HomeMy WebLinkAboutInvestment Report - September 30, 2017 Menchaca, Clarissa
From: Moak, Peggy
Sent: Wednesday, November 2Z, 20175:07PM
To: 'ViNafuerte' Carlos'; `Nate McAllister'; suKeskian@butte.edu; michn|aewi@bmtte.edu;
mooUW@bmtteedu; Greg Isom;Jason List; Kamne.Pemba@murgamstanhey.c nT
stephen.sp|avv[mski@nmorgamstan|ey.com; Scntt.Beck@KutakRock.com; McCracken, Shari;
Menchaca, Clarissa;Jessee, Meegan; Lam, Lisa;Worsham, Colette; Houser, David;
Gutierrez Gmde|ai; Moore, Cathehne;A|pert8nuce; bham'emsem@bnymeUom.com
Cc: [asmocha. David
Subject: RE: Butte-Glenn CCD, 2017G{} Refunding Bonds
Attachments: Investment Report September 3[\ 2017.pdf
Hi< Carlos: Attached isthe September 3O, 2017Investment Report for the �nvestnmentPool, for your use inAppendix E.
Happy Thanksgiving!
e, ����'
."���
Butte County Treasurer-Tax Collector
25 County Center Drive, Suite 125, Oroville, CA_95965
T: 530.538.7443 1 T: 530.538.7701 1 F: 530538.7648
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Fnonm:VU|afuerte, Carlos [mma0to:cviUafuerte@sycr.com]
Sent: Wednesday, November 22, 20173:0SP&9
To�: 'Nate K8cAUister, <nate@ioornedvisors.conn>; sm|eskiao@butte.edu; nicho|aswi@bwtte.edm; nmccaOk|@buttemdu;
Greg Isom «Qre8@isomoodvisors.conn>;]ason List"gason@|somnadv|soms.com>; Karrna.Pennba@�morgamstan|ey.conm;
s1ephen.sp|avw|msk|@morgamstam|ey.mom; Scott.Beck@NutakRock.cmnm; McCracken, Shari
<SMcCrackem@bw\tecounty.net>; Menchaca, Clarissa«cmenchaca@ buLtecoumty.me1>;Jessee, K4eegan
<Mjessee@buttecuunty.net>; Moak, Peggy<pmnoak@buttecommty.net>; Lam, Lisa <LLann@bu\tecoumty.net>;Worsham,
Cm|e11e<cvvorsharm@buttecoomty.net>; Houser, David«0Quuser0BbuttecmuntV.neL>; Gutierrez, Gracie|a
<GGw1ierrez@buitecounty.net>; Moore, Catherine<[Moore@buttecounty.net>; Alpert, Brume
<BA|pert@buttecounty.net>; brian.jemsen@bnymneU|on.conn
Cc: Casnocba, David <DCasmocba@sycr.com>
Suibject: Butte-GlenmCCD, 2O17 GO Refunding Bonds
Dear Working Group,
Enclosed please find the current draft of the preliminary official statement for the District's proposed refunding bond
issuance, together with acomparison docurmemtshowing recent edits. VVewould appreciate your review and any
comments. Thank you.
Car|ms \/i||afuerte
1
Stradling
I
"a L."iw
Stradling Yocca Carlson&Rauth,a Professional Corporaflon
44 Montgomery Street, Suite 4200 1 San Francisco, CA 94104
(0) 415.2812251 1 (f) 415.283.1457
cviIlafuerte(Qsycr com I sycr,.corn
Website Profile �&ard
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2
Treasurer-Tax Collector Peggy Moak, Treasurer-Tax Collector
Treasury Division
® 25 County Center Drive, Suite 125 T: 530.538.7576
Oroville, California 95965-3384 F: 530.538.7648 buttecounty.net/ttc
TREASURER-TAX COLLECTOR
October 16, 2017
Butte County Board of Supervisors
Butte County Chief Administrative Officer
Investment Pool Oversight Committee
The attached investment report for September 30, 2017 is submitted in accordance with the Butte
County Statement of Investment Policy dated July 1, 2017. All investments are in compliance with
this policy.
The Investment Report demonstrates that sufficient liquidity is available to meet anticipated
expenditures during i the next six months.
The Local Agency Investment Fund (LAIF) is used as a comparison against Butte's portfolio
performance. A look at the -year moving average for the Butte County Treasury apportioned yields
vs. LAIF apportioned yields demonstrates that, over time, a medium term, laddered portfolio will
generally outperform a shorter-term investment strategy, which LAIF usually mirrors. The -year
moving average for Butte County's FY 14/15 and FY 15116 performance compared to LAIF shows
margins of 1.092% and 0.865%, respectively. Using $350,000,000 as a baseline portfolio (actively
invested balance), this translates to enhanced earnings averaging $3,027,500 per year for the past
five years.
NOTE: Fair values are trending louver than cost carried due to an increasing yield environment.
Investments are marked to market monthly based on a current market price determined) by U.S.
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
hftp://www.buttecounty.net/ttc.
Respectfully,
Ttm�x
Peggy Moak
Butte County Treasurer-Tax Collector
cc: Butte County Auditor-Controller Butte County Special Districts(Quarterly)
Butte County Board of Supervisors Butte-Glenn Community College
Butte County District Attorney Chico Unified and Gridley Unified School Districts
Butte County Schools-JPA Jessee,Meegan—Butte County Deputy Administrative Officer
Butte County Sheriff Liu„Annie—Butte County Manager,Gov't.Accounting
Butte County Superintendent of Schools Beene,Dana—Butte County Internal Auditor
I.
tl'kLP,WVr6M 1RK i:Ckt&Llr7i,
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
September 30,201'7
YIELD TO WEIGHTED AVERAGE
ACTIVELY MANAGED PORTFOLIO: MATURITY MATURITY(DAYS)- PAR VALUE, FAIR VALUE COST CARRIED
LOCAL AGENCY INVESTMENT FUND(LAIF) 1.111% 11 43,280,662.95 43,280,662,.95 43,280,662.95
CALTRUST SHORTTERM 1.191% 1 4,603.36 4,603.36 4,598.86
CAMP SHORT TERM 1.150;/* 1', 20,300,360.05 20,300,360.05 20,300,360,05
BANK MONEY MARKET(COLLATERALIZED) 1.080°1 1 5,018,463.00 5,018,453.00 5,018,463.00
U.S.TREASURY NOTES" 1.622% 1,365 19,000,000.00 18,972„774.00 19,039',217.27
MUNICIPAL BONDS** 1,777°/ 1,004 38,760,000.00 38,708,472.90 38,911,959.31
CORPORATE NOTES`* 1.540% 635 38,202,000.00 38,356,018.25 38,512,367.42
NEGOTIABLE CDS** 1.837°! 11,,172 8,500,000.00 8,503,701.96 8,497,391.68
FEDERAL AGENCY /SUPRANATIONAL NOTES" 1.410% 832 193,115,000.00 192,138,211.37 192,886,438,76
TOTAL ACTIVELY MANAGED'PORTFOLIO: 1.429% 710 366,181,089.36 365,283,267.84 366,451,479.30'
INVESTMENT OF NOTEIBOND PROCEEDS AND OPERATING CASH
SCHOOL BOND PROCEEDS(-.pfge21wdeW,Osi 83,322,150.70 83,322,150.70 83,322,150,70
OPERATING ACCOUNTS
U.S.BANK CHECKING ACCOUNT DEPOSITS 30,121,470.51 30,121,470.51 30,121,470.51
OPERATING CASH 21,165.67 21,165.67 21,165.67
OTHER 0.00 0.00 0:00
TOTAL TREASURER'S FUND LEDGER BALANCE: 479,645,876.24 478,748,054.72 479,916,266.18
INVESTMENTS UNDER MANAGEMENT OF TRUSTEES{sewp7Re lfardeta➢s) 3,428,282.75 3,428,282.75 3,420,060.87
PAR VALUE FAIR VALUE COST CARRIED
TOTAL GASH AND INVESTMENTS: 483,074,158.99 482,176,337.47 483,336,327.05
SIX MONTH LIQUIDITY PROJECTIONS
Estimated Cash Receipts for Next Six Months 535,645,404
Estimated Disbursements for Next Six Months -490,360,989
Estimated Net Gash Flow for Next Six Months— 45,284,415(Al)
Prudent Reserve -30,,000,000(A2)
Securities Maturing 49,515,000(B)
Local Agency Investment Fund/Cal Trust I MMF/CAMP 68,604,085(C)
TOW Liquidity for Next Six Months 133,403,500(A5+A2+8+C)
Estimated Cash Available for Long Term Investment -30,000„000
Remaining Available Liquidity 103„403,500
Total Par Value of actively managed Investments maturing in less than 12 months:, 143,869,089
Total'Par Value of actively managed Investments maturing in more than 12 months, 222,312,000
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.
Seepage 5 for detailed list of investments.
Includes TRAM(Tax and Revenue Anticipation Notes)receipts and disbursements,if applicable.
I
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
INVESTMENT OF SCHOOL BOND PROCEEDS
September 30, 2017
INVESTMENT MATURITY ANNUAL PAR FAIR COST
BONDINOTE DESCRIPTION TYPE DATE DESCRIPTION YIELD' VALUE VALUE CARRIED
BONDS-LOCAL AGENCY INVESTMENT FUND(LAIF)
Butte-Glenn CCD 2016 GO Bond Series A LAIF 1.111% 41,353,04.06 41,353,084.06 41,353,084 06
Chico Unified 2012 GO Bond Measure E Series A LAIF 1111% 1,918,129.85 1,918,129 85 1,918,129.85
Chico Unified 2016 GO Bond Series A LAIF 1.111% 40,050,936.79 40,050,936.79 40,050,93639
PAR FAIR COST
VALUE VALUE CARRIED
GRAND TOTAL 83,322,1511 83,322,150.70 83,322,150J0
Yields quoted above are a snapshot per investment type Actual yields earned on school bonds are calculated by the Treasurers office and are a compos4e of investment earnings less Treasury costs
2
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
DEPOSITS AND INVESTMENTS UNDER MANAGEMENT OF TRUSTEES/FISCAL AGENTS
September 30, 2017
INVESTMENT MATURITY ANNUAL PAR FAIR COST
FINANCING PROGRAM TYPE DATE DESCRIPTION YIELD VALUE VALUE CARRIED
2004 PENSION OBLIGATION BONDS
WELLS FARGO BANK,TRUSTEE
Series A Bond Fund#XXXX1 106 Money Market WF GOVT MMF#1751 0.862% 2,024,905.57 2,024,905.57 2,024,905,57
Int Rate Stabilization Fund#XXXX1 109 Money Market WF GOVT MMF#1751 0.862% 1,013.00 1,013,00 1,01100
Pooled Agency Funds Local Agency Investment Fund 1.111% 1,651.91 1,651 91 1,651,91
Principal Account Fund#XXXXI 1413 Cash Cash 0.000% 11,59 11.59 11,59
Interest Account Fund#XXXXI 141 Cash Cash, 0.000% 14.54 14.54 14.54
Surplus Account Fund#XXXX 1142 Cash Cash 0.000% 5,206.51 5,206.51 5,206.51
Sinking Account Fund#XXXX1 143 Cash Cash 0.000% 0.00 0.00 0.00
Series B Interest Fund#XXXX1301 Money Market WF GOVT MMF#1751 0.862% 26,993.92 26,993.92 26,993.92
Series 8 Bond Fund#XXXX1305 Money Market WF GOVT MMF#1751 0,862% 1,074,825.61 1,074,825.61 1,074,825.61
Series 8 Interest Fund#XXXX1307 Money Market WF GOVT MMF#1751 0.862% 80.73 80.73 80.73
SUBTOTAL 3,134,70138 3,134,70338 3,134,70338
DEPOSITS WITH FISCAL AGENTS
Discovery Benefits
Plan Year Cash Balance 1/01/16-12131116* NA 38,221,88 36,221,88 --30,000.00
York Risk Services Group-Claim Administrators
Umpqua Bank#XXXXX2601 Commercial Bank Business Checking NA 255,357.49 255,357.49 255,357.49
SUBTOTAL 293,579.37 293,579.37 285,357,49
PAR FAIR COST
VALUE VALUE CARRIED
GRAND TOTAL 3,428,282,76 3,428,282.76 3,420,060.87
'Represents the most current data available(source:Auditor-Controller)
Benefits can be paid in advance of receipt of offsetting payroll deductions
3
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
ACTIVELY MANAGED PORTFOLIO"AT-A-GLANCE"
September 30,2017
INVESTMENTS BY TYPE* INVESTMENTS BY MATURITY&YIELD*
Local Agency Investment FurrdCaITrusVMMF/CAMP LAIFICTIMMF/CAMP $ 68,604,089
Federal Home Loan Bank FHLB $ 30,200,000 LAI F/CALTRUST/MMFICAM P(1 day) 1.120010 $ 68,604,089
Federal Home Loan Mortgage Corp FHLIVIC $ 13,000,000 01-12 months 1.042% $ 75,265,000
Federal National Mortgage Assn FNMA $ 25,000,000 13-36 months 1.640% $ 110,722,000
Federal Farm Credit Bank FFCB $ 35,000,000 37-60 months 1.670% $ 111,590,000
Federal Agricufturat Mortgage Corp FAMCA $ 34,265,000 TOTAL PAR VALUE $ 366,181,089
Corporate Notes CORP $ 38,202,000
U.S..Treasury Notes LIST $ 19,000,000 onvestmemts managed by Trustees&School Bond Proceeds not included.
Tennessee Valley Authority TVA $ 5,000,000
Supranational SUPRA $ 50,650,000 Final maturity dates are used;probable call dates are not considered.
Celificales of Deposit(CallateralizedlNegotable) CDs $ 8,500,000 Amounts quoted at Par Value
Municipal Bonds MUNI $ 38,760,000
$ 366,181,089
1%
51N i
ill
LAIF/CAI. /WW/CANAP('1 a Ey)
L;dF/C1/rAW/CAMF rHLB FNMA 02-12 TrIonths
FFC8 FAMCA a CORP e U57 !3.36 monol"
7VA w SUPRA CDs M1'jrq6 S7-60 nTo"ths
Butte County Pooled Treasury Portfolio Balance"
Net of Tax and Revenue Anticipation Notes(TRAM) and Bond Proceeds
$5oo,00as000 ----------- --------
$475,000000
------------------------ --------------------- ......------ ...... -4-2017
xots
$450,000,000
$425,OOG,000 2DI
$400,000,000
2012
.................
$375,000,000
...........
zotn
...........
$350,000,000 .. ...............................
$325,000,000 ............ ....................................
.......--------------------- ............ .........
$300,000,000
$275,000000
$250,000,000 ----------- - -
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
.............................................1-1111-1-11-1-1-1-11-11.......................---------------.........................-......... ...............
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
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
MANAGED PORTFOLIO.DETAILS OF SECURITIES HELD
September 00,2017
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