08 - Investment Report May 2013 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: June 27, 2013
Subject: Investment Report for the Month of May 2013
Summary
Attached is the Investment Report for the month of May 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 May 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 May 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
June 27, 2013
Page 2 of 3
The weighted average stated rate of return (current yield) for the District’s investment
portfolio as of May 31, 2013, was 0.646%. The yiel d to maturity of the portfolio was
0.646%. The District’s weighted average interest r ate was 40 basis points (0.401%) above
the daily effective yield of LAIF, which was 0.245% as of May 31, 2013. The weighted
average number of days to maturity for the District ’s total portfolio was 948 days (2.60
years). The average duration of the underlying sec urities in LAIF as of May 31, 2013,
which is the most current information available, wa s 249 days.
The District’s investment portfolio is in complianc e 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 o ne year as of May 31, 2013 was 40.15%.
During May 2013, the District had 2 securities call ed. The proceeds from the calls were
transferred to the sweep account held by the Distri ct’s custodian. This resulted in a
temporary non-compliance of the portfolio whereby t he investments in a money market
mutual fund exceeded 10.00% in any one fund. As of May 31, 2013, the District had
13.18% of its portfolio in the sweep account with t he Bank of New York. Replacement
securities have been purchased and will settle duri ng June 2013. Once these
replacement investments are settled, the balance in the sweep account will be reduced to
below 10.00% of the portfolio.
As of May 31, 2013, the District has adequate opera ting 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 May 31, 2013, the portfolio has earned a weighted average interest
rate of 0.769%. Staff anticipates that the Distric t will fall short of its estimated investment
earnings.
Board of Directors
June 27, 2013
Page 3 of 3
Public Notice Process
Copies of this report are on file and will be inclu ded with the entire agenda packet for the
June 27, 2013 Board of Directors regular meeting at District Headquarters (631 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 a s of May 31, 2013
DepositsOutstanding
Bank Balance In Transits Checks Book Balance
Active Accounts:
Bank of America 3,359,097.56 $ - 246,004.85 3,113,092.71 $
Total Active Accounts3,359,097.56 - 246,004.85 3,113,092.71
Market Value Increase Decrease Cost
Investments:
Local Agency Investment Fund4,515,151.99 $ - - 4,515,151.99 $
Money Market/Sweep Account2,193,044.88 - - 2,193,044.88
Federal Agency Securities9,933,930.00 - (66,070.00) 10,000,000.00
Total Investments16,642,126.87 - (66,070.00) 16,708,196.87
Total Pooled Cash & Investments20,001,224.43 $ -$ 179,934.85 $ 19,821,289.58 $
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
May 31, 2013
Costa Mesa Sanitary District
Pooled Cash and Investments by Fund
May 31, 2013
Solid Waste Fund:
Operating Reserve 801,000.00 $
Unreserved:
Designated for working capital 1,494,000.00
Undesignated 4,148,224.41
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 1,097,043.04
Sewer Construction Fund 100,000.00
Facilities Revolving Fund 183,752.07
Asset Replacement Fund 244,013.31
Asset Management Fund 5,140,291.75
Total Pooled Cash & Investments 19,821,289.58 $
Treasurer
Date Marcus D. Davis
6/16/13
1
Total investments outstanding as of April 30, 2013 17,014,537.23 $
Additions:
Gain on sale of investment -
Investment purchases 1,000,000.00
Deductions:
Investments called (2,000,000.00)
Net increase (decrease) in Sweep Account 1,013,659.64
Net increase (decrease) in LAIF (320,000.00)
Total investments outstanding as of May 31, 2013 16,708,196.87 $
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
May 31, 2013
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Current %
of Market Value
05/31/13 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 29.85%Unlimited
FNMA 29.85%Unlimited
FFCB 0.00%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)27.13%40,000,000
Shares of Benefical Interest0.00%20%
Money Market/Mutual Funds (Sweep Acct)13.18%10% per fund (2)
Total 100.00%
% of portfolio maturing under one year 40.15%no les s than 20%
% of portfolio maturing over one year59.85%
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
May 31, 2013
Description
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