Pismo Beach City Council
May 7, 2024

PISMO BEACH CITY COUNCIL STAFF REPORT
Agenda Item #9.E
Meeting Date: May 7, 2024
TITLE:

Quarterly Investment Report for the Three Months of January through March 2024 – the Third 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 March 31, 2024. 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, 2024.
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, 2024 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 $7.55 million, which is 25% of the FY 2024 budgeted annual operating expenditures. Currently, $6.91 million is invested in various CDs, GASs, Corp Council Agenda 05-07-2024 9.E-1

Bonds, and Munis earning 2.03% 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 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 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 $34.74 million in various CDs, GASs, Corp Bonds, Treasury notes, and Munis that mature at various periods over the next five years and have a 3.00% 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 March 31, 2024, the City-Pooled Funds B are allocated or invested as described below.
$20.03 million in Local Agency Investment Fund (LAIF): LAIF is a State investment pool earning 4.30% annually and is the City’s main savings account where the majority of cash is held for current year expenditures.
$13.78 million in U.S. Bank Checking & Sweep: This account is the City’s primary checking account and with the addition of a new sweep account, the account earned on average 4.91% in March.

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 $180 thousand for this year toward the City’s Council Agenda 05-07-2024 9.E-2

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 March 31, 2024 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 3/31/24
% of
Portfolio
Local Agency Investment Fund 100% 20,033,457$ 26%
Negotiable Certificates of Deposit 30% 16,085,363 21% Checking Account 100% 13,782,202 18%
US Government Agency Obligations 50% 13,750,000 18% US Treasury Issues 100% 8,003,991 11%
Corporate Bond 30% 2,591,143 3%
Issues of Other California entities 30% 1,965,035 3% 76,211,190$ 100%
Bond funds: Wilmington Trust 1,607$
OPEB Trust Account 5,500,858
Total Book Value 81,713,656$
Local Agency
Investment
Fund, 26%
Negotiable
Certificates of
Deposit, 21%Checking
Account, 18%
US
Government
Agency
Obligations,
18%
US Treasury
Issues, 11%
Corporate
Bond, 3%
Issues of Other
California
entities, 3%
Portfolio Allocation
Council Agenda 05-07-2024 9.E-3

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 33,815,659$
FY 2024 145,000
FY 2025 17,215,169
FY 2026 8,250,000
FY 2027 9,170,363
FY 2028 6,145,000
FY 2029 1,470,000
76,211,190$
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
Council Agenda 05-07-2024 9.E-4

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, 2024, the City’s total book value of cash and investments was $81.71 million. This is $33 thousand less than the last quarter’s ending balance. There are a number of factors that impact changes in cash and investment balances from quarter to quarter. These changes may include receiving periodic payments (e.g., property taxes are received in December and April), large payments on debt service or capital projects, seasonal revenues and expenditures, and other factors affecting cash flow.

Market Value: The market value represents the current price at which a security can be traded and is the value of an investment comparing the various aspects of the security to other factors in the market such as interest rates. The market value as of March 31, 2024 for CDs, GASs, Municipal Bonds, Treasury Notes, and Corporate Bonds was $42.40 million, which is $1.56 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 3/31/24
Book Value as of
12/31/23 Variance
General Fund Reserve CDs/GASs/Corp
Bonds/Muni Bonds
7,658,980$ 7,658,980$ -$
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ Muni Bonds/
US Treasury Note
34,736,551 39,893,145 (5,156,594)
City Pooled Funds - B Various 33,815,659 29,059,795 4,755,864 Bond funds Blackrock Federal
Fund
1,607 1,588 20
OPEB Trust Account Benefit Trust Account 5,500,858 5,133,541 367,317 TOTAL 81,713,656$ 81,747,049$ (33,393)$
Investment Name Type of Investment
Book Value as of
3/31/24
Market Value as
of 3/31/24 Variance
General Fund Reserve CDs/GASs/ Corp
Bonds/ Muni Bonds
7,658,980$ 7,248,175$ (410,804)$
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ Muni Bonds/US
Treasury Note
34,736,551 33,587,945 (1,148,606)
Total All Securities 42,395,531$ 40,836,121$ (1,559,410)$ Council Agenda 05-07-2024 9.E-5

Investment Earnings and Performance
Interest Earnings: In the past quarter ending March 31, 2024, the City’s total interest earnings were a gain of $832 thousand, including a $644 thousand gain in the City’s managed portfolio and a $188 thousand gain in OPEB. The estimated interest earnings for FY 2024 are $2.94 million, which is a gain of 3.59% for the year for the City’s entire portfolio and a gain of 2.95% 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 3.59% for the City’s entire portfolio. The projected annual interest earnings rate for FY 2024 is 2.95% for the City’s managed portfolio (excludes Bond funds and OPEB Trust Account). This is compared to LAIF, which is earned 4.30% as of March 31, 2024, or the 1-year U.S.

Treasury Note, which earned 5.03% as of March 31, 2024. 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 3.59%
City’s Annual Earnings Rate for Managed Portfolio 2.71% LAIF Average Annual Earnings Rate 4.30%
1-Year U.S. Treasury Note 5.03%
Investment Name Type of Investment
Book Value as
of 3/31/24
Actual
Interest
Earned 3rd
Quarter
Year-to-Date
Interest Earned
Ending 3/31/24
Estimated
Annual
Interest
Earnings
Estimated
Annual Interest
Earnings Rate
General Fund Reserves CDs/GASs/Corp
Bonds/Muni Bonds
7,658,980$ 28,673$ 108,915$ 148,824$ 1.94% City Pooled Funds - A CDs/GASs/ Corp
Bonds/ Muni Bonds/
US Treasury Note
34,736,551 362,404 1,052,792 1,313,471 3.78%
City Pooled Funds - B Various 33,815,659 252,653 546,158 789,525 2.33% Bond funds Wilmington Trust 1,607 20 1,104 1,124 69.93% OPEB Trust Account* Benefit Trust
Account
5,500,858 188,412 496,152 684,564 12.44%
TOTAL 81,713,656$ 832,162$ 2,205,120$ 2,937,507$ 3.59% Total Managed Portfolio 76,211,190$ 643,730$ 1,707,865$ 2,251,820$ 2.95% Council Agenda 05-07-2024 9.E-6

Future Outlook
Recent economic data indicate a robust expansion of economic activity, characterized by strong job growth and a persistently low unemployment rate. Although inflation has declined over the past year, it remains above target levels.

The Federal Open Market Committee (FOMC) is committed to achieving maximum employment and stabilizing inflation at 2 percent in the long term. As of March 20, 2024, the FOMC has chosen to keep the federal funds rate steady at 5.25 to 5.50 percent. The Committee will continue to monitor incoming data to guide future monetary policy decisions, maintaining the current rate until it is confident that inflation is consistently approaching the 2 percent goal.

With the elevated federal funds rate, market interest rates are greater than the City’s overall portfolio. This environment offers the City an opportunity to enhance its investment returns as existing investments mature and new investments are made at higher yields.

Currently, the yield curve is inverted, with longer-term rates lower than short-term rates.

In response, the City Treasurer is strategically allocating more idle cash into short-term investments to capitalize on these higher rates, ensuring both liquidity and principal security.

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:

Council Agenda 05-07-2024 9.E-7

Investment Name Name of Institution Type of Investment Current
Earnings
Rate
Book Value
as of 3/31/24
Actual Interest
Earned 3rd
Quarter Ending
3/31/24
Year-to-Date
Interest
Earned
Ending
3/31/24
* Data
Source
Estimated
Annual Interest
Earnings **
General Fund Reserves US Bank CDs/GASs/Corp
Bonds/Muni Bonds

2.08% avg 7,658,980$ 28,673$ 108,915$ 1 148,824$ City Pooled Funds - A US Bank CDs/GASs/ Corp
Bonds/ Muni Bonds/
US Treasury Note

3.00% avg 34,736,551 362,404 1,052,792 1 1,313,471 Total All Securities 42,395,531$ 391,077$ 1,161,707$ 1,462,295$ City Pooled Funds - B US Bank Custody 0.00%-$ 4,620$ 7,590$ 1 12,210 City Pooled Funds - B Local Agency Invest.

Fund
State Investment Pool 4.30%20,033,457 230,104 512,639 2 742,744 City Pooled Funds - B US Bank Checking 4.91%13,782,202 17,929 25,929 3 34,572 City Pooled Funds - B 33,815,659$ 252,653$ 546,158$ 789,525$ City Pooled Funds total A + B 68,552,211$ 615,057$ 1,598,949$ 2,251,820$ Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017 Pier Project 586$ 7$ 594$ 4 601
Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017B CREBs 1,021 13 511 4 523
Calpers Benefit Trust
OPEB Trust Account CalPERS Benefit Trust
Account
Various managed by
CalPERS
5,500,858$ 188,412$ 496,152$ 5 684,564
TOTAL, Cash and Investments at March 31, 2024:81,713,656$ 832,162$ 2,205,120$ 2,937,507$ TOTAL for City Managed Portfolio, Cash and Investments:76,211,190$ 643,730$ 1,707,865$ 2,251,820$ 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 Council Agenda 05-07-2024 9.E-8
Attachment 1

City of Pismo Beach
March 31, 2024 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 98.398 245,000 241,075 (3,925) 73 02589ACE0 American Express
(59.76%)

2.90% 05/03/22 04/27/27 CD 95.121 147,000 139,837 (7,163) 1,031 052392BT3 Austin Telco Federal
Credit Union

3.80% 09/21/22 09/21/27 CD 97.769 245,000 239,534 (5,466) 1,178 06406RBA4 Bank New York Mellon
(32.69%)

2.05% 01/26/22 01/26/27 CD A 92.67 245,000 227,204 (17,796) 940 05600XQL7 BMO Harris Bank
(56.73%)

4.45% 05/24/23 05/24/28 CD 102.39 139,000 142,310 3,310 1,424 13063CLW8 California State GO
Bonds (41.83%)

5.00% 05/08/20 10/01/24 Municipal Bond AA- 100.828 245,000 210,882 (34,118) 93 13063CLW8 California State GO
Bonds (8.54%)

5.00% 05/08/20 10/01/24 Municipal Bond AA- 100.828 50,000 43,054 (6,946) 93 14042TFP7 Capital One Bank
(47.76%)

2.90% 04/27/22 04/27/27 CD 95.121 117,000 111,303 (5,697) 1,031 24951TAL9 Department of
Commerce FCU
(20.41%)

1.25% 01/07/22 01/07/27 CD 91.088 50,000 45,548 (4,452) 921 24951TAL9 Department of
Commerce FCU
(22.45%)

1.25% 01/07/22 01/07/27 CD 91.088 55,000 50,101 (4,899) 921 27004PCV3 Eaglemark Savings Bank
(20%)

3.25% 06/22/22 06/22/27 CD 96.059 50,000 47,069 (2,931) 1,087 291916AB0 Empower Federal Credit
Union (53.06%)

5.10% 09/29/23 09/29/28 CD 103.191 130,000 134,145 4,145 1,552 29367RLM6 Enterprise Bank
(63.27%)

0.85% 05/18/20 05/14/25 CD 95.436 155,000 147,937 (7,063) 318 3130APB87 FHLB 1.10% 10/13/21 10/13/26 Agency AA+ 91.603 500,000 458,015 (41,985) 835 3130AQZ55 FHLB 2.50% 03/10/22 03/10/27 Agency AA+ 94.338 500,000 471,690 (28,310) 983 3130ALYC2 FHLB (19.2%)1.14% 04/29/21 04/29/26 Agency AA+ 92.874 192,000 178,318 (13,682) 668 3130AMCY6 FHLB (2.5%)1.00% 05/27/21 05/27/26 Agency AA+ 92.433 50,000 46,217 (3,784) 696 3130AQAU7 FHLB (24.5%)1.45% 12/29/21 12/29/26 Agency AA+ 91.423 245,000 223,986 (21,014) 912 3130AMCY6 FHLB (25.8%)1.00% 05/27/21 05/27/26 Agency AA+ 92.433 516,000 476,954 (39,046) 696 3130ARF55 FHLB (49%)2.60% 03/30/22 03/30/27 Agency AA+ 94.531 245,000 231,601 (13,399) 1,003 3130ALYC2 FHLB (5.3%)1.14% 04/29/21 04/29/26 Agency AA+ 92.874 53,000 49,223 (3,777) 668 3130ARF55 FHLB (51%)2.60% 03/30/22 03/30/27 Agency AA+ 94.531 255,000 241,054 (13,946) 1,003 32024JAM5 First Federal Credit
Union - (78.35%)

4.40% 02/17/23 02/17/28 CD 100.088 191,967 192,126 159 1,327 33847E3J4 Flagstar Bank 0.90% 05/15/20 05/15/25 CD 95.479 245,000 233,924 (11,076) 319 39573LEM6 Greenstate Credit Union
(20.4%)

5.00% 09/26/23 09/26/28 CD 102.776 50,000 51,367 1,367 1,549 46632FRU1 JP Morgan Chase Bank 0.70% 01/22/21 01/22/26 Corporate Bond A+ 90.311 500,000 451,555 (48,445) 571 50625LBN2 Lafayette Federal Credit
Union

3.25% 06/15/22 06/15/27 CD 96.057 245,000 235,340 (9,660) 1,080 59013KPN0 Merrick Bank 1.10% 11/09/21 11/09/26 CD 91.126 245,000 223,259 (21,741) 862 6966674G6 Palm Springs USD GO
Bonds (95.66%)

0.85% 10/28/20 08/01/24 Municipal Bond AA 98.5 773,013 758,512 (14,501) 32 835104BZ2 Somerset Tr Co 1.00% 03/19/20 03/19/25 CD 96.103 245,000 235,452 (9,548) 262 87164X2C9 Synchrony Bank 4.60% 09/15/23 09/15/28 CD 101.085 245,000 247,658 2,658 1,538 88413QDL9 Third Federal Savings
Bank

3.50% 06/28/22 06/28/27 CD 96.801 245,000 237,162 (7,838) 1,093 89235MLC3 Toyota Financial Savings
Bank

0.95% 07/15/21 07/15/26 CD 91.74 245,000 224,763 (20,237) 745 Total $ 7,658,980 $ 7,248,175
Council Agenda 05-07-2024 9.E-9
Attachment 2

City of Pismo Beach
March 31, 2024 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 98.309 245,000 240,857 (4,143) 80 01025RAN9 Alabama Credit Union 4.35% 02/28/24 02/28/28 CD 99.953 245,000 244,885 (115) 1,338 011852AE0 Alaska USA Federal
Credit Union

4.60% 03/08/23 03/08/28 CD 100.87 245,000 247,132 2,132 1,347 01664MAB2 All In Federal Credit
Union

4.40% 12/20/22 12/20/27 CD 99.924 245,000 244,814 (186) 1,268 01882MAB8 Alliant Credit Union 4.95% 12/30/22 12/30/27 CD 101.863 245,000 249,564 4,564 1,278 02554BDA6 American Eagle Bank 1.10% 03/13/20 03/13/25 CD 96.254 245,000 235,822 (9,178) 256 02589ACE0 American Express
(40.24%)

2.90% 05/03/22 04/27/27 CD 95.121 99,000 94,161 (4,839) 1,031 037833AZ3 Apple Inc 2.50% 03/05/20 02/09/25 Corporate Bond AA+ 97.758 1,062,000 977,580 (84,420) 224 062119BS0 Bank Five Nine (40.82%) 4.60% 04/14/23 04/13/28 CD N/A 100.965 100,000 100,974 974 1,383 062119BS0 Bank Five Nine (59.18%) 4.60% 04/14/23 04/13/28 CD N/A 100.965 145,000 146,390 1,390 1,383 06406RBA4 Bank New York Mellon
(67.31%)

2.05% 01/26/22 01/26/27 CD A 92.67 504,363 467,821 (36,541) 940 06048WS43 Bank of America Corp 2.00% 02/18/22 08/18/25 Corporate Bond A- 94.157 500,000 470,785 (29,215) 414 06740KQE0 Barclays Bank 3.00% 05/11/22 05/11/27 CD 95.389 245,000 233,703 (11,297) 1,045 05600XQL7 BMO Harris Bank
(43.27%)

4.45% 05/24/23 05/24/28 CD 102.39 106,000 108,545 2,545 1,424 05580AW59 BMW Bank North
America

4.60% 03/10/23 03/10/28 CD 100.832 245,000 247,038 2,038 1,349 13063CLW8 California State GO
Bonds (49.63%)

5.00% 05/08/20 10/01/24 Municipal Bond AA- 100.828 290,655 250,205 (40,450) 93 14042TFP7 Capital One Bank
(52.24%)

2.90% 04/27/22 04/27/27 CD 95.121 128,000 121,743 (6,257) 1,031 14042RQU8 Capital One National
(20.41%)

2.90% 04/27/22 04/27/27 CD 95.121 50,000 47,565 (2,435) 1,031 14042RQU8 Capital One National
(79.59%)

2.90% 04/27/22 04/27/27 CD 95.121 195,000 185,482 (9,518) 1,031 15118RUR6 Celtic Bank 1.35% 04/02/20 04/02/25 CD 96.321 245,000 235,986 (9,014) 276 15201QCJ4 Centerstate Bank 1.00% 03/30/20 03/31/25 CD N/A 96.038 245,000 235,293 (9,707) 274 12547CAX6 CIBC Bank USA Chicago 4.45% 04/14/23 04/14/28 CD 100.401 245,000 245,982 982 1,384 17286TAG0 Citadel Federal Credit
Union

1.65% 02/25/20 02/27/25 CD 96.898 245,000 237,400 (7,600) 242 19058RAE1 Coastal1 Credit Union 4.15% 01/31/24 01/31/28 CD 99.158 245,000 242,937 (2,063) 1,310 19075JAB4 Cobalt Federal Credit
Union

3.60% 09/15/22 09/15/27 CD 97.123 245,000 237,951 (7,049) 1,172 22551KAU6 Credit Union of Texas 4.40% 12/09/22 12/09/27 CD 99.898 245,000 244,750 (250) 1,257 23204HPB8 Customers Bank 4.50% 06/14/23 06/14/28 CD 103.077 245,000 252,539 7,539 1,445 24951TAL9 Department of
Commerce FCU
(57.14%)

1.25% 01/07/22 01/07/27 CD 91.088 140,000 127,517 (12,483) 921 254673D94 Discover Bank 3.20% 05/19/22 05/19/27 CD 95.963 245,000 235,109 (9,891) 1,053 27004PCV3 Eaglemark Savings Bank
(80%)

3.25% 06/22/22 06/22/27 CD 96.059 195,000 188,276 (6,724) 1,087 291916AB0 Empower Federal Credit
Union (46.94%)

5.10% 09/29/23 09/29/28 CD 103.191 115,000 118,673 3,673 1,552 29367SJQ8 Enterprise Bank 1.80% 11/08/19 11/08/24 CD 97.916 245,000 239,894 (5,106) 131 29367RLM6 Enterprise Bank
(36.73%)

0.85% 05/18/20 05/14/25 CD 95.436 90,000 85,881 (4,119) 318 Council Agenda 05-07-2024 9.E-10
Attachment 3

City of Pismo Beach
March 31, 2024 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
30002CAT5 Everett Co-Operative 3.90% 01/23/23 01/19/27 CD 98.265 245,000 240,749 (4,251) 933 3130ALD76 FHLB 0.70% 02/25/21 02/25/26 Agency AA+ 92.515 500,000 462,575 (37,425) 605 3130ANSB7 FHLB 1.00% 09/17/21 09/17/26 Agency AA+ 91.376 1,000,000 913,760 (86,240) 809 3130ARGQ8 FHLB 2.88% 04/14/22 04/14/27 Agency AA+ 95.233 500,000 476,165 (23,835) 1,018 3130ATDV6 FHLB 5.00% 09/30/22 09/30/27 Agency AA+ 99.737 500,000 498,685 (1,315) 1,187 3130AQAU7 FHLB (14%)1.45% 12/29/21 12/29/26 Agency AA+ 91.423 140,000 127,992 (12,008) 912 3130AMS37 FHLB (20%)1.00% 06/24/21 06/24/26 Agency AA+ 92.183 400,000 368,732 (31,268) 724 3130AMCY6 FHLB (25%)1.00% 05/27/21 05/27/26 Agency AA+ 92.433 500,000 462,165 (37,835) 696 3130AMS37 FHLB (30%)1.00% 06/24/21 06/24/26 Agency AA+ 92.183 600,000 553,098 (46,902) 724 3130AMCY6 FHLB (46.7%)1.00% 05/27/21 05/27/26 Agency AA+ 92.433 934,000 863,324 (70,676) 696 3130AMS37 FHLB (50%)1.00% 06/24/21 06/24/26 Agency AA+ 92.183 1,000,000 921,830 (78,170) 724 3130ARGE5 FHLB (50%)3.00% 04/21/22 04/21/27 Agency AA+ 95.515 250,000 238,788 (11,213) 1,025 3130ARGE5 FHLB (50%)3.00% 04/21/22 04/21/27 Agency AA+ 95.515 250,000 238,788 (11,213) 1,025 3130AV6C1 FHLB (50%)5.71% 03/27/23 03/27/28 Agency AA+ 100.433 250,000 251,083 1,083 1,366 3130AV6C1 FHLB (50%)5.71% 03/27/23 03/27/28 Agency AA+ 100.433 250,000 251,083 1,083 1,366 3130AQAU7 FHLB (61.5%)1.45% 12/29/21 12/29/26 Agency AA+ 91.423 615,000 562,251 (52,749) 912 3130ALYC2 FHLB (75.5%)1.14% 04/29/21 04/29/26 Agency AA+ 92.874 755,000 701,199 (53,801) 668 32024JAM5 First Federal Credit
Union - (21.65%)

4.40% 02/17/23 02/17/28 CD 100.088 53,033 53,089 56 1,327 32110YE84 First National Bank
America

4.60% 09/21/23 09/21/28 CD 101.138 245,000 247,788 2,788 1,544 32112UDJ7 First National Bank
McGregor

1.80% 12/30/19 12/30/24 CD 97.495 245,000 238,863 (6,137) 183 334342CD2 First National Bank
Syracuse

1.85% 08/30/19 08/30/24 CD 98.557 245,000 241,465 (3,535) 61 33715LED8 First Technology 3.70% 08/19/22 08/19/27 CD 97.426 245,000 238,694 (6,306) 1,145 3136G4WV1 FNMA 0.75% 06/16/20 06/16/25 Agency AA+ 95.193 1,000,000 951,930 (48,070) 351 3136G4J61 FNMA 0.57% 08/26/20 08/26/25 Agency AA+ 94.14 750,000 706,050 (43,950) 422 3136G43L5 FNMA 0.55% 09/30/20 09/30/25 Agency AA+ 93.654 1,000,000 936,540 (63,460) 457 38149MAJ2 Goldman Sachs Bank 2.70% 05/22/19 05/22/24 CD 99.592 145,000 144,408 (592) (39) 39573LEM6 Greenstate Credit Union
(79.6%)

5.00% 09/26/23 09/26/28 CD 102.776 195,000 200,434 5,434 1,549 472207AE9 Jeanne D Arc Federal
Credit Union

3.80% 09/30/22 09/30/27 CD 97.789 245,000 239,583 (5,417) 1,187 502516QY6 La Canada California
USD

1.75% 04/28/20 08/01/24 Municipal Bond N/A 98.821 571,288 558,339 (12,950) 32 51210SSD0 Lakeside Bank 1.40% 03/30/20 03/31/25 CD N/A 96.393 245,000 236,163 (8,837) 274 58404DSM4 Medallion Bank Utah 4.40% 06/16/23 06/16/28 CD 100.257 245,000 245,630 630 1,447 60425SKB4 Minnwest Bank 4.25% 05/01/23 05/03/27 CD 98.975 245,000 242,489 (2,511) 1,037 61690UJ68 Morgan Stanley Bank 3.25% 05/19/22 05/19/27 CD N/A 96.099 245,000 235,443 (9,557) 1,053 61768ET29 Morgan Stanley Bank 4.35% 03/06/24 03/06/29 CD 100.193 245,000 245,473 473 1,710 67054NBC6 Numerica Credit Union 4.95% 11/04/22 11/04/27 CD 101.631 245,000 248,996 3,996 1,222 694231AF8 Pacific Enterprise Bank 1.35% 04/09/20 04/09/25 CD N/A 96.257 245,000 235,830 (9,170) 283 69506YRG6 Pacific Western Bank 1.35% 04/16/20 04/16/25 CD 96.223 245,000 235,746 (9,254) 290 6966674G6 Palm Springs USD GO
Bonds (4.34%)

0.85% 10/28/20 08/01/24 Municipal Bond AA 98.5 35,078 34,413 (665) 32 70962LAS1 Pentagon Federal Credit
Union

0.90% 09/29/21 09/29/26 CD 90.971 245,000 222,879 (22,121) 821 75472RAE1 Raymond James Bank 2.00% 08/23/19 08/23/24 CD 98.655 245,000 241,705 (3,295) 54 Council Agenda 05-07-2024 9.E-11
Attachment 3

City of Pismo Beach
March 31, 2024 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
79772FAG1 San Francisco Federal
Credit Union

4.35% 02/03/23 02/03/28 CD 99.871 245,000 244,684 (316) 1,313 856285K91 State Bank India 2.00% 03/23/22 03/23/27 CD 92.688 245,000 227,086 (17,914) 996 88241THJ2 Texas Exchange Bank 1.00% 06/10/20 06/13/25 CD 95.273 245,000 233,419 (11,581) 348 89236TGT6 Toyota Motor Corp 1.80% 06/05/20 02/13/25 Corporate Bond A+ 97.034 257,893 242,585 (15,308) 228 90348JTH3 UBS Bank USA 1.25% 03/25/20 03/25/25 CD N/A 96.287 245,000 235,903 (9,097) 268 90331HMS9 US Bank National 2.80% 05/29/20 01/27/25 Corporate Bond A+ 97.854 271,250 244,635 (26,615) 211 912797KK2 US Treasury Bill
(12.50%)

5.11% 03/14/24 09/12/24 Treasury Note N/A 97.676 1,000,000 1,001,179 1,179 74 912797KK2 US Treasury Bill
(12.50%)

5.11% 03/14/24 09/12/24 Treasury Note N/A 97.676 1,000,000 1,001,179 1,179 74 912797KK2 US Treasury Bill
(75.00%)

5.11% 03/14/24 09/12/24 Treasury Note N/A 97.676 6,003,991 6,007,074 3,083 74 917352AH9 Utah Community Credit
Union

4.50% 06/07/23 06/07/28 CD 102.771 245,000 251,789 6,789 1,438 92891CCP5 Vystar Credit Union 4.45% 09/30/22 09/30/27 CD 99.882 245,000 244,711 (289) 1,187 938828BN9 Washington Federal
Bank

1.95% 08/28/19 08/28/24 CD 98.616 245,000 241,609 (3,391) 59 98138MCC2 Workers Federal Credit
Union

5.25% 11/15/23 11/15/28 CD 103.928 245,000 254,624 9,624 1,599 Total 34,736,551$ 33,587,945$
Council Agenda 05-07-2024 9.E-12
Attachment 3