09.E Report FY 2025 Q3 Investment Report 2025-05-06 — Pismo Beach City Council, May 6, 2025

PISMO BEACH CITY COUNCIL STAFF REPORT
Agenda Item #9.E
Meeting Date: May 6, 2025
TITLE:

Quarterly Investment Report for the Three Months of January through March 2025 –the Third 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 March 31, 2025. 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 March 31, 2025.
•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 March 31, 2025 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 (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 $8.66 million, earning a projected 2.81% average interest rate during Fiscal Year (FY) 2025. Specifics of each reserve are provided below:

Council Agenda 5-6-2025 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 $8.21 million, which is 25% of the FY 2025 budgeted annual operating expenditures. Currently, $7.91 million is invested in various CDs, GASs, Corp Bonds, and Treasuries earning 2.85% on average per year. 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 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 $250 thousand, which is invested in CDs and GASs earning 2.28% 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 $44.47 million in various CDs, GASs, Corp Bonds, MBSs, and Treasuries that mature at various periods over the next five years and have a 2.59% 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 March 31, 2025, the City-Pooled Funds B are allocated or invested as described below.
• $13.51 million in PFM Asset Management California Asset Management Program (CAMP) Pool is a California Joint Powers Authority (JPA) is a State investment pool earning 4.47% annually and is the City’s main savings account where the majority of cash is held for current year expenditures.
• $7.27 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 3.95%.
• $406 thousand in Local Agency Investment Fund (LAIF): LAIF is a State investment pool earning 4.48% annually and is the City’s secondary savings account where the majority of cash is held for current year expenditures. • $2.43 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 4.17% 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 5-6-2025 9.E-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 March 31, 2025 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 March 31, 2025

Financial Instrument
Maximum
%
Book Value as
of 3/31/25
% of
Portfolio
Treasury Notes 100% 17,320,233$ 23%
PFM Asset Mgmt CAMP 100% 13,509,607 18%
Negotiable Certificates of Deposit 30% 13,245,363 17% US Government Agency Obligations 50% 12,750,000 17% Checking Account 100% 9,692,581 13%
Corporate Bond 30% 6,697,872 9%
Mortgage Backed Securities 20% 3,117,491 4%
Local Agency Investment Fund 100% 406,346 1%
76,739,493$ 100%
Bond funds: Wilmington Trust 34,661,960$
OPEB Trust Account 5,610,818
Total Book Value 117,012,271$
Council Agenda 5-6-2025 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. Table 2 and Chart 2 illustrate the liquidity of the City’s managed portfolio.

Table 2: Liquidity of the City’s Managed Portfolio

Treasury
Notes, 23%
PFM Asset
Mgmt CAMP,
18%
Negotiable
Certificates of
Deposit, 17%
US
Government
Agency
Obligations,
17%
Checking
Account, 13%
Corporate
Bond, 9%
Mortgage
Backed
Securities, 4%
Local Agency
Investment
Fund, 1%
Chart 1: Investment Portfolio as of March 31, 2025
Liquidity Amount
0 to 30 days 23,608,534$
FY 2025 3,761,399
FY 2026 10,453,555
FY 2027 12,372,530
FY 2028 12,923,997
FY 2029 8,986,823
FY 2030 4,632,654
76,739,493$
Council Agenda 5-6-2025 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, 2025, the City’s total book value of cash and investments was $117.01 million. This is $4.08 million less than the last quarter’s ending balance, largely due to spending down bond proceeds for the 2024 Public Safety Facility Lease Revenue Bonds. 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 March 31, 2025 compared to the previous quarter.

0 5,000 10,000 15,000 20,000 25,000
0 to 30 days
FY 2025
FY 2026
FY 2027
FY 2028
FY 2029
FY 2030
Portfolio Amount ($ thousands)
Li
q
u
i
d
i
t
y

P
e
r
i
o
d
Chart 2: Liquidity of the City’s Managed Portfolio
Council Agenda 5-6-2025 9.E-5

Table 3: Book Value Comparison

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, 2025 for CDs, GASs, Corporate Bonds, MBSs, and Treasuries was $52.90 million, which is $235 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

Investment Name Type of Investment
Book Value as of
3/31/25
Book Value as of
12/31/24 Variance
General Fund Reserve CDs/GASs/Corp
Bonds/Treasuries
8,659,483$ 8,854,483$ (195,000)$
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ MBSs/
44,471,476 46,135,668 (1,664,192)
City Pooled Funds - B 23,608,534$ 23,628,057$ (19,524) Bond funds Blackrock Federal
Fund
34,661,960 36,896,300 (2,234,340)
OPEB Trust Account Benefit Trust Account 5,610,818 5,575,679 35,139 TOTAL 117,012,271$ 121,090,188$ (4,077,917)$
Investment Name Type of Investment
Book Value as of
3/31/25
Market Value as
of 3/31/25 Variance
General Fund Reserve CDs/GASs/Corp
Bonds/Treasuries
8,659,483$ 8,531,255$ (128,228)$
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ MBSs/
Treasuries
44,471,476 44,365,042 (106,434)
Total All Securities 53,130,959$ 52,896,297$ (234,662)$ Council Agenda 5-6-2025 9.E-6

Investment Earnings and Performance
The City’s Investment Policy outlines the objectives of the City’s investments, in priority order, as:
• Safety of principal to ensure the preservation of,
• Liquidity to enable the City to all operating requirements which might be reasonably anticipated; and
• Return on investments commensurate with the City’s investment risk constraints identified in the Investment Policy and the cash flow characteristics of the portfolio All three objectives have been met and interest earnings are described below.

Interest Earnings: In the past quarter ending March 31, 2025, the City’s total interest earnings were a gain of $633 thousand, including a $596 thousand gain in the City’s managed portfolio and a $36 thousand gain in OPEB. The estimated interest earnings for FY 2025 are $3.12 million, which is a gain of 3.79% 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

Performance:

The projected annual interest earnings rate for FY 2025 is 3.79% 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 4.48% as of March 31, 2025, or the 1-year U.S. Treasury Note, which earned 4.03% as of March 31, 2025. The following Table 6 lists the various performance measures regarding the various annual earnings rate for the City’s entire Investment Name Type of Investment
Book Value as
of 3/(31/25
Actual
Interest
Earned 3rd
Quarter
Year-to-Date
Interest Earned
* Data
Source
Estimated
Annual
Interest
Earnings
Estimated
Annual Interest
Earnings Rate
General Fund Reserves CDs/GASs/Corp
Bonds/Treasuries
8,659,483$ 34,071$ 126,861$ 1 207,973$ 2.40% City Pooled Funds - A CDs/GASs/ Corp
Bonds/ MBSs/
Treasuries
44,471,476 254,381 689,666 1 1,073,054 2.41% City Pooled Funds - B Checking & Sweep 7,265,995$ 116,640$ 555,346$ 4 671,986$ 9.25% City Pooled Funds - B Various 23,608,534 308,503 1,227,752 1,536,254 6.51% Bond funds Wilmington Trust 20,238 193 3,092 5 3,285 16.23% OPEB Trust Account*Benefit Trust
Account
5,610,818 36,117 267,490 6 303,608 5.41% TOTAL 82,370,549$ 633,265$ 2,314,860$ 3,124,173$ 3.79% Total Managed Portfolio 76,739,493$ 596,955$ 2,044,278$ 2,817,281$ 3.67% Council Agenda 5-6-2025 9.E-7

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 3.79%
City’s Annual Earnings Rate for Managed Portfolio 3.67% LAIF Average Annual Earnings Rate 4.48%
1-Year U.S. Treasury Note 4.03%
Future Outlook
Recent data indicates that economic activity continues to expand at a solid pace. The unemployment rate has remained stable at historically low levels, reflecting a solid 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%. 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:

Council Agenda 5-6-2025 9.E-8

Investment Name Name of Institution Type of Investment Current
Earnings
Rate
Book Value
as of 3/31/25
Actual Interest
Earned 3rd
Quarter Ending
3/31/25
Year-to-Date
Interest
Earned
Ending
3/31/25
* Data
Source
Estimated
Annual Interest
Earnings **
General Fund Reserves US Bank CDs/GASs/Corp
Bonds/Treasuries

2.81% avg 8,659,483 34,071$ 126,861$ 1 207,973$ City Pooled Funds - A US Bank CDs/GASs/ Corp
Bonds/ MBSs/
Treasuries

2.59% avg 44,471,476 254,381 689,666 1 1,073,054 Total All Securities 53,130,959$ 288,452$ 816,526$ 1,281,026$ City Pooled Funds - B US Bank Custody 4.17%2,426,586$ 38,237$ 78,348$ 1 116,585 City Pooled Funds - B Local Agency Invest.

Fund (LAIF)
State Investment Pool 4.48%406,346 4,478 84,451 2 88,929 City Pooled Funds - B PFM Asset Mgmt
CAMP
JPA Investment Pool 4.47%13,509,607 149,147 509,606 3 658,754 City Pooled Funds - B US Bank Checking & Sweep 3.95%7,265,995 116,640 555,346 4 671,986 City Pooled Funds - B 23,608,534$ 308,503$ 1,227,752$ 1,536,254$ City Pooled Funds total A + B 68,080,010$ 562,884$ 1,917,417$ 2,817,281$ Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017 Pier Project 19,524$ 158$ 2,354$ 5 2,512 Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017B CREBs 714 35 737 5 773 Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2024 Public Safety
Facility
34,641,722 312,169 799,874 1,112,043 Calpers Benefit Trust
OPEB Trust Account CalPERS Benefit Trust
Account
Various managed by
CalPERS
5,610,818$ 36,117$ 267,490$ 6 303,608 TOTAL, Cash and Investments at March 31, 2025:117,012,271$ 945,434$ 3,114,734$ 4,236,216$ TOTAL for City Managed Portfolio, Cash and Investments:76,739,493$ 596,955$ 2,044,278$ 2,817,281$ 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.

City of Pismo Beach
Table A: Summary Table for All Funds,
including Book Values & Earnings Data for Investments in Other Financial Instruments Council Agenda 5-6-2025 9.E-9
Attachment 1

City of Pismo Beach
March 31, 2025 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 Value
Gain/
Loss
Days to
Stated
Maturity
02589ACE0 American Express
(59.76%)

2.90% 5/3/2022 4/27/2027 CD 97.651 147,000 143,556 (3,444) 666 052392BT3 Austin Telco Federal
Credit Union

3.80% 9/21/2022 9/21/2027 CD 99.287 245,000 243,253 (1,747) 813 06406RBA4 Bank New York Mellon
(32.69%)

2.05% 1/26/2022 1/26/2027 CD A 96.209 245,000 235,880 (9,120) 575 07371BWH0 Beal Bank Plano Texas 4.70% 6/12/2024 6/6/2029 CD 102.2 245,000 250,390 5,390 1,437 07371DT23 Beal Bank USA Las
Vegas Nevada

4.70% 6/12/2024 6/6/2029 CD 102.2 245,000 250,390 5,390 1,437 05600XQL7 BMO Harris Bank
(56.73%)

4.45% 5/24/2023 5/24/2028 CD 101.096 139,000 140,512 1,512 1,059 14042TFP7 Capital One Bank
(47.76%)

2.90% 4/27/2022 4/27/2027 CD 97.651 117,000 114,263 (2,737) 666 24951TAL9 Department of
Commerce FCU
(20.41%)

1.25% 1/7/2022 1/7/2027 CD 95.173 50,000 47,591 (2,409) 556 24951TAL9 Department of
Commerce FCU
(22.45%)

1.25% 1/7/2022 1/7/2027 CD 95.173 55,000 52,348 (2,652) 556 27004PCV3 Eaglemark Savings Bank
(20%)

3.25% 6/22/2022 6/22/2027 CD 98.206 50,000 48,121 (1,879) 722 291916AB0 Empower Federal Credit
Union (53.06%)

5.10% 9/29/2023 9/29/2028 CD 103.173 130,000 134,122 4,122 1,187 29367RLM6 Enterprise Bank
(63.27%)

0.85% 5/18/2020 5/14/2025 CD 99.581 155,000 154,362 (638) (47) 3130APB87 FHLB 1.10% 10/13/2021 10/13/2026 Agency AA+95.662 500,000 478,310 (21,690) 470 3130AQZ55 FHLB 2.50% 3/10/2022 3/10/2027 Agency AA+97.173 500,000 485,865 (14,135) 618 3130ALYC2 FHLB (19.2%)1.14% 4/29/2021 4/29/2026 Agency AA+96.894 192,000 186,036 (5,964) 303 3130AMCY6 FHLB (2.5%)1.00% 5/27/2021 5/27/2026 Agency AA+96.471 50,000 48,236 (1,765) 331 3130AQAU7 FHLB (24.5%)1.45% 12/29/2021 12/29/2026 Agency AA+95.636 245,000 234,308 (10,692) 547 3130AMCY6 FHLB (25.8%)1.00% 5/27/2021 5/27/2026 Agency AA+96.471 516,000 497,790 (18,210) 331 3130ARF55 FHLB (49%)2.60% 3/30/2022 3/30/2027 Agency AA+97.187 245,000 238,108 (6,892) 638 3130ALYC2 FHLB (5.3%)1.14% 4/29/2021 4/29/2026 Agency AA+96.894 53,000 51,354 (1,646) 303 3130ARF55 FHLB (51%)2.60% 3/30/2022 3/30/2027 Agency AA+97.187 255,000 247,827 (7,173) 638 32024JAM5 First Federal Credit
Union - (78.35%)

4.40% 2/17/2023 2/17/2028 CD 100.76 191,967 193,416 1,449 962 33847E3J4 Flagstar Bank 0.90% 5/15/2020 5/15/2025 CD 99.577 245,000 243,964 (1,036) (46) 39573LEM6 Greenstate Credit Union
(20.4%)

5.00% 9/26/2023 9/26/2028 CD 102.841 50,000 51,400 1,400 1,184 46632FRU1 JP Morgan Chase Bank 0.70% 1/22/2021 1/22/2026 Corporate Bond AA-96.173 500,000 480,865 (19,135) 206 50625LBN2 Lafayette Federal Credit
Union

3.25% 6/15/2022 6/15/2027 CD 98.224 245,000 240,649 (4,351) 715 59013KPN0 Merrick Bank 1.10% 11/9/2021 11/9/2026 CD 95.366 245,000 233,647 (11,353) 497 70962LAS1 Pentagon Federal Credit
Union (20.4%)

0.90% 9/29/2021 9/29/2026 CD 95.386 50,000 47,674 (2,326) 456 87164X2C9 Synchrony Bank 4.60% 9/15/2023 9/15/2028 CD 101.483 245,000 248,633 3,633 1,173 88413QDL9 Third Federal Savings
Bank

3.50% 6/28/2022 6/28/2027 CD 98.722 245,000 241,869 (3,131) 728 89235MLC3 Toyota Financial Savings
Bank

0.95% 7/15/2021 7/15/2026 CD 96.088 245,000 235,416 (9,584) 380 91282CJN2 US Treasury 4.38% 12/10/2024 11/30/2028 Treasur y Note 101.555 2,018,516 2,031,100 12,584 1,249 Total $ 8,659,483 $ 8,531,255
Council Agenda 5-6-2025 9.E-10
Attachment 2

City of Pismo Beach
March 31, 2025 QUARTERLY INVESTMENT REPORT
Table C: For City Pooled Funds A - Basic Data on Investments in Securities:

4.60% 3/8/2023 3/8/2028 CD 101.32 245,000 248,234 3,234 982 01664MAB2 All In Federal Credit
Union

4.40% 12/20/2022 12/20/2027 CD 100.736 245,000 246,803 1,803 903 01882MAB8 Alliant Credit Union 4.95% 12/30/2022 12/30/2027 CD 102.167 245,000 250,309 5,309 913 023135BC9 Amazon Com Inc 3.15% 3/14/2025 8/22/2027 Corporate Bond AA 97.787 291,999 293,361 1,362 783 02589ACE0 American Express
(40.24%)

2.90% 5/3/2022 4/27/2027 CD 97.651 99,000 96,665 (2,335) 666 05253JB59 Australia New Zealand 4.62% 12/16/2024 12/16/2029 Corporate Bond AA-100.571 800,392 804,568 4,176 1,630 062119BS0 Bank Five Nine (40.82%)4.60% 4/14/2023 4/13/2028 CD 101.366 100,000 101,375 1,375 1,018 062119BS0 Bank Five Nine (59.18%)4.60% 4/14/2023 4/13/2028 CD 101.366 145,000 146,972 1,972 1,018 06406RBA4 Bank New York Mellon
(67.31%)

2.05% 1/26/2022 1/26/2027 CD A 96.209 504,363 485,687 (18,675) 575 06048WS43 Bank of America Corp 2.00% 2/18/2022 8/18/2025 Corporate Bond A-99.038 500,000 495,190 (4,810) 49 06740KQE0 Barclays Bank 3.00% 5/11/2022 5/11/2027 CD 97.814 245,000 239,644 (5,356) 680 05600XQL7 BMO Harris Bank
(43.27%)

4.45% 5/24/2023 5/24/2028 CD 101.096 106,000 107,173 1,173 1,059 05580AW59 BMW Bank North
America

4.60% 3/10/2023 3/10/2028 CD 101.275 245,000 248,124 3,124 984 14042TFP7 Capital One Bank
(52.24%)

2.90% 4/27/2022 4/27/2027 CD 97.651 128,000 124,982 (3,018) 666 14042RQU8 Capital One National
(20.41%)

2.90% 4/27/2022 4/27/2027 CD 97.651 50,000 48,830 (1,170) 666 14042RQU8 Capital One National
(79.59%)

2.90% 4/27/2022 4/27/2027 CD 97.651 195,000 190,415 (4,585) 666 15118RUR6 Celtic Bank 1.35% 4/2/2020 4/2/2025 CD 99.98 245,000 244,951 (49) (89) 166756BB1 Chevron USA Inc Sr
GIBI

4.48% 3/14/2025 2/26/2028 Corporate Bond AA-100.704 401,036 402,816 1,780 971 12547CAX6 CIBC Bank USA Chicago 4.45% 4/14/2023 4/14/2028 CD 100.939 245,000 247,301 2,301 1,019 17275RBW1 Cisco Sys Inc 4.55% 3/14/2025 2/24/2028 Corporate Bond AA-100.846 200,788 201,692 904 969 17275RBX9 Cisco Sys Inc 4.75% 3/14/2025 2/24/2030 Corporate Bond AA-101.597 201,122 203,194 2,072 1,700 17325FBL1 Citibank 4.88% 12/11/2024 11/19/2027 Corporate Bond A+100.476 552,195 552,618 424 872 19058RAE1 Coastal1 Credit Union 4.15% 1/31/2024 1/31/2028 CD 100.097 245,000 245,238 238 945 19075JAB4 Cobalt Federal Credit
Union

3.60% 9/15/2022 9/15/2027 CD 98.837 245,000 242,151 (2,849) 807 20271RAV2 Commonwealth Bk
Australia N Y

4.42% 3/14/2025 3/14/2028 Corporate Bond AA-100.443 400,012 401,772 1,760 988 21688ABH4 Cooperatieve Centrale
Raiffeeis Coco

4.49% 12/11/2024 10/17/2029 Corporate Bond A+99.839 546,568 549,115 2,547 1,570 Council Agenda 5-6-2025 9.E-11
Attachment 3

City of Pismo Beach
March 31, 2025 QUARTERLY INVESTMENT REPORT
Table C: For City Pooled Funds A - Basic Data on Investments in Securities:

1.25% 1/7/2022 1/7/2027 CD 95.173 140,000 133,236 (6,764) 556 254673D94 Discover Bank 3.20% 5/19/2022 5/19/2027 CD 98.203 245,000 240,597 (4,403) 688 27004PCV3 Eaglemark Savings Bank
(80%)

3.25% 6/22/2022 6/22/2027 CD 98.206 195,000 192,484 (2,516) 722 532457CV8 Eli Lilly Co Sr 4.75% 3/14/2025 2/12/1930 Corporate Bond A+101.532 201,412 203,064 1,652 (34,837) 291916AB0 Empower Federal Credit
Union (46.94%)

5.10% 9/29/2023 9/29/2028 CD 103.173 115,000 118,652 3,652 1,187 29367RLM6 Enterprise Bank
(36.73%)

0.85% 5/18/2020 5/14/2025 CD 99.581 90,000 89,611 (389) (47) 30002CAT5 Everett Co-Operative 3.90% 1/23/2023 1/19/2027 CD 99.886 245,000 244,721 (279) 568 3130ALD76 FHLB 0.70% 2/25/2021 2/25/2026 Agency AA+96.976 500,000 484,880 (15,120) 240 3130ANSB7 FHLB 1.00% 9/17/2021 9/17/2026 Agency AA+95.656 1,000,000 956,560 (43,440) 444 3130ARGQ8 FHLB 2.88% 4/14/2022 4/14/2027 Agency AA+97.637 500,000 488,185 (11,815) 653 3130AQAU7 FHLB (14%)1.45% 12/29/2021 12/29/2026 Agency AA+95.636 140,000 133,890 (6,110) 547 3130AMS37 FHLB (20%)1.00% 6/24/2021 6/24/2026 Agency AA+96.266 400,000 385,064 (14,936) 359 3130AMCY6 FHLB (25%)1.00% 5/27/2021 5/27/2026 Agency AA+96.471 500,000 482,355 (17,645) 331 3130AMS37 FHLB (30%)1.00% 6/24/2021 6/24/2026 Agency AA+96.266 600,000 577,596 (22,404) 359 3130AMCY6 FHLB (46.7%)1.00% 5/27/2021 5/27/2026 Agency AA+96.471 934,000 901,039 (32,961) 331 3130AMS37 FHLB (50%)1.00% 6/24/2021 6/24/2026 Agency AA+96.266 1,000,000 962,660 (37,340) 359 3130ARGE5 FHLB (50%)3.00% 4/21/2022 4/21/2027 Agency AA+97.885 250,000 244,713 (5,288) 660 3130ARGE5 FHLB (50%)3.00% 4/21/2022 4/21/2027 Agency AA+97.885 250,000 244,713 (5,288) 660 3130AQAU7 FHLB (61.5%)1.45% 12/29/2021 12/29/2026 Agency AA+95.636 615,000 588,161 (26,839) 547 3130ALYC2 FHLB (75.5%)1.14% 4/29/2021 4/29/2026 Agency AA+96.894 755,000 731,550 (23,450) 303 3137HAQ74 FHLMC Multiclass Mtg 4.74% 12/13/2024 8/25/2028 MBS 101.263 554,146 556,947 2,800 1,152 3137HB3G7 FHLMC Multiclass Mtg 4.86% 12/13/2024 10/25/2028 MBS 101.635 556,682 558,993 2,311 1,213 3137HHW31 FHLMC Multiclass Mtg 5.05% 1/16/2025 11/26/2029 MBS 99.891 330,000 329,640 (360) 1,610 3137HJSF5 FHLMC Multiclass Mtg 4.82% 2/13/2025 10/25/2029 MBS 99.828 549,896 548,950 (946) 1,578 3137FRZ95 FHLMC Multiclass Mtg 1.23% 3/20/2025 2/25/1930 MBS 93.977 586,367 588,228 1,861 (34,824) 32024JAM5 First Federal Credit
Union - (21.65%)

4.40% 2/17/2023 2/17/2028 CD 100.76 53,033 53,446 413 962 32110YE84 First National Bank
America

4.60% 9/21/2023 9/21/2028 CD 101.539 245,000 248,771 3,771 1,179 Council Agenda 5-6-2025 9.E-12
Attachment 3

City of Pismo Beach
March 31, 2025 QUARTERLY INVESTMENT REPORT
Table C: For City Pooled Funds A - Basic Data on Investments in Securities:

5.00% 9/26/2023 9/26/2028 CD 102.841 195,000 200,561 5,561 1,184 427866BK3 Hershey Co 4.55% 3/14/2025 2/24/2028 Corporate Bond A 100.936 200,628 201,872 1,244 969 427866BL1 Hershey Co 4.75% 3/14/2025 2/24/1930 Corporate Bond A 101.189 200,578 202,378 1,800 (34,825) 472207AE9 Jeanne D Arc Federal
Credit Union

3.80% 9/30/2022 9/30/2027 CD 99.278 245,000 243,231 (1,769) 822 478160DJ0 Johnson Johnson 4.70% 3/14/2025 3/1/1930 Corporate Bond AAA 101.687 303,042 305,061 2,019 (34,820) 57636QBF0 Mastercard Incorporated 4.55% 3/14/2025 3/15/2028 Corporate Bond A+100.734 200,576 201,468 892 989 58404DSM4 Medallion Bank Utah 4.40% 6/16/2023 6/16/2028 CD 100.829 245,000 247,031 2,031 1,082 60425SKB4 Minnwest Bank 4.25% 5/1/2023 5/3/2027 CD 100.322 245,000 245,789 789 672 61690UJ68 Morgan Stanley Bank 3.25% 5/19/2022 5/19/2027 CD 98.295 245,000 240,823 (4,177) 688 61768ET29 Morgan Stanley Bank 4.35% 3/6/2024 3/6/2029 CD 100.778 245,000 246,906 1,906 1,345 67054NBC6 Numerica Credit Union 4.95% 11/4/2022 11/4/2027 CD 102.065 245,000 250,059 5,059 857 69371RT63 Paccar Financial Corp
Sr Nt

4.55% 3/14/2025 3/3/2028 Corporate Bond A+100.761 200,786 201,522 736 977 694231AF8 Pacific Enterprise Bank 1.35% 4/9/2020 4/9/2025 CD 99.923 245,000 244,811 (189) (82) 69506YRG6 Pacific Western Bank 1.35% 4/16/2020 4/16/2025 CD 99.862 245,000 244,662 (338) (75) 70962LAS1 Pentagon Federal Credit
Union (79.6%)

0.90% 9/29/2021 9/29/2026 CD 95.386 195,000 186,022 (8,978) 456 713448GB8 Pepsico Inc 4.60% 3/14/2025 2/7/2028 Corporate Bond A+100.914 200,070 201,828 1,758 952 79772FAG1 San Francisco Federal
Credit Union

4.35% 2/3/2023 2/3/2028 CD 100.62 245,000 246,519 1,519 948 856285K91 State Bank India 2.00% 3/23/2022 3/23/2027 CD 96.043 245,000 235,305 (9,695) 631 857449AE2 State Street 4.78% 12/11/2024 11/23/2029 Corporate Bond AA-100.947 403,640 403,788 148 1,607 88241THJ2 Texas Exchange Bank 1.00% 6/10/2020 6/13/2025 CD 99.33 245,000 243,359 (1,642) (17) Council Agenda 5-6-2025 9.E-13
Attachment 3

City of Pismo Beach
March 31, 2025 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 Value
Gain/
Loss
Days to
Stated
Maturity
912828M56 US Treasury 2.25% 12/11/2024 11/15/2025 Treasury Note 98.848 1,963,438 1,976,960 13,523 138 91282CHX2 US Treasury 4.38% 12/11/2024 8/31/2028 Treasury Note 101.465 2,017,188 2,029,300 12,113 1,158 91282CAL5 US Treasury 0.38% 12/11/2024 9/30/2027 Treasury Note 91.711 1,803,906 1,834,220 30,314 822 9128282A7 US Treasury 1.50% 12/11/2024 8/15/2026 Treasury Note 96.715 1,315,918 1,329,831 13,913 411 91282CEE7 US Treasury 2.38% 12/11/2024 3/31/2029 Treasury Note 94.309 1,396,523 1,414,635 18,112 1,370 91282CCZ2 US Treasury 0.88% 12/12/2024 9/30/2026 Treasury Note 95.559 1,886,250 1,911,180 24,930 457 91282CBC4 US Treasury 0.38% 12/12/2024 12/31/2025 Treasury Note 97.265 240,117 243,163 3,045 184 91282CFC0 US Treasury 2.63% 12/12/2024 7/31/2029 Treasury Note 94.828 1,408,008 1,422,420 14,412 1,492 9128283F5 US Treasury 2.25% 12/12/2024 11/15/2027 Treasury Note 95.93 1,424,766 1,438,950 14,184 868 91282CAD3 US Treasury 0.38% 12/12/2024 7/31/2027 Treasury Note 92.215 1,361,836 1,383,225 21,389 761 91282CKD2 US Treasury 4.25% 2/7/2025 2/28/2029 Treasury Note 101.172 483,769 490,684 6,916 1,339 917352AH9 Utah Community Credit
Union

4.50% 6/7/2023 6/7/2028 CD 102.785 245,000 251,823 6,823 1,073 92891CCP5 Vystar Credit Union 4.45% 9/30/2022 9/30/2027 CD 100.818 245,000 247,004 2,004 822 98138MCC2 Workers Federal Credit
Union

5.25% 11/15/2023 11/15/2028 CD 103.784 245,000 254,271 9,271 1,234 Total 44,471,476$ 44,365,042$
Council Agenda 5-6-2025 9.E-14
Attachment 3

Pismo Beach City CouncilMay 6, 2025

Pismo Beach City Council
May 6, 2025