HomeMy WebLinkAboutDecember 31, 2012 Treasurer's Investment Report.Butte Gaunt y
LAND OF NATURAL WEALTH AND BEAUTY
C. LINDA BARNES
TREASURER -TAX COLLECTOR
COUNTY ADMINISTRATIVE BUILDING
25 COUNTY CENTER DRIVE, SUITE 125
OROVILLE, CALIFORNIA 95965-3384
TELEPHONE: (530) 538-7701
FAX: (530) 538-7648
January 28, 2013
Butte County Board of Supervisors
Butte County Chief Administrative Officer
Treasury Oversight Committee
The Treasurer's Investment Report for December 31, 2012 is submitted in accordance with the
Butte County Statement of Investment Policy dated July 1, 2012. All investments are in
compliance with this policy.
The attached Investment Report demonstrates that sufficient liquidity is available to meet
anticipated expenditures during the next six months.
The Local Agency Investment Fund (LAIF) is used as a benchmark for portfolio performance.
A look at the 5 year moving average for the Butte County Treasury yields vs. LAIF yields
demonstrates that, over time, a medium term, laddered portfolio will generally outperform a
shorter term investment strategy, which LAIF usually mirrors. The 5 year moving average for
Butte County's FY 10/11 and FY 11/12 performance compared to LAIF shows margins of
.917% and 1.341%, respectively. Using $300,000,000 as a baseline portfolio (actively invested
balance), this translates to enhanced earnings averaging $4,023,000 per year for the past five
years.
Investments are marked to market monthly based on a current market price determined by US
Bancorp Investments. Copies of statements reflecting investment and cash management
transactions are provided to the Board of Supervisors monthly and are available upon request.
Quarterly Investment Reports are made available on the Treasurer-Tax Collector website at
http://www. buttecounty. net/ttc.
Respectfully,
. + '~
r - _
r '
C. Linda Barnes
Butte County Treasurer-Tax Collector
cc: Butte County Auditor-Controller Butte-Glenn Community College
Butte County Board of Supervisors Iturria, Greg -Butte County Chief Financial Officer
Butte County District Attorney Jessee, Meegan -Butte County Deputy Chief Financial Officer
Butte County Schools-J PA Limper, Tom -Butte County Deputy Chief Financial Officer
Butte County Sheriff Liu, Annie- Butte County Internal Auditor
Butte County Superintendent of Schools Ricci, David -Butte County Manager, Gov't. Accounting
Butte County Special Districts (Quarterly)
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
ACTIVELY MANAGED PORTFOLIO
YIELD TO WEIGHTED AVERAGE
MATURITY MATURITY (DAYS)* PAR VALUE FAIR VALUE COST CARRIED
LOCAL AGENCY INVESTMENT FUND (LAIF)
CALTRUST
CALTRUST
BANK MONEY MARKET (COLLATERALIZED)
COMMERCIAL PAPER**
MUNICIPAL BONDS
CORPORATE NOTES**
NEGOTIABLE CDS**
CERTIFICATES OF DEPOSIT (COLLATERALIZED)
FEDERAL AGENCY NOTES**
TOTAL ACTIVELY MANAGED PORTFOLIO
0.326% 1 159,281,614.20 159,281,614.20 159,281,614.20
0.321 % 1 4,476.04 4,476.04 4,476.04
0.763 % 30 4,997,186.16 4,997,186.16 5,003,485.00
0.340 % 1 27,694,041.74 27,694,041.74 27,694,041.74
- - 0.00 0.00 0.00
0.410% 639 1,000,000.00 1,004,240.00 1,004,650.00
0.961 % 515 10,000,000.00 10,237,430.00 10,264,677.39
1.363 % 737 3,000,000.00 3,005,939.85 3,000,000.00
0.810 % 808 10,500,000.00 10,500,000.00 10,500,000.00
1.706% 1,004 180,030,000.00 183,679,978.64 181,404,098.49
0.989% 500 396,507,318.14 400,404,906.63 398,157,042.86
INVESTMENT OF NOTE/BOND PROCEEDS AND OPERATING CASH
SCHOOL BOND PROCEEDS tsee page z roe ae~a~is>
OPERATING ACCOUNTS
US BANK CHECKING ACCOUNT DEPOSITS
OPERATING CASH
OTHER
TOTAL TREASURER'S FUND LEDGER BALANCE
INVESTMENTS UNDER MANAGEMENT OF TRUSTEES iseePayesro~ae~a~is>
3,599,692.12 3,605,964.57 3,613,654.16
PAR VALUE
TOTAL CASH AND INVESTMENTS: 422,548,788.98 FAIR VALUE COST CARRIED
426,452,649.92 424,212,475.74
SIX MONTH LIQUIDITY PROJECTIONS
Estimated Cash Receipts for Next Six Months 453,281,551
Estimated Disbursements for Next Six Months -502,028,672
Estimated Net Cash Flow for Next SixMonths*** -48,747,121 (A1)
Contingency Cashflow Needs (based on potential State budget shortfall) -30,000,000 (A2)
Securities Maturing 31,000,000 (B)
Local Agency Investment Fund /Cal Trust / MMF 191,983,617 (C)
Total Liquidity for Next Six Months 144,236,496 (A1+A2+B+C)
Estimated Cash Available for Long Term Investment -30,000,000
Remaining Available Liquidity 114,236,496
Total Par Value of actively managed investments maturing in less than 12 months: 236,727,318
Total Par Value of actively managed investments maturing in more than 12 months: 159,780,000
* Actual Weighted Average Maturity will be shorter, and actual dollar amount of investments maturing in less than 12 months will be higher than stated, due to call features on investments
** See page 5 for detailed list of investments.
*** Includes TRAN (Tax and Revenue Anticipation Notes) receipts and disbursements, if applicable.
11, 97 7, 613.01 11, 97 7, 613.01 11, 97 7, 613.01
10,413, 679.26 10,413, 679.26 10,413, 679.26
50,486.45 50,486.45 50,486.45
0.00 0.00 0.00
418,949,096.86 422,846,685.35 420,598,821.58
1 12/31/2012
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
INVESTMENT OF SCHOOL BOND PROCEEDS
December 31, 2012
INVESTMENT MATURITY ANNUAL PAR FAIR COST
BOND/NOTE DESCRIPTION TYPE DATE DESCRIPTION YIELD* VALUE VALUE CARRIED
BONDS -LOCAL AGENCY INVESTMENT FUND (LAIF)
Chico Unified School District "B"
Chico Unified School District "B"
SUBTOTAL
LAIF
LAIF BOND FUND
0.326 % 3,690,718.35 3,690,718.35 3,690,718.35
0.326 % 5,488,511.35 5,488,511.35 5,488,511.35
9,179,229.70 9,179,229.70 9,179,229.70
BONDS -WELLS FARGO BANK
WELLS FARGO BANK, TRUSTEE
Chico Unified School District "B"
Account # XXX1791
SUBTOTAL
Money Market Gov MM Mutual Fund
US Treas/Agency 12/14/12 FHLB #3133XVNT4
0.010 % 2,798,383.31 2,798,383.31 2,798,383.31
1.530 % 0.00 0.00 0.00
2,798,383.31 2,798,383.31 2,798,383.31
PAR FAIR COST
VALUE VALUE CARRIED
GRAND TOTAL 11,977,613.01 11,977,613.01 11,977,613.01
* Yields quoted above are a snapshot per investment type. Actual yields earned on school bonds are calculated by the Treasurer's offce and are a composite of investment earnings less Treasury costs.
2 12/31 /2012
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
INVESTMENTS UNDER MANAGEMENT OF TRUSTEES
December 31, 2012
INVESTMENT MATURITY ANNUAL PAR FAIR COST
LOAN PROGRAM TYPE DATE DESCRIPTION YIELD VALUE VALUE CARRIED
2003 REFUNDING COP
U.S. BANK, TRUSTEE
Expense Fund #XXXX6106 Money Market US Bank MMF 4 0.039 % 9,739.56 9,739.56 9,739.56
Reserve Fund #XXXX6101 Money Market US Bank MMF 4 0.039 % 51,095.98 51,095.98 51,095.98
US Treas/Agency 10/18/13 FHLB #3133XSAE8 2.820 % 385,000.00 395,460.45 398,962.04
Lease Payment #XXXX6100 Money Market US Bank MMF 4 0.039 % 13,456.50 13,456.50 13,456.50
SUBTOTAL 459,292.04 469,752.49 473,254.08
2004 PENSION OBLIGATION BONDS
WELLS FARGO BANK, TRUSTEE
Series A Bond Fund #XXXX1106 Money Market Gov MMF Service Fund #1752 0.097 % 845,935.70 845,935.70 845,935.70
Int. Rate Stabilization Fund #XXXX1109 Money Market Advantage Prime MM #1752 0.097 % 1,004.47 1,004.47 1,004.47
Pooled Agency Funds Local Agency Investment Fund 0.326 % 1,621.14 1,621.14 1,621.14
Series B Interest Fund #XXXX1301 Money Market Advantage Prime MM #1752 0.097 % 675,323.28 675,323.28 675,323.28
SUBTOTAL 1,523,884.59 1,523,884.59 1,523,884.59
2004 WORKERS' COMPENSATION
York Risk Services Group
-Claim Administrators
Umpqua Bank #XXXXX2601 Commercial Bank Business Checking NA 222,334.04 222,334.04 222,334.04
SUBTOTAL 222,334.04 222,334.04 222,334.04
2006 COP - NEAL ROAD RECYCLING & WASTE FACILITY
WELLS FARGO BANK, TRUSTEE
Certificate Reserve Fund #XXXX0800 Money Market Gov MMF Service Fund #743 0.010 % 8,406.24 8,406.24 8,406.24
US Treas/Agency 8/07/2017 FHLMC#3134G3ZR4 1.000% 1,200,000.00 1,195,812.00 1,200,000.00
Base Rental Payment Fund #XXXX0801 Money Market Gov MMF Service Fund #743 0.010 % 178,543.89 178,543.89 178,543.89
Expense Fund #XXXX0802 Money Market Gov MMF Service Fund #743 0.010 % 7,231.32 7,231.32 7,231.32
SUBTOTAL 1,394,181.45 1,389,993.45 1,394,181.45
PAR FAIR COST
VALUE VALUE CARRIED
GRAND TOTAL 3,599,692.12 3,605,964.57 3,613,654.16
12/31 /2012
3
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
ACTIVELY MANAGED PORTFOLIO "AT-A-GLANCE"
December 31, 2012
INVESTMENTS BY TYPE*
Federal Home Loan Bank FHLB $ 85,880,000
Fed Home Loan Mortgage Corp FHLMC $ 15,000,000
Fed National Mortgage Assn FNMA $ 15,000,000
Federal Farm Credit Bank FFCB $ 33,000,000
Local Agency Investment Fund / CalTrust LAIF / CT $164,283,276
RabobankMMF MMF $ 27,694,042
Tennessee Valley Authority TVA $ 10,000,000
Fed Ag Mortgage Corp FAMC $ 21,150,000
CDs, Corp Notes, Muni Bonds OTHER $ 24,500,000
TOTAL PAR VALUE $396,507,318
OTHER
FAMC $24,500,000
NA $21,150,000 6.2°k ~~
$10,000,000 5.3°k r $85,880,000
2.5°k ~ I 21.7°k
FHLMC
MMF
$27
694
042 $15,000,000
°
,
, ~
3.8
k
7°k
FNMA
~ $15,000,000
3.8°k
1 FFCB
L $33,000,000
8.3°k
LAIF/ CT
$164,283,276
41.4°k
INVESTMENTS BY MATURITY & YIELD*
LAIF / CALTRUST / (1 -30 day) 0.339% $ 164,283,276
Bank Money Market Funds (1 day) 0.340% $ 27,694,042
01-12 months 2.915% $ 44,750,000
13-36 months 1.182% $ 71,250,000
37-60 months 1.207% $ 88,530,000
TOTAL PAR VALUE
$ 396,507,318
* Investments managed by Trustees & School Bond Proceeds not included.
Final maturity dates are used; probable call dates are not considered.
370 months
$88,530,000
1.207°k
13-36 months
$71,250,000
1.182°k
LAIF/
CALTRUST
$164,283,276
.339°k
Bank Money
Market Funds
01-12 months (1 day)
$44,750,000 $27,694,042
2.915°k 0.340°k
Butte County Pooled Treasury Portfolio Balance**
Net of Tax and Revenue Notes (TRAN) and Bond Proceeds
$45o,aoo,aoo
$425,000,000
$400,000,000
$375,000,000
$350,000,000
$325,000,000
$300,000,000
$275,000,000
$250,000,000
$225,000,000
$200,000,000
2012
X2011
2010
2009
zoos
zoos
~~~ 2006
~~~-~~~~~-2005
-~ 2004
J4N FEB MAR APR MAY .AJN .AJL AUG .CEP OCT NOV DEC
** This chart does not include deposits from TRAN, Bond Proceeds, or Investments under Management of Trustees.
It is intended to demonstrate cash flow trends and establish a baseline for the portfolio, enabling medium term investments.
4 12/31/2012
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
MANAGED PORTFOLIO -DETAILS OF SECURITIES HELD
December 31, 2012
Credit Rating Purchase Maturity Yield to
Securi[v Description S&P Moodv's Filch Date Date Ma[uri[v 1% 1 Par Value Fair Value Cos[ Carried*
02004MW82 ALLY B4NKUT CD NR NR NR 10/15/2010 10/15/2014 1.750 250,000.00 250,000.00 250,000.00
02587DOQ AM ERCAN D(PRCBJTUPoON NR NR NR 8/25/2011 8/25/2014 1.150 250,000.00 250,000.00 250,000.00
05568FYZ4 BMW BKOF NA NR NR NR 10/22/2010 10/22/2014 1.550 250,000.00 250,000.00 250,000.00
067404~G7 B4}~LAYS B4NKDBAWARE NR NR NR 12/21/2011 12/21/2015 1.600 250,000.00 250,000.00 250,000.00
13034ABK5 CNJFINFRASIRUCRIRE&EODN DEV AAA Aaa NR 8/13/2012 10/1/2014 0.410 1,000,000.00 1,004,240.00 1,004,068.75
17284AXX1 OT B4NK NR NR NR 9/8/2011 9/8/2016 1.800 250,000.00 250,000.00 250,000.00
254670i~7 DISUJVB~B4NK NR NR NR 8/24/2011 8/24/2015 1.500 250,000.00 250,000.00 250,000.00
31315PDZ9 FA}3v1 BRMAC NR NR NR 6/13/2012 7/22/2015 0.616 2,000,000.00 2,096,218.00 2,088,988.85
31315PES4 FA}3v1 BRMAC NR NR NR 12/31/2009 12/30/2014 3.100 5,000,000.00 5,227,050.00 4,974,275.78
31315PND7 FA}3v1 BRMAC NR NR NR 9/3/2009 9/3/2014 3.200 4,750,000.00 4,980,859.50 4,750,000.00
31315PV~K~8 FA}3v1 BRMAC NR NR NR 5/9/2012 1/19/2016 0.675 1,400,000.00 1,410,743.60 1,400,000.00
31315FYB9 FA}3v1 BRMAC NR NR NR 1/30/2012 1/6/2017 1.150 3,000,000.00 3,057,297.00 3,026,827.69
31315FYV5 FA}3v1 BRMAC NR NR NR 1/9/2012 1/9/2017 1.500 5,000,000.00 5,001,965.00 5,000,000.00
313314~Y1 F®B~AL FAPoN CF~IT B4NK AA+ Aaa AAA 1/18/2012 1/18/2017 1.270 5,000,000.00 5,002,970.00 5,000,000.00
31331Y202 F®B~AL FAPoN CF~IT B4NK AA+ Aaa AAA 7/17/2008 7/8/2013 4.062 3,000,000.00 3,064,863.00 3,002,631.16
313370NE4 F®B~AL HOMELOAN B4NK AA+ Aaa NR 8/20/2010 8/20/2015 1.609 5,000,000.00 5,170,960.00 5,002,609.75
313370M18 F®B~AL HOMELOAN B4NK AA+ Aaa NR 9/14/2011 9/9/2016 1.210 10,000,000.00 10,562,980.00 10,281,950.31
313371 FV2 F®B~AL HOMELOAN B4NK AA+ Aaa NR 12/9/2011 12/9/2016 1.260 3,130,000.00 3,257,807.29 3,173,495.73
3133735L2 F®B~AL HOMELOAN B4NK AA+ Aaa NR 3/30/2011 3/28/2016 1.700 5,000,000.00 5,188,070.00 5,093,463.64
313376NC5 F®B~AL HOMELOAN B4NK AA+ Aaa NR 12/28/2011 12/28/2016 1.190 5,000,000.00 5,110,270.00 5,005,787.92
313376201 F®B~AL HOMELOAN B4NK AA+ Aaa NR 3/16/2012 3/13/2015 0.659 5,000,000.00 5,003,770.00 4,969,110.53
313378L74 F®B~AL HOMELOAN B4NK AA+ Aaa NR 4/2/2012 10/2/2015 0.931 5,000,000.00 5,000,255.00 4,971,489.09
313378P54 F®B~AL HOMELOAN B4NK AA+ Aaa NR 3/23/2012 8/25/2014 0.500 5,000,000.00 5,017,130.00 5,000,000.00
313379P78 F®B~AL HOMELOAN B4NK AA+ Aaa NR 6/5/2012 6/5/2015 0.550 6,750,000.00 6,780,476.25 6,750,000.00
313381 B20 F®B~AL HOMELOAN B4NK AA+ Aaa NR 12/19/2012 12/8/2017 0.857 5,000,000.00 4,985,095.00 4,974,174.40
3133EA4H8 F®B~AL FAPoN CF~IT B4NK AA+ Aaa NR 10/15/2012 7/11/2017 0.842 5,000,000.00 4,995,165.00 4,995,222.74
3133EAC+15 F®B~AL FAPoN CF~IT B4NK AA+ Aaa NR 3/8/2012 3/8/2017 1.250 5,000,000.00 5,011,270.00 5,000,000.00
3133EAHZ4 F®B~AL FAPoN CF~IT B4NK AA+ Aaa NR 3/20/2012 3/20/2017 1.300 5,000,000.00 5,013,950.00 5,000,000.00
3133E0345 F®B~AL FAPoN CF~IT B4NK AA+ Aaa NR 12/26/2012 12/26/2017 0.910 10,000,000.00 9,982,390.00 9,995,013.89
3133XD6A4 F®B~AL HOMELOAN B4NK AA+ Aaa NR 9/26/2008 9/13/2013 4.124 5,000,000.00 5,148,765.00 5,007,860.37
3133XD6A4 F®B~AL HOMELOAN B4NK AA+ Aaa NR 10/23/2008 9/13/2013 4.125 3,000,000.00 3,089,259.00 3,004,690.64
3133XFLF1 F®B~AL HOMELOAN B4NK AA+ Aaa NR 11/21/2008 6/14/2013 3.750 3,000,000.00 3,072,621.00 3,020,107.63
3133XPFV1 FHLB 4.02 08/13 AA+ Aaa NR 11/21/2008 8/14/2013 3.880 2,000,000.00 2,048,290.00 2,001,558.25
3133XF'FL9 F®B~AL HOMELOAN B4NK AA+ Aaa NR 6/16/2008 6/14/2013 4.236 5,000,000.00 5,095,115.00 5,000,288.74
3133XF'FL9 F®B~AL HOMELOAN B4NK AA+ Aaa NR 7/17/2008 6/14/2013 4.111 5,000,000.00 5,095,115.00 5,002,818.27
3133X~P93 F®B~AL HOMELOAN B4NK AA+ Aaa NR 1/23/2009 12/13/2013 2.840 5,000,000.00 5,141,415.00 5,012,530.06
3133)O(Kl'2 F®B~AL HOMELOAN B4NK AA+ Aaa NR 3/19/2010 5/30/2013 1.730 3,000,000.00 3,020,859.00 3,000,240.78
3134C3NL0 F®B~AL HOMELOAN MTG NRP AA+ Aaa NR 5/9/2012 2/24/2015 0.500 5,000,000.00 5,006,945.00 5,000,000.00
3134039-14 FHLMCSTE?UP AA+ Aaa NR 3/28/2012 3/28/2017 1.050 5,000,000.00 5,012,470.00 5,000,000.00
3134C3WH9 F®B~AL HOMELOAN MTG NRP AA+ Aaa AAA 6/12/2012 6/12/2017 1.150 5,000,000.00 5,045,385.00 5,000,000.00
31350-0Fi54 FANNIEMAE AA+ Aaa NR 11/6/2012 11/6/2015 0.462 10,000,000.00 10,003,470.00 10,006,927.08
31360-0QM6 F®B~AL NAiL MORrG4C~AST1 AA+ Aaa AAA 7/11/2012 7/11/2017 1.100 5,000,000.00 5,022,180.00 5,000,000.00
361590JT1 C~MONEY B4NK NR NR NR 10/8/2010 10/8/2013 1.300 250,000.00 252,524.81 250,000.00
36160XUB1 C~CAPoTALFlNANOALINCCD NR NR NR 8/19/2011 8/19/2016 1.850 250,000.00 250,000.00 250,000.00
36962C3T9 C~IERAL BFCCAP OJRP NOTES AA+ Al NR 1/23/2012 5/1/2013 0.921 5,000,000.00 5,073,810.00 5,064,113.54
36962C~F7 C~IERAL BFCCAP OJRP AA+ Al NR 12/3/2012 6/30/2015 1.000 5,000,000.00 5,163,620.00 5,169,035.27
373128DH7 C~Po3A BfWK&TRUST NR NR NR 1/25/2012 1/26/2015 1.000 250,000.00 250,000.00 250,000.00
3814264D4 C77JLDMAN S4C]-4S B4NKUS4 NR NR NR 8/24/2011 8/25/2014 1.150 250,000.00 250,000.00 250,000.00
59012YL47 M93dCKB4NK NR NR NR 9/9/2011 9/9/2013 0.700 250,000.00 251,184.01 250,000.00
795450MZ5 S'aLUEMAE B4NWMUPo~AY NR NR NR 11/23/2011 11/25/2013 1.000 250,000.00 252,231.03 250,000.00
880591 D93 TFNNES~VALLEYAUiHOPoTY AA+ Aaa AAA 1/27/2012 12/15/2016 0.970 5,000,000.00 5,824,905.00 5,752,460.07
880591DW9 TFNNES~VALLEYAUiHOPoTY AA+ Aaa AAA 10/23/2008 8/1/2013 4.030 5,000,000.00 5,131,630.00 5,018,895.78
1.656 194, 030, 000.00 197, 927, 588.49 195, 520, 636.71
Source: US Bank Safekeeping
Values may differ from Treasurer's Cost Carried due to accretion method variation.
Notes: Federal Agricultural Mortgage Corporation securities are issued by a U.S. Government agency and are not rated.
Negotiable CDs are not rated, but are FDIC insured.
12/31/2012