07 - Investment Report Costa Mesa Sanitary District
…an Independent Special District
Protecting our community’s health and the environment by providing solid waste and sewer collection services.
www.cmsdca.gov
Memorandum
To: Board of Directors
Via: Scott Carroll, General Manager
From: Marc Davis, Treasurer
Date: August 29, 2013
Subject: Investment Report for the Month of July 2013
Summary
Attached is the Investment Report for the month of July 2013 . As required by the District’s
Statement of Investment Policy, the Investment Report delineates all investment activity
during the month.
Staff Recommendation
Approve the Investment Report for the month of July 2013 .
Analysis
This report lists the types of securities held in the District’s portfolio, the institutions from
which the securities were purchased, maturity dates and interest rates as of July 31 , 2013 .
The District’s investments are in compliance with the Statement of Investment Policy
adopted by the Board at the June 27, 2013 regular meeting, as well as the California
Government Code. The market values in this report were provided by our third party
custodian, Bank of New York, except for the Local Agency Investment Fund (LAIF). The
market value of LAIF was provided by the State Treasurer’s Office. It does not represent
the value of the underlying securities within the pool, but rather the par or c ost amount,
which is the amount the District is entitled to withdraw. This reporting practice is
consistent with industry standard practices for similar funds.
The weighted average stated rate of return (current yield) for the District’s investment
portf olio as of July 31 , 2013, was 0.7 51 %. The yield to maturity of the portfolio was
0.7 51 %. The District’s weighted average interest rate was 48 basis points (0.484 %) above
the daily effective yield of LAIF, which was 0.2 67 % as of July 31 , 2013. The weighted
ITEM NO. 07
Board of Directors
August 29 , 2013
Page 2 of 2
average number of days to maturity for the District’s total portfolio was 9 86 days (2.70
years). The average duration of the underlying securities in LAIF as of July 31 , 2013 was
2 73 days.
The District’s investment portfolio is in complia nce with its liquidity limitations, which
requires that a minimum of 20.00% of the portfolio must mature within one year. The
percentage of the portfolio maturing in less than one year as of July 31 , 2013 was 36.01 %.
As of July 31 , 2013, the District has adequate operating reserves necessary to meet its
obligations for the next six months.
Strategic Plan Element & Goal
This item supports achieving Strategic Element No. 7.0, Finances, by ensuring the short
and long -term fiscal health of the District.
Legal Review
Legal review is not required.
Financial Review
The portfolio was budgeted to earn an average rate of 0.900% for the year ending Ju ne
30 , 201 4 . Through July 31 , 2013 the portfolio has earned a weighted average interest rate
of 0.751 %. Interest rates are starting to creep up, so s taff anticipates that the weighted
average interest for the portfolio will also increase slightly throughout the year.
Public Notice Process
Copies of this report are on file and will be included with the entire agenda packet for the
August 29 , 2013 Board of Directors regular meeting at District Headquarters (6 31 W. 19 th
Street) and on the District’s website at www.cmsdca.gov .
Alternative Actions
1. Refer the matter back to staff
Attachments
Treasurer’s Report of Pooled Cash and Investments as of July 31 , 2013
DepositsOutstanding
Bank Balance In Transits Checks Book Balance
Active Accounts:
Bank of America 100,117.58 $ - 207,732.92 (107,615.34)$
Total Active Accounts100,117.58 - 207,732.92 (107,615.34)
Market Value Increase Decrease Cost
Investments:
Local Agency Investment Fund6,548,219.68 $ - - 6,548,219.68 $
Money Market/Sweep Account206,070.06 - - 206,070.06
Federal Agency Securities11,801,160.00 - (198,840.00) 12,000,000.00
Total Investments18,555,449.74 - (198,840.00) 18,754,289.74
Total Pooled Cash & Investments18,655,567.32 $ -$ 8,892.92 $ 18,646,674.40 $
Market Adjustment
C O S T A M E S A S A N I T A R Y D I S T R I C T
Treasurer's Report of Pooled Cash and Investments
July 31, 2013
Costa Mesa Sanitary District
Pooled Cash and Investments by Fund
July 31, 2013
Solid Waste Fund:
Operating Reserve 801,000.00 $
Unreserved:
Designated for working capital 1,494,000.00
Undesignated 3,389,387.40
Liquid Waste Fund:
Operating Reserve 371,000.00
Reserved for Earthquakes/Emergencies 1,000,000.00
Reserved for Capital Outlay 2,774,665.00
Unreserved:
Designated for working capital 2,467,300.00
Undesignated 657,423.87
Sewer Construction Fund 100,000.00
Facilities Revolving Fund 207,593.07
Asset Replacement Fund 244,013.31
Asset Management Fund 5,140,291.75
Total Pooled Cash & Investments 18,646,674.40 $
Treasurer
Date Marcus D. Davis
8/21/13
1
Total investments outstanding as of June 30, 2013 19,418,962.75 $
Additions:
Gain on sale of investment -
Investment purchases -
Deductions:
Investments called -
Net increase (decrease) in Sweep Account 2,259.30
Net increase (decrease) in LAIF (666,932.31)
Total investments outstanding as of July 31, 2013 18,754,289.74 $
C O S T A M E S A S A N I T A R Y D I S T R I C T
Investment Activity Summary
July 31, 2013
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Current %
of Market Value
07/31/13 Maximum %
U.S. Treasury Bills0.00%Unlimited
U.S. Treasury Notes0.00%Unlimited
Federal Agency Issues:
FICB 0.00%Unlimited
FLB 0.00%Unlimited
FHLB 0.00%Unlimited
FHLMC 31.76%Unlimited
FNMA 26.54%Unlimited
FFCB 5.30%Unlimited
Other *0.00%Unlimited
Banker's Acceptances0.00%25% (1)
Certificates of Deposit0.00%25%
Negotiable Certificates of Deposits0.00%25% (1)
Commercial Paper0.00%25% (1)
Medium Term Corporate Notes0.00%20% (1)
LAIF (Local Agency Investment Fund)35.29%40,000,000
Shares of Benefical Interest0.00%20%
Money Market/Mutual Funds (Sweep Acct)1.11%10% per fund (2)
Total 100.00%
% of portfolio maturing under one year 36.01%no les s than 20%
% of portfolio maturing over one year63.99%
100.00%
(1) Further limited to 10% in any single issuer
(2) Also limited to 20% in total.
*These securities are not considered for purchases: SBA, GNMA, TVA and SALLIEMAE
COSTA MESA SANITARY DISTRICT
Summary of Policy Limitations
July 31, 2013
Description
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