G\T Y OF
PISMO BEACH CITY COUNCIL STAFF REPORT
A�syoBt Agenda Item #9.E
Meeting Date: November 19 2024
TITLE:
Quarterly Investment Report for the Three Months of July through September 2024 — the First Quarter of Fiscal Year (FY) 2025
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, 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 September 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 September 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 $7.13 million, earning a projected 2.41% average interest rate during Fiscal Year (FY) 2025. Specifics of each reserve are provided below:
Council Agenda 11-19-2024 9.E-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 $8.23 million, which is 25% of the FY 2025 budgeted annual operating expenditures. Currently, $6.38 million is invested in various CDs, GASs, Corp Bonds, and Munis earning 2.38% 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 $24.00 million in various CDs, GASs, Corp Bonds, and Munis that mature at various periods over the next five years and have a 2.28% average interest rate during FY 2025.
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, 2024, the City-Pooled Funds B are allocated or invested as described below.
• $24.06 million in PFM Asset Management California Asset Management Program (CAMP) Pool is a California Joint Powers Authority (JPA) is a State investment pool earning 5.29% annually and is the City's main savings account where the majority of cash is held for current year expenditures.
• $21.07 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 4.76% in June.
• $326 thousand in Local Agency Investment Fund (LAIF): LAIF is a State investment pool earning 4.71% annually and is the City's secondary savings account where the majority of cash is held for current year expenditures.
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 Council Agenda 11-19-2024 9.E-2
the City's restricted investment earnings. The projected earnings are 6.75% per year and fluctuate from quarter to quarter. Until FY 2024, the City's OPEB Trust Account had an unfunded liability, which the City contributed the Actuarial Determined Contribution amount each year to reduce the liability. As of the end of FY 2024, the Account is currently over-funded and the City is seeking reimbursement for current OPEB costs in FY 2025 and will not be contributing any amount to the Account this year. Contributions to the OPEB Trust Account are 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 September 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 September 30, 2024
Maximum Book Value as % of
Financial Instrument % of 9/30/24 Portfolio PFM Asset Mgmt CAMP 100% $ 24,061,525 31%
Checking Account 100% 21,071,634 28%
Negotiable Certificates of Deposit 30% 15,013,396 20% US Government Agency Obligations 50% 12,941,967 17% Local Agency Investment Fund 100% 326,373 0% Corporate Bond 30% 2,591,143 3%
Issues of Other California entities 30% 585,655 1% $ 76,591,692 100%
Bond funds: Wilmington Trust $ 642
OPEB Trust Account 5,781,483
Total Book Value $ 82,373,817
Council Agenda 11-19-2024 9.E-3
Chart 1: Investment Portfolio as of June 30, 2024
Local Agency Corporate
Investment Bond, 3/o Issues of Other
California
Fund, 0% \ entities, 1%
US Government
Agency
Obligations, 17%
PFM Asset
Mgmt CAMP,
Negotiable 31%
Certificates of
Deposit, 20%
Checking
Account, 28%
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 $ 45,459,532
FY 2025 6,606,798
FY 2026 8,250,000
FY 2027 9,170,363
FY 2028 5,145,000
FY 2029 1,960,000
$ 76,591,692
Council Agenda 11-19-2024 9.E-4
Chart 2: Liquidity of the City's Managed Portfolio
FY 2029
_ _
FY 2028
m
o_
FY 2027
J
FY 2026
FY 2025 _
0 to 30 days
0 10,000 20,000 30,000 40,000 50,000 Portfolio Amount ($ thousands)
Council Agenda 11-19-2024 9.E-5
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, 2024, the City's total book value of cash and investments was $82.37 million. This is $3.69 million greater than the last quarter's ending balance. There are a number of factors that impact changes in cash and investment balances from quarter to quarter. These changes may include receiving periodic payments (e.g., property taxes are received in December and April), large payments on debt service or capital projects, seasonal revenues and expenditures, and other factors affecting cash flow. Table 3 illustrates the book value as of the quarter ending September 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 9/30/24 6/30/24 Variance General Fund Reserve CDs/GASs/Corp $ 7,130,967 $ 7,658,980 $ (528,013) Bonds/Muni Bonds
City Pooled Funds - A CDs/GASs/ Corp 24,001,193 34,736,551 (10,735,358) Bonds/ Muni Bonds
City Pooled Funds - B $ 45,459,532 $ 33,815,659 Bond funds Blackrock Federal 642 1,607 (965) Fund
OPEB Trust Account Benefit Trust Account 5,781,483 5,500,858 280,625 TOTAL $ 82,373,817 $ 81,713,656 $ (3,694,279) 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, 2024 for CDs, GASs, Municipal Bonds, and Corporate Bonds was $30.41 million, which is $725 thousand 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 9/30/24 of 9/30/24 Variance General Fund Reserve CDs/GASs/Corp $ 7,130,967 $ 6,937,216 $ (193,751) Bonds/Muni Bonds
City Pooled Funds - A CDs/GASs/ Corp 24,001,193 23,469,804 (531,389) Bonds/ Muni Bonds
Total All Securities $ 31,132,160 $ 30,407,020 $ (725,140) Council Agenda 11-19-2024 9.E-6
Investment Earnings and Performance
Interest Earnings: In the past quarter ending September 30, 2024, the City's total interest earnings were a gain of $1.27 million, including a $830 thousand gain in the City's managed portfolio and a $436 thousand gain in OPEB. The estimated interest earnings for FY 2025 are $2.47 million, which is a gain of 4.06% for the year for the City's entire portfolio and a gain of 3.22% for the City's managed portfolio, as illustrated in Table 5.
Note that as the City's cash and investments change, the interest earnings change correspondingly.
Table 5: Estimated Investment Earnings
Actual Estimated
Interest Annual Estimated
Book Value as Earned 1st Year-to-Date *Data Interest Annual Interest Investment Name Type of Investment of 9/30/24 Quarter Interest Earned Source Earnings Earnings Rate General Fund Reserves CDs/GASs/Corp $ 7,130,967 $ 44,710 $ 44,710 1 $ 173,542 2.43% Bonds/Muni Bonds
City Pooled Funds-A CDs/GASs/Corp 24,001,193 362,561 362,561 1 773,362 3.22% Bonds/Muni Bonds
City Pooled Funds-B Various 45,459,532 423,106 525,264 1,522,029 3.35% Bond funds Wilmington Trust 642 58 58 5 116 18.05% OPEB Trust Account* Benefit Trust 5,781,483 436,172 436,172 6 872,345 15.09% Account
TOTAL $82,373,817 $1,266,607 $ 1,368,766 $ 3,341,394 4.06% Total Managed Portfolio $76,591,692 $ 830,377 $ 932,535 $ 2,468,934 3.22% Performance: The projected annual interest earnings rate for FY 2025 is 4.06% for the City's entire portfolio. The projected annual interest earnings rate for FY 2024 is 3.22% for the City's managed portfolio (excludes Bond funds and OPEB Trust Account). This is compared to LAIF, which is earned 4.71% as of September 30, 2024, or the 1-year U.S.
Treasury Note, which earned 4.01% as of September 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 4.06% City's Annual Earnings Rate for Managed Portfolio 3.22% LAIF Average Annual Earnings Rate 4.71%
1-Year U.S. Treasury Note 4.01%
Council Agenda 11-19-2024 9.E-7
Future Outlook
Recent data indicates that economic activity continues to expand and a steady pace.
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 lower the federal funds rate target range by 0.25% to 4.50% to 4.75%. The Committee anticipates 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 one more time in 2024 and about four more 0.25% rate cuts in 2025.
With a declining federal funds rate, market interest rates are still higher than the City's overall portfolio, although declining especially in the longer-term securities. 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 remain strong.
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 11-19-2024 9.E-8
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 1st Earned Estimated
Earnings Book Value Quarter Ending Ending 'Data Annual Interest Investment Name Name of Institution Type of Investment Rate as of 9/30/24 9/30/24 9/30/24 Source Earnings"" General Fund Reserves US Bank CDs/GASs/Corp 2.41%avg 7,130,967 $ 44,710 $ 44,710 1 $ 173,542 Bonds/Muni Bonds
City Pooled Funds-A US Bank CDs/GASs/Corp 2.28%avg 24,001,193 362,561 362,561 1 773,362 Bonds/Muni Bonds
Total All Securities $ 31,132,160 $ 407,271 $ 407,271 $ 946,904 City Pooled Funds-B US Bank Custody 0.00% $ - $ 6,306 $ 6,306 1 12,611 City Pooled Funds-B Local Agency Invest. State Investment Pool 4.71% 326,373 75,425 75,425 2 90,112 Fund(LAIF)
City Pooled Funds-B PFM Asset Mgmt JPA Investment Pool 5.29% 24,061,525 61,524 61,524 3 196,877 CAMP
City Pooled Funds-B US Bank Checking&Sweep 4.76% 21,071,634 279,851 382,009 4 1,222,429 City Pooled Funds-B $ 45,459,532 $ 423,106 $ 525,264 $ 1,522,029 City Pooled Funds total A+B $ 69,460,725 $ 785,666 $ 887,825 $ 2,468,934 Funds Held with Fiscal Bond funds:Wilmington 2017 Pier Project $ 402 $ 36 $ 36 5 73 Agent Trust
Funds Held with Fiscal Bond funds:Wilmington 2017B CREBs 240 22 22 5 43 Agent Trust
Calpers Benefit Trust
OPEB Trust Account CaIPERS Benefit Trust Various managed by $ 5,781,483 $ 436,172 $ 436,172 6 872,345 Account CaIPERS
TOTAL,Cash and Investments at September 30,2024: $ 82,373,817 $ 1,266,607 $1,368,766 $ 3,341,394 TOTAL for City Managed Portfolio,Cash and Investments: $ 76,591,692 $ 830,377 $ 932,535 $ 2,468,934 Notes.
*Data Sources for Book Values and Actual Interest Earned:
1=Monthly investment statement from US Bank
2=Monthly statement from Local Agency Investment Fund
3=Monthly statement from PFM Asset Management LLC
4=Monthly reconciled bank statement from US Bank
5=Monthly statement from Wilmington Trust
6=Monthly statement from CaIPERS Benefit Trust Account
Council Agenda 11-19-2024 9.E-9
Attachment 2
City of Pismo Beach
September 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/ Days to Value Loss Stated
Maturity
02589ACEO American Express 2.90% 05/03/22 04/27/27 CD 97.786 147,000 143,755 (3,245) 666 (59.76%)
052392BT3 Austin Telco Federal 3.80% 09/21/22 09/21/27 CD 100 245,000 245,000 - 813 Credit Union
06406RBA4 Bank New York Mellon 2.05% 01126122 01/26/27 CD A 95.753 245,000 234,762 (10,238) 575 (32.69%)
07371 BIN H0 Beal Bank Plano Texas 4.70% 06112124 06/06/29 CD 104.601 245,000 256,272 11,272 1,437 07371DT23 Beal Bank USA Las 4.70% 06/12/24 06/06/29 CD 104.601 245,000 256,272 11,272 1,437 Vegas Nevada
05600XQL7 BMO Harris Bank 4.45% 05/24/23 05/24/28 CD 102.874 139,000 142,983 3,983 1,059 (56.73%)
13063CLW8 California State GO 5.00% 05/08/20 10/01/24 Municipal Bond AA- 100 245,000 209,150 (35,850) (272) Bonds(41.83%)
13063CLW8 California State GO 5.00% 05/08/20 10/01/24 Municipal Bond AA- 100 50,000 42,700 (7,300) (272) Bonds(8.54%)
14042TFP7 Capital One Bank 2.90% 04/27/22 04/27/27 CD 97.786 117,000 114,421 (2,579) 666 (47.76%)
24951TAL9 Department of 1.25% 01/07/22 01/07/27 CD 94.464 50,000 47,236 (2,764) 556 Commerce FCU
(20.41%)
24951TAL9 Department of 1.25% 01/07/22 01/07/27 CD 94.464 55,000 51,958 (3,042) 556 Commerce FCU
(22.45%)
27004PCV3 Eaglemark Savings Bank 3.25% 06/22/22 06/22/27 CD 98.555 50,000 48,292 (1,708) 722 (20%)
291916ABO Empower Federal Credit 5.10% 09/29/23 09/29/28 CD 105.768 130,000 137,495 7,495 1,187 Union(53.06%)
29367RLM6 Enterprise Bank 0.85% 05/18/20 05/14/25 CD 97.847 155,000 151,674 (3,326) (47) (63.27%)
3130APB87 FHLB 1.10% 10/13/21 10/13/26 Agency AA+ 94.788 500,000 473,940 (26,060) 470 313OAQZ55 FHLB 2.50% 03/10/22 03/10/27 Agency AA+ 97.057 500,000 485,285 (14,715) 618 3130ALYC2 FHLB(19.2%) 1.14% 04/29/21 04/29/26 Agency AA+ 95.799 192,000 183,934 (8,066) 303 3130AMCY6 FHLB(2.5%) 1.00% 05/27/21 05/27/26 Agency AA+ 95.351 50,000 47,676 (2,325) 331 3130AQAU7 FHLB(24.5%) 1.45% 12/29/21 12/29/26 Agency AA+ 94.989 245,000 232,723 (12,277) 547 3130AMCY6 FHLB(25.8%) 1.00% 05/27/21 05/27/26 Agency AA+ 95.351 516,000 492,011 (23,989) 331 3130ARF55 FHLB(49%) 2.60% 03/30/22 03/30/27 Agency AA+ 97.225 245,000 238,201 (6,799) 638 3130ALYC2 FHLB(5.3%) 1.14% 04/29/21 04/29/26 Agency AA+ 95.799 53,000 50,773 (2,227) 303 3130ARF55 FHLB(51%) 2.60% 03/30/22 03/30/27 Agency AA+ 97.225 255,000 247,924 (7,076) 638 32024JAM5 First Federal Credit 4.40% 02/17/23 02/17/28 Agency 102.208 191,967 196,196 4,229 962 Union-(78.35%)
33847E3J4 Flagstar Bank 0.90% 05/15/20 05/15/25 CD 97.869 245,000 239,779 (5,221) (46) 39573LEM6 Greenstate Credit Union 5.00% 09/26/23 09/26/28 CD 105.378 50,000 52,668 2,668 1,184 (20.4%)
46632FRUl JP Morgan Chase Bank 0.70% 01122121 01/22/26 Corporate Bond A+ 93.964 500,000 469,820 (30,180) 206 50625LBN2 Lafayette Federal Credit 3.25% 06/15/22 06/15/27 CD 98.587 245,000 241,538 (3,462) 715 Union
59013KPNO Merrick Bank 1.10% 11/09/21 11/09/26 CD 94.538 245,000 231,618 (13,382) 497 835104BZ2 Somerset Tr Co 1.00% 03/19/20 03/19/25 CD 98.373 245,000 241,014 (3,986) (103) 87164X2C9 Synchrony Bank 4.60% 09/15/23 09/15/28 CD 103.798 245,000 254,305 9,305 1,173 88413QDL9 Third Federal Savings 3.50% 06/28/22 06/28/27 CD 99.191 245,000 243,018 (1,982) 728 Bank
89235MLC3 Toyota Financial Savings 0.95% 07/15/21 07/15/26 CD 95.029 245,000 232,821 (12,179) 380 Bank
Total $ 7,130,967 $ 6,937,216
Council Agenda 11-19-2024 9.E-10
Attachment 3
City of Pismo Beach
September 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/ Days to Value Loss Stated
Maturity
01025RAN9 Alabama Credit Union 4.35% 02/28/24 02/28/28 CD 102.091 245,000 250,123 5,123 973 011852AEO Alaska USA Federal 4.60% 03/08/23 03/08/28 CD 102.933 245,000 252,186 7,186 982 Credit Union
01664MAB2 All In Federal Credit 4.40% 12/20/22 12/20/27 CD 101.987 245,000 249,868 4,868 903 Union
01882MAB8 Alliant Credit Union 4.95% 12/30/22 12/30/27 CD 103.705 245,000 254,077 9,077 913 0255413DA6 American Eagle Bank 1.10% 03/13/20 03/13/25 CD 98.467 245,000 241,244 (3,756) (109) 02589ACEO American E)press 2.90% 05/03/22 04/27/27 CD 97.786 99,000 96,799 (2,201) 666 (40.24%)
037833AZ3 Apple Inc 2.50% 03/05/20 02/09/25 Corporate Bond AA+ 99.244 1,062,000 992,440 (69,560) (141) 062119BSO Bank Five Nine(40.82%) 4.60% 04/14/23 04/13/28 CD 103.105 100,000 103,114 3,114 1,018 062119BSO Bank Five Nine(59.18%) 4.60% 04/14/23 04/13/28 CD 103.105 145,000 149,493 4,493 1,018 06406RBA4 Bank New York Mellon 2.05% 01/26/22 01/26/27 CD A 95.753 504,363 483,385 (20,977) 575 (67.31%)
06048WS43 Bank of America Corp 2.00% 02/18/22 08/18/25 Corporate Bond A- 97.118 500,000 485,590 (14,410) 49 06740KQEO Barclays Bank 3.00% 05/11/22 05/11/27 CD 97.989 245,000 240,073 (4,927) 680 05600XQL7 BMO Harris Bank 4.45% 05/24/23 05/24/28 CD 102.874 106,000 109,058 3,058 1,059 (43.27%)
05580AW59 BMW Bank North 4.60% 03/10/23 03/10/28 CD 102.909 245,000 252,127 7,127 984 America
13063CLW8 California State GO 5.00% 05108120 10/01/24 Municipal Bond AA- 100 290,655 248,150 (42,505) (272) Bonds(49.63%)
14042TFP7 Capital One Bank 2.90% 04/27/22 04/27/27 CD 97.786 128,000 125,154 (2,846) 666 (52.24%)
14042RQU8 Capital One National 2.90% 04/27/22 04/27/27 CD 97.786 50,000 48,897 (1,103) 666 (20.41%)
14042RQU8 Capital One National 2.90% 04/27/22 04/27/27 CD 97.786 195,000 190,678 (4,322) 666 (79.59%)
15118RUR6 Celtic Bank 1.35% 04/02/20 04/02/25 CD 98.443 245,000 241,185 (3,815) (89) 15201QCJ4 Centerstate Bank 1.00% 03/30/20 03/31/25 CD 98.282 245,000 240,791 (4,209) (91) 12547CAX6 CIBC Bank USA Chicago 4.45% 04/14/23 04/14/28 CD 102.573 245,000 251,304 6,304 1,019 17286TAGO Citadel Federal Credit 1.65% 02/25/20 02127/25 CD 98.822 245,000 242,114 (2,886) (123) Union
19058RAE1 Coastall Credit Union 4.15% 01/31/24 01/31/28 CD 101.36 245,000 248,332 3,332 945 19075JAB4 Cobalt Federal Credit 3.60% 09/15/22 09/15/27 CD 99.441 245,000 243,630 (1,370) 807 Union
22551KAU6 Credit Union of Texas 4.40% 12109/22 12109/27 CD 101.949 245,000 249,775 4,775 892 23204HPI38 Customers Bank 4.50% 06/14/23 06/14/28 CD 102.974 245,000 252,286 7,286 1,080 24951TAL9 Department of 1.25% 01/07/22 01/07/27 CD 94.464 140,000 132,243 (7,757) 556 Commerce FCU
(57.14%)
2546731394 Discover Bank 3.20% 05/19/22 05/19/27 CD 98.477 245,000 241,269 (3,731) 688 27004PCV3 Eaglemark Savings Bank 3.25% 06/22/22 06/22/27 CD 98.555 195,000 193,168 (1,832) 722 (80%)
291916ABO Empower Federal Credit 5.10% 09/29/23 09/29/28 CD 105.768 115,000 121,636 6,636 1,187 Union(46.94%)
29367SJOB Enterprise Bank 1.80% 11/08/19 11/08/24 CD 99.696 245,000 244,255 (745) (234) 29367RLM6 Enterprise Bank 0.85% 05/18/20 05/14/25 CD 97.847 90,000 88,051 (1,949) (47) (36.73%)
30002CAT5 Everett Co-Operative 3.90% 01/23/23 01/19/27 CD 100.433 245,000 246,061 1,061 568 Council Agenda 11-19-2024 9.E-11
Attachment 3
City of Pismo Beach
September 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 Gainl Days to Value Loss Stated
Maturity
3130ALD76 FHLB 0.70% 02/25/21 02/25/26 Agency AA+ 95.66 500,000 478,300 (21,700) 240 3130ANSB7 FHLB 1.00% 09/17/21 09/17/26 Agency AA+ 94.68 1,000,000 946,800 (53,200) 444 3130ARGQ8 FHLB 2.88% 04/14/22 04/14/27 Agency AA+ 97.829 500,000 489,145 (10,855) 653 3130AQAU7 FHLB(14%) 1.45% 12/29/21 12/29/26 Agency AA+ 94.989 140,000 132,985 (7,015) 547 3130AMS37 FHLB(20%) 1.00% 06/24/21 06/24/26 Agency AA+ 95.297 400,000 381,188 (18,812) 359 3130AMCY6 FHLB(25%) 1.00% 05/27/21 05/27/26 Agency AA+ 95.351 500,000 476,755 (23,245) 331 3130AMS37 FHLB(30%) 1.00% 06/24/21 06/24/26 Agency AA+ 95.297 600,000 571,782 (28,218) 359 3130AMCY6 FHLB(46.7%) 1.00% 05/27/21 05/27/26 Agency AA+ 95.351 934,000 890,578 (43,422) 331 3130AMS37 FHLB(50%) 1.00% 06/24/21 06/24/26 Agency AA+ 95.297 1,000,000 952,970 (47,030) 359 3130ARGE5 FHLB(50%) 3.00% 04/21/22 04/21/27 Agency AA+ 98.148 250,000 245,370 (4,630) 660 3130ARGE5 FHLB(50%) 3.00% 04/21/22 04/21/27 Agency AA+ 98.148 250,000 245,370 (4,630) 660 3130AQAU7 FHLB(61.5%) 1.45% 12/29/21 12129/26 Agency AA+ 94.989 615,000 584,182 (30,818) 547 3130ALYC2 FHLB(75.5%) 1.14% 04/29/21 04/29/26 Agency AA+ 95.799 755,000 723,282 (31,718) 303 32024JAM5 First Federal Credit 4.40% 02/17/23 02117/28 CD 102.208 53,033 54,214 1,181 962 Union-(21.65%)
3211OYE84 First National Bank 4.60% 09/21/23 09/21/28 CD 103.867 245,000 254,474 9,474 1,179 America
32112UDJ7 First National Bank 1.80% 12/30/19 12130/24 CD 99.272 245,000 243,216 (1,784) (182) McGregor
33715LED8 First Technology 3.70% 08/19/22 08/19/27 CD 99.727 245,000 244,331 (669) 780 3136G4WV1 FNMA 0.75% 06/16/20 06/16/25 Agency AA+ 97.549 1,000,000 975,490 (24,510) (14) 3136G4J61 FNMA 0.57% 08/26/20 08/26/25 Agency AA+ 96.719 750,000 725,393 (24,608) 57 3136G43L5 FNMA 0.55% 09/30/20 09/30/25 Agency AA+ 96.527 1,000,000 965,270 (34,730) 92 39573LEM6 Greenstate Credit Union 5.00% 09/26/23 09/26/28 CD 105.378 195,000 205,508 10,508 1,184 (79.6%)
472207AE9 Jeanne D Arc Federal 3.80% 09/30/22 09/30/27 CD 100 245,000 245,000 822 Credit Union
51210SSDO Lakeside Bank 1.40% 03/30/20 03/31/25 CD 98.475 245,000 241,264 (3,736) (91) 58404DSM4 Medallion Bank Utah 4.40% 06/16/23 06/16/28 CD 102.698 245,000 251,610 6,610 1,082 60425SKB4 Minnvvest Bank 4.25% 05/01/23 05/03/27 CD 101.11 245,000 247,720 2,720 672 6169OUJ68 Morgan Stanley Bank 3.25% 05/19/22 05/19/27 CD 98.592 245,000 241,550 (3,450) 688 61768ET29 Morgan Stanley Bank 4.35% 03/06/24 03/06/29 CD 103.063 245,000 252,504 7,504 1,345 67054NBC6 Numerica Credit Union 4.95% 11/04/22 11/04/27 CD 103.423 245,000 253,386 8,386 857 694231AF8 Pacific Enterprise Bank 1.35% 04/09/20 04/09/25 CD 98.393 245,000 241,063 (3,937) (82) 69506YRG6 Pacific Western Bank 1.35% 04/16/20 04/16/25 CD 98.347 245,000 240,950 (4,050) (75) 70962LAS1 Pentagon Federal Credit 0.90% 09/29/21 09/29/26 CD 94.43 245,000 231,354 (13,647) 456 Union
79772FAG1 San Francisco Federal 4.35% 02103/23 02103/28 CD 101.997 245,000 249,893 4,893 948 Credit Union
856285K91 State Bank India 2.00% 03/23/22 03/23/27 CD 95.767 245,000 234,629 (10,371) 631 88241THJ2 Texas Exchange Bank 1.00% 06/10/20 06/13/25 CD 97.729 245,000 239,436 (5,564) (17) 89236TGT6 Toyota Motor Corp 1.80% 06/05/20 02113/25 Corporate Bond A+ 98.927 257,893 247,318 (10,575) (137) 90348J1H3 UBS Bank USA 1.25% 03/25/20 03/25/25 CD 98.444 245,000 241,188 (3,812) (97) 90331HMS9 US Bank National 2.80% 05/29/20 01/27/25 Corporate Bond A+ 99.324 271,250 248,310 (22,940) (154) 917352AH9 Utah Community Credit 4.50% 06/07/23 06/07/28 CD 104.949 245,000 257,125 12,125 1,073 Union
92891CCP5 Vystar Credit Union 4.45% 09130/22 09/30/27 CD 101.84 245,000 249,508 4,508 822 98138MCC2 Workers Federal Credit 5.25% 11/15/23 11/15/28 CD 106.463 245,000 260,834 15,834 1,234 Union
Total $ 24,001,193 $23,469,804
Council Agenda 11-19-2024 9.E-12