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: September 26, 2013
Subject: Investment Report for the Month of August 2013
Summary
Attached is the Investment Report for the month of August 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 August 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 August 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 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
September 26, 2013
Page 2 of 3
The weighted average stated rate of return (current yield) for the District’s investment
portfolio as of August 31 , 2013 , was 0.7 69 %. The yield to mat urity of the portfolio was
0.7 69 %. The District’s weighted average interest rate was 50 basis points (0.4 98 %) above
the daily effectiv e yield of LAIF, which was 0.2 71 % as of August 31 , 2013 . The weighted
average number of days to maturity for the District’s total portfolio was 1,000 days (2.7 4
years). The average duration of the underlying securities in LAIF as of August 31 , 2013
was 270 days.
The District’s investment portfolio is in com pliance 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 August 31 , 2013 was
33.77 %.
As of August 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 August 31 , 2013 the portfolio has earned a weighted average interest
rate of 0.7 60 %. 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
September 26 , 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
September 26 , 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 August 31 , 2013
DepositsOutstanding
Bank Balance In Transits Checks Book Balance
Active Accounts:
Bank of America 112,759.19 $ - 213,110.31 (100,351.12)$
Total Active Accounts112,759.19 - 213,110.31 (100,351.12)
Market Value Increase Decrease Cost
Investments:
Local Agency Investment Fund5,898,219.68 $ - - 5,898,219.68 $
Money Market/Sweep Account222,321.87 - - 222,321.87
Federal Agency Securities11,718,710.00 - (281,290.00) 12,000,000.00
Total Investments17,839,251.55 - (281,290.00) 18,120,541.55
Total Pooled Cash & Investments17,952,010.74 $ -$ (68,179.69)$ 18,020,190.43 $
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
August 31, 2013
Costa Mesa Sanitary District
Pooled Cash and Investments by Fund
August 31, 2013
Solid Waste Fund:
Operating Reserve 801,000.00 $
Unreserved:
Designated for working capital 1,494,000.00
Undesignated 2,992,204.70
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 424,344.82
Sewer Construction Fund 100,000.00
Facilities Revolving Fund 211,370.82
Asset Replacement Fund 244,013.31
Asset Management Fund 5,140,291.78
Total Pooled Cash & Investments 18,020,190.43 $
Treasurer
Date Marcus D. Davis
9/18/13
1
Total investments outstanding as of July 31, 2013 18,754,289.74 $
Additions:
Gain on sale of investment -
Investment purchases -
Deductions:
Investments called -
Net increase (decrease) in Sweep Account 16,251.81
Net increase (decrease) in LAIF (650,000.00)
Total investments outstanding as of August 31, 2013 18,120,541.55 $
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
August 31, 2013
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Comments
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Current %
of Market Value
08/31/13 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 32.79%Unlimited
FNMA 27.49%Unlimited
FFCB 5.42%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)33.06%40,000,000
Shares of Benefical Interest0.00%20%
Money Market/Mutual Funds (Sweep Acct)1.25%10% per fund (2)
Total 100.00%
% of portfolio maturing under one year 33.77%no les s than 20%
% of portfolio maturing over one year66.23%
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
August 31, 2013
Description
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