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Home My WebLink About2018 City Treasurer - Investment Summary Report /IPPRoVED (a - O-- I (B I-E74-ou1`oF Room) _ � City of Huntington Beach `v�f qb 5> 95P6Qt File #: 19-121 MEETING DATE: 2/4/2019 REQUEST FOR CITY COUNCIL ACTION SUBMITTED TO: Honorable Mayor and City Council Members SUBMITTED BY: Fred A. Wilson, City Manager PREPARED BY: Alisa Backstrom, City Treasurer Subject: Receive and file the City Treasurer's December 2018 Quarterly Investment Summary Report Statement of Issue: Receive and file the City Treasurer's Quarterly Investment Report for December 2018, pursuant to Section 17.0 of the Investment Policy of the City of Huntington Beach. Financial Impact: Not Applicable Recommended Action: Receive and file the City Treasurer's Quarterly Investment Report for December 2018, pursuant to Section 17.0 of the Investment Policy of the City of Huntington Beach. Alternative Action(s): Deny or critique Quarterly Report Analysis: Not Applicable Environmental Status: Not Applicable Strategic Plan Goal: Strengthen economic and financial sustainability Attachment(s): 1 . Treasurer's Quarterly Investment Report for December 2018 2. Treasurer's PowerPoint Presentation for December 2018 City of Huntington Beach Page 1 of 1 Printed on 1/30/2019 powered LegistarT' CityHuntingtonof Beach "cC.. , _ T - +_ -3 Of1NTY CP/. ! Quarterly Treasurer's Report Quarter Ending : December 31 , 2018 Prepared by: Alisa Cutchen, CCMT, CPFIM City Treasurer 29 CITY OF HUNTINGTON BE CITY TREASURER'S QUARTERLY REPORT DECEMBER 2018 - - Economic and Market Overview: Market Summary Q3 — Q4 2018 Market Summary Federal Funds Rate 10-Year Treasury S&P 500 DOW 9/30/2018 2.00 - 2.25 % 3.05% 2,913.98 26,458.31 12/31/2018 2.25 - 2.50% 2.69% 2,506.85 23,327.46 Q3-Q4 2018% Change 11.11% -11.80% -13.97% -11.83% The Federal Open Market Committee (FOMC) met in December to discuss the current state of the economy and to examine potential future interest rate hikes before year-end. They concluded that the labor market has continued to strengthen and economic activity has been rising at a strong rate. They stated, "Household spending has continued to grow strongly, while growth of business fixed investment has moderated from its rapid pace earlier in the year. On a 12-month basis, both overall inflation and inflation for items other than food and energy remain near 2 percent." The Committee will continue to monitor actual and expected inflation developments as the year progresses to determine the timing and size of future adjustments to the federal funds rate. In view of the realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percent in December. Fixed Income/Equity Markets: The yield on the 10-year U.S. Treasury finished the quarter at 2.69%, down from 3.05% from the end of the previous quarter, for a -11.80% decrease quarter over quarter. The S&P 500 and DOW decreased by 13.97% and 11.83% respectively, over the same period. Overall, the fourth quarter of 2018 brought decreases in the market with strong volatility as compared to the earlier quarters of the year. Employment: Total nonfarm payroll employment increased by 312,000 in December, and the unemployment rate was at 3.9 percent. Over the past 3 months, job gains have averaged 254,000 per month. Average hourly earnings rose 11 cents an hour to $27.48 for the month of December. 30 mill CITY OF HUNTINGTON BEACH—CITY TREASURER'S QUARTERLY REPORT , DECEMBER 2018 Portfolio Composition: Portfolio Summary As of December 31, 2018 $ in millions % of In Investment Type Market Value Book Value Portfolio Policy Limit Compliance Federal Agency Issues $ 140.8 $ 142.6 64% None yes Local Agency Investment Fund (LAIF) $ 16.2 $ 16.2 7% $65 million yes Treasury Securities $ 14.8 $ 14.8 7% None yes Medium Term Notes -IADB $ 6.9 $ 6.9 3% 10% yes Corporate Bonds $ 39.4 $ 39.6 18% 30% yes Commercial Paper $ 3.0 $ 3.0 1% 25% yes Total Portfolio $ 221.1 $ 223,1 100% Currently, funds within this portfolio are invested in federal agency securities, corporate bonds, commercial paper, the Inter-American Development Bank ("IADB"), U.S. Treasury Securities, and the State of California's pooled account (Local Agency Investment Fund "LAIF"). All federal agency bonds and notes purchased by the City are rated "AAA" by Moody's, as are the IADB bonds, All corporate bonds are "A" rated or its equivalent or better, per the City's investment policy and State of California regulations. All commercial paper has the highest ratings of A-1/P-1. Investments by Type As of December 31, 2018 Corporate Bonds 18% Commercial Paper 1% MTN-IADB 3% \ / Federal Agencies 64% / Treasuries 7% NNN. rill.1111111.1111111111.11.1111.1.1111. . _N 114,,,,4";,°• , . LAIF 7% 0',Irket' '1,T 31 CITY Iliti91 ' TREASURER'S4 ` " DECEMBER 2018 = - 7 LAIF offers local agencies the opportunity to participate in a major portfolio with overnight liquidity managed by the State of California Treasurer's Office, Please see http://www.treasurer.ca.00viomia- laifilaitasp for more information. LAIF is currently utilized for the liquidity portion of the City's portfolio as the yield received for overnight availability at this time is similar to or greater than that of alternative liquid investments. Portfolio Earnings and Performance: Monthly Earnings January 2018 — December 2018 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 I I I I I $100,000 $50,000 SO 4' 'ti.," 4s, (54 e, 4 04. 4, 4. ot, ). 4> ^t,ts6P et% lf le le In September a slight rebalance of the portfoliowas enacted in order to take advantage of the rising interest rates, as the Federal Reserve raisedrates four times since the beginning of the year. This, combined with the Local Agency Investment Fund (LAIF) continuing to increase its effective monthly yield, has allowed the portfolio to earn additional interest income (as seen by the increases to the monthly earnings above for the months of October, November and December. 32 DECEMBER 2018 ,,,-±EzW:0se. 44e,;144A:.4±- Portfolio Earnings As of December 31, 2018 Portfolio Earnings Month End 12/31/18 FYTD 12/31/18 Current Year $ 360,417 $ 1,904,602 Current Budget $ 200,000 $ 1,200,000 Last Year Actual $ 233,822 $ 1,454,698 Effective Rate of Return 1.98% 1.81% Yield to Maturity 2.05% Benchmark* 2.42% *12 month moving average of interpolated 1.5-year treasury The monthly portfolio earnings as of December 31, 2018 were $360,417, with fiscal year-to-date earnings of $1,904,602, a 54% and 31% increase, respectively, over the same periods in 2017. The yield to maturity as of 12/31/18 was 2.05%. The City's investment policy mandates are safety, liquidity and return, in this absolute order. The investment portfolio is designed with the objective of attaining a market rate of return through budgetary and economic cycles, taking into account the investment risk constraints and the liquidity requirements. In order to take advantage of approximately $900,000 in annual savings, the City modified the timing of the payment of the unfunded portion of the annual CaIPERS liability from annually.monthlyto Having made this approximately $25 million annual prepayment in June of this this year, the City'sinvestment return is somewhat behind that of the benchmark as these funds were utilized for payment, hence unavailable for longer-term investment. As well, securities must mature over time in order to be reinvested at higher rates. Therefore, the portfolio return will typically lag the market. It is anticipated that as funds become available, they will be reinvested at the higher interest rates resulting in an increased rate of return for the portfolio. 33 CITY OF HUNTINGTON BEACH —CITY TREASURER'S QUARTERLY REPORT DECEMBER 2018 Portfolio Activity: Monthly Activity December 2018 Investment Type Purchases/Deposits Sales/Maturities/Withdrawals Federal Agency Issues $ 5,000,000 Local Agency Investment Fund (LAIF) $ 9,000,000 Medium Term Notes - IADB Corporate Bonds $10,000,000 Commercial Paper Treasury Securities $ 5,000,000 TOTAL $20,000,000 $ 9,000,000 For the month of December 2018, $5 million in Federal Agencies, $5 million in Treasuries, and $10 million in corporate bonds were purchased. $9 million in the Local Agency Investment Fund (LAIF) was withdrawn for operating expenses. Quarterly Activity October December, 2018 Investment Type Purchases/Deposits Sales/Maturities/Withdrawals Federal Agency Issues $ 12,000,000 $ 5,000,000 Local Agency Investment Fund (LAIF) * $19,158,078 $23,000,000 Medium Term Notes - IADB IBRD Corporate Bonds $13,000,000 $ 3,000,000 Commercial Paper $ 3,000,000 Treasury Securities $ 5,000,000 Federal Agency Discount Note TOTAL $52,158,078 $31,000,000 Includes Interest Income For the quarter ending December 31, 2018, a net of $4 million was transferred from LAIF to the operating account, with interest received of $158,078. $12 million of Federal Agencies, $13 million of corporate bonds, $3 million of commercial paper, and $5 million of treasuries were purchased. $5 million of Federal Agencies and $3 million of corporate bonds matured or was sold during the quarter. Compliance: The portfolio is in conformity with all relevant State regulations and the City's Investment Policy statement as approved by the City Council on February 5, 2018. The investment program herein shown provides sufficient cash flow liquidity to meet the next six months' obligations. 34 CITY OF HUNTINGTON BEACH — CITY TREASURER'S QUARTERLY REPORT DECEMBER 2018 Additional Information: Retirement Plans — Market Value Due to delay in statement receipt, information is from previous quarter. Deferred Compensation Plans- Summary Information- Sept 2018 I Reporting is Quarterly Ending Balance Nationwide incl. Beginning Ending Self Directed Balance Balance Option (7-1-18) (9-30-18) (9-30-18) ICMA Retirement Corporation(457 Plan) S51f979,788 S53,547,363 S53,547,363 Nationwide Retirement Solutions(457 Plan) S90,075,543 S98,188,214 S99,464,089 Total Deferred Compensation Plan Balances $142,055,331 $151,735,577 $153,011,452 Retiree Medical Trust- Summary Information Reporting is Quarterly Beginning Ending Balance Balance (7-1-18) (9-30-18) CaIPERS Retiree Medical Trust Account S26,836,941 $26,992,574 Supplemental Pension Trust-Summary Information Reporting is Monthly Beginning Ending Balance Balance (9-1-18) (9-30-18) US Bank Supplemental Pension Trust Account $57,383,892 $57,224,315 PARS 115 Trust- Summary Information Reporting is Monthly Beginning Ending Balance Balance (9-1-181 (9-30-18) PARS Post Employment Benefits Trust Account $5,054,739 $5,042,147 35 CITY OF BEACH CITY TREASURER'S QUARTERLY REPORT DECEMBER 2018 Bond Reserve Accounts — Market Value Balances as of December 31, 2018 Summary of Huntington Beach Investments Bond Issue-- Reserve Accounts Reserve Account As of December 31,2018 Value as of Federal Money Market Bond Issue: December 31,2018 LAW Agency Issues Funds CAMP N.B.Pubic Financing Atrtorty Lease 1,249,391.25 1,248,786 605.64 Refunding Bonds 2010 Series A H.B.Pubk Financing Atitiorci(Capra} Improvement Retnancing/Senior Cerber) 3,389,752,79 3,389,713.30 39.49 Bonds 2011 Series A Redevelopment Agency of N.B.- 1999 Tax Abocabon Refunding Bonds(1/3 of 767,912.30 767,911,30 1.00 1992) Rede - •• nt Agency of H.B.-2002 Tax Atocason Refunding Bonds(2/3 of 1,721,794.38 664.513.05 998,240.00 59,041.33 1992) H.B. Community Faces Distria No. 1993- 1 2001 Special Tax Bonds(C-o)denwe - 173,344.85 172,942.23 402.62 U ) N.B. • ncy Faces Diszna No,2050- 1 2013 Special Tax Bonds(Grand Coast- 1,105,612.71 1,105,612.71 Hyas) H.B.Condnurity F..« DS=No.2002- 1 2002 Spec4 Tax Bonds(McDonne 467,637.65 467.637.65 Centre Business Park) H,B.Community FacWies col No.2003- 1 2013 Special Tax Bonds (HunIngtion 1,701,185,59 1,701,185.59 Center-Bela Terra) TOTALS: $ 10,576,632 $ 6,711,503 $ 998,240 $ 60,090 $ 2,806,798 36 U....0 d > Nm d' M Cf) Cn O o O'° ELM t0 0 03,c w r N N N N ,C,• On D U ~-r= m Cn o O z" O o o era <a O aI CD 0 m co a. N: r CL CC CO 0o N a u• ua.>, Cr W r N N N N CO a j C.) C8 N Y c m ' m o M O h '2O N - N O lO N ID CC ai C N« O c l7 : O O CJ-2 1".m Ua a) o m m m r- r t (U <t CO 0N N ,a. w C I- r r r CO CO -3 0 co 0 Cei ID C C C a),X ij w N c o o c oe° v r- (2) O O M C. cm 'md, CNC) 0 C N N a) Q) o a co m v 0 0 a N a) ,C 0 > m w. 0 N- 74 N a) O. 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Fair Value Accrued Interest' United States Treasury: Bills $ 17.455.024.268.51 $ 17.590.661.508.00 N/\ Notes $ 27.165.842.530.10 $ 27.036.575.000.00 $ 101.372.864.00 Federal Agency: SBA $ 759.012.317�81 $ 750'559'235.41 $ 1.428,96T80 yWBS-REWl|Cm $ 26.546.569.48 $ 28.844.576.73 $ 124.02878 Debentures $ 2.017.318.359.12 $i � 1.898.885.250.00 $ 10.019.535.80 Debentures FIR $ ' $ ' $ ' DebentuneoCL 8 100.000.000.00 $ 99.266.500.00 $ 198.125.00 Discount Notes $ 10.438.588.639.07 $ 10.486.381.250.00 NA Gupnanstkzna| Debenhunaa $ 489.118.743.08 $ 485,932,100.00 $ 1.649.223.50 Supnanatiuna| Debentures FIR $ 160.344.087.56 $ 150.685.622.19 $ 146.144.83 CDs and YCOaFR $ 425.000.000.00 $ 425.000.000.00 $ 985.78720 Bank Notes $ 950.000.000.00 $ 949.040.182.10 $ 5.980.11111 CDs and YCOo $ 12.900.000.000.00 $ 12.882.738.39736 $ 62.387.819.44 Commercial Paper $ 8.157.871.930.56 $ 6.177.001.763.89 NA Corporate: BondoFR $ - $ ' $ ' Bonds $ - $ - $ ' ' Repurchase Agreements $ - $ - $ ' Reverse Repurchase $ - $ ' $ - Time Deposits $ 4.922.240.000.00 $ 4.Q22.24O.00O.00 NA AB65 & GFLoans $ 724.291.000.00 $ 724.291.000.00 NA TOTAL $ 84'678'898'445.27 $ 84.716.194.377.68 $ 184.272.608.46 � Fair Value Including Accrued Interest $ 84.900.466.984.14 Repurchase Agreements, Time Deposits, AB55 & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). /<- ltt' Statement of Cash Receipts and Disbursements and Summary of Cash by Fund iX Finance Department UNT Cl;:";" October 2018 Cash Receipts and Disbursements September 2018 October 2018 Receipts General Fund Property Tax 1,302,381 318,662 Local Sales Tax 3,539,471 4,119,343 Public Safety Sales Tax 202,372 188,834 Transient Occupancy Tax (TOT) 1,524,046 1,189,100 Utility Users Tax(UUT) 1,918,688 1,721,681 Other Revenue 4,403,233 4,508,359 Total General Fund Revenue 12,890,190 12,045,979 Capital Projects Funds 858,122 35,578 Debt Service Funds Enterprise Funds 5,785,871 6,358,688 General Fund Other 52,199 159,714 Internal Service Funds - 10,920 Special Revenue Funds 3,002,473 2,244,815 Grant Funds 1,059,259 461,604 Trust and Agency Funds 1,136,984 8,321,889 Total Receipts $24,785,098 $29,639,187 Disbursements General Fund Personal Services (10,109,489) (9,926,851) Operating Expenses (2,876,885) (3,496,383) Capital Expenditures (76,573) - Non-Operating Expenses (4,208) (4,208) Total General Fund Disbursements (13,067,156) (13,427,442) 45 Capital Projects Funds (33,123) (991,073) Debt Service Funds - (2,850) Enterprise Funds (3,515,171) (3,223,087) General Fund Other (163,199) (274,233) Internal Service Funds (796,499) (1,699,760) Special Revenue Funds (1,542,112) (980,388) Grant Funds (950,831) (277,795) Trust and Agency Funds (7,138,226) (6,668,808) Total Disbursements (27,206,317) (27,545,436) Net Change in Cash Flow ($2,421,218) $2,093,751 Summary of Cash by Fund September 2018 October 2018 General Fund $38,558,852 $29,111,802 General Fund Other 3,659,831 3,545,312 Capital Projects Funds 23,254,958 24,197,891 Debt Service Funds 60,938 58,088 Enterprise Funds 71,134,702 74,886,809 Trust and Agency Funds 7,902,748 10,555,828 Internal Service Funds 26,973,346 29,314,171 Special Revenue Funds 41,011,712 42,385,147 General Ledger Cash Balances * $212,557,088 $214,055,049 * Total cash will differ from investment portfolio total due to outstanding checks and/or other timing differences. 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IE N N Y) O •Ci) 2 E (� J O) -O O O •ay a) d () a) a) a a) 3 CO OC CON O O 0 O C O O C t. N • C w m n. W N E N t! an d W c u) E •+� W m W T. �' O .E C 0 .0 CO 0) (0 C CO O a E '� CO Ira 03 03 CO W is ca W m O W = fA N N E •7 N to N N E 0 U 0 U a) d "" N m O 2 2 m _ �_ d O N To Q C E i3 c O U 03 o a) . c c a 0 c c a a) a) c c W a) j ~ N � o 3 N1 0 C m y m Nl C. Y aa) -a 133 y « m O O C 0 2 .0 13 0 0 0 7 E .O -0 y O ? .- 0 IA y •- 'C, a U t`� v v c U c) a o t V 'a m I o waaa y N �, ¢ ¢ ¢ N N r � Qa = a rn 7 O N a) N N w N l0 I C) it J J Q Q CL = a. J J a a U c Q. J O h O I I 0 N U) O) O F- n O Ui IU C C D y%FIVEsr State of California ,7 7 PMIA . T, Pooled Money Investment Account cc':' , '2 Market Valuation r'LmutoV + 11/30/2018 Carrying Cost Plus Description Accrued Interest Purch. Fair Value Accrued Interest United States Treasury: Bills $ 17,834,331,743.48 $ 17,984,428,000.00 NA Notes $ 25,164,100,239.25 $ 25,063,391,500.00 $ 94,937,717.50 Federal Agency: SBA $ 751,977,133.40 $ 743,809,603.40 $ 1,415,524.93 MBS-REMICs $ 25,686,312.74 $ 26,022,473.20 $ 119,893.42 Debentures $ 2,067,230,421.62 $ 2,051,829,700.00 $ 9,295,494.05 Debentures FR $ - $ - $ - Debentures CL $ 100,000,000.00 $ 99,387,500.00 $ 396,250.00 Discount Notes $ 10,159,747,875.12 $ 10,215,334,000.00 NA Supranational Debentures $ 489,118,743.08 $ 486,602,900.00 $ 1,951,973.00 Supranational Debentures FR $ 150,344,087.56 $ 150,696,852.73 $ 464,581.53 CDs and YCDs FR $ 425,000,000.00 $ 425,074,000.00 $ 1,884,625.74 Bank Notes $ 850,000,000.00 $ 849,276,238.42 $ 6,447,444.45 CDs and YCDs $ 11,500,000,000.00 $ 11,493,443,085.16 $ 65,961,166.73 Commercial Paper $ 5,407,676,333.36 $ 5,426,067,444.42 NA Corporate: Bonds FR $ - $ - $ - Bonds $ - $ - $ - Repurchase Agreements $ - $ - $ - Reverse Repurchase $ $ - $ - Time Deposits $ 4,762,240,000.00 $ 4,762,240,000.00 NA AB 55 & GF Loans $ 758,137,000.00 $ 758,137,000,00 NA TOTAL $ 80,445,589,889.61 $ 80,535,740,297.33 $ 182,874,671.35 Fair Value Including Accrued Interest $ 80,718,614,968.68 Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). 54 �ft�„1\}td16lp ,ter , Statement of Cash Receipts and Disbursements and 7 Summary of Cash by Fund 77 .�•,,,.,,,,,,,�;..�f�c� Finance Department te, November 2018 Cash Receipts and Disbursements October 2018 November 2018 Receipts General Fund Property Tax 318,662 10,918,257 Local Sales Tax 4,119,343 3,986,548 Public Safety Sales Tax 188,834 184,449 Transient Occupancy Tax(TOT) 1,189,100 1,155,610 Utility Users Tax(UUT) 1,721,681 1,607,613 Other Revenue 4,508,359 3,749,159 Total General Fund Revenue 12,045,979 21,601,636 Capital Projects Funds 35,578 32,417 Debt Service Funds - Enterprise Funds 6,358,688 5,675,838 General Fund Other 159,714 251,933 Internal Service Funds 10,920 1,135 Special Revenue Funds 2,244,815 2,187,744 Grant Funds 461,604 670,476 Trust and Agency Funds 8,321,889 2,932,344 Total Receipts $29,639,187 $33,353,522 Disbursements General Fund Personal Services (9,926,851) (14,910,871) Operating Expenses (3,496,383) (3,631,035) Capital Expenditures 0 (4,008) Non-Operating Expenses (4,208) (70,142) Total General Fund Disbursements (13,427,442) (18,616,055) 55 Capital Projects Funds (991,073) (375,401) Debt Service Funds (2,850) - Enterprise Funds (3,223,087) (4,853,705) General Fund Other (274,233) (263,968) Internal Service Funds (1,699,760) (524,478) Special Revenue Funds (980,388) (1,740,391) Grant Funds (277,795) (1,390,215) Trust and Agency Funds (6,668,808) (2,113,433) Total Disbursements (27,545,436) (29,877,647) Net Change in Cash Flow $2,093,751 $3,475,876 Summary of Cash by Fund October 2018 November 2018 General Fund $29,111,802 $36,886,945 General Fund Other 3,545,312 4,536,281 Capital Projects Funds 24,197,891 23,890,344 Debt Service Funds 58,088 58,088 Enterprise Funds 74,886,809 74,425,123 Trust and Agency Funds 10,555,828 10,388,857 Internal Service Funds 29,314,171 29,328,722 Special Revenue Funds 42,385,147 42,160,656 General Ledger Cash Balances * $214,055,049 $221,675,015 * Total cash will differ from investment portfolio total due to outstanding checks and/or other timing differences. 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LJJ dQ c� . aJ i- 20 O <-C fii a) 0 04 n id O C 2 ��u ^�� California��«�^� ��» �� o�o�� U Pooled v� �� Investment� Account o ��o��uu x�"�� n��&��u x�� Market� ��Valuation nmn�� x��on � �� vmom``' n^�^^" nv^�vxxv� � Carrying Cost Plus � �u�c� �m�� - ' ��n��mo�� m�� ' Fair Accrued Interest 1° United States Treasury: Bills . $ 18,484,774,701.04 $ 16.650.272.851.45 $ 10,646,254.000M NA Notes $ 28,084822.813.35 $ 26,080,601,689.42 $ 28.02772050000 $ 95.284.336.00 1° Federal Agency SBA $ 733.319.305.60 $ 733.319.305.80 $ 725.337.181.24 $ 1.533.321.99 MBS-RBNkCs $ 25,252,637.32 $ 25�52�37.32 $ 25.738�0.69 $ 117.951.22 Debentures $ 2.007.679.286.33 $ 2.067.564.880.81 $ 2.080.749.9OO.00 $ 9,201.09820 DebonhumuFR $ - $ ' $ - $ - DebenturemCL $ 108.000.000M $ 100.000.000.00 $ 99.761.500.00 $ 594.375l0 Discount Notes $ 11.645.482'25014 $ 11.720.182.816.69 $ 11.717.455.500.00 NA 1^ Supr nobnna| Debentureu $ 489.261.978.38 $ 489,261,978.98 $ 488.012.600.08 $ 2,258,474.00 1° SupnunaUiona| Debentures FR $ 150.312.991.24 $ 150.312.99124 $ 150.570`884.05 $ 793.633.61 2^ CDs and YCDnFR $ �525.880.000.00 $ 525.000.000.00 $ 525.074.250.00 $ 1.941.077.42 2° Bank Notes $ 850.UOU.OU0�OO � 85O.BDU.OUO�U0 � 848.554.81S�14 $ 8.304.430.54 � . 2^ CDs and YCDo $ 12.900.000.000.00 $ 12.300.000.00000 $ 12.885.987.828.73 $ 77.810.61113 2. Commercial Paper $ 5.751.563.722.24 a 5.773.027.58844 ^ $ 5.772.338.388.88 NA 1° Corporate: 8ondoFR $ $ - $ - $ ' Bonds $ $ - $ - $ ' 1° Repurchase Agreements $ ' $ ' $ $ 1° Reverse Repurchase $ - $ ' � $ - � Time Deposits $ 4`047.740.000.00 $ 4,647,740,080.00 $ 4.647.740.000.00 NA AB55&GFLoans $ 797.898.000.00 $ 787.898.000.00 $ 797.898.000.00 NA TOTAL $ 83.263.107.776.24 $ 83.510.434.82075 $ 83.431^193.822.73 $ 197.759.30711 Fair Value Including Accrued Interest $ 83.628.853.120�84 °Governmental Accounting Standards Board (GASB) Statement#72 Repurchase Agreements, Time Deposits,AB55&General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value(carrying cost). The value of each participating dollar equals the fair value divided by the amortized cost(0.999051127). As an example: if an agency has an account balance of$20,000,000.00, then the agency would report its participation in the LA{F valued at$19,8DY'U2%.54or$20.008.QO0.00xV,B99Q51127. 64 it-,0111NG Statement of Cash Receipts and Disbursements and 'S n Summary of Cash by Fund Finance Department December 2018 Cash Receipts and Disbursements November 2018 December 2018 Receipts General Fund Property Tax 10,918,257 21,247,382 Local Sales Tax 3,986,548 3,396,146 Public Safety Sales Tax 184,449 239,096 Transient Occupancy Tax(TOT) 1,155,610 929,315 Utility Users Tax(UUT) 1,607,613 1,398,040 Other Revenue 3,749,159 4,083,438 Total General Fund Revenue 21,601,636 31,293,417 Capital Projects Funds 32,417 166,557 Debt Service Funds - - Enterprise Funds 5,675,838 5,465,001 General Fund Other 251,933 228,792 Internal Service Funds 1,135 - Special Revenue Funds 2,187,744 273,352 Grant Funds 670,476 1,305,085 Trust and Agency Funds 2,932,344 3,428,320 Total Receipts $33,353,522 $42,160,523 Disbursements General Fund Personal Services (14,910,871) (10,069,690) Operating Expenses (3,631,035) (3,013,836) Capital Expenditures (4,008) (16,099) Non-Operating Expenses (70,142) (3,820,876) Total General Fund Disbursements (18,616,055) (16,920,501) 65 Capital Projects Funds (375,401) (1,291,004) Debt Service Funds - - Enterprise Funds (4,853,705) (3,309,437) General Fund Other (263,968) (85,724) Internal Service Funds (524,478) (2,436,551) Special Revenue Funds (1,740,391) (2,675,090) Grant Funds (1,390,215) (791,336) Trust and Agency Funds (2,113,433) (1,787,517) Total Disbursements (29,877,647) (29,297,159) Net Change in Cash Flow $3,475,876 $12,863,364 Summary of Cash by Fund November 2018 December 2018 General Fund $36,886,945 $50,673,159 General Fund Other 4,536,281 4,679,348 Capital Projects Funds 23,890,344 22,765,898 Debt Service Funds 58,088 4,280,156 Enterprise Funds 74,425,123 76,776,560 Trust and Agency Funds 10,388,857 12,029,660 Internal Service Funds 29,328,722 27,492,011 Special Revenue Funds 42,160,656 40,291,501 General Ledger Cash Balances $221,675,015 $238,988,295 * Total cash will differ from investment portfolio total due to outstanding checks and/or other timing differences. Note: Above information was obtained from the City's accounting system records. The above information includes receipts from maturing investments and payments for purchased investments in the city investment portfolio. This statement is prepared in compliance with the City's Charter. 66 V) I H 00 C,,,) c O O � N H ^ w p.ia U N u C/� • ('°''� U 4001 t•Di) ECIN O � -� w U Or -1z1 co ix) 1...... O Cv, in CV Ln U o ,� OO ON Timasi M N r-ril .I N o Q CA I 0 0 4 �, Cu 00 I"" vu M M O CD � � N N +ma c c 6 CD N Lim N CZ .I-) at I ° VSO O MInl 0 = .�► Q.) '� G N N C v cu v E 0 a) cn o 0 ' = 0 b . C.,cp - w W W .;. w CD I N 4 N h N Nw M M N V) a. g, �� M N N -44 N N N Lim MS N N' N 1 O m 1 @, P. M 8t 0C(g LIMN T A % 9 W m la -�t iri L ) . 'w kip N N N Lw L I N N N 81 W J lip N N N 40010 `. tc l N N vie, L C.) — CC CF 8 O a 0 Ci 4 C Co CD C C tY r C df tit tC r7 �V r' ri N ri N ni N Nv ni nj N Ni :u N r Play,1UnsBail v o < u H O u O U O USA +�•�..-+ O '� cn N C U Q, c� Cd '� O DU Ova ►—� .-� C.7 . . o . . . • . .— t/) 4...) a.) v)•— r ,,, M 4_) ,-cl a) c4 cz , IJ CO 00 00 Titt1-4 G1 6g 9 N r-i M -69- cip ' ' N _ .,.., h.Fri v U p.a O O � w Hba) C)czt 4-4 CLI ce C� O O C E N O p occ C.L a � b , pia 0 M v O L x 2 ; F 9 c ��i`i.� ' irk; CC w CI� O o •�+ U E v .4...o Cl) CO y� co � O _� U Q O O a) LL 'L 00 J .. .;.: '. cocei v) 0 N Q ~ 00 Q � N C.) 0 4=1 eoueiege COdip Q ,>41. CV tPr° CC3 t/, 0 P�. ti �imm �w + • 603 v v , LJtt9c' ■2 � d'l 1141 CD F m 0 Q Krs en V'? KtY ifi'f t+' 0 u r/) N a--+ cct n'1 el 0 0 --4 L/1 2 v .L N 00 bA r�i N ^ NG1 V o E Ors M Ct O o cn \. M G1 �! cn N � M N ►-1 r- i -69- -EA- -b4 -fan- c cd . in v O o 4—) -+ 00 Nci °) Oci N v N 00 0O O M O bA N N M N �-; ,� 'U, v �bA E .1:3 �, E ,_ u Ev ct 0 ct v u .,--1 v Vu �' u v cC ao CI CI CI II oa 0 Q I •— 0 4 1 '' W .-, *1-' 4114 O C C L 0 0 U U A-+ Z CA O Lo •r..1 N- Ct ,--4 cz c O bA f, < 8 `- cd a--) C4 cZ o . • ©o col -4 v t!3 0 - cr `� U ti) U U 0 a � .�' — +-, '� v c � 4 � C .*1 - 0 V) ii � � v N co �' O v p �NTINGT U I c��DUNTY CA��F File #: 18-362 1t'PPkoVE-b !v - O - / l tfardy - City of Huntington Beach MEETING DATE: 11/5/2018 REQUEST FOR CITY COUNCIL ACTION SUBMITTED TO: Honorable Mayor and City Council Members SUBMITTED BY: Fred A. Wilson, City Manager PREPARED BY: Alisa Cutchen, City Treasurer Subject: Receive and File the City Treasurer's September 2018 Quarterly Investment Summary Report Statement of Issue: Receive and File the City Treasurer's Quarterly Investment Report for September 2018, pursuant to Section 17.0 of the Investment Policy of the City of Huntington Beach Financial Impact: Not Applicable Recommended Action: Receive and File the City Treasurer's Quarterly Investment Report for September 2018, pursuant to Section 17.0 of the Investment Policy of the City of Huntington Beach. Alternative Action(s): Deny or Critique Quarterly report Analysis: Not Applicable Environmental Status: Not Applicable Strategic Plan Goal: Strengthen economic and financial sustainability Attachment(s): 1. Treasurer's Quarterly Investment Report for September 2018 2. Treasurer's PowerPoint Presentation for September 2018 City of Huntington Beach Page 1 of 1 2- Printed on 10/31/2018 powered by LegistarTI City of Huntington Beach Quarterly Treasurer's Report Quarter Ending: September 30, 2018 Prepared by: Alisa Cutchen, CCMT, CPFIM City Treasurer CITY OF HUNTINGTON BEACH — CITY TREASURER'S QUARTERLY REPORT SEPTEMBER 2018 Economic and Market Overview: Market Summary 7/31/2018 8/31/2018 9/30/2018 Aug. - Sep. % Change Market Summary July - September 2018 Federal Funds Rate 10-Year Treasu 1.75 - 2.00 % 2.96% 1.75 - 2.00 % 2.86% 2.00 - 2.2S % 3.05% S&P 500 DOW 2,816.29 25,415.19 2,901.52 25,964.82 2,913.98 26,458.31 12.50% 6.64% 0.43% 1.90% The Federal Open Market Committee (FOMC) met in September to discuss the current state of the economy and to examine potential future interest rate hikes before year-end. They concluded that the labor market has continued to strengthen and economic activity has been rising at a strong rate. They stated, "Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low. Household spending and business fixed investment have grown strongly." The Committee will continue to monitor actual and expected inflation developments as the year progresses to determine the timing and size of future adjustments to the federal funds rate. In view of the realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 2 to 2-1/4 percent in September. Fixed Income/Equity Markets: The yield on the 10-year U.S. Treasury finished the quarter at 3.05%, up from 2.85% from the end of the previous quarter, for a 7.02% increase quarter over quarter. The S&P 500 and DOW increased by 7.20% and 9.01 % respectively, over the same period. Overall, the third quarter of 2018 brought strong increases in the market with less volatility as compared to the first quarter of the year. Employment: Total nonfarm payroll employment increased by 134,000 in September, and the unemployment rate declined to 3.7 percent. Over the past 3 months, job gains have averaged 190,000 per month. Average earnings rose 8 cents an hour to $27.24. CITY OF HUNTINGTON BEACH — CITY TREASURER'S QUARTERLY REPORT SEPTEMBER 2018 Portfolio Composition: Portfolio Summary As of September 30, 2018 $ in millions % of In Investment Type Market Value Book Value Portfolio Policy Limit Compliance Federal Agency Issues $ 132.6 $ 135.5 67% None yes Local Agency Investment Fund (LAIF) $ 20.0 $ 20.0 10% $65 million yes Corporate Bonds $ 29.5 $ 29.8 15% 30% yes Medium Term Notes - IADB $ 6.9 $ 6.9 3% 10% yes Treasury Securities $ 10.0 $ 9.9 5% None yes Total Portfolio $ 199.0 $ 202.1 100% Currently, funds within this portfolio are invested in federal agency securities, corporate bonds, commercial paper, the International Bank for Reconstruction and Development ("IBRD") and the State of California's pooled account (Local Agency Investment Fund "LAIF"). All federal agency bonds and notes purchased by the City are rated "AAA" by Moody's, as are the IBRD bonds. All corporate bonds are "A" rated or its equivalent or better, per the City's investment policy and State of California regulations. All commercial paper has the highest ratings of A-1/P-1. Investments by Type As of September 30, 2018 Corporate Bonds 15% MTN-IADB 3/o g o Federal Agencies 67% Treasur LAIF 1 CITY OF HUNTINGTON BEACH — CITY TREASURER'S QUARTERLY REPORT SEPTEMBER 2018 LAIF offers local agencies the opportunity to participate in a major portfolio with overnight liquidity managed by the State of California Treasurer's Office. Please see http://www.treasurer.ca.gov/pmia- laif/laif.asp for more information. LAIF is currently utilized for the liquidity portion of the City's portfolio as the yield received for overnight availability at this time is similar to or greater than that of alternative liquid investments. Portfolio Earnings and Performance: Monthly Earnings October 2017 — September 2018 As is typically the case on an annual basis, monthly earnings increase from December through June with the receipt of property taxes, followed by a decrease from July through November as funds are utilized for City operations. The Federal Reserve raised rates three times since the beginning of the year. This has allowed the portfolio to earn additional interest income. The current federal funds rate stands at 2.00 — 2.25%. CITY OF HUNTINGTON BEACH — CITY TREASURER'S QUARTERLY REPORT SEPTEMBER 2018 Portfolio Earnings As of September 30, 2018 Portfolio Earnings Monthly FY to -date Current Year $ 238,763 $860,682 Current Budget $ 200,000 $600,000 Last Year Actual $ 234,383 $764,094 Yield to Maturity as of 9/30/18: 1.83% FYTD Effective Rate of Return at 9/30/18: 1.63% Benchmark* 2.16% *12 month moving average of interpolated 1.5-year treasury Purchase Yeld** Liquidity Portfolio (under 1 year) 1.86% Purchase Yield** Long Term Portfolio (1+ years) 2.04% ""The average purchase yield of a portfolio is the weighted average yield to maturity of the securities in the portfolio at the time of investment. The monthly portfolio earnings as of September 30, 2018 were $238,763, with fiscal year-to-date earnings of $860,682, a 1.9% and 14% increase, respectively, over the same periods in 2017. The yield to maturity as of 9/30/18 was 1.83%, as compared to a benchmark of 2.16%. It can be noted that the purchase yield of the long term portfolio (1+ years to maturity) was 2.04% as of the end of September. The City's investment policy mandates are safety, liquidity and return, in this absolute order. The investment portfolio is designed with the objective of attaining a market rate of return through budgetary and economic cycles, taking into account the investment risk constraints and the liquidity requirements. In order to take advantage of approximately $900,000 in annual savings, the City modified the timing of the payment of the unfunded portion of the annual CalPERS liability from monthly to annually. Having made this approximately $25 million annual prepayment in June of this year, the City's investment return is somewhat behind that of the benchmark as these funds were utilized for this payment, hence unavailable for longer -term investment. As well, securities must mature over time in order to be reinvested at higher rates. Therefore, the portfolio return will typically lag the market. It is anticipated that as funds become available, they will be reinvested at the higher interest rates resulting in an increased rate of return for the portfolio. CITY OF HUNTINGTON BEACH — CITY TREASURER'S QUARTERLY REPORT SEPTEMBER 2018 Portfolio Activity: Investment Type Federal Agency Issues Local Agency Investment Fund (LAIF) Medium Term Notes - IADB Corporate Bonds Commercial Paper Treasury Securities Federal Agency Discount Note TOTAL Monthly Activity September, 2018 Purchases/Deposits $ 3,000,000 $ 6,000,000 Sales/Maturities/Withdrawals $ 3,000,000 $ 6,0001000 For the month of September 2018, $3 million in Federal Agencies and $6 million in corporate bonds were purchased. $3 million in Federal Agencies were sold and $3 million in corporate bonds were sold. Investment Type Federal Agency Issues Local Agency Investment Fund (LAIF) Medium Term Notes - IADB / IBRD Corporate Bonds Commercial Paper Treasury Securities Federal Agency Discount Note TOTAL "Includes Interest Income Quarterly Activity July — September, 2018 Purchases/Deposits Sales/Maturities/Withdrawals $ 3,000,000 $ 18,000,000 $ 7,208,432 $ 33,000,000 $ 7,000,000 $ 5,000,000 $ 7,000,000 $ 3,000,000 $ 20,000,000 $ 10,000,000 $ 34/208/432 $ 79,000,000 For the quarter ending September 30, 2018, a net of $26 million was transferred from LAIF to the operating account, with interest received of $208,432. $3 million of Federal Agencies, $7 million of Medium Term Notes, $7 million of corporate bonds, and $10 million of treasuries were purchased. $18 million of Federal Agencies, $5 million of Medium Term Notes, $3 million of corporate bonds, and $20 million in commercial paper matured or was sold during this quarter. Compliance: The portfolio is in conformity with all relevant State regulations and the City's Investment Policy statement as approved by the City Council on February 5, 2018. The investment program herein shown provides sufficient cash flow liquidity to meet the next six months' obligations. CITY OF HUNTINGTON BEACH — CITY TREASURER'S QUARTERLY REPORT SEPTEMBER 2018 Additional Information: Retirement Plans — Market Value Due to delay in statement receipt, information is from previous quarter. Deferred Compensation Plans - Summary Information Reporting is Quarterly ICMA Retirement Corporation (457 Plan) Nationwide Retirement Solutions (457 Plan) Total Deferred Compensation Plan Balances Retiree Medical Trust - Summary Information Reporting is Quarterly CalPERS Retiree Medical Trust Account Supplemental Pension Trust - Summary Information Beginning Balance 4( 1-18) $50,799,855 $88,340,682 $139,140,537 Beginning Balance 4( 1-18) $25,308,535 Ending Balance 6-3( 0-18) $51,979,788 $90,075,543 $142,055,331 Ending Balance 6-3( 0-18) $26,836,941 Re.portingis Monthly Beginning Ending Balance Balance 6( 1-18) 6-30-18 US Bank Supplemental Pension Trust Account $56,530,150 $56,271,333 PARS 115 Trust - Summary Information Reg is Monthly Beginning Ending Balance Balance 6( 1-18) I 6-30-18 PARS Post Employment Benefits Trust Account $3,898,530 $4,896,135 Ending Balance Nationwide incl. Self Directed Option 6( 30-18) $51,979,788 $91,274,085 $143,253,873 CITY OF HUNTINGTON BEACH — CITY TREASURER'S QUARTERLY REPORT SEPTEMBER 2018 Bond Reserve Accounts — Market Value Balances as of September 30, 2018 Summary of Huntington Beach Bond Issue -- Reserve Accounts As of September 30, 2018 Bond Issue: H.B. Public Financing Authority Lease Refunding Bonds 2010 Series A H.B. Public Financing Authority (Capital Improvement Refnancing/Senior Center) Bonds 2011 Series A Redevelopment Agency of H.B, - 1999 Tax Allocation Refunding Bonds (113 of 1992) Redevelopment Agency of H.B. - 2002 Tax Allocation Refunding Bonds (213 of 1992) H.B. Community Facilities District No. 199 12001 Special Tax Bonds (Goldenwest- Ellis) H.B. Community Facilities District No. 200 12013 Special Tax Bonds (Grand Coast Hyatt) H.B. Community Facilities District No. 200 12002 Special Tax Bonds (McDonnell Centre Business Park) H.B. Community Facilities District No. 200 12013 Special Tax Bonds (Huntington Center - Bella Terra) TOTALS: Reserve Account Value as of September 30, 2018 1,242,601.69 3,371,434.67 763,762.51 1,716,023.97 174,392.81 1,099,410.95 465,110.54 1,691,643.06 $ 10,524,380 LAIF Investments Federal Money Market Agency Issues Funds CAMP 1,242,000 601.69 3,371,395.31 39.36 763,761.51 1.00 660,922,03 996,310.00 58,791.94 172,000.00 2,392.81 1,099,410.95 465 ,110.54 1,691,643.06 $ 6,675,189 $ 996,310 $ 61,827 $ 2,791,054 Y,NVEsr °a �Fy9 Pooled o n w j c: 0 Y �l .UQUID110, 0 State of California Money Investment Account Market Valuation 7/31 /2018 Description Carrying Cost Plus Accrued Interest Purch. Fair Value Accrued Interest United States Treasury: Bills $ 16,198,105,749.09 $ 16,297,532,000.00 NA Notes $ 28,255,620,182.93 $ 28,126,754,000.00 $ 92,331,112.00 Federal Agency: SBA $ 815,729,831.14 $ 806,634,503.27 $ 1,365,795.87 MBS-REMICs $ 29,123,228.09 $ 29,558,052.82 $ 135,988.48 Debentures $ 2,048,276,844.31 $ 2,033,825,850.00 $ 7,269,019.60 Debentures FR $ - $ - $ Debentures CL $ 200,000,000.00 $ 196,994,500.00 $ 1,433,166.50 Discount Notes $ 12,248,883,597.13 $ 12,294,042,500.00 NA Su ranational Debentures $ 589,036,885.09 $ 585,947,700.00 $ 2,736,445.50 Su ranational Debentures FR $ 100,375,183.89 $ 100,717,108.58 $ 120,736.16 CDs and YCDs FR $ 525,000,000.00 $ 525,000,000.00 $ 1,173,085.45 Bank Notes $ 800,000,000.00 $ 799,719,467.55 $ 6,374,027.77 CDs and YCDs $ 15,550,000,000.00 $ 15,546,286,781.36 $ 67,058,944.49 Commercial Paper $ 6,891,415,472.12 $ 6,915,053,263.90 NA Corporate: Bonds FR $ - $ - $ - Bonds $ - $ - $ - Repurchase Agreements $ - $ - $ - Reverse Repurchase $ - $ - $ - Time Deposits $ 4,939,240,000.00 $ 4,939,240,000.00 NA AB 55 & GF Loans $ 777,728,000.00 $ 777,728,000.00 NA TOTAL $ 89,968,534,973.79 $ 89,975,033,727.48 $ 179,998,321.82 Fair Value Including Accrued Interest $ 90,155,032,049.30 Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). 2* 2* 2* 2* �tiy,NVEST,,Fy C1 d FrY.�Ip UID1�+ 't State of California Pooled Money Investment Account Market Valuation 9/30/2018 Description Carrying Cost Plus Accrued Interest Purch. Amortized Cost Fair Value Accrued Interest United States Treasury. Bills $ 16,170,833,546.22 $ 16,296,335,127.01 $ 16,285,062,500.00 NA Notes $ 27,467,752,638.26 $ 27,461,025,46&04 $ 27,325,385,500.00 $ 89,821,892.00 Federal Agency: SBA $ 780,001,209.85 $ 780,001,209.85 $ 771,570,823.84 $ 1,469,354.69 MBS-REMICs $ 27,050.783,12 $ 27,050,783.12 $ 27,393,077.56 $ 126,471.34 Debentures $ 2,397,593,922.31 $ 2,397,424,286.90 $ 2,382,272,150.00 $ 7,989,582.70 Debentures FR $ - $ - $ - $ Debentures CL $ 200,000,000.00 $ 200,000,000.00 $ 196,871,500.00 $ Discount Notes $ 11,141,336,347.31 $ 11,204,143,319.80 $ 11,197,252,500.00 NA Su ranational Debentures $ 489,118,743.08 $ 489,118,743.08 $ 486,290,300.00 $ 1,903,918.00 Su ranational Debentures FR $ 100,344,087.56 $ 100,344,087.56 $ 100,706,084.34 $ 542,330.04 CDs and YCDs FR $ 525,000,000.00 $ 525,000,000.00 $ 525,000,000.00 $ 2,309,472.31 Bank Notes $ 1,000,000,000.00 $ 1,000,000,000.00 $ 999,336,863.17 $ 7,979,666.68 CDs and YCDs $ 15,300,000,000.00 $ 15,300,000,000.00 $ 15,293,041,253.62 $ 87,416,041.66 Commercial Paper $ 6,396,625,430.50 $ 6,422,115,291.71 $ 6,421,592,005.55 NA Corporate: Bonds FR $ $ - $ $ Bonds $ $ - $ $ Repurchase Agreements $ $ - $ $ - Reverse Repurchase $ $ - $ $ Time Deposits $ 5,022,740,000.00 $ 5,022,740,000.00 $ 5,022,740,000.00 NA AB 55 & GF Loans $ 790,994,000.00 $ 790,994,000.00 $ 790,994,000.00 NA TOTAL $ 87,809,390,708.21 $ 88,016,292,309.07 1 $ 87,825,508,558.08 $ 199,558,729.42 Fair Value Including Accrued Interest $ 88,025,067,287.50 * Governmental Accounting Standards Board (GASB) Statement #72 Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). The value of each participating dollar equals the fair value divided by the amortized cost (0.997832404) As an example: if an agency has an account balance of $20,000,000.00, then the agency would report its participation in the LAIF valued at $19,956,648.08 or $20,000,000.00 x 0.997832404 Statement of Cash Receipts and Disbursements and Summary of Cash by Fund Finance Department September 2018 Cash Receipts and Disbursements August 2018 September 2018 Receipts General Fund Property Tax 70,812 1,302,381 Local Sales Tax 3,109,960 3,539,471 Public Safety Sales Tax 240,554 202,372 Transient Occupancy Tax (TOT) 1,773,270 1,524,046 Utility Users Tax (UUT) 1,645,081 1,918,688 Other Revenue 7,012,591 4,403,233 Total General Fund Revenue 13,852,267 12,890,190 Capital Projects Funds 435,859 858,122 Debt Service Funds - - Enterprise Funds 6,942,130 5,785,871 General Fund Other 167,311 52,199 Internal Service Funds - - Special Revenue Funds 787,388 3,002,473 Grant Funds 2,113,715 1,059,259 Trust and Agency Funds 6,211,879 1,136,984 Total Receipts $30,510,547 $24,785,098 Disbursements General Fund Personal Services (11,139,075) (10,109,489) Operating Expenses (3,625,704) (2,876,885) Capital Expenditures (29,102) (76,573) Non -Operating Expenses (1,173,714) (4,208) Total General Fund Disbursements (15,967,595) (13,067,156) Capital Projects Funds (817,538) (33,123) Debt Service Funds (4,219,227) - Enterprise Funds (5,260,870) (3,515,171) General Fund Other (425,772) (163,199) Internal Service Funds (756,060) (796,499) Special Revenue Funds (1,112,575) (1,542,112) Grant Funds (651,121) (95n,831) Trust and Agency Funds (5,009,693) (7,138,226) Total Disbursements (34,220,451) (27,206,317) Net Change in Cash Flow ($3,709,904) ($2,421,218) Summary of Cash by Fund August 2018 September 2018 General Fund $37,800,709 $38,558,852 General Fund Other 3,770,503 3,659,831 Capital Projects Funds 25,757,217 23,254,958 Debt Service Funds 60,938 60,938 Enterprise Funds 68,557,462 71,134,702 Trust and Agency Funds 13,912,564 7,902,748 Internal Service Funds 23,917,029 26,973,346 Special Revenue Funds 39,783,023 41,011,712 General Ledger Cash Balances $213,559,444 $212,557,088 * Total cash will differ from investment portfolio total due to outstanding checks and/or other timing differences. Note: Above information was obtained from the City's accounting system records. The above information includes receipts from maturing investments and payments for purchased investments in the city investment portfolio. This statement is prepared in compliance with the City's Charter. City of Huntington Beach Quarterly Treasurer's Report ••• Quarter Ending: September 30, 2018 Prepared by: Alisa Cutchen, CCMT, CPFIM, City Treasurer :IK{I/At: ❖ 12-month Inflation Rate ( Core PCE Price Index) : 2.0 % ****Unemployment stable at 3.7 % ❖ Federal Reserve raised interest rates: Fed Funds 2.00 % -2.25 % Equity Market — continued volatility 06 30 18 DJIA: 24,271 S&P: 2,718 67 09 30 18 % Chg 2650458 19.0% 2,914 t 7.2 % Investment Tie J Market Value: • Federal Agencies - $132.6MM • Corporate Bonds - $29.5MM • Treasuries - $10.OMM • LAIF - $20.OMM • Medium Term Note - $6.9MM TOTAL PORTFOLIO: $199.OMM Corporate Bonds 15% MTN-IADB 3% Treasur LAIF 1 Federal Agencies 67% i imtil%riii Monthly Earnings October 2017 — September 2018 S350,000 S300,000 S250,000 $200,000 S 150,000 S100,000 S50,000 50 ��ets 1 e`ec O�la� Ile* 01lb4, �O~pQ �. y ~ Lp"+ �pti 'el } '1p yeti Ali Compliance Selected Investrnent Policy Requirements: Investment Type Federal Agencies IADB Corporate Bonds U.S. Treasuries LAIF Max. Maturi 5 yrs 5 yrs 5 yrs 5 yrs n/a Max. % of Portfolio Ratin none AAA/Aa 10 % AAA/Aaa 30% 1.I- $65MM per account A or above n/a n/a City of Huntington Beach MEETING DATE: 8/6/2018 REQUEST FOR CITY COUNCIL ACTION SUBMITTED TO: Honorable Mayor and City Council Members SUBMITTED BY: Fred A. Wilson, Executive Director PREPARED BY: Alisa Cutchen, City Treasurer Subject: Receive and File the City Treasurer's June 2018 Quarterly Investment Report for June 2018, Pursuant to Section 17.0 of the Investment Policy of the City of Huntington Beach Statement of Issue: Receive and File the City Treasurer's June 2018 Quarterly Investment Report for June 2018, pursuant to Section 17.0 of the Investment Policy of the City of Huntington Beach Financial Impact: Not Applicable Recommended Action: Receive and File the City Treasurer's June 2018 Quarterly Investment Report for June 2018, pursuant to Section 17.0 of the Investment Policy of the City of Huntington Beach Alternative Action(s): Deny or Critique Quarterly Report Analysis: Not Applicable Environmental Status: Not Applicable Strategic Plan Goal: Strengthen economic and financial sustainability Attachment(s): 1. Treasurer's Quarterly Investment Report for June 2018 2. Treasurer's Quarterly PowerPoint Presentation for June 2018 City of Huntington Beach Page 1 of 1 Printed on 8/1/2018 poweredt� LegistarT" City of Huntington Beach Quarterly Treasurer's Report Quarter Ending: June 30, 2018 Alisa Cutchen, CCMT, CPFIM City Treasurer M CITY OF HUNTINGTON BEACH — CITY TREASURER'S QUARTERLY REPORT JUNE 2018 Economic and Market Overview: Market Summary 4/30/2018 5/31/2018 6/30/2018 May. - June. % Change Market Summary April - June 2018 Federal Funds Rate 10-Year Treasur 1.50 - 1.75 % 2.95% 1.50 - 1.75 % 2.83% 1.75 - 2.00 % 2.85% 14.29% 0.71% S&P 500 DOW 2,648.05 24,163.15 2,705.27 24,415.84 2,718.37 24,271.41 0.48% -0.59% The Federal Open Market Committee (FOMC) met in June to discuss the current state of the economy and to examine potential future interest rate hikes before year-end. They concluded that the labor market has continued to strengthen and economic activity has been rising at a faster rate. They stated, "The Committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective over the medium term." The Committee will continue to monitor actual and expected inflation developments as the year progresses to determine the timing and size of future adjustments to the federal funds rate. In view of the realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 1-3/4 to 2 percent in June. Fixed Income/Equity Markets: The yield on the 10-year U.S. Treasury finished the quarter at 2.85%, up from 2.74% from the end of the previous quarter, for a 4.01 % increase quarter over quarter. This is down somewhat from the multi -year high reached in mid -May of 3.1%. The S&P 500 and DOW increased by 2.93% and 0.70% respectively, over the same period. Overall, the second quarter of 2018 brought slight increases in the market with less volatility as compared to the first quarter of the year. Employment: Total nonfarm payroll employment increased by 213,000 in June, and the unemployment rate is steady at 4.0 percent. Over the past 3 months, job gains have averaged 211,000 per month. Average earnings rose by 5 cents an hour to $26.98, a 2.7 percent increase over last year. CITY OF HUNTINGTON BEACH — CITY TREASURER'S QUARTERLY REPORT 1UNE 2018 Portfolio Composition: Portfolio Summary As of June 30, 2018 $ in millions % of In Investment Type Market Value Book Value Portfolio Policy Limit Compliance Federal Agency Issues $ 137.6 $ 140.5 57% None yes Local Agency Investment Fund (LAIF) $ 45.8 $ 45.8 19% $65 million yes Medium Term Notes - IBRD $ 5.0 $ 5.0 2% 10% yes Corporate Bonds $ 25.8 $ 26.1 10% 30% yes Commercial Paper $ 19.9 $ 19.9 8% 25% yes Federal Agency Discount Note $ 10.0 $ 10.0 4% None yes Total Portfolio $ 244.1 $ 247.3 100% Currently, funds within this portfolio are invested in federal agency securities, corporate bonds, commercial paper, the International Bank for Reconstruction and Development ("IBRD") and the State of California's pooled account (Local Agency Investment Fund "LAIF"). All federal agency bonds and notes purchased by the City are rated "AAA" by Moody's, as are the IBRD bonds. All corporate bonds are "A" rated or its equivalent or better, per the City's investment policy and State of California regulations. All commercial paper has the highest ratings ofA-1/P-1. Investments by Type As of June 30, 2018 Commercial Paper 8% Corporate Bonds 10% MTN-IBRD 2% LAIF 19% Federal Agencies incl. Discount Note 61% 44 CITY OF HUNTINGTON BEACH — CITY TREASURER'S QUARTERLY REPORT JUNE 2018 LAIF offers local agencies the opportunity to participate in a major portfolio with overnight liquidity managed by the State of California Treasurer's Office. Please see http://www.treasurer.ca.gov/pmia- laif/laif.asp for more information. LAIF is currently utilized for the liquidity portion of the City's portfolio as the yield received for overnight availability at this time is similar to or greater than that of alternative liquid investments. Portfolio Earnings and Performance: Monthly Earnings July 2017 — June 2018 $ in 000's 350,000.00 e ��a� air PQ�` a, l e�to ego a�Ja J LOti� ti0, yQy4i �py� Lp�1P y1�eQ �~�O 1�Oec ti�,ao�e Lp�`b ti 1 �O ti0 yo As is typically the case on an annual basis, monthly earnings increase from December through June with the receipt of property taxes, followed by a decrease from July through November as funds are utilized for City operations. Over the past year, interest rates have risen as the Federal Reserve has raised rates four times since June of last year. This has allowed the portfolio to earn additional interest income. The current federal funds rate stands at 1.75 — 2.00%. CITY OF HUNTINGTON BEACH — CITY TREASURER'S QUARTERLY REPORT DUMDUM Portfolio Earnings As of June 30, 2018 Portfolio Earnings Month End 6/30/18 FYTD 6130/18 Current Year $ 334,985 $ 2,458,650 Current Budget $ 160,000 $ 1,440,000 Last Year Actual $ 249,026 $ 1,988,690 Effective Rate of Return 1.63% 1.49% Benchmark* 1.85% *12 month moving average of interpolated 1.5-year treasury The monthly portfolio earnings for June of 2018 were $334,985, a 35% increase over earnings for the same month in 2017. Fiscal year-to-date earnings as of 6/30/18 were $2,458,650, a 24% increase over the same period in 2017. Interest rates on the shorter end of the curve (0-3 years) have been increasing fairly rapidly over the past year. While the rate increases provide opportunity to invest in higher yielding securities, there must be cash available to invest at these higher rates. In December of 2017, the City Council approved a modification to the timing of the payment of the unfunded portion of the annual Calpers liability. Rather than paying this item monthly, beginning in July of 2018, the City will make the payment annually, in order to take advantage of an approximately $900,000 discount. Following the City Council's approval of this payment, $25 million was invested to mature in July of 2018 to fulfill this obligation. Hence, these funds were not available to invest. Additionally, the portfolio return will lag the market, as securities must mature over time in order to be reinvested at higher rates. As a portion of the portfolio was specifically invested for the July annual Calpers payment, other funds including maturing securities, were utilized for City expenses, and were thusly unavailable to reinvest at these higher rates. These factors have reduced portfolio liquidity resulting in the inability to fully invest at the higher rates and generate additional earnings. The resulting effective rate of return of 1.63% as of June 30, 2018, is slightly below the benchmark of 1.85%. However, it is anticipated that as funds become available, they will be reinvested at the higher interest rates resulting in an increased rate of return for the portfolio. CITY OF HUNTINGTON BEACH — CITY TREASURER'S QUARTERLY REPORT 1nla1VIIII:3 Portfolio Activity: Investment Type Federal Agency Issues Local Agency Investment Fund (LAIF) Medium Term Notes - IBRD Corporate Bonds Commercial Paper Federal Agency Discount Note TOTAL Monthly Activity June 2018 Purchases/Deposits $ 7,000,000 $ 5,000,000 $12,000,000 Sales/Maturities/Withdrawals $ 5,000,000 $ 16,000,000 $ 2,500,000 $ 23,500,000 For the month of June 2018, $7 million in Federal Agencies were purchased and $5 million of corporate bonds were purchased. A net of $16 million was transferred from LAIF to the operating account, $5 million in Federal Agencies matured and $2.5 million in Corporate Bonds matured. Quarterly Activity April — June 2018 Investment Type Purchases (PAR)/Deposits Federal Agency Issues $ 7,000,000 Local Agency Investment Fund (LAIF) * $ 34,101,827 Medium Term Notes - IBRD Corporate Bonds $ 5,000,000 Commercial Paper Federal Agency Discount Note TOTAL $ 46,101,827 *Includes Interest Income Sales/Maturities/Withdrawals $ 5,000,000 $ 19, 000, 000 $ 5,000,000 $ 29,000,000 For the quarter ending June 30, 2018, a net of $15 million was transferred from the operating account to LAIF with interest of $101,827 received in the LAIF account. $7 million of Federal Agencies and $5 million of corporate bonds were purchased. $5 million of Federal Agencies and $5 million in corporate bonds matured. Compliance: The portfolio is in conformity with all relevant State regulations and the City's Investment Policy statement as approved by the City Council on February 5, 2018. The investment program herein shown provides sufficient cash flow liquidity to meet the next six months' obligations. CITY OF HUNTINGTON BEACH — CITY TREASURER'S QUARTERLY REPORT 0I0111011 F:1 Additional Information: Retirement Plans — Market Value Due to delay in statement receipt, information is from previous quarter. Deferred Compensation Plans - Summary Information Reporting is Quarterly Beginning Balance 1-1-18 ICMA Retirement Corporation (457 Plan) $50,744,210 Nationwide Retirement Solutions (457 Plan) $87,788,264 Total Deferred Compensation Plan Balances $138,532,474 Ending Balance Nationwide incl. Ending Self Directed Balance Option 3-3( 1-18) 3( 31-18) $51,470,114 $51,470,114 $88,340,682 $89,525,628 $139,810,796 $140,995,742 Retiree Medical Trust - Summary Information Repottinais Quarterly Beginning Ending Balance Balance 1( 1-18) 3-3( 1-18) 4 CalPERS Retiree Medical Trust Account $25,695,391 $25,308,535 i Supplemental Pension Trust - Summary Information Re oRrtingis Monthly Beginning Ending Balance Balance 3( 1-18) 3-31-18 US Bank Supplemental Pension Trust Account $56,303,314 $56,010,701 PARS 115 Trust -Summary Information Reg is Monthly PARS Post Employment Benefits Trust Account Beginning Balance 3( 1-18) $3,867,694 Ending Balance 3-31-18 $3,849,032 48 CITY OF HUNTINGTON BEACH — CITY TREASURER'S QUARTERLY REPORT 1UNE 2018 Bond Reserve Accounts — Market Value Balances as of June 30, 2018 Summary of Huntington Beach Bond Issue -- Reserve Accounts Reserve Account As of June 30, 2018 Value as of Bond Issue: June 30, 2018 H.B. Public Financing Authority Lease Refunding Bonds 2010 Series A 1,251,034.36 H.B. Public Financing Authority (Capital Improvement Refinancing/Senior Center) 3,355,512.60 Bonds 2011 Series A Redevelopment Agency of H.B. - 1999 Tax Allocation Refunding Bonds (1/3 of 760,173.14 1992) Redevelopment Agency of H.B. - 2002 Tax Allocation Refunding Bonds (2/3 of 1,703,849.11 1992) H.B. Community Facilities DistrictNo, 1990- 1 2001 Special Tax Bonds (Goldenwest- 173,609.14 Ellis) H.B. Community Facilities District No. 2000- 1 2013 Special Tax Bonds (Grand Coast- 1,100,566.73 Hyatt) H.B. Community Facilities District No. 2002- 1 2002 Special Tax Bonds (McDonnell 465,440.75 Centre Business Park) H.B. Community Facilities District No. 2003- 1 2013 Special Tax Bonds (Huntington 1,693,421.70 Center - Bella Terra) TOTALS: I $ 10,503,608 Investments Federal Money Market LAIF Agency Issues Funds CAMP 1,246,638 4,395.93 1 3,355,473.36 39.24 760,154.52 18.62 657,800.72 994,950.00 51,098.39 172,643.55 965.59 1.40 1,100,565.33 1 462,913.98 2,526.77 2.42 1,693,419.28 1 $ 6,655,625 $ 994,950 $ 59,048 $ 2,793,985 49 City of Huntington Beach Quarterly Treasurer's Report 000 Quarter Ending: June 30, 2018 Prepared by: Alisa Cutchen, CCMT, CPFIM, City Treasurer fixi I YA to ❖ 12-month Inflation Rate (Core PCE Price Index): 2.0% ❖ Unemployment stable at 4.0 %, ❖ Federal Reserve raised interest rates: Fed Funds 1.75 % -2.00 % ❖ Equity Market Volatility — U.S. China Trade Relations 03 31 18 06 30 18 % Chg DJIA: 24,103 24,271 10.7% S&P: 2,641 21718 12.9 % Investment Type / Market Value: Federal Agencies - $147.6MM • Corporate Bonds - $25.8MM • Commercial Paper - $19.9MM • LAIF - $45.8MM • IBRD - $5.OMM TOTAL PORTFOLIO: $244.1MM Investments by Type As of June 30, 2018 350,000.00 300,000.00 250,000,00 200,000.00 150,000.00 100,000.00 50,000.00 ]I] tn lone MIE $334,9 Compliance Selected Inveshnent Policy Requirements: Investment Type Max. Maturity Max. % of Portfolio Ratings Federal Agencies 5 yrs none AAA/Aa IBRD 5 yrs 10% AAA/Aaa Corporate Bonds 5 yrs 30% A or above Commercial Paper 270 days 25% A-1/P-1 LAIF n/a $65MM per n/a account r Economic and Market Overview: Market Summary January - March 2018 Market Summary Federal Funds Rate 10-Year Treasury S&P 500 DOW 1/31/2018 1.25 - 1.50 % 2.72% 2,823.81 26,149.39 2/28/2018 1.25 - 1.50 % 2.87% 2,713.83 25,029.20 3/31/2018 1.50 - 1.75 % 2.74% 2,640.87 24,103.11 Feb. - Mar. % Change 16.67% -4.53°% -2.68% -3.70% The Federal Open Market Committee (FOMC) met in March to discuss the current state of the economy and to examine potential future interest rate hikes before year end. They concluded that the labor market has continued to strengthen and economic activity has been rising at a moderate rate. Inflation on a 12-month basis is expected to move up in the coming months and to stabilize around the Committee's 2 percent objective over the medium term. They stated, "Near -term risks to the economic outlook appear roughly balanced, but the Committee is monitoring inflation developments closely." The Committee will continue to monitor actual and expected inflation developments as the year progresses to determine the timing and size of future adjustments to the federal funds rate. In view of the realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate for the first time in 2018 to 1-1/2 to 1-3/4 percent in March. Fixed income/Equity Markets: The yield on the 10-year U.S. Treasury finished the quarter at 2.74%, up from 2.40% from the end of the previous quarter, for a 14.16% increase quarter over quarter. This is down slightly from the four-year high reached in mid -February of 2.94%. The S&P 500 and DOW decreased by 1.22% and 2.49% respectively, for the same time period, giving back the gains from the beginning of 2018. Overall, the first quarter of 2018 brought market volatility, following the stock market's calm and steady rise in 2017. Employment: Total nonfarm payroll employment increased by 103,000 in March and the unemployment rate remained unchanged at 4.1 percent for the sixth straight month, the lowest rate since 2000. Over the past 3 months, job gains have averaged 202,000 per month. Average earnings rose by 8 cents an hour and are up 2.7 percent over the past year. This is weaker than most economists would expect with unemployment so low. Item 2. - 3 HB -12- CITY OF HUNTINGTON BEACH —CITY TREASURER'S QUARTERLY REPORT MARCH 2O18 Portfolio Composition: Portfolio Summary As of March 31, 2018 $ in millions % of In Investment Type_ Market Value Book Value Portfolio Policy Limit Compliance Federal Agency Issues $ 135.8 $ 138.5 60% None yes Local Agency Investment Fund (LAIF) $ 30.7 $ 30.7 13% $65 million yes Medium Term Notes - IBRD $ 5.0 $ 5.0 2% 10% yes Corporate Bonds $ 25.8 $ 26.2 12% 30% yes Commercial Paper $ 19.9 $ 19.9 9% 25% yes Federal Agency Discount Note $ _ 9.9 $ 9.9 4% None yes Total Portfolio $ 227.1 $ 230.2 100% Currently, funds within this portfolio are invested in federal agency securities, corporate bonds, commercial paper, the International Bank for Reconstruction and Development ("IBRD") and the State of California's pooled account (Local Agency Investment Fund "LAIF"). All federal agency bonds and notes purchased by the City are rated "AAA" by Moody's, as are the IBRD bonds. All corporate bonds are "A" rated or its equivalent or better, per the City's investment policy and State of California regulations, All commercial paper has the highest ratings of A-1/P-1. Corporate Bonds 12% MTN-IBRD 2% Investments by Type As of March 31, 2018 Commercial Paper 9% Federal Agencies Incl. discount note 64% Hs - i 3- Item 2. - 4 - CITY OF HUNTINGTON BEACH —CITY TREASURER'S QUARTERLY REPORT MARCH 2O18 LAIF offers local agencies the opportunity to participate in a major portfolio with overnight liquidity managed by the State of California Treasurer's Office. Please see http://www.treasurer.ca.gov/pmia- laif/laif.asp for more information. LAIF is currently utilized for the liquidity portion of the City's portfolio as the yield received for overnight availability at this time is similar to or greater than that of alternative liquid investments. Portfolio Earnings and Performance: $300,000.00 $250,000.00 $200,000.00 $150,000.00 $100,000.00 $50,000.00 $0.00 yIN �e e Monthly Earnings April 2017 — March 2018 $ in 000's '1,�,�,1, ��°�� ,� e`��,a� se�� `��•Q a4��i Q'pi�a `S`air ti© ¢q ti4 li4'y As is typically the case on an annual basis, monthly earnings increase from December through July with the receipt of property taxes, followed by a decrease from August to November as funds are utilized. As well, over the past year, interest rates have risen as the Federal Reserve has raised rates four times since March of last year offering the portfolio an opportunity to earn increased interest income. The current federal funds rate stands at 1,50 — 1,75%. Item 2. - 5 HB -14- w "'WIT CITY OF HUNTINGTON BEACH —CITY TREASURER'S QUARTERLY REPORT, MARCH 201.8 Portfolio Earnings As of March 31, 2018 Portfolio Earnings Month End 3/31/18 FYTD 3/31/18 Current Year $ 284,798 $ 1,524,112 Current Budget $ 160,000 $ 960,000 Last Year Actual $ 229,564 $ 1,260,072 °° increase current vs. previous year 24% 21% Effective Rate of Return 1.50% 1,46% Benchmark* 1.57% *12 month moving average of interpolated 1.5-year treasury The portfolio earnings for March of 2018 were $284,798, a 24% increase over earnings for the same month in 2017, Fiscal year-to-date earnings as of 3/31/18 were $1,524,112, a 21% increase over the same period in 2017. Interest rates have been increasing rapidly over the past year. The interest rate for the types of securities that may be purchased by the city has increased by over 1 % in the past year. While this potentially results in the city's ability to increase portfolio earnings, there must be cash available to invest at these higher rates. The portfolio will lag the market as securities will mature over time in order to be reinvested at higher rates. As well, the city will be making a large payment in July for which approximately $25 million has been invested in shorter -term investments (6 months), This contributes to the illiquidity of the portfolio and the inability to fully invest at the higher rates, The resulting effective rate of return of 1.50% is slightly below the benchmark of 1.57%. However, it is anticipated that as funds become available, they will be reinvested at the higher interest rates resulting in an increased rate of return for the portfolio. Portfolio Activity: Investment Type Federal Agency Issues Local Agency Investment Fund (LAIF) Medium Term (Votes - IBRD Corporate Bonds Commercial Paper Federal Agency Discount Note TOTAL Monthly Activity March 2018 Purchases/Deposits $ 8,000,000 Sales/Maturities/Withdrawal., $ 5,000,000 $ 5,000,000 $10,000,000 IIB_I;_ Item 2.-6 1/-i4s 11 2 For the month of March 2018, a net of $3 million was transferred from the operating account to L.AIF and $5 million in Federal Agencies matured. Quarterly Activity January — March 2018 Investment Type Purchases (PAR)/Deposits Federal Agency Issues Local Agency Investment Fund (LAIF) * $ 8,028,689 Medium Term Notes - IBRD Corporate. Bonds Commercial Paper $ 20,000,000 Federal Agency Discount Note $ 10,000,000 TOTAL $ 38,028,689 *Includes Interest Income Sales/Mato ritieslW ithd rawa I! $ 5,000,000 $15,000,000 $ 2,000,000 For the quarter ending March 31, 2018, in addition to the monthly activity previously stated, L.AIF interest of $28,689 was received, $20 million in Commercial Paper was purchased, $10 million in Federal Agencies were purchased (in the form of a Discount Note), $10 million was transferred from LAW to the operating account, and $2 million in corporate bonds matured. In order to ensure the availability of approximately $25 million in funds for the July CalPERS UAL prepayment, the above investment purchases include this amount, which was invested in January to mature in July of this year. Compliance: The portfolio is in conformity with all relevant State regulations and the City's Investment Policy statement as approved by the City Council on February 5, 2018. The investment program herein shown provides sufficient cash flow liquidity to meet the next six months' obligations. Item 2. - 7 H B -16- CITY OF HUNTINGTON BEACH — CITY TREASURER'S QUARTERLY REPORT MARCH 2O18 Additional Information: Retirement Plans — Market Value Due to delay in statement receipt, information is from previous quarter. Deferred Compensation Plans - Summary Information RePotting is Quarterly Ending Balance Nationwide incl. Beginning Ending Self Directed Balance Balance Option 10-1-17 12( 31-17) 12( 31-17) ICMA Retirement Corporation (457 Plan) $49,425,139 $51,421,594 $51,421,594 Nationwide Retirement Solutions (457 Plan) $85,558,718 $87,788,264 $89,058,537 Total Deferred Compensation Plan Balances $134,983,857 $139,209,858 $140,480,131 Retiree Medical Trust - Summary Information Reporting is Quarterly CaIPERS Retiree Medical Trust Account Supplemental Pension Trust -Summary Information Reporting is Monthly US Bank Supplemental Pension Trust Account PARS 115 Trust -Summary Information Resorting is Monthly PARS Post Employment Benefits Trust Account Beginning Balance 1(10-111_7) $24,978,725 Beginning Balance 12-1-17 $55,565,222 Beginning Balance 12-1-17 $3,875,582 Ending Balance 12-31-17 $25,695,391 Ending Balance 12-31-17 $56,144,554 Ending Balance (12-31-17) $3,907,676 H B -1 7- Item 2. - 8 CITY OF HUNTINGTON BEACH — CITY TREASURER'S QUARTERLY REPORT;; MARCH 2O18 Bond Reserve Accounts — Market Value Balances as of March 31, 2018 Summary of Huntington Beach Bond Issue -- Reserve Accounts Reserve Account As of March 31, 2018 Value as of Bond Issue: March 31, 2018 H.B. Public Financing Authority Lease Refunding Bonds 2010 Series A H.B. Public Financing Authority (Capital Improvement Refnancing/Senior Center) Bonds 2011 Series A Redevelopment Agency of H.B. - 1999 Tax Allocation Refunding Bonds (113 of 1992) Redevelopment Agency of H.B. - 2002 Tax Allocation Refunding Bonds (213 of 1992) H.B. Community Facilities District No. 1990 12001 Special Tax Bonds (Goldenwest Ellis) H.B. Community Facilities District No. 2000 12013 Special Tax Bonds (Grand Coast - Hyatt) H.B Community Facilities District No. 2002- 1 2002 Special Tax Bonds (McDonnell Centre Business Park) H.B. Community Facilities District No. 2003- 1 2013 Special Tax Bonds (Huntington Center - Bella Terra) 1,246,382.05 1 3,377,311.32 1 757,356.39 1 1,700,341.98 1 186,053.63 1 1,095,572.67 463,716.98 1 1,685,737.42 TOTALS: 1 $ 10,512,472 Investments Federal Money Market LAIF Agency Issues Funds CAMP 4,382.05 39.14 18.62 13,129.42 1 A0 1,095,571.27 1 2,518.94 2.42 1,685,735,00 1 $ 6,666,095 $ 994,040 $ 71,032 $ 2,781,3061 Item 2.-9 HB_18_ City of HB Portfolio Management Portfolio Summary January 31, 2018 City of Huntington Beach 2000 Main St. Huntington Beach, Par Market Book % of Days to YTM YTM Investments Value Value Value Portfolio Term Maturity 360 Equiv. 366 Equiv, Federal Agency Issues - Coupon 143,405,000.00 140,697,299.85 143,509,547X0 63.15 1,401 875 1.441 1.461 Local Agency Investment Funds 27,706,095.24 27,706,096.24 27,706,095.24 12.19 1 1 1.332 1,360 Medium Term Notes - IBIRD 5,000,000.00 4,979,500.00 4,994,632.95 2.20 608 168 1.093 1,109 Corporate Bonds 26,000,000.00 25,928,970.00 26,217,557A3 11.54 1,242 592 1.626 1.649 Commercial Paper Disc. -Amortizing 15,000,000.00 14,875,500.00 14,879,425.00 6.65 ISO 159 1.837 1.862 Federal Agency Disc, -Amortizing 10,000,000.00 9,927,600.00 9,931,069,89 4.37 182 162 1.565 1.587 227,111,095.24 224,114,965.09 227,238,328.11 100.00% 1,061 642 1.473 1.493 Investments Total Earnings January 31 Month Ending Fiscal Year To Date Fiscal Year Ending Current Year 273,426.21 964,030.31 Current Budget 160,0150.00 640,000.00 1,920,000.00 Last Year Actual 228,885.99 801,118.52 2,752,784.09 Average Daily Balance 224,063,945.55 201,231,286.26 Effective Rate of Return 1.44U/0 1.42% 1 certify that this report accurately reflects all City pooled investments and is in conformity with all State laws and the investment policy statement filed with the City Council on February 5, 2018, A copy of this policy is available at the office of the City Clerk. The investment program herein shown provides sufficient cash flow liquidity to meet the next six month's obligations. Market Values provided by Union Bank via Interactive Data Corporation. Allsa Cutchen, CITY TREASURER (D Reporting period 0110112018-01131/2018 Portfolio CITY AP Run Date- D4120=I6, m26 PM (PRF—PM1) 73.0 Report Ver. 7.3.3b I I City of 1-113 Portfolio Management Portfolio Details - Investments January 31, 2018 Page 1 Average Purchase Stated YTM Days to Maturity CUSIP Investment# Issuer Balance Date Par Value Market Value Book Value Rate S&P 365 Maturity Date Federal Agency Issues - Coupon 3133EGEV3 4140 Federal Farm Credit Bank 06115/2016 5,000,000.00 4.844,700.00 5,000,000.00 1.620 AA 1.620 1,229 06/14/2021 313378A43 4048 Federal Home Loan Bank 02/2012015 5,000,000.00 5,000,450.00 5,001,422.84 1.376 AA 1.100 36 03/0/2018 3130A7WK7 4136 Federal Home Loan Bank 05/2412016 5,000,000.00 4,950,150.00 5,000,000,00 1250 AA 1.250 477 05/24/2019 3130A8DC4 4138 Federal Home Loan Bank 06130/2016 2,250,000.00 2,193,862,50 2,250,000.00 1.600 AA 1.600 1,063 12/30/2020 3130AST94 4153 Federal Home Loan Bank 08110/2016 5,000,000.00 4,928,800.00 5,000,000.00 1.050 AA 1.518 921 DB/10/2020 313383VN8 4157 Federal Home Loan Bank 1111612016 5,000.000.00 4,978,050.00 5,055,596,17 2.000 AA 1.297 589 09113/2019 313OA83LS 4166 Federal Home Loan Bank 04127/2017 5,000,000.00 4,934,050.00 5,000,000.00 1150 AA 1,750 1,546 04127/2022 3134G7302 4120 Federal Home Loan Mort Corp 10127/2015 5,000,000.OD 4,980,900,00 5,000,000.00 1.000 AA 0.991 176 07/2712018 3134G9RN9 4139 Federal Home Loan Mort Corp 06123/2016 5,000,000,00 4,938,750.00 5,000,000.00 1.250 AA 1.919 873 06/23/2020 3134G9UY1 4142 Federal Home Loan Mort Corp 06/29/2016 5,000,000.D0 4,989,500.00 6,000,000.00 1.000 AA 1,000 148 06129/2018 3134G9F93 414B Federal Home Loan Mort Corp 06/30/2016 5,000,000.00 4,898,200.00 5,000,000.00 1-000 AA 0.998 512 06128/2019 3134GgE78 4149 Federal Home Loan Mort Corp 06/30/2016 5,000,000= 4,1161,100.00 5'000.000.00 1.280 AA 1.280 972 0913012020 3134G9C54 4160 Federal Home Loan Mort Corp 06/3012016 4,655,000,00 4,470,522,35 4,655.000.00 1,500 AA 1.500 1,245 0613012021 3134G9G35 4151 Federal Home Loan Mort Corp 06/30/2016 5.000,000,00 4,876,950,00 5,000,000.00 1.500 AA 1.400 1,245 06130/2021 3134GAUS8 4156 Federal Home Loan Mort Corp 11122/2016 5,000,000.00 4,780,800.00 5,000,000,00 1.650 AA 1.650 1,390 11 1=2021 3134GBNNB 4256 Federal Home Loan Mort Corp 05130/2017 5,000,000,00 4,903,850,00 5,000,793.66 1.750 AA 1.744 939 08/28/2020 3134G9N94 4257 Federal Home Loan Mort Corp 0611412017 5,000,000.00 4,912,850.00 5,025,407,96 1.876 AA 1,723 1,272 07127/2021 3134G92Y2 4258 Federal Home Loan Mort Corp 06/1412017 5,000,000.00 4,916,250,00 5,024,110,71 1.875 AA 1.733 1,293 08/17/2021 3134GBNS7 4259 Federal Home Loan Mort Corp 06/14/2017 3,000,000,00 2,966,860.00 2,999,035.96 1.500 AA 1.521 573 08120/2019 3134GBLT7 4260 Federal Home Loan Mort Corp 06115/2017 3,000,000,0D 2.964,150.00 2,999,033.77 1.500 AA 1.521 .575 0=012019 3134GBTS1 4261 Federal Home Loan Mort Corp 06/2912017 5,000,0DD.00 4,874,250.00 5,000,000.00 2.125 AA 2.125 1,609 06/29/2022 3136G2R58 4122 Fed. NaVI Mort Assoc, 1012912015 5,000,000.00 4,971,400.00 5,000,000.00 1.040 AA 1,040 257 10/26/2018 3135GDK85 4137 Fed, Nat] Mort Assoc. 06/13/2016 5,000,000.00 4,949,450.00 5,000,000.00 1.400 AA 1A00 497 0611 =01 9 3136G3SJ5 4141 Fed. Nall Mort. Assoc. 06/3012016 5,000,000,00 4,819,400,00 4,999,146.53 1.500 AA 1.505 1,245 06/30/2021 3136G3SN6 4143 Fed, Nall Mort, Assoc. 0612312016 3,000,000.00 2,882,880,00 3,000,000.00 1.500 AA 1,500 1,056 1212312020 3135GOK93, 4144 Fed, Nall Mort. Assoc. 06/2812016 5,000,000,00 4,938,350.00 5,000,000.00 1.250 AA 1,250 512 06/2812019 3136G3UT0 4146 Fed, Natl Mort. Assoc. 06/30/2016 5,01)0,00.00 4,822,350,00 5,000,000.00 1,500 AA 1,500 1,063 1213W020 3136G3VU6 4147 Fed- Nat? Mort. Assoc. 07/19/2016 5,000,000.00 4,899,150.00 5,000,000.00 2,000 AA 1.825 1,264 0711912021 3136G3YG4 4152 Fed. Nafl Mort Assoc. 07125=16 7,500,000.00 7,381,425-00 7,500,000.00 1.000 AA 1,000 448 04125/2019 3136G4HM6 4159 Fed. Nat) Mort Assoc, 1210212016 5,000,000.00 4,868,900,013 5,000,000.00 1.950 AA 1,950 1,400 1210212021 Subtotal and Average 143,511,916.97 143,406,000.00 140,697,299.85 143,609,547.60 1.461 875 Local Agency Investment Funds SYS932 982 Lair City 27,706,095.24 27,706,095.24 27,706,09524 1.350 Subtotal and Average 30,921,721.76 27,706,095.24 27,706,095.24 27,706,095.24 Run Datw. W2012018 -13:25 1.350 1 1.350 1 Portfolio CITY AP PM (PRF-PM2) T3.0 Report Ver. 7.3.3b City of 1-113 Portfolio Management Portfolio Details - Investments January 31, 2018 Page 2 Average Purchase Stated YTM Days to Maturity CUSIP Investment# Issuer Balance Date Par Value Market Value Book Value Rate S&P 365 Maturity Date Medium Term Notes - IBRD 45905BFEB 4158 Intl Bk Reron & Development 11/1812016 5,000,000.00 4,979,500,00 4,994,632.95 0.876 AAA 1109 168 07/19/2018 Subtotal and Average 4,994,184.66 5,000,000.00 4,979,500.00 4,994,632.95 1.109 168 Corporate Bonds 037833ARI 4262 Apple Inc. 0640SHCZO 4155 Bank of New York 17275RBG6 4164 Cisco Systems Inc 268648AP7 4077 EMC Corp 494368BP7 4164 Kimberly Clark Corp 191216BA7 4049 Coca Cola CO 68389XAQ8 4071 Oracle Corp B9236TAYI 4039 Toyota Motor Credit Subtotal and Average 28,157,114.78 06/2612017 5,000,000.00 5,034,600.00 5,135,970.32 2.850 AA 1.980 1,190 05/0612021 10124/2016 5,000,000.00 4,967,900.00 5,053,310.25 2.150 A 1.617 753 02/2412020 09127/2016 3,000,000.00 2,956,440.00 3,004,643.93 1.400 AA 1.303 596 09/2012019 07/14/2015 2,500,000.00 2,489,525.00 2,501,984.57 1.875 AA 1.630 120 06/0112018 12/28/2016 2,000,000.00 1,973,800.00 1,993,648,29 1.850 A 2.008 759 03101/2020 02/24/2015 2,500,000.00 2,497,075.00 2,499,560.88 1.150 AA 1,258 59 0410112018 0512612015 3,000,000.00 3,008,910.00 3,017,833.34 2-375 AA 1.731 348 01115/2019 01/26/2015 3,000,000= 3,000,720.00 3.010,605,85 2.000 AA 1,500 265 1012412018 26,000,000.00 26,928,970.00 26,217,657.43 1.649 592 Commercial Paper Disc. -Amortizing 4664GQGA3 4263 JP Morgan 01/1112018 Subtotal and Average I D,074,473.39 15,000,000.00 14, 875, 500.00 15,000,000,00 14,875,500.00 14,879,425.00 1,820 14,879,425.00 A-1 1.862 159 07/1012018 1.862 159 Federal Agency Disc. -Amortizing 313385ZG4 4264 Federal Home Loan Bank 01/12/2018 10,000,000.00 9,927,600.00 9,931,069.89 1.532 AA 1.587 162 07113/2018 Subtotal and Average 6,404,634.00 10,000,000.00 9,927,600.00 9,931,069.89 1.597 162 Total and Average 224,063,946.55 CD Run Date! 0412012018 - 1126 227,111,095.24 224,114,965.09 227,238,328.11 1.493 642 Portfolio CITY AP PM (PRF—PM2) 7.3.0 City of HB Portfolio Management Page 1 Activity By Type January 1, 2018 through January 31, 2018 Stated Transaction Purchases Redemptions CUSIP, Investment # Issuer Rate Date or Deposits or Withdrawals Balance Federal Agency Issues - Coupon Subtotal 143,509,547.60 Local Agency Investment Funds (Monthly Summary) SYS982 982 Laff City 1,350 28,688.89 10,000,000.00 Subtotal 28,688,89 10,000,000.00 27,706,095.24 Medium Term Notes - IBRD Subtotal Corporate Bonds 58933YAC9 4045 Merck & Co Inc Subtotal Commercial Paper Disc. -Amortizing [!j 46640QGA3 4263 JP Morgan Subtotal Federal Agency Disc. -Amortizing 313385ZG4 4264 Federal Home Loan Bank Subtotal Total Run Date: 04/2012018 - 13:26 1.100 01/31/2018 0.00 2,000,000.00 0.00 2,000,000.00 4,994,632.95 26,217,667.43 1.820 01/11/2018 14,863,500.00 0.00 14,863,500.00 0.00 14,879,425.00 1.532 0111212018 9,922,560.00 0.00 9,922,560.00 0.00 9,931,069.89 24,814,748.89 12,000,000.00 227,238,328.11 Portfolio CITY AP PM (PRF—PM3) 7.3.0 Report Ver. 7.3.3b I ('D City of 1-113 Portfolio Management Activity Summary January 2017 through January 2018 Page 1 Yield to Maturity Managed Number Number Month Number of Average 360 366 Pool of Investments of Investments Average Average End Year Securities Balance Equivalent Equivalent Rate Purchased Redeemed Term Days to Maturity January 2017 48 216,148,564.96 1.341 1,360 0.751 1 0 1,152 863 February 2017 48 215,339,319.67 1.357 1376 0.777 0 0 1,179 857 March 2017 47 213,717,521.37 1.315 1333 0.821 0 1 1,136 788 April 2017 48 213,723,352.90 1.351 1.370 0.884 2 1 1,174 827 May 2017 49 225,340,416.22 1.343 1,361 0.925 1 0 1,123 T12 June 2017 52 231,210,075.29 1.402 1 A22 0.978 6 3 1,219 866 July 2017 50 227,046,687.72 1.398 1.417 1.051 0 2 1,246 845 August 2017 47 208,273,796.65 1.399 1.418 1.084 0 3 1,258 843 September 2017 46 201,272,141.13 1.415 1.435 1.111 0 1 1,275 835 October 2017 45 196,034,063.90 1.437 1 A57 1.143 0 1 1,310 839 November 2017 44 188,015,052.55 1 A39 1.459 1.172 0 1 1,310 821 December 2017 41 196,385,752.92 1.414 1.433 1.239 0 3 1,114 688 January 2018 42 224,063,945.55 1.473 1.493 1.350 2 1'll 1,061 642 Average 47 212,054,173.83 11391% 1.410% 1.022 1 1 1,197 807 Portfolio CITY AP Run Date: 04/2C/2018 - 13:26 PM (PRF-PM4) T3.0 Report Ver. 7.3,3b Liu City of HB Portfolio Management Page 1 Interest Earnings Summary January 31, 2018 January 31 Month Ending Fiscal Year To Date CD/Coupon/Discount Investments: Interest Collected 393,312.60 1,120,143.33 Plus Accrued Interest at End of Period 526,831.02 526,831.02 Less Accrued Interest at Beginning of Period { 693,787.99) { 717,589.16) Less Accrued Interest at Purchase During Period { 0.00) { 0.00) Interest Earned during Period 226,355.53 929,385,19 Adjusted by Premiums and Discounts 11,616.60 -29,497.85 Adjusted by Capital Gains or Losses 0.00 0.00 Earnings during Periods Pass Through Securities: Interest Collected Plus Accrued Interest at End of Period Less Accrued Interest at Beginning of Period Less Accrued Interest at Purchase During Period Interest Earned during Period Adjusted by Premiums and Discounts Adjusted by Capital Gains or Losses 237,972.13 899,887.34 0.00 0.00 0.00 0.00 ( 0.00) ( 0.00) ( 0.00) ( 0.00) 0.00 0.00 0.00 0.00 0.00 0.00 Earnings during Periods 0.00 0.00 Cash/Checking Accounts: Interest Collected 28,688.89 50,074.88 Plus Accrued Interest at End of Period 37,635.37 37,635.37 Less Accrued Interest at Beginning of Period ( 30,870.18) ( 23,567.28) Interest Earned during Period 35,454.08 64,142.97 Total Interest Earned during Period 261,809.61 993,528.16 Total Adjustments from Premiums and Discounts 11,616.60 -29,497.85 Total Capital Gains or Losses 0.00 0.00 Total Earnings during Period 273,426.21 964,030.31 Run Date: 041201201 B -13:26 Portfolio CITY AP PM (PRF_PM6) 7.3.0 Repot Ver. 7.3.3b �o" yl%Wsr, y w Pooled 1j0UIDI" State of California Money Investment Account Market Valuation 1 /31 /2018 Description Carrying Cost Plus Accrued Interest Purch. Fair Value Accrued Interest United States Treasury: Bills $ 15,544,011,179.54 $ 15,616,004,000.00 NA Notes $ 21,666,451,724.38 $ 21,540,206,500.00 $ 60,041,141.50 Federal Agency: SBA $ 850,208,761.12 $ 841,469,326.50 $ 1,069,312.98 MBS-REMICs $ 31,766,523.92 $ 32,576,219.09 $ 148,574.43 Debentures $ 1,428,587,035.45 $ 1,418,626,000.00 $ 3,936,990.95 Debentures FR $ - $ - $ - Debentures CL $ 250,000,000.00 $ 246,045,000.00 $ 800,361.00 Discount Notes $ 9,436,153,999.74 $ 9,459,448,000.00 NA GNMA $ - $ - $ - Su ranational Debentures $ 449,534,827.48 $ 446,283,500.00 $ 1,951,070,50 Su ranational Debentures FR $ 50,000,000.00 $ 50,061,500.00 $ 40,478,22 CDs and YCDs FR $ 425,000,000,00 $ 425,000,000.00 $ 737,427.35 Bank Notes $ 600,000,000.00 $ 599,644,394.02 $ 1,901,888.88 CDs and YCDs $ 12,825,000,000.00 $ 12,816,493,463.79 $ 28,983,402.76 Commercial Paper $ 9,208,087,583.36 $ 9,222,149,444.40 NA Corporate: Bonds FR $ - $ - $ - Bonds $ - $ - $ - Repurchase Agreements $ - $ - $ - Reverse Repurchase $ - $ - $ - Time Deposits $ 5,122,240,000.00 $ 5,122,240,000.00 NA AB 55 & GF Loans $ 689,289,000,00 $ 689,289,000.00 NA TOTAL $ 78,576,330,634.99 $ 78,525,536,347.80 $ 99,610,648.57 Fair Value Including Accrued Interest $ 78,625,146,996.37 Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). HB -2;- Item 2. - 16 Statement of Cash Receipts and Disbursements and Summary of Cash by Fund Finance Department January 2018 Cash Receipts and Disbursements December 2017 January 2018 Receipts General fund Property Tax Local Sales Tax Public Safety Sales Tax Transient Occupancy Tax (TOT) Utility Users Tax (UUT) Other Revenue Total General Fund Revenue Capital Projects Funds Debt Service Funds Enterprise Funds General Fund Other Internal Service Funds Special Revenue Funds Grant Funds Trust and Agency Funds Total Receipts Disbursements General Fund Personal Services Operating Expenses Capital Expenditures Non -Operating Expenses Total General Fund Disbursements 20,715,01.6 16,582,996 3,975,660 2,658,100 222,906 175,971 719,528 684,976 1,549,968 1,538,539 5,192,584 2,963,510 32,375,662 24,604,092 11,329 186,914 - 1,938 7,558,541 61752,117 28,329 242,847 498,055 535,431 271,587 3,769,238 142,320 930,629 2,354,057 7,081,456 $43, 239, 881 $44,104, 662 (15,166,442) (12,094,073) (5,143,397) (1,025,970) (617,495) (159,285) (316,800) (4,208) (21,244,134) (13,283,536) Item 2. - 17 14B -26- Capital Projects Funds (279,049) (666,703) Debt Service Funds (2,885) (1,938) Enterprise Funds (4,417,315) (4,462,939) General Fund Other (144,148) (80,019) Internal Service Funds (1,360,956) (404,639) Special Revenue Funds (1,236,281) (606,405) Grant Funds (1,565,346) (423,016) Trust and Agency Funds (1,403,468) (2,641,942) Total Disbursements (31,653,582) (22,571,138) Net Change In Cash Flow $11,586,299 $21,533,524 Summary of Cash by Fund December 2017 January 2018 General Fund $71,208,879 $80,579,016 General Fund tither 4,245,404 4,233,827 Capital Projects Funds 18,515,988 18,059,779 Debt Service Funds 14,176 31,016 Enterprise Funds 71,467,339 73,886,045 Trust and Agency Funds 10,209,032 15,135,122 Internal Service Funds 21,093,251 21,249,245 Special Revenue Funds 27,106,186 30,719,572 General Ledger Cash Balances $223,860,254 ,243,893,624 * Total cash will differ from investment portfolio total due to outstanding checks and/or other timing differences. Mote: Above information was obtained from the City's accounting system records. The above information includes receipts from maturing investments and payments for purchased investments in the city investment portfolio. This statement is prepared in compliance with the City"s Charter. xB -27- Item 2m - 18 City of HB Portfolio Management Portfolio Summary February 28, 2018 City of Huntington Beach 2000 Main St. Huntington Beach, Par Market Book % of Days to YTM YTM Investments Value Value Value Portfolio Term Maturity 360 Equiv. 366 Equiv, Federal Agency Issues- Coupon 143,405,000.00 140,446,059.40 143,504,481,88 61.80 1,401 847 1.441 1.461 Lail Agency Investment Funds 27,706,095.24 27,706,095.24 27,706,095.24 11.93 1 1 1.393 1 Al2 Medium Term Notes- IBRD 5,000,000.00 4,979,200.00 4,995,591.35 2,15 608 140 1.093 1.109 Corporate Bonds 26,000,000.00 25,851,045.00 26,208,909.28 11.29 1,242 564 1.626 1.649 Commercial Paper Disc -Amortizing 20,000,000.00 19,834,100.00 19,847,206.94 8.55 180 143 1.921 1.947 Federal Agency Disc. -Amortizing 10,000,000.00 9,933,000.00 9,942,983.74 428 182 134 1.565 1.587 232,111,096.24 228,749,499.64 232,205,268.43 100.00% 1,043 608 1.495 1.516 Investments Total Earnings February 28 Month Ending Fiscal Year To Date Fiscal Year Ending = Current Year 275,284.32 1,239,314.63 Current Budget 160,000.00 800,000.00 1,920,000.00 lv Last Year Actual 229,389.96 1,030,508.48 2,752,784.09 x ' Average Daily Balance 227,425,960.54 206,088,576.85 Effective Rate of Return 1.58% 1.45°!0 l certify that this report accurately reflects all City pooled investments and is in conformity with all State laws and the investment policy statement filed with the City Council on February 5, 2018. A copy of this policy is available at the office of the City Clerk. The investment program herein shown provides sufficient cash flow liquidity to meet the next six months obligations. Market Values provided by Union Bank via Interactive Data Corporation. Alisa Cutchen, CITY TREASURER Reporting period 02101/2018-0212812018 Run Date: 04/20/2018 -13:30 Portfolio CITY AP PM (PRF_PM1) 7.3.0 Report Ver. 7.3.3b tU IF CD O City of 1-113 Portfolio Management Portfolio Details - Investments February 28, 2018 Page I Average Purchase Stated YTM Days to Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate S&P 365 Maturity Date Federal Agency Issues - Coupon 3133EGEV3 4140 Federal Farm Credit Bank 06/1512016 5,000,000.00 4.831,950.00 5,000,000.00 1.620 AA 1.620 1,201 06114/2021 313378A43 4048 Federal Home Loan Bank 02/20/2015 5,000,000.00 5,000,000.00 6,000,299.55 1.375 AA 1ADO 8 0310912018 313OA7VO(7 4136 Federal Home Loan Bank 05/24/2016 5,000,000,00 4,944,700.00 5,000,000-00 1-250 AA 1.250 449 05/2412019 313OA8DC4 4138 Federal Home Loan Bank 06/3012016 2,250,000.00 2,188,642.50 2,250,000AO 1-600 AA 1.600 1,035 12/30/2020 313OA8T94 4153 Federal Home Loan Bank 08/1012016 5,000,000.00 4,920,850.00 5,000,000.00 1.050 AA 1.518 8,93 0811012020 313383VN8 4157 Federal Home Loan Bank 11/16/2016 5,000,000.00 4,967,650,00 5,052,730.38 2.000 AA 1.297 561 09113/2019 313OA83L8 4146 Federal Home Loan Bank 04/27/2017 5,000,000.00 4,924,100.00 5,000,000,00 1.750 AA 1.750 1,518 04127/2022 3134G73Q2 4120 Federal Home Loan Mort Corp 1 D/27/201 5 5,000,000.00 4,983,800.OD 5,000,000,00 1.000 AA 0.991 148 07127/2018 3134G9RN9 4139 Federal Home Loan Mort Corp 06Y231201 6 5,000,000.00 4,938,750.00 5,000,000m 1.250 AA 1.919 845 06/2312020 3134G9UY1 4142 Federal Home Loan Mort Corp 06/29/2016 5,000,000.00 4,987,800.00 5,000,000.00 1.000 AA 1.000 120 0612912018 3134G9F93 4148 Federal Home Loan Mort Corp 06130/201 8 5,000,000.00 4,900,050.00 5,000,000.00 1.000 AA 0.998 484 06/28/2019 3134G9E78 4149 Federal Home Loan Mort Corp 06/30=16 5,000,000.00 4,852,250.00 5,000.000.00 1.280 AA 1.260 944 09/30/2020 3134G9C54 4150 Federal Horne Loan Mort Corp 06/30/2016 4,655.000.00 4,459,396.90 4,655,000.00 1.500 AA 1.500 1,217 06/30/2021 3134G9G35 4151 Federal Home Loan Mort Corp 06/3012016 5,000,000.00 4,864,250.00 5,000,000.00 1.500 AA 1.400 1,217 0613012021 3134GAU88 4156 Federal Home Loan Mort Corp 11/22/2016 5,000.000.00 4,765,650.00 5,000,000= 1.650 AA 1.650 1,362 11/2212021 3134GBNNS 4256 Federal Home Loan Mort Corp 05130/2017 5,000,000.00 4,894,250.00 5,000,767.98 1.750 AA 1.744 911 08/28/2020 3134G9N94 4257 Federal Home Loan Mort Corp 06/14=17 5,000.000.00 4,887,350.00 5,024.801.08 1.875 AA 1.723 1,244 07/27/2021 3134G92Y2 4258 Federal Home Loan Mort Corp 06114/2017 5,000,000.00 4,890,100.00 5,023,543.85 1.875 AA 1.733 1,265 08/1712021 3134GBNS7 4259 Federal Home Loan Mort Corp 06114/2017 3,000,000.00 2,964,240,00 2,999,086-96 1.500 AA 1.521 545 08128/2019 3134GBL77 4260 Federal Home Loan Mort Corp 06116=17 3,000,000100 2,962,620-00 2.999,084.72 1.500 AA 1.521 547 08130/2019 3134GBTS1 4261 Federal Home Loan Mort Corp 06/29/2017 5,000,000.00 4,853,550-00 5,000,000o0 2,125 AA 2125 1,581 06129/2022 3136G2R58 4122 Fed. Nat'l Mort. Assoc. 10129/2015 5,000,000,00 4,969,200.00 5,000,000.00 1.040 AA 1.040 239 10/2612018 3135GOK85 4137 Fed. Narl Mort, Assoc. 06/13/2016 5,000,000,00 4,950,100.00 5,000,000.00 1.400 AA 1.400 469 06113/2019 3136G3SJ5 4141 Fed. NaVI Mort. Assoc. 06/30/2016 5,000,000.00 4,807,00100 4,999,167.36 1,500 AA 1.505 1,217 0613012021 3136G3SN6 4143 Fed. Nat'l Mort. Assoc. 0612312016 3,000,000,00 2,1377,660.00 3,000,000.00 1.500 AA 1.500 1,028 12/23/2020 3135GOK93 4144 Fed. Nat'l Mort. Assoc. 0612812016 5,000,000.00 4,926,500,00 5,000,000.00 1.250 AA 1,250 494 06/2812019 3136G3UTO 4146 Fed. Nat'l Mort. Assoc. 0613012016 5,000,000.00 4,813,000.00 5,000,000.00 1.500 AA 1.500 1. D35 12/30/2020 3136G3VU6 4147 Fed, Nat'l Mort. Assoc. 07119/2016 5,000,000.00 4,1384,500.00 5,000,000.00 2.000 AA 1.825 1,236 07/19/2021 3136G3YG4 4152 Fed. Nat'l Mort- Assoc. 0712512016 7,500,000.0D 7,394,650.00 7,500,000.00 1.000 AA 1-ODO 420 04/25/2019 3136G4HM8 4159 Fed. Nat'l Mort Assoc. 12102/2016 5,000,000.00 4,861,500.00 5,000,000.00 1.950 AA 1-950 1,372 12/0212021 Subtotal and Average 143,507,087.10 143,405,000.00 140,446,069AO 143,604,481.88 IA61 847 Local Agency Investment Funds SYS982 982 Lag City 27,706,095.24 27,706,095.24 27,706,095,24 1,412 1.412 1 Subtotal and Average 27,706,095.24 27,706,095.24 27,706,095.24 27,706,096.24 IA12 1 Portfolio CITY AP Run Date: OU2012018 - 13:30 PM (PRFPM2) 7.3.0 Report Ver. 7.3.3b CD N City of HB N Portfolio Management page 2 —' Portfolio Details - Investments February 28, 2018 Average Purchase Stated YTM Days to Maturity CUSIP Investment# Issuer Balance Date Par Value Market Value Book Value Rate S&P 365 Maturity Date Medium Term Notes - IBRD 459058FEB 4158 Intl Bk Recon & Development 11/18a016 5,000,000.00 4,979,200.00 4,995,591.35 0.876 AAA 1.109 140 07/19/2018 Subtotal and Average 4,995,098.46 5,000,000.00 4,979,200.00 4,995,691.35 1.109 140 Corporate Bonds 037833AR1 4262 Apple Inc. 06/26/2017 5,000,000.00 5,007,250.00 5,132,498.74 2.850 AA 1.980 1,162 05/06/2021 06406HCZC 4155 Bank of New York 10/24/2016 5,000,000.00 4,943,650.00 6,051,157.75 2.150 A 1.617 725 02/24/2020 17275RBG5 4154 Cisco Systems Inc 09/27/2016 3,000,000.00 2,950,260.00 3,004,407.40 1.400 AA 1.303 568 09/20/2019 268648AP7 4077 EMC Corp 07/14/2015 2,500,000.00 2,492,450.00 2,501,488.43 1.875 AA 1.630 92 06/01/2018 494368BP7 4164 Kimberly Clark Corp 12128/2016 2,000,000.00 1,963,820.00 1,993,902.36 1.850 A 2.008 731 03101/2020 191216BA7 4049 Coca Cola Co 02/24/2015 2,600,000.00 2,497,875.00 2,499,780.44 1.150 AA 1.25E 31 04/01/2018 68389XAQS 4071 Oracle Corp 05/26/2015 3,000,000.00 2,997,000.00 3,016,278.11 2.375 AA 1.731 320 01115/2019 89236TAY1 4039 Toyota Motor Credit 01/26/2015 3,000,000.00 2,998,740.00 3,009,396.05 2.000 AA 1.500 237 101241201E Subtotal and Average 26,213,366.90 26,000,000.00 25,851,045.00 26,208,909.28 1.649 564 Commercial Paper Disc. -Amortizing O 06538CHT1 4265 BANK OF TOKYO-MIT NY 02/28/2018 5,000,000.00 4,947,050.00 4,946,548.61 2.150 2.204 179 08/27/2018 46640QGA3 4263 JP Morgan 01/11=18 15,000,000.00 14,887,050.00 14,900,658,33 1.820 A-1 1.862 131 07/10/2018 Subtotal and Average 16,067,083.28 20,000,000.00 19,834,100.00 19,847,206.94 1.947 143 Federal Agency Disc. -Amortizing 313385ZG4 4264 Federal Home Loan Bank 01/12/2018 10,000,000.00 9,933,000.00 9,942,983.74 1.532 AA 1.587 134 07/13/2018 Subtotal and Average 9,937,239.56 10,000,000.00 9,933,000.00 9,942,983.74 1.587 134 Total and Average 227,425,960.64 232,111,095.24 228,749,499.64 232,205,268.43 1.516 608 Run Date: 0420/2018 -13:30 Portfolio CITY AP PM (PRF_PM2) 7.3.0 City of HB Portfolio Management Page 1 Activity By Type February 1, 2018 through February 28, 2018 Stated Transaction Purchases Redemptions CUSIP Investment # Issuer Rate Date or Deposits or Withdrawals Balance Federal Agency Issues - Coupon Subtotal 143,504,481.88 Local Agency Investment Funds (Monthly Summary) Subtotal 27,706,095.24 Medium Term Notes - IBRD Subtotal 4,995,591.36 Corporate Bonds Subtotal 26,208,909.28 Subtotal V� Federal Agency Disc. -Amortizing f Subtotal e--r- CD N - Run Date: 04/20/2018 -13:30 N N 2.150 02/28/2018 4,946,250.00 0.00 4,946,260.00 0.00 19,847,206.94 9,942,983.74 Total 4,946,250.00 0.00 232,205,268.43 Portfolio CITY AP PM (PRF PM3) 7.3.0 Report Ver. 7.3.3b N N City of HB w Portfolio Management Page 1 Activity Summary February 2017 through February 2018 Yield to Maturity Managed Number Number Month Number of Average 360 365 Pool of Investments of Investments Average Average End Year Securities Balance Equivalent Equivalent Rate Purchased Redeemed Term Days to Maturity February 2017 48 215,339,319.67 1.357 1,376 0.777 0 0 1,179 857 March 2017 47 213,717,521.37 1,315 1.333 0.821 0 1 1,136 788 April 2017 48 213,723,362.90 1.351 1.370 0.884 2 1 1,174 827 May 2017 49 225,340,416.22 1.343 1.361 0.925 1 0 1,123 772 June 2017 52 231,210,075.29 1.402 1.422 0.978 6 3 1,219 866 July 2017 50 227,046,687.72 1.398 1.417 1.051 0 2 1,246 845 August 2017 47 208,273,796.65 1.399 1.418 1.084 0 3 1,258 843 September 2017 46 201,272,141.13 1.415 1.435 1.111 0 1 1,275 835 October 2017 45 196,034,063.90 1.437 1.457 1.143 0 1 1,310 839 November 2017 44 188,015,052.55 1.439 1.459 1.172 0 1 1,310 821 December 2017 41 196,385,752.92 1.414 1.433 1.239 0 3 1,114 688 = January 2018 42 224,063,945.55 1.473 1.493 1.350 2 1 1,061 642 CA February 2018 43 227,425,960.54 1.495 1.516 1.412 1 0 1,043 608 N Average 46 212,826,397.50 1.403% 1.422°/a 1.073 1 1 1,188 787 Run Date: 04/20/2018 -13:30 Portfolio CITY AP PM (PRF PM4) 7.3.0 Report Ver. 7.3.3b City of 1-113 Portfolio Management Page I Interest Earnings Summary February 28, 2018 February 28 Month Ending Fiscal Year To Date CDICoupon/Discount Investments: Interest Collected 170,625.00 1,290,768.33 Plus Accrued Interest at End of Period 580,78938 580,789,38 Less Accrued Interest at Beginning of Period 526,831.02) 717,58916) Less Accrued Interest at Purchase During Period 0.00) 0=) Interest Earned during Period 224,583.36 1,153,968.55 Adjusted by Premiums and Discounts 20,690.32 -8,807.53 Adjusted by Capital Gains or Losses 0.00 0.00 Earnings during Periods 245,273,68 1,145,161.02 Pass Through Securities: Interest Collected 0.00 0.00 Plus Accrued Interest at End of Period 0.00 0.00 Less Accrued Interest at Beginning of Period 0.00) 0,00) Less Accrued Interest at Purchase During Period 0.00) 0.00) Interest Earned during Period 0,00 0.00 Adjusted by Premiums and Discounts UO 0.00 Adjusted by Capital Gains or Losses UO 0.00 Earnings during Periods UO 0.00 CashiChecking Accounts: Interest Collected 0.00 50,074.88 Plus Accrued Interest at End of Period 67,646.01 67,646,01 Less Accrued Interest at Beginning of Period 37,635.37) 23,567.28) Interest Earned during Period 30,010.64 94,153.61 Total Interest Earned during Period 264,594.110 1,248,122.16 Total Adjustments from Premiums and Discounts 20,690.32 -8,807.53 Total Capital Gains or Losses O.DD 0.00 Total Earnings during Period 275,284.32 1,239,314.63 (D 5 Portfolio CITY AP Run Date: 04/20/2018 - 13-.3D PM (PRF_PMS) 7,3.0 Report Vier. 7.3.3b N%VES Pooled State of California Money Investment Account Market Valuation 2/28/2018 Description Carrying Cost Plus Accrued Interest Purch. Fair Value Accrued Interest United States Treasury: Federal Agency: Fair Value Including Accrued Interest 76,403,627,722.46 Repurchase Agreements, Time Deposits, AB55&General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost), T 7 7� ^l�I� �. - �^ HB-34- Statement of Cash Receipts and Disbursements and Summary of Cash by Fund Finance Department February 2018 Cash Receipts and Disbursements _ January 2018 Februa 2r�r 018 Receipts General Fund Property Tax Local Sales Tax Public Safety Sales Tax Transient Occupancy Tax (TOT) Utility Users Tax (UUT) Other Revenue Total General Fund Revenue Capital Projects Funds Debt Service Funds Enterprise Funds General Fund Other Internal Service Funds Special Revenue Funds Grant Funds Trust and Agency Funds Total Receipts Disbursements General Fund Personal Services Operating Expenses Capital Expenditures Non -Operating Expenses Total General Fund Disbursements 16,582,996 115,166 2,658,100 3,544,200 175,971 182,127 684,976 747,856 1,538,539 1,581,912 2,963,510 3,924,564 24,604,092 10,095,825 186,914 293,049 1,938 454,962 6,752,117 4,733,643 242,847 261,856 535,431 502,414 3,769,238 361,252 930,629 506,729 7,081,456 934,042 $44,104,662 $18,143,773 (12,094,073) (12,036,371) (1,025,970) (3,355,017) (159,285) (137,207) (4,208) (563,567) (13,283,536) (16,092,162) 1413 -35- Item 2. - 26 Capital Projects Funds (666,703) (980,940) Debt Service Funds (1,938) (233,989) Enterprise Funds (4,462,939) (4,906,108) General Fund Other (80,019) (305,386) Internal Service Funds (404,639) (699,448) Special Revenue Funds (606,405) (1,090,926) Grant Funds (423,016) (953,123) Trust and Agency Funds (2,641,942) (988,116) Total Disbursements L222,579,x138) (26,250,197) Net Change In Cash Flow $21,533,624 ($8,186,424) Summary of Cash by Fund January 2018 rebrua 2r 018� General Fund $80,579,016 $73,879,962 General Fund Other 4,233,827 4,190,297 Capital Projects Funds 18,059,779 17,136,528 Debt Service Funds 31,016 251,991 Enterprise Funds 73,886,045 75,858,011 Trust and Agency Funds 15,135,122 15,081,048 Internal Service Funds 21,249,245 20,852,211 Special Revenue Funds 30,719,572 29,767,590 General Ledger Cash Balances $243,893,624 $237,017,638 * Total cash will differ from investment portfolio total due to outstanding checks and/or other timing differences, Note: Above Information was obtained from the City's accounting system records. The above Information Includes receipts from maturing investments and payments for purchased investments In the city investment portfolio. This statement Is prepared in compliance with the City's Charier. Item 2. - 27 1413 -36- City of HB Portfolio Management Portfolio Summary March 31, 2018 City of Huntington Beach 2000 Main St. Huntington Beach, Par Market Book % of Days to YTM YTM Investments Value Value Value Portfolio Term Maturity 360 Equiv. 365 Equiv. Federal Agency Issues - Coupon 138,406,000.00 135,793,413.90 138,500,239.89 60.15 1,412 847 1.454 1.474 Local Agency Investment Funds 30,706,095.24 30,706,095.24 30,706,095.24 13.34 1 1 1.503 1.524 Medium Term Notes- IBRD 5,000,000.00 4,984,350.00 4,996,549.75 2.17 608 109 1.093 1.109 Corporate Bonds 26,000,000.00 25,838,220.00 26,200,261.13 11.38 1,242 533 1.626 1.649 Commercial Paper Disc. -Amortizing 20,000,000.00 19,857,500.00 19,879,972.23 8.63 180 112 1.921 1.947 Federal Agency Disc. -Amortizing 10,000,000.00 9,949,300.00 9,956,174.07 4.32 182 103 1.565 1.587 230,111,095.24 227,128,879.14 230,239,292.31 100.00% 1,027 587 1.517 1.539 Investments Total Earnings March 31 Month Ending Fiscal Year To Date Fiscal Year Ending Z Current Year 284,797.68 1,524,112.31 Current Budget 160,000.00 960,000.00 1,920,000.00 Last Year Actual 229,563.85 1,260,072.33 2,752,784.09 J Average Daily Balance 224,287,D46.45 209,188,316.18 Effective Rate of Return 1.50% 1.46% 1 certify that this report accurately reflects all City pooled investments and is in conformity with all State laws and the investment policy statement filed with the City Council on February 5, 201 B. A copy of this policy is available at the office of the City Clerk. The investment program herein shown provides sufficient cash flow liquidity to meet the next six month's obligations. Market Values provided by Union Bank via Interactive Data Corporation. Alisa Cutchen, CITY TREASURER r—i Reporting period 031011201M313112018 Portfolio CITY AP N Run Date. 0412012018 -13:33 PM (PRF PM1) 7.&0 ° Report Ver, 7.3.3E N 00 CD ' CUSIP Investment# Average Issuer Balance City ofHB Portfolio Management Portfolio Details ~Investments March 31,2D18 Purchase Date Par Value MarketValue Book Value Stated Rate S&P Page nmDays to Maturity 365 Maturity Date Federal Agency Issues -Coupon 3133sae«3 4140 Federal Farm Credit Bank 06/15/2016 6,000,000.00 4.852.95U0 5,000,000.00 1.620 AA 1a20 1.170 0611412021 313ox7mxK7 4136 Federal Home Loan Bank 05u4=16 s.ocm.umzuu 4,9*6.000o0 5,000,000.00 1.250 AA 1.250 418 05m412019 313uv8oc* wxo Federal Home Loan Bank 06130/2016 2.250.000u0 2.192.242.50 2,250,000.00 1.600 x^ ,aoo 1.004 12m0/2020 3130m$T94 4153 Federal Home Loan Bank 08110/201e o.ouu.00uoo 4.928.150o0 5,000,000.00 1.050 xx 1�518 ouu mmnmozo 313383vwm wor Federal Home Loan Bank 11116/2016 o.uoo.000uu 4.986.95o.n0 5.049,8e4.60 2.000 AA 1,297 auo uenmzum 3130^aom wsa Federal Home Loan Bank 0412712017 5,000,000.00 4.936.700.v0 5,000,000.00 1.750 xx 1.750 1.487 04127/2022 31:4o7*o2 4120 Federal Home Loan Mort Corp 10o712015 o.00m'oou.no *.wuw.owvuv 5.000.000.00 1o00 *A 0y91 117 07127/2018 muvonnms *13e Federal Home Loan Mori Corp 0612312016 *.oun.ono.on 4.944.950u0 5,000,000.00 1.250 AA 1o19 xw 06/23u020 3134e9ur1 w*u Federal Home Loan Mort Corp 06/2912016 5,000,000.00 4.989,600.u0 5,000,000.00 Iuno AA 1.000 ne 06/29/2018 313*s9e3 wwy Federal Home Loan Mort Corp 061301201e s'oouuon.ou 4.90e.300u0 5,000,000.00 1.000 AA 0.998 453 06/2m2019 31:4o9s78 w*o Federal Home Loan Mort Corp 0*13012016 5,000,000.00 4.857700.00 5,000,000.00 1.280 AA 1 �280 913 09/30u020 3134e9C54 wso Federal Home Loan Mort Corp 06130/2016 *.oxs.000.on 4,468,241.40 4.655.000.00 vaoo AA 1.500 1^186 oomm2021 3134o9a35 4151 Federal Home Loan Mort Corp 0e/3012016 s.000.00n.uo *,sna.naoon 5,000,000.00 1.500 AA 1-400 1.186 06/30u021 �d' mawy�uaa wso r�em|*vme��nmoucu� ��z�n�a 5,000,000.00 *Juuaouou � suunoouno ' ' �mm ' �� mao �ou1 11ouoou1 ` . muwGawwo 4256 Federal Home Loan Mort Corp noanoon 5,000,000.00 4.8e7,200.00 5,000.742.2e 1z50 AA 1.7*4 oou uumomuz c" 3134a9w9* 4257 Federal Horne Loan Mort Corp mm��mr 5,000,000.00 �000.s000 n.sm.194�u 1.ms ^A 1.723 1.213 ur�r�u� �m n�o+aom� *us m� mv*"me�mnwo�cu� uun4ou1r s/mu.0000u 4,8a,4o0�no 5.022,976y8 1.875 xx 1.73 1.234 mm7/201 3134uama7 mmo Federal Home Loan Mort Corp 06/14/2017 3.000.000.00 2.965.080u0 2.99e.137.97 1.500 ^x 1�521 514 08/28/2019 313400cn 42e0 Federal Home Loan Mort Corp uuneuon 3,000,000.00 2,963.490u0 2.999'135�66 1.500 x4 1a21 516 08m0/2019 3134oaTaI 4261 Federal Home Loan Mort Corp 06o9/2017 o.00u^oouou *.873.950.00 s.00u.uuu.ou 2.125 *a 2.125 1.550 om29/2022 313eo2Ra8 wzz Fed. wunMort. Assoc. 10/29/2015 s.ono.00noo 4.e71.700.00 5,000,000.00 ,.u*n *A 1.040 onn 10/2612018 a`usonKBs 4137 Fed. Nat'l Mort. Assoc. 06113/2016 5,000,000.00 4.953.800.00 5,000,000.00 1.400 AA 1 Aoo woo 0e1312019 313eo3Sus ww Fed- wonMort. Assoc.0e30/2016 5,000,000.00 4.818.400.00 4.999.188.19 11500 AA 1,505 1.186 oamoau 1 3136G3am6 4143 Fed. wamMort. Assoc.0e23/2016 3,000,000.00 2^927.010.00 3,000,000.00 1-500 A* 1,500 yer 12123/2020 3135aum3 *14* Fed. wmmMort. Assoc, 0628/2016 u'uon,000.un 4'929.850u0 5,000.000o0 1250 AA 1.250 453 06128o019 o`,mGxoTo *`*n Fed. monMort. Assoc. 06/30/2016 5,000,000.00 4.877.050.00 s.nun,nou,00 1.500 A^ 1s00 1.oc4 12m012020 mumoxvys *`*r Fed. weoMort. Assoc, 07/19/2016 5,000,000.00 4.e93.600.00 5,000,000o0 2,000 AA 1.825 1.205 07/1912021 3136G3vu* wao Fed. wunMort. Assoc. unumu 1s 7,500,000.00 7.407.150.00 7,500,000.00 1o00 AA 1,000 ouy 0412512019 313eo4*w8 4159 Fed, wawMort. Assoc. 12/02/2016 s,uoo^oouoo 4.869.850.00 5,000,000.00 1�950 AA 1.550 1.3*1 12/0212021 Subtotal and Average 139,79e,440,27 138,405'000.00 135,793.413.90 138,500.239.89 1.474 wn Local Agency Investment Funds aveuoz yuo Lancity xo.roa.uyaz* 3070609524 30J06.09u24 1.52* -----'--- 1.524 1 Subtotal and Average 23/480.288.79 30,706,095.24 30.706,095.2* 30.706,0e5.2* I.Suw I Portfolio CITY Run Date: 0412012018-13:33 We' no M-0 City of 1-113 Portfolio Management Portfolio Details - Investments March 31, 2018 Page 2 Average Purchase Stated YTM Days to Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate S&P 365 maturity Date Medium Term Notes - IBRD 459058FE6 4158 Intl Bk Rec-on & Development 11118/2016 5,000,000,00 4,984,350.00 4,996,549.75 0,876 AAA 1A09 109 07119/2018 Subtotal and Average 4,996,101.47 5,000,000.00 4,984,350.00 4,996,549.75 1.109 109 Corporate Bonds 037833AR1 4262 Apple Inc. 06/2612017 5,000,000.D0 5,003,050.00 5,129,027A6 2.850 AA 1,980 1,131 05/06/2021 06406HCZD 4155 Bank of New York 1012412016 5,000,000.00 4,933,500.00 5,049,00525 2.150 A 1.617 694 02/24/2020 17275RBG6 4154 Cisco Systems Inc 09/27/2016 3,000,00,00 2,952,060.00 3,004,170.67 1.400 AA 1.303 537 09120/2019 268648AP7 4077 EMC Corp 07114/2015 2,500,000.00 2,493,050.00 2,500,992.29 1.875 AA 1.630 61 0610112018 494368BP7 4164 Kimberly Clark Corp 12/2812016 2,000,00.00 1,966,520.00 1,994,156.43 1.850 A 2.008 700 03/01/2020 191216BA7 4049 Coca Cola Co 02/24/2015 2,500,000.00 2,500,000.00 2,500,000.00 1.150 AA 1158 0 D4101/201 8 68389XAQS 4071 Oracle Corp 05/2612015 3,000,000.00 3,000,000.00 3,014,722.87 2.375 AA 1.731 289 01/15/2019 89236TAYI 4039 Toyota Motor Credit 01/2612015 3,000,000.00 2,990,040.00 3,008,186.26 2.000 AA 1.500 206 10/24/2018 Subtotal and Average 26,204,306.23 26,000,000,00 26,838,220.00 26A0,261.13 1.649 03 Commercial Paper Dim -Amortizing 06538CHT1 4265 BANK OF TOKYO-MIT NY 02/28/2018 5,000,000.00 4,952,000.00 4,955,805.56 2.150 2.204 148 08/2712018 46640QGA3 4263 JP Morgan 01/11/2018 15,000,000-00 14,905,500.00 14,924,166.67 1.820 A-1 1.862 100 07/1012018 Subtotal and Average 19,864,118.06 20,000,000X0 19,857,600.00 19,879,972.23 1.947 112 Federal Agency Disc- -Amortizing 313385ZG4 4264 Federal Home Loan Bank 01/12/2018 10,000,000.00 9,949,300,00 9,956,174.07 1.532 AA 1.587 103 07113/2018 Subtotal and Average 9,949,791.65 10,000,000,00 9,949,300.00 9,956,174.07 1.697 103 Total and Average 224,287,046.46 230,111,095.24 227,128,879.14 230,239,292.31 1.639 587 Run Date: 0412012018 -13:33 Portfolio CITY AP PM (PRF-PM2) 7-3.0 I w City of HB Portfolio Management Pagel Activity By Type March 1, 2018 through March 31, 2018 Stated Transaction Purchases Redemptions CUSIP Investment# Issuer Rate Date or Deposits or Withdrawals Balance Federal Agency Issues - Coupon 31337BA43 4048 Federal Home Loan Bank 1.375 03/09/2018 0.00 5,000,000.00 Subtotal 0.00 6,000,000.00 138,500,239.89 Local Agency Investment Funds (Monthly Summary) SYS982 982 Lair City 1.524 8,000,000.00 5,000,000.00 Subtotal 8,000,000.00 5,000,000.00 30,706,095.24 Medium Term Notes - IBRD Subtotal 096,549.75 Corporate Bonds Subtotal 26,200,261.13 Z Commercial Paper Disc. -Amortizing 41 Subtotal Federal Agency Disc. -Amortizing Subtotal Total Run Date: 000/2018 -13:33 19,879,972.23 9,956,174.07 8,000,000.00 10,000,000.00 230,239,292.31 Portfolio CITY AP PM (PRF_PM3) 7.3.0 Report Ver, 7.3.3b City of HB Portfolio Management Page 1 Activity Summary March 2017 through March 2018 Yield to Maturity Managed Number Number Month Number of Average 360 365 Pool of Investments of investments Average Average End Year Securities Balance Equivalent Equivalent gate Purchased Redeemed Term Days to Maturity March April May June July August September October November December January February CO March S r-i e--r fD N Run Date: 04/2012018 -13:33 W N 2017 47 213,717,521.37 1.315 1.333 0.821 0 1 1,136 788 2017 48 213,723,352.90 1.351 1.370 0.884 2 1 1,174 827 2017 49 225,340,416.22 1.343 1.361 0.925 1 0 1,123 772 2017 52 231,210,075.29 1.402 1.422 0.978 6 3 1,219 866 2017 50 227,046,687.72 1.398 1.417 1.051 0 2 1,246 845 2017 47 208,273.796.65 1.399 1.418 1.084 0 3 1,258 843 2017 46 201,272,141.13 1.415 1.435 1.111 0 1 1,275 835 2017 45 196,034,063.90 1.437 1.457 1.143 0 1 1,310 839 2017 44 188,016,052.55 1.439 1.459 1.172 0 1 1,310 821 2017 41 196,385,752.92 IA14 1.433 1.239 0 3 1,114 688 2018 42 224,063,945.55 IA73 1.493 1.350 2 1 1,061 642 2018 43 227,425,960.54 1.495 1.616 1.412 1 0 1,043 608 2018 42 224,287,046.45 1.517 1.539 1.524 0 1 1,027 587 Average 46 213,545,888.15 1.415% 1.435% 1.130 1 1 1,177 766 Portfolio CITY AP PM (PRF_PM4) 7.3.0 Report Ver. 7.3.3b &SIMEL: Portfolio Management Page I Interest Earnings Summary March 31, 2018 March 31 Month Ending Fiscal Year To Date CD]Coupon/Discount Investments: Interest Collected 155,875.00 1,446,643.33 Plus Accrued Interest at End of Period 645,296.32 645.296.32 Less Accrued Interest at Beginning of Period 580,789,38) 717,589.16) Less Accrued Interest at Purchase During Period 0.00) 0.00) Interest Earned during Period 220,381.94 1,374,350.49 Adjusted by Premiums and Discounts 34,023.88 25,216.35 Adjusted by Capital Gains or Losses UO 0.00 Earnings during Periods 254,405.82 1,399,566.84 Pass Through Securities: Interest Collected 0.00 0.00 Plus Accrued Interest at End of Period 0,00 0.00 CC Less Accrued Interest at Beginning of Period 0.00) 0.00) Less Accrued Interest at Purchase During Period 0.00) 0.00) Interest Earned during Period 0.00 0.00 Adjusted by Premiums and Discounts 0.00 0.00 Adjusted by Capital Gains or Losses 0.00 0.00 Earnings during Periods 0.00 0.00 Cash/Checking Accounts: Interest Collected 0.00 50,074.88 Plus Accrued Interest at End of Period 98,037.87 98,037.87 Less Accrued Interest at Beginning of Period 67,646.01) 23,567,28) Interest Earned during Period 30,391.86 124,545.47 Total Interest Earned during Period 250,773.80 1,498,895.96 Total Adjustments from Premiums and Discounts 34,023.88 25,216.35 Total Capital Gains or Losses 0.00 0.00 Total Earnings during Period Run Date: 04120MI B - 13:33 284,797.68 1,524,112.31 Portfolio CITY AP PM (PRE-PIV15) 7.3,0 Report Ver. 7.3.3b 2* 2* 2* 2* �Q�ti��e�vesry�y9 0 State of California Pooled Money Investment Account Market Valuation 3/31 /2018 Description Carrying Cost Plus Accrued Interest Purch. Amortized Cost Fair Value Accrued Interest United States Treasury: Bills $ 13,168,305,302.64 $ 13,234,864,134.73 $ 13,222,380,000.00 NA Notes $ 20,061,143,353.89 $ 20,057,667,338.99 $ 19,930,705,000.00 $ 47,380,533.00 Federal Agency: SBA $ 867,145,314.00 $ 867,088,008.74 $ 856,981,629.70 $ 1,270,724.33 MBS-REMICs $ 31,003,570.83 $ 31,003,570.83 $ 31,753,574,99 $ 145,081,69 Debentures $ 1,363,946,135.19 $ 1,363,919,399,07 $ 1,353,611,900.00 $ 2,644,921.75 Debentures FIR $ $ _ $ _ $ _ Debentures CL $ 350,000,000,00 $ 350,000,000.00 $ 345,893,500.00 $ 689,278.50 Discount Notes $ 10,376,049,638.66 $ 10,419,274,485.93 $ 10,413,696,000.00 NA Su ranational Debentures $ 449,199,891,07 $ 449,199,891.07 $ 446,463,500.00 $ 687,154.00 Su ranational Debentures FIR $ 50,000,000.00 $ 50,000,000.00 $ 50,061,500.00 $ 189,741.67 CDs and YCDs FIR $ 425,000,000,00 $ 425,000,000.00 $ 425,000,000,00 $ 1,320,201.70 Bank Notes $ 900,000,000.00 $ 900,000,000.00 $ 898,914,388.05 $ 3,624,888.87 CDs and YCDs $ 13,925,000,000.00 $ 13,925,000,000.00 $ 13,916,261,691.08 $ 47,875,722.25 Commercial Paper $ 7,257,225,888.87 $ 7,279,648,291.66 $ 7,276,043,749.97 NA Cor orate: Bonds FR $ $ _ $ _ $ Bonds $ _ $ _ $ _ $ Repurchase Agreements $ _ $ _ $ Reverse Repurchase $ $ _ $ _ $ _ Time Deposits $ 5,031,740,000.00 $ 5,031,740,000.00 $ 5,031,740,000.00 NA AB 55 & GF Loans $ 716,647,000.00 $ 716,647,000.00 $ 716,647,000,00 NA TOTAL $ 74,972,406,095.15 $ 75,101,052,121.02 $ 74,916.153433.79 $ 105,828,247.76 Fair Value Including Accrued Interest $ 75,021,981,681,55 * Governmental Accounting Standards Board (GASB) Statement #72 Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). The value of each participating dollar equals the fair value divided by the amortized cost (0.997538001). As an example: if an agency has an account balance of $20,000,000.00, then the agency would report its participation in the LAIF valued at $19,950,760.03 or $20,000,000,00 x 0.997538001. I M _4 - Item 2. - 34 Statement of Cash Receipts and Disbursements and Summary of Cash by Fund Finance Department March 2018 Cash Receipts and Disbursements February 2018 March 2018 Receipts General Fund Property Tax Local Sales Tax Public Safety Sales Tax Transient Occupancy Tax (TOT) Utility Users Tax (UUT) Other Revenue Total General Fund Revenue Capital Projects Funds Debt Service Funds Enterprise Funds General Fund Other Internal Service Funds Special Revenue Funds Grant Funds Trust and Agency Funds Total Receipts Disbursements General Fund Personal Services Operating Expenses Capital Expenditures Non -Operating Expenses Total General Fund Disbursements 115,166 4,072,235 3,544,200 31723,192 182,127 260,465 747,856 961,424 1,581,912 1,538,766 3,924,564 5,264,950 10,095,825 15,821,032 293,049 150,624 454,962 - 4,733,643 5,039,746 261,856 251,673 502,414 - 361,252 4,937,240 506,729 10310,798 934,042 1,135,475 $18,143,773 $28,646,588 (12,036,371) (11,358,779) (3,355,017) (2,879,974) (137,207) (163,671) (563,567) (6,965,298) (16,092,162) (21,367,722) Item 2. 35 H B -44— Capital Projects Funds (980,940) (753,207) Debt Service Funds (233,988) Enterprise Funds (4,906,108) (3,742,535) General Fund Other (305,386) (418,725) Internal Service Funds (699,448) (638,463) Special Revenue Funds (1,090,926) (1,341,246) Grant Funds (953,123) (550,914) Trust and Agency Funds (988,116) (2,047,420) Total Disbursements (26,250,197) (30,860,232) Net Change in Cash Flow ($8,106,424) ($2,213,644) Summary of Cash by Fund February 2018 March 2018 General Fund $73,879,962 $63,929,289 General Fund Other 4,190,297 4,023,246 Capital Projects Funds 17,136,528 221359,401 Debt Service Funds 251,991 33,751 Enterprise Funds 75,858,011 76,418,829 Trust and Agency Funds 15,081,048 14,501,547 Internal Service Funds 20,852,211 21„981,767 Special Revenue Funds 29,767,590 34,118,446 General ledger Gash Balances $237,017,638 $237,366,277 * Total cash will differ from investment portfolio total due to outstanding checks and/or other timing differences. Dote: Above information was obtained from the City's accounting system records. The above information includes receipts from maturing investments and payments for purchased investments in the city investment portfolio. This statement is prepared in compliance with the City's Charter, HB -45- Item 2. - 36 SMI, ImUnIm 0 dINI. � Quarterly Treasurer's Report 900 Quarter Ending: March 31, 2018 Prepared by: Alisa Cutchen, CCMT, CPFIM, City Treasurer 12-month Inflation Rate (Core PCE Price Index):1.6 % Unemployment stable at 4.1 %, lowest since 2000 ❖ Federal Reserve raised interest rates: Fed Funds 1.50 % -1.75 % •:* Equity Market Volatility — U.S. China Trade Relations 1231 17 03 31 18 % Chg DJIA: 24,719 24,103 12.5% S&P: 2,674 2,641 11.2% Investment Tie /Market Value: • Federal Agencies - $145.7MM • Corporate Bonds - $25.8MM • Commercial Paper - $19.9MM • LAIF - $30.7MM • IBRD - $5.OMM TOTAL PORTFOLIO: $227.1MM I w Corporate Bonds 12% \ we A. d Commercial Paper 9% AU "MyFrrayllif: N ❖ Revised Fiscal Year ending June 30, 2018 ❖ CalPERS UAL Prepayment of $24.9 million due end of July, 2018 and each July thereafter ❖ $ "set aside" for CalPERS payment invested to mature in July ••• Recent Interest Rate increases ❖ Liquidity Projected above monthly $20 million minimum goal for 2018 14-314-1, ESWISIRMIQ11MIN - I Investment Type Max. Maturity Max. % of Portfolio Ratings Federal Agencies 5 yrs none AAA/Aa „ IBRD 5 yrs 10% AAA/Aaa Corporate Bonds 5 yrs 30% A or above Commercial Paper 270 days 25% A-1/P-1 LAIF n/a $65MM per n/a account