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PISMO BEACH CITY COUNCIL STAFF REPORT
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Agenda Item #12.13
Meeting Date: August 20, 2024
TITLE:
Quarterly Investment Report for the Three Months of April through June 2024—the Fourth 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 June 30, 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. Pursuant to Government Code Section 6505.5, this information is being provided here to the Pismo Beach Public Financing Authority, the Pismo Beach Public Financing Agency, and the Central Coast Blue Regional Recycled Water Authority, through the members of the City Council who sit on those boards.
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 A (Attachment 1) provides a summary of the City's cash, investments, and earnings based on book value as of June 30, 2024.
• Tables B and C (Attachments 2 and 3) provides details on the investment type, issuer, maturity date, book value, market value, and interest rates as of June 30, 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 (CASs), 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 $8.15 million, earning a projected 2.07% average interest rate during Fiscal Year (FY) 2024. Specifics of each reserve are provided below:
Council Agenda 8-20-2024 12.13-1
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 $7.34 million, which is 25% of the FY 2024 budgeted annual operating expenditures. Currently, $7.40 million is invested in various CDs, GASs, Corp Bonds, and Munis earning 2.02% on average per year.
o City Buildinq 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 $34.59 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 June 30, 2024, the City-Pooled Funds B are allocated or invested as described below.
• $5.26 million in Local Agency Investment Fund (LAIF): LAIF is a State investment pool earning 4.55% annually and is the City's main savings account where the majority of cash is held for current year expenditures.
• $28.60 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 4.90% in June.
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 8-20-2024 12.113-2
unfunded liability, and will be getting reimbursed $194 thousand from the Fund since the account is over funded. 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. Table 1 and Chart 1 show a summary of the authorized financial instruments, the maximum percentage limits, the book value as of June 30, 2024 of the City's funds, and the percentage of the total City's pooled funds that are invested in each financial instrument.
Table 1: Investment Portfolio as of June 30, 2024
Maximum Book Value as % of
Financial Instrument % of 6/30/24 Portfolio Checking Account 100% $ 28,603,597 37%
Negotiable Certificates of Deposit 30% 16,430,363 21% US Government Agency Obligations 50% 13,750,000 18% US Treasury Issues 100% 8,003,991 10%
Local Agency Investment Fund 100% 5,263,562 7%
Corporate Bond 30% 2,591,143 3%
Issues of Other California entities 30% 1,965,035 3% $ 76,607,689 100%
Bond funds:Wilmington Trust $ 584
OPEB Trust Account 5,500,858
Total Book Value $ 82,109,131
Chart 1: Investment Portfolio as of June 30, 2024
Local Agency Corporate Bond, Issues of Other
Investment 3% California
Fund, 7% entities, 3%
US Treasury
Issues, 10%
Checking
Account, 37%
US
Government
Agency
Obligations,
18% Negotiable
Certificates of
Deposit, 21%
Council Agenda 8-20-2024 12.13-3
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. Table 2 and Chart 2 illustrate the liquidity of the City's managed portfolio.
Table 2: Liquidity of the City's Managed Portfolio
Liquidity Amount
0 to 30 days $ 33,867,158
FY 2025 17,215,169
FY 2026 8,250,000
FY2027 9,170,363
FY2028 6,145,000
FY 2029 1,960,000
$ 76,607,689
Chart 2: Liquidity of the City's Managed Portfolio
FY 2029 L
o FY 2028 _
aD
FY 2027 _
_2-
J
FY 2026 -
FY 2025
0 to 30 days -
0 10,000 20,000 30,000 40,000
Portfolio Amount ($ thousands)
Council Agenda 8-20-2024 12.13-4
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 June 30, 2024, the City's total book value of cash and investments was $82.11 million. This is $395 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. Table 3 illustrates the book value as of the quarter ending June 30, 2024 compared to the previous quarter.
Table 3: Book Value Comparison
Book Value as Book Value as of
Investment Name Type of Investment of 6/30/24 3/31/24 Variance General Fund Reserve CDs/GASs/Corp $ 8,148,980 $ 7,658,980 $ 490,000 Bonds/Muni Bonds
City Pooled Funds-A CDs/GASs/Corp 34,591,551 34,736,551 (145,000) Bonds/Muni Bonds/
US Treasury Note
City Pooled Funds-B Various 33,867,158 33,815,659 51,499 Bond funds Blackrock Federal 584 1,607 (1,023) Fund
OPEB Trust Account Benefit Trust Account 5,500,858 5,500,858 - TOTAL $ 82,109,131 $ 81,713,656 $ 395,476 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, 2024 for CDs, GASs, Municipal Bonds, Treasury Notes, and Corporate Bonds was $42.74 million, which is $1.41 million less than the book value, as illustrated in Table 4. The City expects to hold onto the majority of its investments to maturity and would receive the book value of its investment.
Table 4: Book Value to Market Value Comparison
Book Value as of Market Value as
Investment Name Type of Investment 6/30/24 of 6/30/24 Variance General Fund Reserve CDs/GASs/Corp $ 8,148,980 $ 7,757,294 $ (391,686) Bonds/Muni Bonds
City Pooled Funds-A CDs/GASs/Corp 34,591,551 33,576,698 (1,014,853) Bonds/Muni
Bonds/US Treasury
Total All Securities $ 42,740,531 $ 41,333,992 $(1,406,539) Council Agenda 8-20-2024 12.13-5
Investment Earnings and Performance
Interest Earnings: In the past quarter ending June 30, 2024, the City's total interest earnings were a gain of $633 thousand, including a $632 thousand gain in the City's managed portfolio. The actual annual interest earnings for FY 2024 are $2.84 million, which is a gain of 3.46% for the year for the City's entire portfolio and a gain of 3.05% for the City's managed portfolio, as illustrated in Table 5. Note that OPEB fourth quarter interest earnings were not available as of August 9, 2024. Note that as the City's cash and investments change, the interest earnings change correspondingly.
Table 5: Investment Earnings
Actual
Interest Actual Annual Actual Annual
Book Value Earned 4th Interest Interest
Investment Name Type of Investment as of 6/30/24 Quarter Earnings Earnings Rate General Fund Reserves CDs/GASs/Corp $ 8,148,980 $ 40,742 $ 149,657 1.84% Bonds/Muni Bonds
City Pooled Funds-A CDs/GASs/Corp 34,591,551 168,612 1,221,404 3.53% Bonds/Muni Bonds/
US Treasury Note
City Pooled Funds-B Various 33,867,158 423,119 969,276 2.86% Bond funds Wilmington Trust 584 597 1,702 291.38% OPEB Trust Account* Benefit Trust 5,500,858 - 496,152 9.02% Account
TOTAL $82,109,131 $ 633,071 $ 2,838,191 3.46% Total Managed Portfolio $76,607,689 $ 632,473 $ 2,340,338 3.05% *OPEB 4th quarter interest earnings not reported as of 8/9/2024.
Performance: The projected annual interest earnings rate for FY 2024 is 3.46% for the City's entire portfolio. The projected annual interest earnings rate for FY 2024 is 3.05% for the City's managed portfolio (excludes Bond funds and OPEB Trust Account). This is compared to LAIF, which is earned 4.55% as of June 30, 2024, or the 1-year U.S.
Treasury Note, which earned 5.12% as of June 30, 2024. The following Table 6 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.
Table 6: City Portfolio Investment Earnings Compared to Performance Measures Performance Measure Earnings
Rate
City's Annual Earnings Rate for entire Portfolio 3.46% City's Annual Earnings Rate for Mana ed Portfolio 3.05% LAIF Average Annual Earnings Rate 4.55%
1-Year U.S. Treasury Note 5.12%
Council Agenda 8-20-2024 12.113-6
Future Outlook
Recent data indicates that economic activity remains robust, with a steady pace of expansion. While job growth has slowed slightly and the unemployment rate has edged up, it remains low overall. Inflation has moderated over the past year but is still somewhat above desired levels. Progress has been made towards achieving the Federal Open Market Committee's (FOMC) 2 percent inflation target.
The FOMC aims to balance maximum employment with a long-term inflation rate of 2 percent. It believes that the risks to reaching its employment and inflation targets are becoming more balanced. However, the economic outlook remains uncertain, and the FOMC is mindful of the risks associated with its dual mandate.
To support its objectives, the FOMC has decided to keep the federal funds rate target range at 5.25% to 5.50%. The Committee does not anticipate lowering the target range until there is greater confidence that inflation is sustainably approaching 2 percent.
Recent projections assume that the FOMC will lower the federal funds rate target by
0.25% to 0.50% in September.
With the elevated federal funds rate, market interest rates are greater than the City's overall portfolio, although declining especially in the longer-term securities. 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 starting to allocate more idle cash into longer-term investments to capitalize on the currently higher rates, ensuring interest earnings will.
FISCAL IMPACT:
No fiscal impact from the report itself—information only.
ATTACHMENTS:
1. Table A: Summary Table for ALL Funds, including Book Values and Earnings Data for Investments in Other Financial Instruments
2. Table B: For the General Fund Reserve—Basic Data on Investments in Securities
3. Table C: 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 8-20-2024 12.13-7
Attachment 1
City of Pismo Beach
Table A: Summary Table for All Funds,
including Book Values&Earnings Data for Investments in Other Financial Instruments Year-to-Date
Actual Interest Interest
Current Earned 4th Earned
Earnings Book Value Quarter Ending Ending *Data Investment Name Name of Institution Type of Investment Rate as of 6/30/24 6/30/24 6/30/24 Source General Fund Reserves US Bank CDsIGASsICorp 2.07%avg 8,148,980 $ 40,742 $ 149,657 1 Bonds/Muni Bonds
City Pooled Funds-A US Bank CDsIGASsICorp 3.00%avg 34,591,551 168,612 1,221,404 1 Bonds/Muni Bonds/
US Treasury Note
Total All Securities $ 42,740,531 $ 209,355 $1,371,062 City Pooled Funds-B US Bank Custody 0.00% $ - $ 4,227 $ 11,817 1 City Pooled Funds-B Local Agency Invest. State Investment Pool 4.55% 5,263,562 62,811 575,450 2 Fund
City Pooled Funds-B US Bank Checking 4.90% 28,603,597 356,080 382,009 3 City Pooled Funds-B $ 33,867,158 $ 423,119 $ 969,276 City Pooled Funds total A+B $ 68,458,709 $ 591,731 $2,190,680 Funds Held with Fiscal Bond funds:Wilmington 2017 Pier Project $ 366 $ 371 $ 964 4 Agent Trust
Funds Held with Fiscal Bond funds:Wilmington 2017E CREBs 218 227 737 4 Agent Trust
Calpers Benefit Trust
OPEB Trust Account CaIPERS Benefit Trust Various managed by $ 5,500,858 $ $ 496,152 5 Account CalPERS
TOTAL,Cash and Investments at June 30,2024: $ 82,109,131 $ 633,071 $2,838,191 TOTAL for City Managed Portfolio,Cash and Investments: $ 76,607,689 $ 632,473 $2,340,338 ***OPEB 4th quarter interest earnings not reported as of 8/9/24.
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 CaIPERS Benefit Trust Account
Council Agenda 8-20-2024 12.113-8
Attachment 2
City of Pismo Beach
June 30,2024 QUARTERLY INVESTMENT REPORT
Table B: 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 Gain/ Daysto Value Loss Stated
Maturity
020080BLO Alma Bank 1.75% 09/11/19 09/11/24 CD 99.268 245,000 243,207 (1,793) 73 02589ACEO American Express 2.90% 05/03/22 04/27/27 CD 94.789 147,000 139,349 (7,651) 1,031 (59.76%)
052392BT3 Austin Telco Federal 3.80% 09/21/22 09/21/27 CD 96.935 245,000 237,491 (7,509) 1,178 Credit Union
06406RBA4 Bank New York Mellon 2.05% 01/26/22 01/26/27 CD 93.061 245,000 228,162 (16,838) 940 (32.69%)
07371BWHO Beal Bank Plano Texas 4.70% 06/12/24 06/06/29 CD 100.75 245,000 246,838 1,838 1,802 07371DT23 Beal Bank USA Las 4.70% 06/12/24 06/06/29 CD 100.75 245,000 246,838 1,838 1,802 Vegas Nevada
05600XQL7 BMO Hams Bank 4.45% 05/24/23 05/24/28 CD 99.34 139,000 138,071 (929) 1,424 (56.73%)
13063CLW8 California State GO 5.00% 05/08/20 10/01/24 Municipal Bond AA- 100.395 245,000 209,976 (35,024) 93 Bonds(41.83%)
13063CLW8 California State GO 5.00% 05/08/20 10/01/24 Municipal Bond AA- 100.395 50,000 42,869 (7,131) 93 Bonds(8.54%)
14042TFP7 Capital One Bank 2.90% 04/27/22 04/27/27 CD 94.789 117,000 110,915 (6,086) 1,031 (47.76%)
24951TAL9 Department of 1.25% 01/07/22 01/07/27 CD 91.398 50,000 45,703 (4,297) 921 Commerce FCU
(20.41%)
24951TAL9 Department of 1.25% 01/07/22 01/07/27 CD 91.398 55,000 50,271 (4,729) 921 Commerce FCU
(22.45%)
27004PCV3 Eaglemark Savings Bank 3.25% 06/22/22 06/22/27 CD 95.486 50,000 46,788 (3,212) 1,087 (20%)
291916ABO Empower Federal Credit 5.10% 09/29/23 09/29/28 CD 101.867 130,000 132,424 2,424 1,552 Union(53.06%)
29367RLM6 Enterprise Bank 0.85% 05/18/20 05/14/25 CD 96.25 155,000 149,199 (5,801) 318 (63.27%)
3130APB87 FHLB 1.10% 10/13/21 10/13/26 Agency AA+ 91.897 500,000 459,485 (40,515) 835 313OAQZ55 FHLB 2.50% 03/10/22 03/10/27 Agency AA+ 94.47 500,000 472,350 (27,650) 983 3130ALYC2 FHLB(19.2%) 1.14% 04/29/21 04/29/26 Agency AA+ 93.54 192,000 179,597 (12,403) 668 3130AMCY6 FHLB(2.5%) 1.00% 05/27/21 05/27/26 Agency AA+ 93.021 50,000 46,511 (3,490) 696 3130AQAU7 FHLB(24.5%) 1.45% 12/29/21 12/29/26 Agency AA+ 92.18 245,000 225,841 (19,159) 912 3130AMCY6 FHLB(25.8%) 1.00% 05/27/21 05/27/26 Agency AA+ 93.021 516,000 479,988 (36,012) 696 3130ARF55 FHLB(49%) 2.60% 03/30/22 03/30/27 Agency AA+ 94.599 245,000 231,768 (13,232) 1,003 3130ALYC2 FHLB(5.3%) 1.14% 04/29/21 04/29/26 Agency AA+ 93.54 53,000 49,576 (3,424) 668 3130ARF55 FHLB(51%) 2.60% 03/30/22 03/30/27 Agency AA+ 94.599 255,000 241,227 (13,773) 1,003 32024JAM5 First Federal Credit 4.40% 02/17/23 02/17/28 CD 98.891 191,967 189,829 (2,138) 1,327 Union-(78.35%)
33847E3J4 Flagstar Bank 0.90% 05/15/20 05/15/25 CD 96.281 245,000 235,888 (9,112) 319 39573LEM6 Greenstate Credit Union 5.00% 09/26/23 09/26/28 CD 101.474 50,000 50,717 717 1,549 (20.4%)
46632FRUl JP Morgan Chase Bank 0.70% 01/22/21 01/22/26 Corporate Bond A+ 91.304 500,000 456,520 (43,480) 571 50625LBN2 Lafayette Federal Credit 3.25% 06/15/22 06/15/27 CD 95.511 245,000 234,002 (10,998) 1,080 Union
59013KPNO Merrick Bank 1.10% 11/09/21 11/09/26 CD 91.584 245,000 224,381 (20,619) 862 6966674G6 Palm Springs USD GO 0.85% 10/28/20 08/01/24 Municipal Bond AA 99.618 773,013 767,121 (5,892) 32 Bonds(95.66%)
835104BZ2 Somerset Tr Co 1.00% 03/19/20 03/19/25 CD 96.978 245,000 237,596 87164X2C9 Synchrony Bank 4.60% 09/15/23 09/15/28 CD 99.863 245,000 244,664 88413QDL9 Third Federal Savings 3.50% 06/28/22 06/28/27 CD 96.192 245,000 235,670 (9,330) 1,093 Bank
89235MLC3 Toyota Financial Savings 0.95% 07/15/21 07/15/26 CD 92.434 245,000 226,463 (18,537) 745 Bank
Total $ 8,148,980 $ 7,757,294
Council Agenda 8-20-2024 12.13-9
Attachment 3
City of Pismo Beach
June 30,2024 QUARTERLY INVESTMENT REPORT
Table C: 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 Gain/ Daysto Value Loss Stated
Maturity
00257TBH8 Abacus Federal Savings 1.70% 09/18/19 09/18/24 CD 99.186 245,000 243,006 (1,994) 80 Bank
01025RAN9 Alabama Credit Union 4.35% 02/28/24 02/28/28 CD 98.738 245,000 241,908 (3,092) 1,338 011852AEO Alaska USA Federal 4.60% 03/08/23 03/08/28 CD 99.594 245,000 244,005 (995) 1,347 Credit Union
01664MAB2 All In Federal Credit 4.40% 12/20/22 12/20/27 CD 98.817 245,000 242,102 (2,898) 1,268 Union
01882MAB8 Alliant Credit Union 4.95% 12130/22 12/30/27 CD 100.588 245,000 246,441 1,441 1,278 02554BDA6 American Eagle Bank 1.10% 03/13/20 03/13/25 CD 97.111 245,000 237,922 (7,078) 256 02589ACEO American Express 2.90% 05/03/22 04/27/27 CD 94.789 99,000 93,832 (5,168) 1,031 (40.24%)
037833AZ3 Apple Inc 2.50% 03/05/20 02/09/25 Corporate Bond AA+ 98.302 1,062,000 983,020 (78,980) 224 062119BSO Bank Five Nine(40.82%) 4.60% 04/14/23 04/13/28 CD 99.673 100,000 99,682 (318) 1,383 062119BSO Bank Five Nine(59.18%) 4.60% 04/14/23 04/13/28 CD 99.673 145,000 144,517 (483) 1,383 06406RBA4 Bank New York Mellon 2.05% 01/26/22 01/26/27 CD A 93.061 504,363 469,795 (34,567) 940 (67.31%)
06048WS43 Bank ofAmerica Corp 2.00% 02/18/22 08/18/25 Corporate Bond A- 95.462 500,000 477,310 (22,690) 414 06740KQEO Barclays Bank 3.00% 05/11/22 05/11/27 CD 94.974 245,000 232,686 (12,314) 1,045 05600XQL7 BMO Hams Bank 4.45% 05/24/23 05/24/28 CD 99.34 106,000 105,312 (688) 1,424 (43.27%)
05580AW59 BMW Bank North 4.60% 03/10/23 03/10/28 CD 99.543 245,000 243,880 (1,120) 1,349 America
13063CLW8 California State GO 5.00% 05/08/20 10/01/24 Municipal Bond AA- 100.395 290,655 249,130 (41,525) 93 Bonds(49.63%)
14042TFP7 Capital One Bank 2.90% 04/27/22 04/27/27 CD 94.789 128,000 121,319 (6,681) 1,031 (52.24%)
14042RQU8 Capital One National 2.90% 04/27/22 04/27/27 CD 94.789 50,000 47,399 (2,601) 1,031 (20.41%)
14042RQU8 Capital One National 2.90% 04/27/22 04/27/27 CD 94.789 195,000 184,834 (10,166) 1,031 (79.59%)
15118RUR6 Celtic Bank 1.35% 04/02/20 04/02/25 CD 97.1 245,000 237,895 (7,105) 276 15201QCJ4 Centerstate Bank 1.00% 03/30/20 03/31/25 CD 96.85 245,000 237,283 (7,718) 274 12547CAX6 CIBC Bank USA 4.45% 04/14/23 04/14/28 CD 99.137 245,000 242,886 (2,114) 1,384 Chicago
17286TAGO Citadel Federal Credit 1.65% 02/25/20 02/27/25 CD 97.638 245,000 239,213 (5,787) 242 Union
19058RAE1 Coastall Credit Union 4.15% 01/31/24 01/31/28 CD 98.046 245,000 240,213 (4,787) 1,310 19075JAB4 Cobalt Federal Credit 3.60% 09/15/22 09/15/27 CD 96.345 245,000 236,045 (8,955) 1,172 Union
22551KAU6 Credit Union of Texas 4.40% 12/09/22 12/09/27 CD 98.808 245,000 242,080 (2,920) 1,257 23204HPB8 Customers Bank 4.50% 06/14/23 06/14/28 CD 99.394 245,000 243,515 (1,485) 1,445 24951TAL9 Department of 1.25% 01/07/22 01/07/27 CD 91.398 140,000 127,951 (12,049) 921 Commerce FCU
(57.14%)
254673D94 Discover Bank 3.20% 05/19/22 05/19/27 CD 95.479 245,000 233,924 (11,076) 1,053 27004PCV3 Eaglemark Savings Bank 3.25% 06/22/22 06/22/27 CD 95.486 195,000 187,153 (7,847) 1,087 (80%)
291916ABO Empower Federal Credit 5.10% 09/29/23 09/29/28 CD 101.867 115,000 117,150 2,150 1,552 Union(46.94%)
29367SJQ8 Enterprise Bank 1.80% 11/08/19 11/08/24 CD 98.724 245,000 241,874 (3,126) 131 29367RLM6 Enterprise Bank 0.85% 05/18/20 05/14/25 CD 96.25 90,000 86,614 (3,386) 318 (36.73%)
30002CAT5 Everett Co-Operative 3.90% 01/23/23 01/19/27 CD 97.914 245,000 239,889 (5,111) 933 3130ALD76 FHLB 0.70% 02125/21 02/25/26 Agency AA+ 93.182 500,000 465,910 (34,090) 605 3130ANSB7 FHLB 1.00% 09/17/21 09/17/26 Agency AA+ 91.999 1,000,000 919,990 (80,010) 809 3130ARGQ8 FHLB 2.88% 04/14/22 04/14/27 Agency AA+ 95.24 500,000 476,200 (23,800) 1,018 3130ATDV6 FHLB 5.00% 09/30/22 09/30/27 Agency AA+ 99.571 500,000 497,855 (2,145) 1,187 Council Agenda 8-20-2024 12.13-10
Attachment 3
City of Pismo Beach
June 30,2024 QUARTERLY INVESTMENT REPORT
Table C: 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 AcgDate Maturity Type S&P Par Value Book Value IDC Market Gain/ Daysto Value Loss Stated
Maturity
3130AQAU7 FHLB(14%) 1.45% 12/29121 12/29/26 Agency AA+ 92.18 140,000 129,052 (10,948) 912 3130AMS37 FHLB(20%) 1.00% 06124/21 06/24/26 Agency AA+ 92.768 400,000 371,072 (28,928) 724 3130AMCY6 FHLB(25%) 1.00% 05127121 05/27/26 Agency AA+ 93.021 500,000 465,105 (34,895) 696 313MMS37 FHLB(30%) 1.00% 06124121 06/24/26 Agency AA+ 92.768 600,000 556,608 (43,392) 724 3130AMCY6 FHLB(46.7%) 1.00% 05/27/21 05/27/26 Agency AA+ 93.021 934,000 868,816 (65,184) 696 313MMS37 FHLB(50%) 1.00% 06/24/21 06/24/26 Agency AA+ 92.768 1,000,000 927,680 (72,320) 724 3130ARGE5 FHLB(50%) 3.00% 04/21/22 04/21/27 Agency AA+ 95.525 250,000 238,813 (11,188) 1,025 3130ARGE5 FHLB(50%) 3.00% 04/21122 04/21/27 Agency AA+ 95.525 250,000 238,813 (11,188) 1,025 3130AV6C1 FHLB(50%) 5.71% 03/27/23 03/27/28 Agency AA+ 99.892 250,000 249,730 (270) 1,366 3130AV6C1 FHLB(50%) 5.71% 03/27/23 03/27/28 Agency AA+ 99.892 250,000 249,730 (270) 1,366 3130AQAU7 FHLB(61.5%) 1.45% 12/29/21 12/29/26 Agency AA+ 92.18 615,000 566,907 (48,093) 912 3130ALYC2 FHLB(75.5%) 1.14% 04/29/21 04/29/26 Agency AA+ 93.54 755,000 706,227 (48,773) 668 32024JAM5 First Federal Credit 4.40% 02/17/23 02/17/28 CD 98.891 53,033 52,454 (579) 1,327 Union-(21.65%)
3211OYE84 First National Bank 4.60% 09/21/23 09/21/28 CD 99.928 245,000 244,824 (176) 1,544 America
32112UDJ7 First National Bank 1.80% 12/30/19 12/30/24 CD 98.231 245,000 240,666 (4,334) 183 McGregor
334342CD2 First National Bank 1.85% 08130119 08/30/24 CD 99.392 245,000 243,510 (1,490) 61 Syracuse
33715LED8 First Technology 3.70% 08/19/22 08/19/27 CD 96.663 245,000 236,824 (8,176) 1,145 3136G4WV1 FNMA 0.75% 06/16/20 06/16/25 Agency AA+ 95.656 1,000,000 956,560 (43,440) 351 3136G4J61 FNMA 0.57% 08/26/20 08/26/25 Agency AA+ 95.036 750,000 712,770 (37,230) 422 3136G431-5 FNMA 0.55% 09/30120 09/30/25 Agency AA+ 94.627 1,000,000 946,270 (53,730) 457 39573LEM6 Greenstate Credit Union 5.00% 09126/23 09/26/28 CD 101.474 195,000 197,895 2,895 1,549 (79.6%)
472207AE9 Jeanne D Arc Federal 3.80% 09/30/22 09/30/27 CD 96.92 245,000 237,454 (7,546) 1,187 Credit Union
502516QY6 La Canada Califomia 1.75% 04/28/20 08/01/24 Municipal Bond 99.686 571,288 563,226 (8,063) 32 USD
5121OSSDO Lakeside Bank 1.40% 03/30/20 03/31/25 CD 97.143 245,000 238,000 (7,000) 274 58404DSM4 Medallion Bank Utah 4.40% 06/16/23 06/16/28 CD 99.071 245,000 242,724 (2,276) 1,447 60425SKB4 Minnwest Bank 4.25% 05/01/23 05/03/27 CD 98.331 245,000 240,911 (4,089) 1,037 6169OUJ68 Morgan Stanley Bank 3.25% 05119122 05/19/27 CD 95.604 245,000 234,230 (10,770) 1,053 61768ET29 Morgan Stanley Bank 4.35% 03/06124 03/06/29 CD 99.075 245,000 242,734 (2,266) 1,710 67054NBC6 Numerica Credit Union 4.95% 11104122 11/04/27 CD 100.467 245,000 246,144 1,144 1,222 694231AFB Pacific Enterprise Bank 1.35% 04/09/20 04/09/25 CD 97.03 245,000 237,724 (7,277) 283 69506YRG6 Pacific Western Bank 1.35% 04/16/20 04/16/25 CD 96.958 245,000 237,547 (7,453) 290 6966674G6 Palm Springs USD GO 0.85% 10128120 08/01/24 Municipal Bond AA 99.618 35,078 34,804 (275) 32 Bonds(4.34%)
70962LAS1 Pentagon Federal Credit 0.90% 09/29/21 09/29/26 CD 91.531 245,000 224,251 (20,749) 821 Union
75472RAE1 Raymond James Bank 2.00% 08/23/19 08/23/24 CD 99.471 245,000 243,704 (1,296) 54 79772FAG1 San Francisco Federal 4.35% 02/03/23 02103/28 CD 98.708 245,000 241,835 (3,165) 1,313 Credit Union
856285K91 State Bank India 2.00% 03/23/22 03/23/27 CD 92.67 245,000 227,042 (17,959) 996 88241THJ2 Texas Exchange Bank 1.00% 06/10/20 06/13/25 CD 96.075 245,000 235,384 (9,616) 348 Council Agenda 8-20-2024 12.13-11
Attachment 3
City of Pismo Beach
June 30,2024 QUARTERLY INVESTMENT REPORT
Table C: 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 AcgDate Maturity Type S&P Par Value Book Value IDC Market Gain/ Daysto Value Loss Stated
Maturity
89236TGT6 Toyota Motor Corp 1.80% 06/05/20 02113/25 Corporate Bond A+ 97.78 257,893 244,450 (13,443) 228 90348JTH3 UBS Bank USA 1.25% 03/25/20 03/25/25 CD 97.097 245,000 237,888 (7,112) 268 90331HMS9 US Bank National 2.80% 05/29/20 01/27/25 Corporate Bond A+ 98.408 271,250 246,020 (25,230) 211 912797KK2 US Treasury Bill 5.11% 03/14/24 09/12124 Treasury Note 98.938 1,000,000 1,014,115 14,115 74 (12.50%)
912797KK2 US Treasury Bill 5.11% 03/14/24 09/12124 Treasury Note 98.938 1,000,000 1,014,115 14,115 74 (12.50%)
912797KK2 US Treasury Bill 5.11% 03/14/24 09/12/24 Treasury Note 98.938 6,003,991 6,084,687 80,696 74 (75.00%)
917352AH9 Utah Community Credit 4.50% 06/07/23 06/07/28 CD 101.408 245,000 248,450 3,450 1,438 Union
92891CCP5 Vystar Credit Union 4.45% 09/30/22 09/30/27 CD 98.885 245,000 242,268 (2,732) 1,187 938828BN9 Washington Federal 1.95% 08/28/19 08/28/24 CD 99.433 245,000 243,611 (1,389) 59 Bank
98138MCC2 Workers Federal Credit 5.25% 11/15/23 11/15/28 CD 102.58 245,000 251,321 6,321 1,599 Union
Total $ 34,591,551 $33,576,698
Council Agenda 8-20-2024 12.13-12