08 - 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: April 18, 2013
Subject: Investment Report for the Month of March 2013
Summary
Attached is the Investment Report for the month of March 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 March 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 March 31 ,
2013 . The District’s investments are in compliance with the Statement of Investment
Policy adopted by the Board at the July 26, 2012 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 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. 08
Board of Directors
April 18, 2013
Page 2 of 3
The weighted average stated rate of return (current yield) for the District’s investment
po rtfolio as of March 31 , 2013, was 0.734%. The yield to maturity of the portfolio was
0.734 %. The District’s weighted average interest rate was 46 basis points (0.464 %) above
the daily effective yield of LAIF, which was 0.270% as of March 27 , 2013. The weighted
average number of days to maturity for the District’s total portfolio was 1,017 days (2.79
years). The average duration of the underlying securities in LAIF as of March 27 , 2013 ,
which is the most current information available, was 21 2 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 March 31 , 2013 was
35.60%.
As of March 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 June
31 , 2013. Through March 31 , 2013, the portfolio has earned a weighted average interest
rate of 0.790%. Staff anticipates that the District will be close to budget with its estimated
investment earnings.
Public Notice Process
Copies of this report are on file and will be included with the entire agenda packet for the
March 31 , 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 .
Board of Directors
April 18, 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 March 31 , 2013
DepositsOutstanding
Bank Balance In Transits Checks Book Balance
Active Accounts:
Bank of America 554,139.99 $ - 209,606.71 344,533.28 $
Total Active Accounts 554,139.99 - 209,606.71 344,533.28
Market Value Increase Decrease Cost
Investments:
Local Agency Investment Fund4,906,443.80 $ - - 4,906,443.80 $
Money Market/Sweep Account1,174,368.07 - - 1,174,368.07
Federal Agency Securities 11,009,163.75 - 9,163.75 11,000,000.00
Total Investments 17,089,975.62 - 9,163.75 17,080,811.87
Total Pooled Cash & Investments17,644,115.61 $ -$ 218,770.46 $ 17,425,345.15 $
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
March 31, 2013
Costa Mesa Sanitary District
Pooled Cash and Investments by Fund
March 31, 2013
Solid Waste Fund:
Operating Reserve 801,000.00 $
Unreserved 4,620,017.69
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 2,250,808.58
Sewer Construction Fund 100,000.00
Facilities Revolving Fund 123,548.82
Asset Replacement Fund 244,013.31
Asset Management Fund 5,140,291.75
Total Pooled Cash & Investments 17,425,345.15 $
Treasurer
Date Marcus D. Davis
March 31, 2013
4/12/13
1
Total investments outstanding as of February 28, 2013 17,355,781.27 $
Additions:
Gain on sale of investment -
Investment purchases 1,000,000.00
Deductions:
Investments called -
Net increase (decrease) in Sweep Account (999,969.40)
Net increase (decrease) in LAIF (275,000.00)
Total investments outstanding as of March 31, 2013 17,080,811.87 $
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
March 31, 2013
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Current %
of Market Value
03/31/13 Maximum %
U.S. Treasury Bills 0.00%Unlimited
U.S. Treasury Notes 0.00%Unlimited
Federal Agency Issues:
FICB 0.00%Unlimited
FLB 0.00%Unlimited
FHLB 0.00%Unlimited
FHLMC 29.26%Unlimited
FNMA 29.30%Unlimited
FFCB 5.86%Unlimited
Other *0.00%Unlimited
Banker's Acceptances 0.00%25% (1)
Certificates of Deposit 0.00%25%
Negotiable Certificates of Deposits 0.00%25% (1)
Commercial Paper 0.00%25% (1)
Medium Term Corporate Notes 0.00%20% (1)
LAIF (Local Agency Investment Fund)28.71%40,000,000
Shares of Benefical Interest 0.00%20%
Money Market/Mutual Funds (Sweep Acct)6.87%10% per fund (2)
Total 100.00%
% of portfolio maturing under one year 35.60%no less than 20%
% of portfolio maturing over one year 64.40%
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
S ummary of Policy Limitations
March 31, 2013
Description
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