - B Various 29,059,795 155,327 293,504 3 587,008 2.02% Bond funds Wilmington Trust 1,588 1,074 1,085 2,169 136.65% OPEB Trust Account* Benefit Trust
Account
5,133,541 495,615 307,739 4 160,423 3.13%
TOTAL 81,747,049$ 1,085,930$ 1,372,958$ 2,238,365$ 2.74% Total Managed Portfolio 76,611,920$ 589,241$ 1,064,134$ 2,075,772$ 2.71%

9.E-6Council Agenda 2-6-2024

Future Outlook
Recent economic indicators suggest a slowdown in the growth of economic activity following a robust third quarter. Although job gains have moderated, they remain strong, and the unemployment rate remains low. Inflation has eased over the past year but remains elevated. The U.S. banking system is deemed sound and resilient, but tighter financial and credit conditions for households and businesses are expected to impact economic activity, hiring, and inflation, with the extent of these effects remaining uncertain.

The Federal Open Market Committee (Committee) is focused on achieving maximum employment and a 2 percent inflation rate over the longer run. On December 13, 2023, the Committee decided to maintain the target range for the federal funds rate at 5.25 to

5.50 percent. It will continue assessing additional information and its implications for monetary policy.

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.

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: Nadia Feeser, Administrative Services Director/City Treasurer City Manager Approval:

9.E-7Council Agenda 2-6-2024

Investment Name Name of Institution Type of Investment Current
Earnings
Rate
Book Value
as of 12/31/23
Actual Interest
Earned 2nd
Quarter Ending
12/31/23
Year-to-Date
Interest
Earned
Ending
12/31/23
* Data
Source
Estimated
Annual Interest
Earnings **
General Fund Reserves US Bank CDs/GASs/Corp
Bonds/Muni Bonds

2.08% avg 7,658,980$ 51,567$ 80,242$ 1 160,060$ City Pooled Funds - A US Bank CDs/GASs/ Corp
Bonds/ Muni Bonds/
US Treasury Note

3.20% avg 39,893,145 382,347 690,388 1 1,328,704
Total All Securities 47,552,125$ 433,914$ 770,630$ 1,488,764$ City Pooled Funds - B US Bank Custody 0.00%-$ 2,266$ 2,969$ 1 5,939 City Pooled Funds - B Local Agency Invest.

Fund
State Investment Pool 4.00%14,883,931 149,526 282,535 2 565,070 City Pooled Funds - B US Bank Checking 0.00%14,175,865 3,534 8,000 3 16,000 City Pooled Funds - B 29,059,795$ 155,327$ 293,504$ 587,008$ City Pooled Funds total A + B 68,952,940$ 537,674$ 983,892$ 2,075,772$ Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017 Pier Project 579$ 582$ 587$ 4 1,173
Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017B CREBs 1,009 492 498 4 996
Calpers Benefit Trust
OPEB Trust Account CalPERS Benefit Trust
Account
Various managed by
CalPERS
5,133,541$ 495,615$ 307,739$ 5 160,423
TOTAL, Cash and Investments at Dedember 31, 2023:81,747,049$ 1,085,930$ 1,372,958$ 2,238,365$ TOTAL for City Managed Portfolio, Cash and Investments:76,611,920$ 589,241$ 1,064,134$ 2,075,772$ 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.E-8Council Agenda 2-6-2024
Attachment 1

City of Pismo Beach
December 31, 2023 QUARTERLY INVESTMENT REPORT
Table 2: For the General Fund Reserves - Basic Data on Investments in Securities:

Government Agency Securities, Bank Certificates of Deposit, Municipal Bonds, Corporate Bonds CUSIP Issuer Name Coupon Acq Date Maturity Type S&P Par Value Book Value IDC Market Value
Gain/
Loss
Days to
Stated
Maturit y
020080BL0 Alma Bank 1.75% 09/11/19 09/11/24 CD 97.692 245,000 239,345 (5,655) 73 02589ACE0 American Express
(59.76%)

2.90% 05/03/22 04/27/27 CD 94.083 147,000 138,311 (8,689) 1,031 052392BT3 Austin Telco Federal
Credit Union

3.80% 09/21/22 09/21/27 CD 96.735 245,000 237,001 (7,999) 1,178 06406RBA4 Bank New York Mellon
(32.69%)

2.05% 01/26/22 01/26/27 CD A 92.917 245,000 227,809 (17,191) 940 05600XQL7 BMO Harris Bank
(56.73%)

4.45% 05/24/23 05/24/28 CD 101.37 139,000 141,229 2,229 1,424 13063CLW8 California State GO
Bonds (41.83%)

5.00% 05/08/20 10/01/24 Municipal Bond AA- 101.671 245,000 212,645 (32,355) 93 13063CLW8 California State GO
Bonds (8.54%)

5.00% 05/08/20 10/01/24 Municipal Bond AA- 101.671 50,000 43,414 (6,586) 93 14042TFP7 Capital One Bank
(47.76%)

2.90% 04/27/22 04/27/27 CD 94.083 117,000 110,088 (6,912) 1,031 24951TAL9 Department of
Commerce FCU
(20.41%)

1.25% 01/07/22 01/07/27 CD 89.769 50,000 44,889 (5,111) 921 24951TAL9 Department of
Commerce FCU
(22.45%)

1.25% 01/07/22 01/07/27 CD 89.769 55,000 49,375 (5,625) 921 27004PCV3 Eaglemark Savings Bank
(20%)

3.25% 06/22/22 06/22/27 CD 95.036 50,000 46,568 (3,432) 1,087 291916AB0 Empower Federal Credit
Union (53.06%)

5.10% 09/29/23 09/29/28 CD 102.341 130,000 133,675 3,675 1,552 29367RLM6 Enterprise Bank
(63.27%)

0.85% 05/18/20 05/14/25 CD 94.515 155,000 146,509 (8,491) 318 3130APB87 FHLB 1.10% 10/13/21 10/13/26 Agency AA+ 91.575 500,000 457,875 (42,125) 835 3130AQZ55 FHLB 2.50% 03/10/22 03/10/27 Agency AA+ 94.902 500,000 474,510 (25,490) 983 3130ALYC2 FHLB (19.2%)1.14% 04/29/21 04/29/26 Agency AA+ 92.98 192,000 178,522 (13,478) 668 3130AMCY6 FHLB (2.5%)1.00% 05/27/21 05/27/26 Agency AA+ 92.412 50,000 46,206 (3,794) 696 3130AQAU7 FHLB (24.5%)1.45% 12/29/21 12/29/26 Agency AA+ 91.927 245,000 225,221 (19,779) 912 3130AMCY6 FHLB (25.8%)1.00% 05/27/21 05/27/26 Agency AA+ 92.412 516,000 476,846 (39,154) 696 3130ARF55 FHLB (49%)2.60% 03/30/22 03/30/27 Agency AA+ 95.119 245,000 233,042 (11,958) 1,003 3130ALYC2 FHLB (5.3%)1.14% 04/29/21 04/29/26 Agency AA+ 92.98 53,000 49,279 (3,721) 668 3130ARF55 FHLB (51%)2.60% 03/30/22 03/30/27 Agency AA+ 95.119 255,000 242,553 (12,447) 1,003 32024JAM5 First Federal Credit
Union - (78.35%)

4.40% 02/17/23 02/17/28 CD 98.968 191,967 190,124 (1,843) 1,327 33847E3J4 Flagstar Bank 0.90% 05/15/20 05/15/25 CD 94.571 245,000 231,699 (13,301) 319 39573LEM6 Greenstate Credit Union
(20.4%)

5.00% 09/26/23 09/26/28 CD 101.905 50,000 51,173 1,173 1,549 46632FRU1 JP Morgan Chase Bank 0.70% 01/22/21 01/22/26 Corporate Bond A+ 89.905 500,000 449,525 (50,475) 571 50625LBN2 Lafayette Federal Credit
Union

3.25% 06/15/22 06/15/27 CD 95.031 245,000 232,826 (12,174) 1,080 59013KPN0 Merrick Bank 1.10% 11/09/21 11/09/26 CD 89.907 245,000 220,272 (24,728) 862 6966674G6 Palm Springs USD GO
Bonds (95.66%)

0.85% 10/28/20 08/01/24 Municipal Bond AA 97.667 773,013 752,097 (20,915) 32 835104BZ2 Somerset Tr Co 1.00% 03/19/20 03/19/25 CD 95.178 245,000 233,186 (11,814) 262 87164X2C9 Synchrony Bank 4.60% 09/15/23 09/15/28 CD 100.153 245,000 246,482 1,482 1,538 88413QDL9 Third Federal Savings
Bank

3.50% 06/28/22 06/28/27 CD 95.821 245,000 234,761 (10,239) 1,093 89235MLC3 Toyota Financial Savings
Bank

0.95% 07/15/21 07/15/26 CD 90.769 245,000 222,384
Total $ 7,658,980 $ 7,219,442

9.E-9Council Agenda 2-6-2024
Attachment 2

City of Pismo Beach
December 31, 2023 QUARTERLY INVESTMENT REPORT
Table 3: For City Pooled Funds A - Basic Data on Investments in Securities:

Government Agency Securities, Bank Certificates of Deposit, Municipal Bonds, Corporate Bonds, Treasury Notes CUSIP Issuer Name Coupon Acq Date Maturity Type S&P Par Value Book Value IDC Market Value
Gain/
Loss
Days to
Stated
Maturit y
00257TBH8 Abacus Federal Savings
Bank

1.70% 09/18/19 09/18/24 CD 97.592 245,000 239,100 (5,900) 80 011852AE0 Alaska USA Federal
Credit Union

4.60% 03/08/23 03/08/28 CD 99.757 245,000 244,672 (328) 1,347 01664MAB2 All In Federal Credit
Union

4.40% 12/20/22 12/20/27 CD 98.887 245,000 242,268 (2,732) 1,268 01882MAB8 Alliant Credit Union 4.95% 12/30/22 12/30/27 CD 100.917 245,000 247,249 2,249 1,278 02554BDA6 American Eagle Bank 1.10% 03/13/20 03/13/25 CD 95.351 245,000 233,610 (11,390) 256 02589ACE0 American Express
(40.24%)

2.90% 05/03/22 04/27/27 CD 94.083 99,000 93,133 (5,867) 1,031 037833AZ3 Apple Inc 2.50% 03/05/20 02/09/25 Corporate Bond AA+ 97.523 1,062,000 975,230 (86,770) 224 062119BS0 Bank Five Nine (40.82%) 4.60% 04/14/23 04/13/28 CD N/A 99.839 100,000 100,016 16 1,383 062119BS0 Bank Five Nine (59.18%) 4.60% 04/14/23 04/13/28 CD N/A 99.839 145,000 145,001 1 1,383 06406RBA4 Bank New York Mellon
(67.31%)

2.05% 01/26/22 01/26/27 CD A 92.917 504,363 469,068 (35,294) 940 06048WS43 Bank of America Corp 2.00% 02/18/22 08/18/25 Corporate Bond A- 93.852 500,000 469,260 (30,740) 414 06740KQE0 Barclays Bank 3.00% 05/11/22 05/11/27 CD 94.358 245,000 231,177 (13,823) 1,045 05600XQL7 BMO Harris Bank
(43.27%)

4.45% 05/24/23 05/24/28 CD 101.37 106,000 107,720 1,720 1,424 05580AW59 BMW Bank North
America

4.60% 03/10/23 03/10/28 CD 99.744 245,000 244,645 (355) 1,349 13063CLW8 California State GO
Bonds (49.63%)

5.00% 05/08/20 10/01/24 Municipal Bond AA- 101.671 290,655 252,297 (38,358) 93 14042TFP7 Capital One Bank
(52.24%)

2.90% 04/27/22 04/27/27 CD 94.083 128,000 120,415 (7,585) 1,031 14042RQU8 Capital One National
(20.41%)

2.90% 04/27/22 04/27/27 CD 94.083 50,000 47,046 (2,954) 1,031 14042RQU8 Capital One National
(79.59%)

2.90% 04/27/22 04/27/27 CD 94.083 195,000 183,458 (11,542) 1,031 15118RUR6 Celtic Bank 1.35% 04/02/20 04/02/25 CD 95.484 245,000 233,936 (11,064) 276 15201QCJ4 Centerstate Bank 1.00% 03/30/20 03/31/25 CD N/A 95.114 245,000 233,029 (11,971) 274 12547CAX6 CIBC Bank USA Chicago 4.45% 04/14/23 04/14/28 CD 99.252 245,000 243,577 (1,423) 1,384 17286TAG0 Citadel Federal Credit
Union

1.65% 02/25/20 02/27/25 CD 96.12 245,000 235,494 (9,506) 242 19075JAB4 Cobalt Federal Credit
Union

3.60% 09/15/22 09/15/27 CD 96.058 245,000 235,345 (9,655) 1,172 22551KAU6 Credit Union of Texas 4.40% 12/09/22 12/09/27 CD 98.876 245,000 242,244 (2,756) 1,257 23204HPB8 Customers Bank 4.50% 06/14/23 06/14/28 CD 102.11 245,000 250,860 5,860 1,445 24951TAL9 Department of
Commerce FCU
(57.14%)

1.25% 01/07/22 01/07/27 CD 89.769 140,000 125,670 (14,330) 921 254673D94 Discover Bank 3.20% 05/19/22 05/19/27 CD 94.963 245,000 232,659 (12,341) 1,053

9.E-10Council Agenda 2-6-2024
Attachment 3

City of Pismo Beach
December 31, 2023 QUARTERLY INVESTMENT REPORT
Table 3: For City Pooled Funds A - Basic Data on Investments in Securities:

3.25% 06/22/22 06/22/27 CD 95.036 195,000 186,271 (8,729) 1,087 291916AB0 Empower Federal Credit
Union (46.94%)

5.10% 09/29/23 09/29/28 CD 102.341 115,000 118,256 3,256 1,552 29367SJQ8 Enterprise Bank 1.80% 11/08/19 11/08/24 CD 97.201 245,000 238,142 (6,858) 131 29367RLM6 Enterprise Bank
(36.73%)

0.85% 05/18/20 05/14/25 CD 94.515 90,000 85,053 (4,947) 318 30002CAT5 Everett Co-Operative 3.90% 01/23/23 01/19/27 CD 97.493 245,000 238,858 (6,142) 933 3130ALD76 FHLB 0.70% 02/25/21 02/25/26 Agency AA+ 92.547 500,000 462,735 (37,265) 605 3130ANSB7 FHLB 1.00% 09/17/21 09/17/26 Agency AA+ 91.513 1,000,000 915,130 (84,870) 809 3130ARGQ8 FHLB 2.88% 04/14/22 04/14/27 Agency AA+ 96.016 500,000 480,080 (19,920) 1,018 3130ATDV6 FHLB 5.00% 09/30/22 09/30/27 Agency AA+ 99.104 500,000 495,520 (4,480) 1,187 3130AQAU7 FHLB (14%)1.45% 12/29/21 12/29/26 Agency AA+ 91.927 140,000 128,698 (11,302) 912 3130AMS37 FHLB (20%)1.00% 06/24/21 06/24/26 Agency AA+ 92.204 400,000 368,816 (31,184) 724 3130AMCY6 FHLB (25%)1.00% 05/27/21 05/27/26 Agency AA+ 92.412 500,000 462,060 (37,940) 696 3130AMS37 FHLB (30%)1.00% 06/24/21 06/24/26 Agency AA+ 92.204 600,000 553,224 (46,776) 724 3130AMCY6 FHLB (46.7%)1.00% 05/27/21 05/27/26 Agency AA+ 92.412 934,000 863,128 (70,872) 696 3130AMS37 FHLB (50%)1.00% 06/24/21 06/24/26 Agency AA+ 92.204 1,000,000 922,040 (77,960) 724 3130ARGE5 FHLB (50%)3.00% 04/21/22 04/21/27 Agency AA+ 96.376 250,000 240,940 (9,060) 1,025 3130ARGE5 FHLB (50%)3.00% 04/21/22 04/21/27 Agency AA+ 96.376 250,000 240,940 (9,060) 1,025 3130AV6C1 FHLB (50%)5.71% 03/27/23 03/27/28 Agency AA+ 99.938 250,000 249,845 (155) 1,366 3130AV6C1 FHLB (50%)5.71% 03/27/23 03/27/28 Agency AA+ 99.938 250,000 249,845 (155) 1,366 3130AQAU7 FHLB (61.5%)1.45% 12/29/21 12/29/26 Agency AA+ 91.927 615,000 565,351 (49,649) 912 3130ALYC2 FHLB (75.5%)1.14% 04/29/21 04/29/26 Agency AA+ 92.98 755,000 701,999 (53,001) 668 32024JAM5 First Federal Credit
Union - (21.65%)

4.40% 02/17/23 02/17/28 CD 98.968 53,033 52,536 (497) 1,327 32110YE84 First National Bank
America

4.60% 09/21/23 09/21/28 CD 100.189 245,000 246,607 1,607 1,544 32112UDJ7 First National Bank
McGregor

1.80% 12/30/19 12/30/24 CD 96.735 245,000 237,001 (7,999) 183 334342CD2 First National Bank
Syracuse

1.85% 08/30/19 08/30/24 CD 97.875 245,000 239,794 (5,206) 61 33715LED8 First Technology 3.70% 08/19/22 08/19/27 CD 96.413 245,000 236,212 (8,788) 1,145 3136G4WV1 FNMA 0.75% 06/16/20 06/16/25 Agency AA+ 94.895 1,000,000 948,950 (51,050) 351 3136G4J61 FNMA 0.57% 08/26/20 08/26/25 Agency AA+ 93.909 750,000 704,318 (45,683) 422 3136G43L5 FNMA 0.55% 09/30/20 09/30/25 Agency AA+ 93.471 1,000,000 934,710 (65,290) 457 38149MAJ2 Goldman Sachs Bank 2.70% 05/22/19 05/22/24 CD 99.027 145,000 143,589 (1,411) (39) 39573LEM6 Greenstate Credit Union
(79.6%)

5.00% 09/26/23 09/26/28 CD 101.905 195,000 199,673 4,673 1,549 472207AE9 Jeanne D Arc Federal
Credit Union

3.80% 09/30/22 09/30/27 CD 96.744 245,000 237,025 (7,975) 1,187 502516QY6 La Canada California
USD

1.75% 04/28/20 08/01/24 Municipal Bond N/A 98.198 571,288 554,819 (16,470) 32 51210SSD0 Lakeside Bank 1.40% 03/30/20 03/31/25 CD N/A 95.565 245,000 234,134 (10,866) 274 58404DSM4 Medallion Bank Utah 4.40% 06/16/23 06/16/28 CD 99.158 245,000 243,626 (1,374) 1,447 60425SKB4 Minnwest Bank 4.25% 05/01/23 05/03/27 CD 98.197 245,000 240,583 (4,417) 1,037 61690UJ68 Morgan Stanley Bank 3.25% 05/19/22 05/19/27 CD N/A 95.11 245,000 233,020 (11,981) 1,053 67054NBC6 Numerica Credit Union 4.95% 11/04/22 11/04/27 CD 100.763 245,000 246,864 1,864 1,222 694231AF8 Pacific Enterprise Bank 1.35% 04/09/20 04/09/25 CD N/A 95.425 245,000 233,791 (11,209) 283 69506YRG6 Pacific Western Bank 1.35% 04/16/20 04/16/25 CD 95.394 245,000 233,715 (11,285) 290

9.E-11Council Agenda 2-6-2024
Attachment 3

City of Pismo Beach
December 31, 2023 QUARTERLY INVESTMENT REPORT
Table 3: For City Pooled Funds A - Basic Data on Investments in Securities:

0.85% 10/28/20 08/01/24 Municipal Bond AA 97.667 35,078 34,122 (956) 32 70962LAS1 Pentagon Federal Credit
Union

0.90% 09/29/21 09/29/26 CD 89.806 245,000 220,025 (24,975) 821 75472RAE1 Raymond James Bank 2.00% 08/23/19 08/23/24 CD 98.012 245,000 240,129 (4,871) 54 79772FAG1 San Francisco Federal
Credit Union

4.35% 02/03/23 02/03/28 CD 98.762 245,000 242,102 (2,898) 1,313 856285K91 State Bank India 2.00% 03/23/22 03/23/27 CD 91.535 245,000 224,261 (20,739) 996 88241THJ2 Texas Exchange Bank 1.00% 06/10/20 06/13/25 CD 94.415 245,000 231,317 (13,683) 348 89236TGT6 Toyota Motor Corp 1.80% 06/05/20 02/13/25 Corporate Bond A+ 96.719 257,893 241,798 (16,095) 228 90348JTH3 UBS Bank USA 1.25% 03/25/20 03/25/25 CD N/A 95.421 245,000 233,781 (11,219) 268 90331HMS9 US Bank National 2.80% 05/29/20 01/27/25 Corporate Bond A+ 97.314 271,250 243,285 (27,965) 211 912797LL9 US Treasury Bill
(11.71%)

4.93% 12/28/23 03/21/24 Treasury Note N/A 98.861 936,230 935,854 (376) (101) 912797LL9 US Treasury Bill
(12.71%)

4.93% 12/28/23 03/21/24 Treasury Note N/A 98.861 1,015,796 1,015,773 (22)(101) 912797LL9 US Treasury Bill
(12.71%)

4.93% 12/28/23 03/21/24 Treasury Note N/A 98.861 1,015,796 1,015,773 (22)(101) 912797LL9 US Treasury Bill
(25.34%)

4.93% 12/28/23 03/21/24 Treasury Note N/A 98.861 2,025,632 2,025,153 (478) (101) 912797LL9 US Treasury Bill
(37.53%)

4.93% 12/26/23 03/21/24 Treasury Note N/A 98.861 2,999,261 2,999,369 108 (101) 912828V23 US Treasury Note
(15.30%)

4.74% 05/01/23 12/31/23 Treasury Note N/A 100 902,872 918,000 15,128 (182) 912828V23 US Treasury Note
(84.70%)

4.74% 05/01/23 12/31/23 Treasury Note N/A 100 5,000,000 5,082,000 82,000 (182) 917352AH9 Utah Community Credit
Union

4.50% 06/07/23 06/07/28 CD 101.772 245,000 250,000 5,000 1,438 92891CCP5 Vystar Credit Union 4.45% 09/30/22 09/30/27 CD 98.963 245,000 242,457 (2,543) 1,187 938828BN9 Washington Federal
Bank

1.95% 08/28/19 08/28/24 CD 97.944 245,000 239,963 (5,037) 59 98138MCC2 Workers Federal Credit
Union

5.25% 11/15/23 11/15/28 CD 103.168 245,000 254,202 9,202 1,599 Total 39,893,145$ 38,735,441$

9.E-12Council Agenda 2-6-2024
Attachment 3

Pismo Beach City CouncilFebruary 6, 2024

Pismo Beach City Council
February 6, 2024