20 - 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: October 24, 2013
Subject: Investment Report for the Month of September 2013
Summary
Attached is the Investment Report for the month of September 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 September 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 September
30 , 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 S tate Treasurer’s Office. It does not
represent the value of the underlying securities within the pool, but rather the par or cost
amount, which is the amount the District is entitled to withdraw. This reporting practice is
consistent with industry standard practices for similar funds.
ITEM NO. 20
Board of Directors
October 24 , 2013
Page 2 of 3
The weighted average stated rate of return (current yield) for the District’s investment
portfolio as of September 30 , 2013 , was 0.7 98 %. The yield to mat urity of the portfolio was
0.7 98 %. The District’s weighted average in terest rate was 54 basis points (0.541 %) above
the daily effectiv e yield of LAIF, which was 0.2 57 % as of September 30 , 2013 . The
weighted average number of days to maturity for the District’s total portfolio was 1,0 27
days (2.81 years). The average durat ion of the underlying securities in LAIF as of
September 30 , 2013 was 2 39 days.
The District’s investment portfolio is in compliance 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 September 30 , 2 013 was
30.43 %.
As of September 30 , 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 September 30 , 2013 the portfolio has earned a weighted average
interest rate of 0.7 72 %. 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 Proces s
Copies of this report are on file and will be included with the entire agenda packet for the
October 24 , 2013 Board of Directors regular meeting at District Headquarters (6 30 W. 19 th
Street) and on the District’s website at www.cmsdca.gov .
Board of Directors
October 24 , 2013
Page 3 of 3
Alternative Actions
1. Refer the matter back to staff
Attachments
Treasurer’s Report of Pooled Cash and Investments as of September 30 , 2013
DepositsOutstanding
Bank Balance In Transits Checks Book Balance
Active Accounts:
Bank of America 265,165.80 $ - 199,810.09 65,355.71 $
Total Active Accounts265,165.80 - 199,810.09 65,355.71
Market Value Increase Decrease Cost
Investments:
Local Agency Investment Fund5,308,219.68 $ - - 5,308,219.68 $
Money Market/Sweep Account27,973.70 - - 27,973.70
Federal Agency Securities12,016,880.00 - (183,120.00) 12,200,000.00
Total Investments17,353,073.38 - (183,120.00) 17,536,193.38
Total Pooled Cash & Investments17,618,239.18 $ -$ 16,690.09 $ 17,601,549.09 $
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
September 30, 2013
Costa Mesa Sanitary District
Pooled Cash and Investments by Fund
September 30, 2013
Solid Waste Fund:
Operating Reserve 801,000.00 $
Unreserved:
Designated for working capital 1,494,000.00
Undesignated 2,541,500.36
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 282,163.35
Sewer Construction Fund 100,000.00
Facilities Revolving Fund 259,186.57
Asset Replacement Fund 353,994.11
Asset Management Fund 5,156,739.70
Total Pooled Cash & Investments 17,601,549.09 $
Treasurer
Date Marcus D. Davis
10/16/13
1
Total investments outstanding as of August 31, 2013 18,120,541.55 $
Additions:
Gain on sale of investment -
Investment purchases 200,000.00
Deductions:
Investments called -
Net increase (decrease) in Sweep Account (194,348.17)
Net increase (decrease) in LAIF (590,000.00)
Total investments outstanding as of September 30, 2 013 17,536,193.38 $
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
September 30, 2013
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Current %
of Market Value
09/30/13 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 34.01%Unlimited
FNMA 29.61%Unlimited
FFCB 5.63%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)30.59%40,000,000
Shares of Benefical Interest0.00%20%
Money Market/Mutual Funds (Sweep Acct)0.16%10% per fund (2)
Total 100.00%
% of portfolio maturing under one year 30.43%no les s than 20%
% of portfolio maturing over one year69.57%
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
September 30, 2013
Description
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