HomeMy WebLinkAboutTreas investment reportbutte County
LAND OF NATURAL WEALTH AND BEAUTY
March 28, 2013
C. LINDA BARNES
TREASURER -TAX COLLECTOR
COUNTY ADMINISTRATIVE BUILDING
25 COUNTY CENTER DRIVE, SUITE 125
OROVILLE, CALIFORNIA 95965-3364
TELEPHONE: (530) 538-7791
FAX: {530) 538-7648
sOt+IRD OF Sr;lPrr~y~p~
Butte County Board of Supervisors ~ 2 8 2~~
Butte County Chief Administrative Offcer GROY~ ~~
Treasury Oversight Committee
The Treasurer's Investment Report for February 28, 2013 is submitted in accordance with the
Butte County Statement of lnvestment Policy dated July 1, 2012. All investments are in
compliance with this policy.
The attached lnvestment 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 a# the 5 year moving average far 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 10111 and FY 11112 performance compared to LA1F 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 lnvestment Reports are made available on the Treasurer-Tax Collector website at
http:llwww. buttecounty.netlttc.
Respectfully,
~~ ~~
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-JPA 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)
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February 28, 269 3
ACTIVELY MANAGED PORTFOLIO:
LOCAL AGENCY INVESTMENT FUND {lA1F)
CALTRUST
CALTRUST
BANK MONEY MARKET {COLLATERALIZED}
COMMERCIAL PAPER'"
MUNICIPAL BONDS
CORPORATE NOTES'"'
NEGOTIABLE CDS°
CERTIFICATES OF OEPO5R (COLLATERALIZED)
FEDERAL AGENCY NDTES•*
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
YIELD TO
MATURITY WEIGHTED AVERAGE
MATt3RITY (DAY51•
PAR VALUE
FAIR VALUE
COST CARRIED
0.286% 1 62,484,052.05 62,484,052.05 62,484,052.45
0.418% 1 4,477.27 4,477.27 4,476.44
4.913% 30 5,003,628.87 5,003,828.87 5,003,485.00
0,319% 1 27,730,421.20 27,730,421.20 27,730,421.20
- - 6.OD 6.90 0.44
Od10% 580 1,OD0,000.00 1,OD4,4B0.00 1,004,650.09
0.961% 456 10,000,000.00 10„203,440.00 10,264,677.39
1.344% 787 3,250,000.00 3,254,789.18 3,250,440.00
4,810% 749 10,500,000.00 10,500,D44.60 10,500,40D.00
1.549% 1,161 219,495,000AO 222,806,fi36.77 22D,887,683.77
TOTAL ACTIVELY MANAGED PORTFOLIO: 1.148% 798
INVESTMENT OF NOTElBOND PROCEEDS AND OPERATING CASH
SCHOOL BOND PROCEEDS (eee peoe 2rordetel~el
OPERATING ACGOUNTS
US BANK CHECKING ACCOUNT DEPOSITS
OPERATING CASW
OTHER
TOTAL TREASURER'S FUND LEDGER BALANCE:
INVESTMENTS UNDER MANAGEMENT OF TRUSTEES (eae peQe afar detalle)
339,467,579.19 342,997,885.12 341,129,445.45
11,577,343.32 11,577,343.32 11,577,343.32
18,908,475.85 16,9 D 5,475.85 16,9 (18,475.85
44,278.69 44,278.89 44,278.89
a.44 4.04 9.DD
3fi7,995,677.05 371,519,962.96 369,657,543.31
3,321,387.3D 3,324,911.70 3,335,359.34
PAR VALUE FAIR VALUE COST CARRIED
TOTAL CASH AND INVESTMENTS: 371,397,074.35 374,844,894.88 372,992,902.55
SIX MONTH LIQUIDITY PROJECTIONS
Estimated Cash Receipts for Naxt Six Months
Estimated Rishursemenls far Naxt Soc Months
Estimated Net Cash Flow for Next Six Months"'
Contingency Cashflow Needs {based on potential State budget shortfall)
Securities Maturtng
Local Agency Investment Fund 1 Cal Trust 1 MMF
Total Liquldtty for Next Six Months
Estimated Cash Available For Long Temt Investment
Remaining Available Liquidity
48D,2fi5,558
X08,954,515
-28,688,957 (Ai)
~o,6DD,ooa (A2}
52,75D,OD0 (B)
95,222,434 (C)
89,283,477 (A1+p,2+B+C)
-ao,D9D,ooD
59,283,477
Total Par Valua of actively managed Envestmenffi maturing fn less Shan 12 months: 139,972,579
Total Par Value of actively managed Investments maturing In more than 12 months: 199,495,D0p
• Actual Weighted Average Maturilywill h° shorter, and actuar dollar amount of investrrrants matudnp in tens than 12 months will 6e higher than slated, duo t° catl faaiures an Investments.
See page 5 for datailad list aT Investments.
"' lncJudes TRAM (rex and Revenue Mtlcipallon Notes) reeeiple and dIs6ursemenls, it applicaESe.
02f28R633
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
INVESTMENT OF SCHOOL BOND PROCEEDS
F®bruary 28, 2013
INVESTMENT MATURETY ANNUAL PAR FAIR COST
BONDINOTE DESCRIPTIgN TYPE DATE DE5CRIPTEON YIELD' VALUE VALUE CARRIED
BpAIDS - LpCAL AGENCY INVESTMENT FUND {LAIF~
Ch1co Unified School ~Iatrlct "B" LAIF
Ch1co Unitled School ~Iatrlct "B" IAIF BOND FUND
Grldiay UnHlad Schaal District GO 2012
SUBTOTAL
0,28695 8,442,fi30.37 9,442,830.37 9,442,830.37
0.28695 0.00 0.40 0.00
0.288% 2,134,712.95 2,134,712.95 2,134,712.95
11,677,343.32 11,577,343.32 11,577,343.32
PAR FAIR CO5T
VALUE VALUE CARRIED
GRAND TOTAL
/1,677,3A3.32 11,577,343.32 11,577,343.32
• Yields quoted above are a anapaha! par Investment type. Actual yfettls earned an achod bonds ere calculated hythe TmesareYS office end era a composfie or Investment Domingo Sass Treasury caste.
.z 0212 62 01 3
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
INVESTMENTS IiNDER MANAGEMENT OF TRl1STEES
i=ebruary 28, 2013
INVESTMENT MATURITY ANNUAL PAR FAIR COST
LOAN PROGRAM TYPE DATE DESCRIPTION YIELD VALUE VALUE CARRIED
2043 REFUNDING CDP
U.S. BANK, TRUSTEE
Expense Fund #XXXX8106 Money Martcet US Bank MMF 4 0.044% 9,740.22 9,740.22 9,740.22
Reserve Fund #XXXX8101 Money Market US Bank MMF 4 0.044°k 44,111.81 44,111.61 44,111.61
USTreeslAgency 1011x113 FHLB#3133XSAE8 2.820°k 385,000.00 393,254.40 398,982.04
Lease Payment#XXXX61D4 Money Market US Bank MMF4 0.044% 6,989.88 6,989.88 8,989.88
SUBTOTAL 445,841.81 454,095.91 459,803.55
2804 PENSION OBLIGATION BONDS
WELLS FARGO BANK, TRUSTEE
Sedes A Bond Fund #XXXX1108 Money Market Gov MMF Service Fund #1752 0.054% 848,D44.63 846,044.83 848,044.83
InL Rate Siebllization Fund #XX7CX1149 Money Market Advantage Prima MM #1752 0.454°k 1,004.59 1,004.59 1,004.59
Posed Agency Funds Local AgencylnvestmentFund 0.28896 1,822.48 1,822.48 1,822.48
Series B Interest Fund #XXXX1341 Money Marka! advantage Prime MM #1752 0.05496 656,754.75 858,754.75 fi56,754.75
SUBTOTAL 1,505,428.43 1,505,428.43 1,505,426.43
2004 WORKERS' GOMPENSATION
York Risk Services Group
- Clalm Adminlatrators
Umpqua Bank#XXX)0C2661 Commantial6ank Business Checking NA 154,398.92 154,398.92 154,39fi.92
SUBTOTAL 154,398,92 154,398.92 154,396.92
2006 COP - NEAL ROAD RECYCLENG & WASTE FACILffY
WELLS FARGO BANK, TRUSTEE
Certificate Reserve Fund #XXXXO800 Money Market Gov MMF Service Fund #743 0.010 k 8,50D.1 B 6,500.18 8,500.18
USTreaslAgency aro7rzon FHLMGil3134G3ZR4 1.000°/a 1,200,000.00 1,195,284.00 1,200,000.00
Base Rental Payment Fund #XXXXOBOi Money Market Gov MMF Service Fund #743 0.010% 0.98 0.96 0,96
Expense Fund #XXXX0802 Money Market Gov MMF SerNce Fund #743 0.01096 7,231.32 _ 7,231.32 7,231.32
SUBTOTAL 1,215,732.44 1,210,992.44 1,215,732.44
PAR FAIR CDST
VALUE VALUE CARRIED
GRAND TOTAL 3,321,397.30 3,324,811.70 3,335,369.34
02/28/2013
3
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
ACTIVELY MANAGED PORTFOLIO "AT-A-GLANCE"
February 28, 2013
INVESTMENTS BY TYPE*
Federal Home Loan Bank FHLB $ 95,8$0,000
Fed Home Loan Mortgage Corp FHLMC $ 30,000,000
Fed National Mortgage Assn FNMA $ 34,200,000
Federal Farm CrediE Bank FFCB $ 28,000,000
Local Agency Investment Fund 1 Carfrust LAI F 1 CT $ 67,492,158
Rabobank MMF MMF $ 27,730,421
Tennessee Valley Authority TVA $ 10,000,000
Fed Ag Mortgage Corp FAMC $ 21,415,000
Cfls, Carp Notes, Muni Hands OTHER $ 24,750,000
TOTAL PAR VALUE $339,467,579
QTHER
FAMC $24,754,000
$21,415,000 7.3%
TVA 6.3%
,000,000 1
:~.
3.0% .x
w
MMF
$27,730,
8.2%
LAI F /
CALTRUST
$67,492,158
19.9% FFCB
$26,OOD,000
8.2%
FHLB
$95,88D,000
28.2%
FHLMC
$30,000,000
8.8%
FNMA
1,20D,C
10.1
INVESTMENTS BY MATURITY $~ YIEi_b*
LAIF 1 CALTRUST I (9 -30 day} 0.332% $ 67,492,158
Bank Money Market Funds (1 day) 0.310% $ 27,730,421
01-12 months 2.915% $ 44,750,000
13-36 months 1.170% $ 67,65D,000
37-60 months 1.125% $ 131,845,000
TOTAL PAR VALUE $ 339,467,579
* Investments managed by Trustees & School Bond Proceeds noE InGuded.
Final maturity dates ere used; prababre call dates are not considered.
37-60 months
$131,845,OOD
1.12590
LAIF /
CALTRUST
$67,492,158
332%
Bank Money
Market Funds
{1 day}
$27,730,421
0.310%
)1-12 months
544,750,OD0
2.915%
$450,OOD,000
$425,D00,000
$4DO,D00,000
$375,000,000
$35Q,OOQ000
$325,000,000
$300,D00,000
$275,ODO,D00
SzsD,ooa,DDo
$225,OOD,000
$2DO,DOD,aDD
JAN FEB MAR APR MAV JUN JUL AUG SEP OCT NDV DEC
** This chart does not Include deposits from 7RAN, Bond Proceeds, or Investments under Management of Tntstees.
It is intended to demonstrate cash flow trends and establish a baseline for the portfolio, enabling medium term investments.
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201°
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13-36 months
$67,650,(100
137046
Butte County Pooled Treasury Portfolio Balance**
Net of Tax and Revenue Notes (TRANj and Bond Proceeds
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
MANACyED PORTFOLIO -DETAILS OF SECURITIES HELD
February 28, 2013
CredRRa6ng Purchase Maturity Y!eldto
Saco jlea[dptlpn 8SP MaedYa F~yi Data Dite r,ietlefit1r1X1 Par Yalus Felr Valua Cost Carrled•
36%2G3T4 GENERAL ELEC CAP CORP NOTES AA+ Af NR 1/23/2012 5/1/20]3 0.921 5,000,000.00 5,035,765.00 5,032,056.77
3733fIXKY2 FEDERAL HOME LOAN BAHK AA+ Aaa NR 3/)912010 5130/2013 f.73 3,D00,000.00 3,012,26!00 3,000,143.82
3133%FLFI FEDERAL HOME LOAN BANK AA+ Aaa NR 1 7 /2 3126 0$ 6/14/2013 3.75 3,000,000.00 3,046,119.00 3,012,706.05
3133XRFL9 FEDERAL HOMEIAAN BANK AA+ Aaa NR 6/16/2006 6)14/2013 4.236 5,000,000.00 5,060,315.00 5,000,162.46
3]33%RFL9 FEDERAL HOME LOAN BANK AA+ Aaa AAA 7/17/2906 6/14/2013 4,111 5,000,000.00 5,060,315.00 5,001,780.87
37331Y242 FEDERAL FARM CREDIT BANK AA+ Aaa NR 7/17/2008 7/8/2013 4.062 3,000,000.00 3,044,274.00 3,001,786.93
880593DW9 TENNESSfE VALLEY AUTHORRY AA+ Aaa NR 10/23/2048 8/1/2013 4.03 5,000,000.00 5,093,115.00 5,013,496.49
3]33XPFVi FHLB 4.02 OB/13 AA+ Aaa NR 11121/2008 8/k4/2013 3.88 2,000,000.00 2,035,566.00 2,001,138.99
59612YL47 MERRICK BANK NR NR AAA 9)9/2011 9/9/2013 0.7 250,000.00 250,916.98 250,000.00
3133%D6A4 FEpERAI HOMEL6AN BANK pA+ Aaa NR 9/26/280$ 9/13!2013 4.124 5,000,000.00 5,11.3,360.00 5,605,988.85
3]33Xb6A4 FEDERAL HOME LOAN BANK AA+ Aaa NR 30/23/2008 9/13/2013 4.125 3,000,000.00 3,068,016.00 3,003,573.62
36359C11T1 GE MONEY BANK NR NR NR 10/8/2010 10)8/2013 L3 254,000.00 252,OI1.37 250,900.00
795450M75 SAELIE MAE BANK/MURIigY NR NR NR 13!23/2631 11/25/2013 1 250,000.00 251,840.81 250,000.00
3133%SP93 FEDERAL HOMELOAN BANK AA+ Aaa NR 1/23/2009 12/)3/2013 2.84 5,000,000.00 5,115,620.00 5,016,33!86
3]3378P54 FEDERAL HOME LOAN BANK AA+ Aaa NR 3/23/2012 8/25/2014 0.5 5,000,000.00 5,019,395.00 5,000,000.00
02587DCK2 AMERICAN E%PR CENTURION NR NR NR 8/25/2011 8/25/2014 1.]5 250,000.00 250,000.00 250,000.66
38f4264D4 GOLOMAN SACHS BANK USA NR HR NR 8)24/2011 8/25/2014 1.15 250,000.00 250,000.00 250,000.00
31375PNp7 FARMER MAC NR NR NR 9/3/2009 9/3/2014 3,2 4,750,000.00 4,962,1.92-00 4,750,000,00
13034ABK5 CALIF INFRASTRUCTURE&ECON DEV AAR Aaa NR 8/13/2012 10/1/2014 0.4f 1,000,000.00 7,004,466.00 1,003,661.25
02004MW82 ALLY BANK UT LD NR HR NR 10/]5/2010 10/]5/2014 1.75 250,000.00 250,000.00 256,000.00
05568PYZ4 BMW BKOF NA NR NR NR 10/22)2010 10/22/2014 L55 250,900.00 250,000.00 730,000.00
373f5PE54 FARMER MAC NR NR NR 12/3]/20D9 12/3D12014 3.1 5,000,060.00 5,212,315.00 4,976,42244
373128pH7 GEORGIA BANK&TRUST NR NR NR 1/25/2012 ]/26/2035 1 250,000.00 250,000,00 750,000.00
3134G3NL0 FEDERAL HDMELOAN MITG TARP AA+ Aaa AAA 5/9/2012 2/24)2015 0.5 5,000,000.00 S,D06,980.00 5,000,000.00
3]3376241 FEDERAL HOMELOAN BANK AA+ Aaa NR 3/16)2012 3/13)20]5 0.559 5,000,000.00 5,005,065.00 4,971,450.64
313379P78 FEDERAL HOMELOAN BANK AA+ Aaa NR 5/5/2012 6/5/2015 0.55 6,750,900.00 6,779,355.75 6,750,600.00
36962GSF7 GENERAL ELECCAP CORD AA+ A3 NR 12/3)2012 6/30/2015 1 5,006,000.00 5,167,675.00 5,157,753.72
31315PbZ9 FARMER MAC NR NR NR 6/13/2012 7/27)2015 0.616 2,000,000.00 2,069,286.00 2,083,191.53
313370NE4 FEDERAL HOMEEOAN BANK AA+ Aaa HR 8/20)2010 8/20/2015 !609 5,000,000.06 5,166,705.06 5,002,444.75
254670867 DISCOVER RANK NR NR NR 8/24/2011 8/24/2015 LS 250,ODO.OD 250,000.00 250,ODO.OD
333SGOR54 FANk1E WIRE AA+ Aaa AAA 11/fi/2012 11/fi/2015 0.452 10,046,060.06 10,005,250.00 10,006,302.08
06740KFG7 BARCIAYS BANK DEEAWARE NR NR NR 12/21/2611 12/21/2615 L6 zs6,66o.06 250,000.00 250,OOO.OD
31315PW08 FARMER MAC NR NR NR 5/9/2012 1/19/2016 0.675 1,400,000.00 3,409,16!60 1,400,000.00
3133735!2 FEDERAL HOMELOAN BANK AA+ Aaa NR 3/30/2011 3/78/2016 L7 5,000,000.00 5,162,030.00 5,6BD,918.f8
36160%U81 GE CAPCTAL FINANCL4L IHC CD NR NR NR 8/19/2011 8/19/2016 S.BS 750,000,00 256,660.66 750,066,00
17284Af6f1 CIT BANK NR NR NR 918/2011 9/8/2616 1.8 250,000.00 250,000.06 250,000.00
313370TW8 FEDERAL HOMEEAAN BANK AA+ Aaa NR 9/14/2611 9/9/2016 1.21 10,000,000.00 10,536,170.00 30,269,21!59
313371PV2 FEDERAL HDMEEOAN BANK AA+ Aaa NR 12/9/2011 12/9/2016 1.26 3,130,000.00 3,253,106.03 3,171,655.29
880591058 TENNESSEE VALLEY AUTHORTIY AA+ Aaa NR 3/27/2612 12/15/2016 0.97 5,006,000.06 5,788,410.00 5,720,755.29
313376NC5 FEDERAL HOMEEAAN BANK AA+ Aaa NR ]2/28/2611 12/28/2016 1.19 5,000,000.00 5,107,095.00 S,OOSS46,25
3]335PYB9 FARMER MAC HR NR AAA 1/30/20I2 1/6/20I7 1.15 3,000,000.00 3,057,378.90 3,025,713.74
3133EAGH5 FEDERAL FARM CREDR RANK AA+ Aaa NR 3/8/2D32 31812D]7 1.25 5,000,000.00 5,001,635.00 5,000,000.6D
3337EApCD FREOpIE MAC AA+ Aaa NR 2/14/2013 3/8/20)7 0.753 5,000,600.00 5,060,285.00 5,648,776.95
3133EAH24 FEDERAL FARM CREDIT BANK AA+ Aaa NR 3/20/2012 3/28/2017 1.3 5,000,000.00 4,995,380.00 5,006,000.00
3]34G35H4 FHLMCSTEP-UP pA+ Aaa AAA 3/26/20)2 3/28/2017 LOS 5,000,000.00 5,004,085.00 5,000,000.00
3734G3WH9 FEDERAL HOMEEOAN MTG CORP AAr Aaa AAA fi/12/2012 6/12/2017 L15 5,000,000.00 5,041,630.00 5.000,000.00
3333EA4H$ FEpERAL FARM CREDIT BANK AA+ Aaa AAA 10/15/2012 7)11/2017 0.642 5,000,000.00 4,997,995.00 4,995,396.59
3136G0QM6 FEDERAL NAIL MORTGAGE ASSN Ap+ Aaa AAA 7/11/2022 7111(2017 Ll S,OOO,D00.00 5,024,366.00 5,000,000.00
313381820 FBDERAL HOMElAAN BANK AA+ Aaa NR 12/19/20]2 17)8/2017 0.857 5,000,000.00 4,975,855.00 4,975,046.39
3133EC645 FEDERAL FARM CREbIF BANK AA+ Asa NR 12/26/2012 12/26/2017 0.41 10,000,600.00 9,982,770,00 9,995.180,56
313]SPT58 FARMER MAC NR NR NR 7/1312013 12/27/2017 0.903 4,265,000.00 4,272,885.99 4,264,37$.16
3337fADN6 F£pERAL HOMELOAN MTG CORP AA+ Aaa NR 1/14/26]3 1)12/2018 0.92 S,OOD,000.00 4,%6,780.00 4,959,682.20
31315PB46 FARMER MAL NR HR NR 7)26120]3 7/24/2018 1.022 ],OOO,OOD.00 999,513.00 997,567.07
3136G1S56 FNMA STEP~IP AA+ Asa NR ]/29/2013 1129/2018 0.8 9,200,OD6.00 9,235,990.40 9,200,000.00
3134G34X3 FEDERAL HOMELOAN MTG CORP AA+ Aaa AAA 7/3012013 7./301201$ 3 5.000,064.00 5,005,845.00 5,000,000.00
3333B26Y4 FEpERAI HOMELOAN BANK A0.+ Aaa NR 2/]312013 21)3/2016 1 10,000,000.00 10,0.31,750.00 10,000,000.00
3135GOUE1 FEDERAL NAIL MORTGAGE ASSN AA+ Aaa AAA 2/14/20]3 2)1412018 1 10,000,000.00 9,493,510.00 16,000,0[50.00
481241522 1P MORGAN CHASE BANK NA NR NR HR 2)20120]3 2120/2018 1.125 250,000.00 250,000.00 250,000.00
3133823A9 FEDERAL HOMELOAN SANK AA+ Aaa NR 2/22/2013 2/221203$ 1.15 5,600,000.00 5,013,490.06 5,000,006.00
1.616 233,746,000.60 237,269,368.93 238,144,264.02
Source: US SankBafekaeplnp
• Vaiuea may dNferfrom 7meaurers Cast Carded due to accretlon method vedeIIon.
Notes: Federal A6tlaKUrat Mor>dage Corporetlon eacud6ea era Inaued try a U.S. Government agency and ere not rated.
Negotlahle Cpa are not rated, but ere FDIC Insured.
0212612013