G\T Y OF
PISMO BEACH CITY COUNCIL STAFF REPORT
A�syoBt Agenda Item #9.D
Meeting Date: February 18, 2025
TITLE:
Quarterly Investment Report for the Three Months of October through December 2024 — the Second 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 December 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. 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 December 31, 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 December 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 (CASs), Corporate Bonds (Corp Bonds), US Treasury Notes (Treasuries), and Mortgage-Backed Securities (MBSs)
• 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 $8.85 million, earning a projected 2.77% average interest rate during Fiscal Year (FY) 2025. Specifics of each reserve are provided below:
Council Agenda 2-18-2025 9.D-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, $8.15 million is invested in various CDs, GASs, Corp Bonds, and Treasuries earning 2.80% 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 2025.
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 $200 thousand, which is invested in CDs and GASs earning 2.63% on average per year. The remaining $50 thousand will be invested during FY 2025.
• 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 $46.14 million in various CDs, GASs, Corp Bonds, MBSs, and Treasuries that mature at various periods over the next five years and have a 2.20% 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 December 31, 2024, the City-Pooled Funds B are allocated or invested as described below.
• $13.36 million in PFM Asset Management California Asset Management Program (CAMP) Pool is a California Joint Powers Authority (JPA) is a State investment pool earning 4.73% annually and is the City's main savings account where the majority of cash is held for current year expenditures.
• $9.55 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 4.16% in December.
• $402 thousand in Local Agency Investment Fund (LAIF): LAIF is a State investment pool earning 4.62% annually and is the City's secondary savings account where the majority of cash is held for current year expenditures. • $313 thousand in the U.S. Bank Custodian: This is where interest from various investments is deposited and also where matured securities are temporarily deposited earning 4.34% annually.
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.
Council Agenda 2-18-2025 9.D-2
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. 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 December 31, 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 December 31, 2024
Maximum Book Value as % of
Financial Instrument % of 12/31/24 Portfolio Treasury Notes 100% $ 20,586,595 26%
Negotiable Certificates of Deposit 30% 14,715,363 19% PFM Asset Mgmt CAMP 100% 13,360,460 17%
US Government Agency Obligations 50% 12,750,000 16% Checking Account 100% $ 9,865,800 13%
Corporate Bond 30% 5,286,965 7%
Mortgage Backed Securities 20% 1,651,228 2% Local Agency Investment Fund 100% 401,798 1% $ 78,618,208 100%
Bond funds: Wilmington Trust $ 2,836
OPEB Trust Account 5,575,679
Total Book Value $ 84,196,724
Council Agenda 2-18-2025 9.D-3
Chart 1: Investment Portfolio as of December 31, 2024
Mortgage Backed Local Agency
Securities, 2% Investment Fund,
Corporate Bond, 1%
7%
Checking Account,
13%
Treasury Notes,
26%
US Government
Agency
Obligations, 16%
Negotiable
Certificates of
Deposit, 19%
PFM Asset Mgmt
CAMP, 17%
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 $ 23,628,057
FY 2025 7,002,308
FY 2026 12,134,375
FY 2027 12,970,675
FY 2028 10,828,102
FY 2029 8,503,055
FY 2030 3,551,636
$ 78,618,208
Council Agenda 2-18-2025 9.D-4
Chart 2: Liquidity of the City's Managed Portfolio
FY 2030
o FY 2029
m
FY 2028
FY 2027
FY 2026
FY 2025
0 to 30 days
0 5,000 10,000 15,000 20,000 25,000 Portfolio Amount ($ thousands)
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, 2024, the City's total book value of cash and investments was $121 .09 million. This is $39.38 million greater than the last quarter's ending balance, largely due to the recognition of bond proceeds for the 2024 Public Safety Facility Lease Revenue Bonds. These bonds were issued in July 2024 and the proceeds were recorded in December 2024. In general, 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 December 31, 2024 compared to the previous quarter.
Council Agenda 2-18-2025 9.D-5
Table 3: Book Value Comparison
Book Value as Book Value as of
Investment Name Type of Investment of 12/31/24 9/30/24 Variance General Fund Reserve CDs/GASs/Corp $ 8,854,483 $ 7,658,980 $ 1,195,503 Bonds/Treasuries
City Pooled Funds - A CDs/GASs/ Corp 46,135,668 34,736,551 11,399,117 Bonds/ MBSs/
City Pooled Funds - B $ 23,628,057 $ 33,815,659 (10,187,602) Bond funds Blackrock Federal 36,896,300 1,607 36,894,693 Fund
OPEB Trust Account Benefit Trust Account 5,575,679 5,500,858 74,821 TOTAL $121,090,188 $ 81,713,656 $ 39,376,532 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, 2024 for CDs, GASs, Corporate Bonds, MBSs, and Treasuries was $54.19 million, which is $800 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 12/31/24 of 12/31/24 Variance General Fund Reserve CDs/GASs/Corp $ 8,854,483 $ 8,659,719 $ (194,763) Bonds/Treasuries
City Pooled Funds - A CDs/GASs/ Corp 46,135,668 45,530,593 (605,075) Bonds/ MBSs/
Treasuries
Total All Securities $ 54,990,151 $ 54,190,313 $ (799,838) Council Agenda 2-18-2025 9.13-6
Investment Earnings and Performance
Interest Earnings: In the past quarter ending December 31, 2024, the City's total interest earnings were a gain of $415 thousand, including a $617 thousand gain in the City's managed portfolio and a $205 thousand loss in OPEB. The estimated interest earnings for FY 2025 are $3.35 million, which is a gain of 3.98% for the year for the City's entire portfolio and a gain of 3.67% 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 2nd Year-to-Date *Data Interest Annual Interest Investment Name Type of Investment of 12/31/24 Quarter Interest Earned Source Earnings Earnings Rate General Fund Reserves CDs/GASs/Corp $ 8,854,483 $ 48,080 $ 92,790 1 $ 215,458 2.43% Bonds/Treasuries
City Pooled Funds-A CDs/GASs/Corp 46,135,668 72,724 435,284 1 943,260 2.04% Bonds/MBSs/
Treasuries
City Pooled Funds-B Checking&Sweep $ 9,553,063 $ 158,856 $ 438,706 4 $ 658,059 6.89% City Pooled Funds-B Various 23,628,057 496,143 919,249 1,725,343 7.30% Bond funds Wilmington Trust 2,836 2,841 2,899 5 5,740 202.39% OPEB Trust Account* Benefit Trust 5,575,679 (204,800) 231,373 6 462,746 8.30% Account
TOTAL $84,196,724 $ 414,988 $ 1,681,595 $ 3,352,547 3.98% Total Managed Portfolio $78,618,208 $ 616,946 $ 1,447,323 $ 2,884,062 3.67% Performance: The projected annual interest earnings rate for FY 2025 is 3.98% for the City's entire portfolio. The projected annual interest earnings rate for FY 2025 is 3.67% for the City's managed portfolio (excludes Bond funds and OPEB Trust Account). This is compared to LAIF, which is earned 4.63% as of December 31, 2024, or the 1-year U.S.
Treasury Note, which earned 4.15% as of December 31, 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 3.98% City's Annual Earnings Rate for Managed Portfolio 3.67% LAIF Average Annual Earnings Rate 4.62%
1-Year U.S. Treasury Note 4.15%
Council Agenda 2-18-2025 9.D-7
Future Outlook
Recent data indicates that economic activity continues to expand at a steady pace. The unemployment rate has remained stable at historically low levels, reflecting a resilient labor market. While inflation has moderated over the past year, it remains slightly above the Federal Open Market Committee's (FOMC) long-term target.
The FOMC remains committed to achieving maximum employment and maintaining inflation at two percent over the long run. The Committee assesses that the risks to its employment and inflation objectives are becoming more balanced, though uncertainties in the economic outlook persist. It remains vigilant to potential risks on both sides of its dual mandate.
To support its policy goals, the Committee has decided to maintain the target range for the federal funds rate at 4.25% to 4.50%, following previous adjustments. Future policy decisions will be guided by incoming economic data and their implications for the broader economy.
Market interest rates are still higher than the City's overall portfolio, although declining especially in the longer-term securities. In response, the City Treasurer has rebalanced the portfolio to allocate more idle cash into longer-term investments to capitalize on the currently higher rates through FY 2030, 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: ,. t
Council Agenda 2-18-2025 9.D-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 2nd Earned Estimated
Earnings Book Value Quarter Ending Ending 'Data Annual Interest Investment Name Name of Institution Type of Investment Rate as of 12/13/24 12/31/24 12/31/24 Source Earnings" General Fund Reserves US Bank CDs/GASs/Corp 2.77%avg 8,854,483 $ 48,080 $ 92,790 1 $ 215,458 Bonds/Treasuries
City Pooled Funds-A US Bank CDs/GASs/Corp 2.20%avg 46,135,668 72,724 435,284 1 943,260 Bonds/MBSs/
Treasuries
Total All Securities $ 54,990,151 $ 120,803 $ 528,074 $ 1,158,719 City Pooled Funds-B US Bank Custody 4.34% $ 312,736 $ 33,805 $ 40,111 1 73,916 City Pooled Funds-B Local Agency Invest. State Investment Pool 4.62% 401,798 4,548 79,973 2 95,752 Fund(LAIF)
City Pooled Funds-B PFM Asset Mgmt JPA Investment Pool 4.73% 13,360,460 298,935 360,459 3 897,616 CAMP
City Pooled Funds-B US Bank Checking&Sweep 4.16% 9,553,063 158,856 438,706 4 658,059 City Pooled Funds-B $ 23,628,057 $ 496,143 $ 919,249 $ 1,725,343 City Pooled Funds total A+B $ 69,763,726 $ 568,867 $1,354,533 $ 2,884,062 Funds Held with Fiscal Bond funds:Wilmington 2017 Pier Project $ 2,157 $ 2,160 $ 2,196 5 4,356 Agent Trust
Funds Held with Fiscal Bond funds:Wilmington 2017B CREBs 679 681 702 5 1,383 Agent Trust
Funds Held with Fiscal Bond funds:Wilmington 2024 Public Safety 36,893,465 487,705 487,705 975,410 Agent Trust Facility
Calpers Benefit Trust
OPEB Trust Account CaIPERS Benefit Trust Various managed by $ 5,575,679 $ (204,800) $ 231,373 6 462,746 Account CalPERS
TOTAL,Cash and Investments at December 31,2024: $ 121,090,188 $ 902,693 $2,169,300 $ 4,327,957 TOTAL for City Managed Portfolio,Cash and Investments: $ 78,618,208 $ 616,946 $1,447,323 $ 2,884,062 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 CalPERS Benefit Trust Account
"Estimated Annual Interest Earnings for the current Fiscal Year(FY)2025:
1.Estimated Earnings on Investments are based on scheduled Interest Payments during FY 2025
2.Estimated Earnings on Other Financial Instruments are based on anticipated average account balances(Book Values)and interest rates during FY 2025.
Council Agenda 2-18-2025 9.D-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,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
02589ACEO American Express 2.90% 513/2022 4/27/2027 CD 97.542 147,000 143,396 (3,604) 666 (59.76%)
052392BT3 Austin Telco Federal 3.80% 9/21/2022 9/21/2027 CD 99.465 245,000 243,689 (1,311) 813 Credit Union
06406RBA4 Bank New York Mellon 2.05% 1/26/2022 1/26/2027 CD A 95.234 245,000 233,490 (11,510) 575 (32.69%)
07371BWHO Beal Bank Plano Texas 4.70% 6/12/2024 6/612029 CD 102.814 245,000 251,894 6,894 1,437 07371DT23 Beal Bank USA Las 4.70% 6/12/2024 6/612029 CD 102.814 245,000 251,894 6,894 1,437 Vegas Nevada
05600XQL7 BMO Harris Bank 4.45% 5/24/2023 5/24/2028 CD 101.561 139,000 141,158 2,158 1,059 (56.73%)
14042TFP7 Capital One Bank 2.90% 4/27/2022 4/27/2027 CD 97.542 117,000 114,136 (2,864) 666 (47.76%)
24951TAL9 Department of 1.25% 117/2022 1/712027 CD 94.646 50,000 47,327 (2,673) 556 Commerce FCU
(20.41%)
24951TAL9 Department of 1.25% 117/2022 1/712027 CD 94.646 55,000 52,058 (2,942) 556 Commerce FCU
(22.45%)
27004PCV3 Eaglemark Savings Bank 3.25% 6/22/2022 6/2212027 CD 98.211 50,000 48,123 (1,877) 722 (20%)
291916ABO Empower Federal Credit 5.10% 9/29/2023 9/29/2028 CD 103.808 130,000 134,947 4,947 1,187 Union(53.06%)
29367RLM6 Enterprise Bank 0.85% 5/18/2020 5/14/2025 CD 98.759 155,000 153,088 (1,912) (47) (63.27%)
3130APB87 FHLB 1.10% 10/13/2021 10/13/2026 Agency AA+ 94.523 500,000 472,615 (27,385) 470 313OAQZ55 FHLB 2.50% 3/10/2022 3/10/2027 Agency AA+ 96.119 500,000 480,595 (19,405) 618 3130ALYC2 FHLB(19.2%) 1.14% 4/29/2021 4/29/2026 Agency AA+ 95.946 192,000 184,216 (7,784) 303 3130AMCY6 FHLB(2.5%) 1.00% 5/27/2021 5/27/2026 Agency AA+ 95.261 50,000 47,631 (2,370) 331 3130AQAU7 FHLB(24.5%) 1.45% 12/29/2021 12/29/2026 Agency AA+ 94.479 245,000 231,474 (13,526) 547 3130AMCY6 FHLB(25.8%) 1.00% 5/27/2021 5/27/2026 Agency AA+ 95.261 516,000 491,547 (24,453) 331 3130ARF55 FHLB(49%) 2.60% 3/30/2022 3/30/2027 Agency AA+ 96.146 245,000 235,558 (9,442) 638 3130ALYC2 FHLB(5.3%) 1.14% 4/29/2021 4/29/2026 Agency AA+ 95.946 53,000 50,851 (2,149) 303 313MRF55 FHLB(51%) 2.60% 3/30/2022 3/30/2027 Agency AA+ 96.146 255,000 245,172 (9,828) 638 32024JAM5 First Federal Credit 4.40% 2/17/2023 2/17/2028 CD 101.163 191,967 194,190 2,223 962 Union-(78.35%)
33847E3J4 Flagstar Bank 0.90% 5/15/2020 5/15/2025 CD 98.769 245,000 241,984 (3,016) (46) 39573LEM6 Greenstate Credit Union 5.00% 9/26/2023 9/26/2028 CD 103.454 50,000 51,706 1,706 1,184 (20.4%)
46632FRUl JP Morgan Chase Bank 0.70% 1/22/2021 1/22/2026 Corporate Bond AA- 94.885 500,000 474,425 (25,575) 206 50625LBN2 Lafayette Federal Credit 3.25% 6/15/2022 6/15/2027 CD 98.221 245,000 240,641 (4,359) 715 Union
59013KPNO Merrick Bank 1.10% 1119/2021 11/912026 CD 94.763 245,000 232,169 (12,831) 497 835104BZ2 Somerset Tr Cc 1.00% 3/19/2020 3/19/2025 CD 99.278 245,000 243,231 (1,769) (103) 87164X2C9 Synchrony Bank 4.60% 9/15/2023 9/15/2028 CD 102.029 245,000 249,971 4,971 1,173 88413QDL9 Third Federal Savings 3.50% 6/28/2022 6/28/2027 CD 98.788 245,000 242,031 (2,969) 728 Bank
89235MLC3 Toyota Financial Savings 0.95% 7/15/2021 7/15/2026 CD 95.384 245,000 233,691 (11,309) 380 Bank
91282CJN2 US Treasury 4.38% 12/10/2024 11130/2028 Treasury Note 100.041 2,018,516 2,000,820 (17,696) 1,249 Total $ 8,854,483 $ 8,659,719
Council Agenda 2-18-2025 9.D-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,Corporate Bonds,Mortgage-Backed Securities,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
00440KAB9 Accenture Capital 4.05% 12111/2024 10/412029 Corporate Bond AA- 97.063 393,028 388,252 (4,776) 1,557 01025RAN9 Alabama Credit Union 4.35% 2/28/2024 2/28/2028 CD 101.026 245,000 247,514 2,514 973 011852AEO Alaska USA Federal 4.60% 318/2023 3/812028 CD 101.781 245,000 249,363 4,363 982 Credit Union
01664MAB2 All In Federal Credit 4.40% 12120/2022 12/20/2027 CD 101.106 245,000 247,710 2,710 903 Union
01882MAB8 Alliant Credit Union 4.95% 12130/2022 12/30/2027 CD 102.668 245,000 251,537 6,537 913 0255413DA6 American Eagle Bank 1.10% 3/13/2020 3/13/2025 CD 99.352 245,000 243,412 (1,588) (109) 02589ACEO American Egress 2.90% 5/3/2022 4/27/2027 CD 97.542 99,000 96,557 (2,443) 666 (40.24%)
037833AZ3 Apple Inc 2.50% 315/2020 219/2025 Corporate Bond AA+ 99.781 1,062,000 997,810 (64,190) (141) 05253JB59 Australia New Zealand 4.62% 12116/2024 12/16/2029 Corporate Bond AA- 99.159 800,392 793,272 (7,120) 1,630 062119BSO Bank Five Nine(40.82%) 4.60% 4/14/2023 4/13/2028 CD 101.843 100,000 101,852 1,852 1,018 062119BSO Bank Five Nine(59.18%) 4.60% 4/14/2023 4/13/2028 CD 101.843 145,000 147,663 2,663 1,018 06406RBA4 Bank New York Mellon 2.05% 1/26/2022 1/26/2027 CD A 95.234 504,363 480,765 (23,597) 575 (67.31%)
06048WS43 Bank of America Corp 2.00% 2118/2022 8/18/2025 Corporate Bond A- 97.741 500,000 488,705 (11,295) 49 06740KQEO Barclays Bank 3.00% 5/11/2022 5/11/2027 CD 97.736 245,000 239,453 (5,547) 680 05600XQL7 BMO Harris Bank 4.45% 5/24/2023 5/24/2028 CD 101.561 106,000 107,666 1,666 1,059 (43.27%)
05580AW59 BMW Bank North 4.60% 3/10/2023 3/10/2028 CD 101.763 245,000 249,319 4,319 984 America
14042TFP7 Capital One Bank 2.90% 4/27/2022 4/27/2027 CD 97.542 128,000 124,842 (3,158) 666 (52.24%)
14042RQU8 Capital One National 2.90% 4/27/2022 4/27/2027 CD 97.542 50,000 48,775 (1,225) 666 (20.41%)
14042RQU8 Capital One National 2.90% 4/27/2022 4/27/2027 CD 97.542 195,000 190,203 (4,797) 666 (79.59%)
15118RUR6 Celtic Bank 1.35% 412/2020 4/212025 CD 99.249 245,000 243,160 (1,840) (89) 152010CJ4 Centerstate Bank 1.00% 3/30/2020 3/31/2025 CD 99.187 245,000 243,008 (1,992) (91) 12547CAX6 CIBC Bank USA Chicago 4.45% 4/14/2023 4/14/2028 CD 101.375 245,000 248,369 3,369 1,019 17286TAGO Citadel Federal Credit 1.65% 2125/2020 2/27/2025 CD 99.578 245,000 243,966 (1,034) (123) Union
17325FBL1 Citibank 4.88% 12111/2024 11/19/2027 Corporate Bond A+ 100.08 552,195 550,440 (1,755) 872 19058RAE1 Coastal1 Credit Union 4.15% 1/31/2024 1/31/2028 CD 100.434 245,000 246,063 1,063 945 19075JAB4 Cobalt Federal Credit 3.60% 9/15/2022 9/15/2027 CD 98.965 245,000 242,464 (2,536) 807 Union
21688ABH4 Cooperatieve Centrale 4.49% 12111/2024 10/17/2029 Corporate Bond A+ 98.043 546,568 539,237 (7,332) 1,570 Raiffeeis Coco
22551KAU6 Credit Union of Texas 4.40% 1219/2022 12/912027 CD 101.097 245,000 247,688 2,688 892 23204HPB8 Customers Bank 4.50% 6/14/2023 6/14/2028 CD 101.573 245,000 248,854 3,854 1,080 24951TAL9 Department of 1.25% 1/7/2022 1/7/2027 CD 94.646 140,000 132,498 (7,502) 556 Commerce FCU
(57.14%)
254673D94 Discover Bank 3.20% 5/19/2022 5/19/2027 CD 98.175 245,000 240,529 (4,471) 688 27004PCV3 Eaglemark Savings Bank 3.25% 6/2212022 6/22/2027 CD 98.211 195,000 192,494 (2,506) 722 (80%)
291916ABO Empower Federal Credit 5.10% 9/29/2023 9/29/2028 CD 103.808 115,000 119,382 4,382 1,187 Union(46.94%)
29367RLM6 Enterprise Bank 0.85% 5/18/2020 5/14/2025 CD 98.759 90,000 88,872 (1,128) (47) (36.73%)
Council Agenda 2-18-2025 9.D-11
Attachment 3
City of Pismo Beach
September30,2024 QUARTERLY INVESTMENT REPORT
Table C: For City Pooled Funds A-Basic Data on Investments in Securities:
Government Agency Securities,Bank Certificates of Deposit,Corporate Bonds,Mortgage-Backed Securities,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
30002CAT5 Everett Co-Operative 3.90% 1123/2023 1119/2027 CD 99.97 245,000 244,927 (74) 568 3130ALD76 FHLB 0.70% 2125/2021 2/25/2026 Agency AA+ 96.002 500,000 480,010 (19,990) 240 3130ARGQ8 FHLB 2.88% 4/14/2022 4/14/2027 Agency AA+ 96.66 500,000 483,300 (16,700) 653 3130ANSB7 FHLB 1.00% 9/17/2021 9/17/2026 Agency AA+ 94.585 1,000,000 945,850 (54,150) 444 3130AQAU7 FHLB(14%) 1.45% 12129/2021 12/29/2026 Agency AA+ 94.479 140,000 132,271 (7,729) 547 3130AMS37 FHLB(20%) 1.00% 6/24/2021 6/24/2026 Agency AA+ 95.356 400,000 381,424 (18,576) 359 3130AMCY6 FHLB(25%) 1.00% 5/27/2021 5/27/2026 Agency AA+ 95.261 500,000 476,305 (23,695) 331 313MMS37 FHLB(30%) 1.00% 6/2412021 6/24/2026 Agency AA+ 95.356 600,000 572,136 (27,864) 359 3130AMCY6 FHLB(46.7%) 1.00% 5/27/2021 5/2712026 Agency AA+ 95.261 934,000 889,738 (44,262) 331 313MMS37 FHLB(50%) 1.00% 6/24/2021 6/2412026 Agency AA+ 95.356 1,000,000 953,560 (46,440) 359 3130ARGE5 FHLB(50%) 3.00% 4/21/2022 4/21/2027 Agency AA+ 96.906 250,000 242,265 (7,735) 660 3130ARGE5 FHLB(50%) 3.00% 4/21/2022 4/2112027 Agency AA+ 96.906 250,000 242,265 (7,735) 660 3130AQAU7 FHLB(61.5%) 1.45% 12129/2021 12/29/2026 Agency AA+ 94.479 615,000 581,046 (33,954) 547 3130ALYC2 FHLB(75.5%) 1.14% 4/29/2021 4/29/2026 Agency AA+ 95.946 755,000 724,392 (30,608) 303 3137HB3G7 FHLMC Mltchl 4.86% 12/13/2024 10/25/2028 MBS 100.336 556,682 551,848 (4,834) 1,213 3137RAQ74 FHLMC Mltchl 4.74% 12/13/2024 8/25/2028 MBS 99.984 554,146 549,912 (4,234) 1,152 32024JAM5 First Federal Credit 4.40% 2/17/2023 2117/2028 CD 101.163 53,033 53,659 626 962 Union-(21.65%)
32110YE84 First National Bank 4.60% 9/21/2023 9/21/2028 CD 102.06 245,000 250,047 5,047 1,179 America
33715LED8 First Technology 3.70% 8/19/2022 8/19/2027 CD 99.228 245,000 243,109 (1,891) 780 3136G4J61 FNMA 0.57% 8126/2020 8/26/2025 Agency AA+ 97.582 750,000 731,865 (18,135) 57 3136G4WV1 FNMA 0.75% 6/16/2020 6/16/2025 Agency AA+ 98.343 1,000,000 983,430 (16,570) (14) 3136G431_5 FNMA 0.55% 9/30/2020 9/30/2025 Agency AA+ 97.249 1,000,000 972,490 (27,510) 92 3136BTGM9 FNMA Gtd Remic 2.91% 12117/2024 7/25/2027 MBS 96.207 540,400 538,759 (1,641) 755 39573LEM6 Greenstate Credit Union 5.00% 9/26/2023 9/26/2028 CD 103,454 195,000 201,756 6,756 1,184 (79.6%)
472207AE9 Jeanne D Arc Federal 3.80% 9/30/2022 9/30/2027 CD 99.461 245,000 243,679 (1,321) 822 Credit Union
5121OSSDO Lakeside Bank 1.40% 3/30/2020 3/31/2025 CD 99.269 245,000 243,209 (1,791) (91) 58404DSM4 Medallion Bank Utah 4.40% 6/16/2023 6/16/2028 CD 101,279 245,000 248,134 3,134 1,082 60425SKB4 Minnust Bank 4.25% 51112023 51312027 CD 100.528 245,000 246,294 1,294 672 6169OW68 Morgan Stanley Bank 3.25% 5/19/2022 5119/2027 CD 98.279 245,000 240,784 (4,216) 688 61768ET29 Morgan Stanley Bank 4.35% 31612024 31612029 CD 101.318 245,000 248,229 3,229 1,345 67054NBC6 Numerica Credit Union 4.95% 111412022 111412027 CD 102.531 245,000 251,201 6,201 857 694231AF8 Pacific Enterprise Bank 1.35% 4/912020 419/2025 CD 99.195 245,000 243,028 (1,972) (82) 69506YRG6 Pacific Western Bank 1.35% 4/16/2020 4/16/2025 CD 99.143 245,000 242,900 (2,100) (75) 70962LAS1 Pentagon Federal Credit 0.90% 9/29/2021 9/29/2026 CD 94.709 245,000 232,037 (12,963) 456 Union
79772FAG1 San Francisco Federal 4.35% 21312023 213/2028 CD 101.004 245,000 247,460 2,460 948 Credit Union
8562851<91 State Bank India 2.00% 3/2312022 3/23/2027 CD 95.749 245,000 234,585 (10,415) 631 857449AE2 State Street 4.78% 12111/2024 11123/2029 Corporate Bond AA- 99.69 403,640 398,760 (4,880) 1,607 88241THJ2 Texas Exchange Bank 1.00% 6/1012020 6/13/2025 CD 98.568 245,000 241,492 (3,508) (17) 89236TGT6 Toyota Motor Corp 1.80% 61512020 2/13/2025 Corporate Bond A+ 99.658 257,893 249,145 (8,748) (137) 90348JTH3 UBS Bank USA 1.25% 3/25/2020 3/25/2025 CD 99.281 245,000 243,238 (1,762) (97) Council Agenda 2-18-2025 9.D-12
Attachment 3
City of Pismo Beach
September30,2024 QUARTERLY INVESTMENT REPORT
Table C; For City Pooled Funds A-Basic Data on Investments in Securities; Government Agency Securities,Bank Certificates of Deposit,Corporate Bonds,Mortgage-Backed Securities,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
90331 HMS9 US Bank National 2.80% 5/29/2020 1127/2025 Corporate Bond A+ 99.814 271,250 249,535 (21,715) (154) 912797MW4 US Treasury 0.00% 1211612024 11712025 Treasury Note 99.943 1,471,165 1,474,159 2,994 (174) 912828M56 US Treasury 2.25% 121111202411/15/2025 Treasury Note 98.289 1,963,438 1,965,780 2,343 138 91282CHX2 US Treasury 4.38% 12/11/2024 8/31/2028 Treasury Note 100.08 2,017,188 2,001,600 (15,588) 1,158 91282CAL5 US Treasury 0.38% 12111/2024 9/30/2027 Treasury Note 89.987 1,803,906 1,799,740 (4,166) 822 91282CCZ2 US Treasury 0.88% 12/1212024 9130/2026 Treasury Note 94.369 1,886,250 1,887,380 1,130 457 91282CFCO US Treasury 2.63% 12112/2024 7131/2029 Treasury Note 92.774 1,408,008 1,391,610 (16,398) 1,492 9128283F5 US Treasury 2.25% 12112/202411/15/2027 Treasury Note 94.547 1,424,766 1,418,205 (6,561) 868 9128282A7 US Treasury 1.50% 12111/2024 8/15/2026 Treasury Note 95.728 1,914,063 1,914,560 498 411 91282CEE7 US Treasury 2.38% 1211112024 3/31/2029 Treasury Note 92.29 1,396,523 1,384,350 (12,173) 1,370 91282CBC4 US Treasury 0.38% 12112120241213112025 Treasury Note 96.293 1,920,938 1,925,860 4,923 184 91282CAD3 US Treasury 0.38% 1211212024 7131/2027 Treasury Note 90.569 1,361,836 1,358,535 (3,301) 761 917352AH9 Utah Community Credit 4.50% 61712023 61712028 CD 103.385 245,000 253,293 8,293 1,073 Union
92891CCP5 Vystar Credit Union 4.45% 9/3012022 9130/2027 CD 101.149 245,000 247,815 2,815 822 98138MCC2 Workers Federal Credit 5.25% 11/15/2023 11/1512028 CD 104.465 245,000 255,939 10,939 1,234 Union
Total $ 46,135,668 $45,530,593
Council Agenda 2-18-2025 9.D-13