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2017-08-30 Item 08F Treasurers Annual Report for the Fiscal Year Ended June 30, 2017 AGENDA REPORT City Council MEETING DATE: August 30, 2017 PREPARED BY: Tim Nash DEPT. DIRECTOR: Tim Nash Finance Director DEPARTMENT: Finance CITY MANAGER: Karen P. Brust SUBJECT: Treasurer's Annual Report for the Fiscal Year Ended June 30, 2017 and adoption of the Investment Policy. RECOMMENDATION: That City Council take the following actions: 1. Receive and file the Treasurer's Report for the fiscal year ended June 30, 2017; 2. Adopt Investment Policy (F019). STRATEGIC PLAN: This agenda item falls within the Organizational Efficiency and Effectiveness focus area of the Strategic Plan by maintaining the City's financial health. FISCAL CONSIDERATIONS: There is no direct fiscal impact associated with this report. Investment earnings in the pooled investment fund for FY 2016-17 were $1,046,487. BACKGROUND: The City's adopted Investment Policy (Section XVI) requires the City Treasurer to report investment positions and results of the Pooled Investment Fund and the Investment of Bond Proceeds to the City Council annually at a public meeting. Section XVII requires that the Investment Policy be reviewed and adopted at least annually, regardless of whether there are any proposed changes to the Policy. No policy changes are being proposed. The following information is included in this agenda report and the related attachments: • Detailed reports on the Pooled Investment Fund of the City for FY 2016-17 (Attachment 1) • Summary report for the investment of bond proceeds (Attachment 2) • Investment Policy (Attachment 3) 2017-08-30 Item 8F 1 of 46 ANALYSIS: Pooled Investment Report The Annual Investment Report for the Pooled Investment Fund (Attachment 1) is produced via the City's SymPro investment-tracking software and includes the following separate reports, which together are intended to address all significant aspects of the City's Investment Program. Portfolio Summary Active Investments Investments by Issuer Activity Report Interest Earnings Purchases Report Accrued Interest Unrealized Gain/Loss Realized Gain/Loss As of June 30, 2017, the book value (purchase price of securities as recorded on the City's books) of the Pooled Investment Fund was $116.5 million and the average weighted yield to maturity was 1.240%. Fiscal year-to-date investment revenue generated by the Pooled Investment Fund as of June 30, 2017, was $1,046,487 for an effective rate of return of 1.03%. FY 2016-17 investment pool revenue increased 28% over FY 2015-16 revenue of $814,481. Due to rising interests rates the portfolio shows an unrealized loss of $238,167 or .2% which represents the difference between book value and market value for all investments held at 6/30/17. Since the City intends to hold all investments till maturity the unrealized loss will not become a realized loss. The following table compares the Pooled Investment Fund statistics for the last four quarters. FY 2016-17 Jun 30,2017 Mar 31,2017 Dec 31,2016 Sep 30,2016 Book Value $ 116,475,704 $ 101,998,289 $ 99,759,000 $ 91,046,362 Market Value $ 116,237,537 $ 101,805,551 $ 99,608,910 $ 91,425,284 Unrealized Gain/(Loss) $ (238,167) $ (192,738) $ (150,090) $ 378,922 Unrealized Gain/Loss as%of Book Value -0.2045% -0.1890% -0.1505% 0.4162% Effective Rate of Return 1.03% 1.00% 0.97% 0.95% Average Yield To Maturity 1.240% 1.106% 0.995% 1.006% Average Maturity(Years) 1.58 1.40 1.21 1.53 Investment Earnings Year to Date $ 1,046,487 $ 734,559 $ 467,911 $ 238,626 As stated in Section IV of the City's investment policy, the investment objectives for the City's portfolio in priority order are: 1. safety of principal; 2. liquidity of funds; and 3. return on investments. In order to achieve those objectives, the investment policy also defines (a) maximum allocations of the portfolio by security type, (b) liquidity sufficiency and (c) return on investment benchmarks. The charts below provide graphical information about portfolio investment allocation, liquidity and performance compared to various benchmarks. Portfolio Allocation as of 6/30117 U.S.Treasury Coupon /Federal Agency Coupon Securities Securities 29% 36% Certificate of Deposits-Bank 4Y Cash Money Market Funds�\\\\\\ 2 0% Local Agency Investment Managed Pool Accounts---" ccounts Funds 1% 26% The largest allocation (38%) in the pooled investment portfolio is to federal agency securities. These securities are issued by Federal National Mortgage Association, Federal Home Loan 2017-08-30 Item 8F 2 of 46 Bank, Federal Farm Credit and Federal Home Loan Mortgage. This diversity of issuers provides additional security. Although the Federal Agency securities were downgraded by Standard & Poors to AA+ in August 2011, they continue to be regarded as among the safest securities in the global market. The next largest allocation (29%) is to U.S. Treasury coupon securities which are issued by the U.S. Government and carry the full faith and credit of the U.S. Government. Treasuries have a credit rating of AAA from Moody's and AA+ from Standard and Poor's. Next at (26%) of the portfolio, is the Local Agency Investment Fund (LAIF), which is a program created by state statute that began in 1977 as an investment alternative for California's local governments and special districts. All securities in LAIF are purchased under the authority of Government Code Sections 16430 and 16480.4. All funds invested in LAIF are essentially available overnight. LAIF has not been assigned a rating by Moody's or Standard and Poor's. Portfolio Allocation Compared to Investment Policy Maximum Allocations Federal Agency Coupon Securities U.S.Treasury Coupon Securities Certificate of Deposits-Bank Money Market Funds Managed Pool Accounts Local Agency Investment Funds 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% ■Policy Maximum 0 A of 6/30/17 Portfolio Liquidity as of 6/30/2017 35% 30% 2YY 200% 15 tax. O-fi Mnnths 7-7)Months 73-)A Months 7�3F Months 37-48 Months A-3-60 Months The portfolio is currently very liquid with 29% available overnight and a total of 42% available within 180 days. The weighted average maturity of the entire portfolio is 1.58 years. Utilizing a laddered maturity investment strategy, it is anticipated that as securities mature new investments will be directed to the 49-60 month segment to take advantage of higher rates further out on the yield curve. 2017-08-30 Item 8F 3 of 46 City Portfolio Yield Compared to Treasury Indexes 1.50`F6 1.40'A 1.20% — 1.00`F4. 0.60% — A —— 0.40% '— — -r� r 0.20% -- - ---- _-----.-r - �'N ; 'N h by y ,h �y �� ti6 �b ti� �b qP- F� a�' Safi Pg$ oL` 4e4 (� aR' 41 --b Mth Treasury 1 YrTreasury ---2 YrTreasury —City Portfolio In the chart above the performance of the portfolio is compared to the six month, one year and two-year treasury constant maturity rate as of the end of each quarter. The stated performance benchmark for the portfolio is the one year treasury. Actual performance of the portfolio for the year ended 6/30/17 is lagging the benchmark by nineteen basis points. The reason for the lagging performance is that in the current rising interest rate environment. The benchmark reflects the current one year treasury rates while the portfolio contains investments that were purchased when rates were much lower. As investments mature and the proceeds are reinvested at higher rates, the portfolio will "catch up" to the benchmark and, in time, will exceed the benchmark. Investment of Bond Proceeds The Annual Investment Report for the Investment of Bond Proceeds (Attachment 2) is straight- forward and is subject to only very minor changes in activity from year-to-year. Total bond proceeds held in trust accounts at 6/30/17 were $4,285,808. Earnings on the bond trust accounts were $40,792 for the year. Bond proceeds are held by trustee banks and investments are based upon the bond indenture agreement for each bond issue. Rates on available investment vehicles, which are extremely limited by the bond indentures, are yielding near zero at this point. As the City has paid off bonds issues or refunded bonds in the past few years, the requirement for bonds reserves has been eliminated reducing the amount of bond proceeds held in trust. The majority of funds held at 6/30/17 were Moonlight Beach Marine Safety Center construction funds ($1,469,071) and 2007 Water Revenue Bonds reserve funds ($2,019,769). Investment Policy Update Section XVII. of the investment policy requires at least an annual review of the investment policy regardless of whether there are any proposed changes to the policy. The last revisions to the investment policy were made in 2016. The only recent change to California Government Code as it relates to investments has to do with section 53601(k) Medium Term Notes. The change clarified that medium term notes must be rated "A" or better to be eligible for addition to the investment portfolio. The current City of Encinitas investment policy contains a stricter standard that medium term notes must be rated at least Aa3 by Moody's and AA- or better by Standard and Poor's. Staff is recommending adoption of the investment policy without changes from the policy adopted last year. ENVIRONMENTAL CONSIDERATIONS: The action being considered by the City Council is exempt from the California Environmental Quality Act (CEQA) because it is not a "project' under Section 15378(b)(5) of CEQA Guidelines. The action involves an organizational or administrative activity of government that will not result in the direct or indirect physical change in the environment. 2017-08-30 Item 8F 4 of 46 ATTACHMENTS: 1. Annual Investment Report for the Pooled Investment Fund 2. Annual Investment Report for the Investment of Bond Proceeds 3. 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U0) U0) Uw Ua� U VY z 0 �F o LL o LL o L LL o � m Q m R LLI T v o o r o v o 0 C J J O J U C J 0 N E E — E E E N o w a 2 2 Z 2 LL a 2 Q o L R R R R R L R y 0) r 0 (0 0 CO 8 00 8 N 0 0) 0 O p (o a (o a r-o (o a o-o 'a io a C N LL LL LL lL lL lL LL lL k Attachment 2 CITY OF ENCINITAS INVESTMENT OF BOND PROCEEDS For the Fiscal Year ended June 30,2017 Maturity Market FY 2016-17 GOVERNMENTAL FUNDS TRUSTEE CASH&INVESTMENTS Yield Date Value Income Budget ENCINITAS PUBLIC FINANCING AUTHORITY 1997 CERTIFICATES OF PARTICIPATION(CIVIC CENTER) Bond Fund Blackrock Money Market Fund 0.25% 1 day $ $ 4 $ Reserve Fund Blackrock Money Market Fund 0.25% 22 Reserve Fund Guaranteed Investment Contract 5.97% 1 12/1/2016 1 18,389 40,000 $ $ 18,415 $ 40,000 2010 LEASE REVENUE BONDS(COMM PARK ACQUISITION) Bond Fund Blackrock Money Market Fund 0.69% $ $ 43 Reserve Fund Blackrock Money Market Fund 0.69% 2,850 $ $ 2,893 $ 2013 LEASE REVENUE BONDS(COMM PARK DEVELOPMENT) Bond Fund Blackrock Money Market Fund 0.69% $ 25 $ 4 Project Fund Blackrock Money Market Fund $ 25 $ 4 $ 2014 ENCINITAS PUBLIC FINANCING AUTHORITY 2014 A&B LEASE REVENUE BONDS (PACIFIC VIEW PROPERTY&MOONLIGHT BEACH LIFEGUARD TOWER) Bond Fund Blackrock Money Market Fund 0.67% $ 3,276 $ 111 Construction Series A Blackrock Money Market Fund 0.67% 1,469,071 8,840 Construction Series B Blackrock Money Market Fund $ 1,472,347 $ 8,951 $ 2015 LEASE REVENUE BONDS(PUBLIC LIBRARY) Bond Fund Blackrock Money Market Fund 0.68% $ 77 $ 122 $ Interest Account Federated Prime Cash Money Market Fund $ 77 $ 122 $ 2017 LEASE REVENUE BONDS(PUBLIC LIBRARY) Bond Fund Blackrock Institutional Funds 0.73% $ 1 $ 6,176 Interest Account Blackrock Liquidity Funds 0.43% 507 1 Cost of Issuance Blackrock Liquidity Funds 0.43% 1990 8 $ 9,499 $ 6,185 ENCINITAS PUBLIC FINANCING AUTHORITY (TOTALS) (A) $ 1,481,948 $ 36,570 $ 40,000 CITY OF ENCINITAS/ASSOCIATION OF BAY AREA GOVERNMENTS(ABAG) 2002 LEASE REVENUE BONDS(ABAG FUNDING) Bond Fund Wells Fargo Money Market Fund 0.01% $ 127 $ 52 Principal Fund Wells Fargo Money Market Fund 0.01% 460,000 Interest Fund Wells Fargo Money Market Fund 0.01% 107,945 Reserve Fund Wells Fargo Money Market Fund 0.01% 215,996 983 OTHER CITY BOND ISSUES (B) $ 784,068 $ 1,035 $ - TOTALS FOR GOVERNMENTAL FUNDS (A)+(B) $ 2,266,016 $ 37,605 1$ 40,000 Maturity Market FY 2015-16 ENTERPRISE FUNDS TRUSTEE CASH&INVESTMENTS Yield Date Value Income I Budget SAN DIEGUITO WATER DISTRICT 2007 WATER REVENUE BONDS Bond Fund Blackrock Money Market Fund $ 42 $ 199 Reserve Fund-SFID Federated Prime Cash Money Market Fund 1.00% 1,379,001 2,788 Reserve Fund-SDWD Federated Prime Cash Money Market Fund 640,726 130 TOTAL $ 2,019,769 $ 3,117 $ 2014 WATER REVENUE BONDS Bond Fund Blackrock Money Market Fund 0.67% $ 24 $ 70 Reserve Fund Blackrock Money Market Fund Cost of Issuance Blackrock Money Market Fund TOTAL $ 24 $ 70 $ TOTALS FOR ENTERPRISE FUNDS (C) $ 2,019,793 $ 3,187 $ - TOTAL TRUSTEE CASH&INVESTMENTS (A) + (B)+ (C) $ 4,285,808 $ 40,792 $ 40,000 NOTE:the City's leases for capital equipment do not require any trustee deposits,and thus,are not listed on this summary 36 2017-08-30 Item 8F 35 of 46 Attachment 3 CITY OF ENCINITAS ADMINISTRATIVE MANUAL Policy Title: Investment Policy Section: Finance Responsible Department. Finance Number. Admin Policy F019 Approved By. City Council Date Approved: 1994 Last Amended: August 24, 2016 1. Philosophy The Investment Policy of the Encinitas City Council for the City of Encinitas represents the financial guidelines for the City's Investment Program. It is the policy of the City of Encinitas to invest excess public funds in a prudent manner that safeguards the public trust, minimizes the risk of loss of capital, and provides assurance that all financial obligations will be met in the regular course of business. The City Council shall provide direction to the City Treasurer as to the goals and specific objectives of the Investment Program. 11. Scope This Investment Policy applies to all financial assets under the oversight of the City of Encinitas, except bond proceeds held by outside trustees and funds held by other governmental agencies. The City of Encinitas includes the City and all component units: the Encinitas Housing Authority (EHA), the Encinitas Public Financing Authority (EPFA), and the San Dieguito Water District (SDWD). These funds are accounted for in the City of Encinitas'Comprehensive Annual Financial Report and include: GENERALFUND SPECIAL REVENUE FUNDS CAPITAL PROJECT FUNDS ENTERPRISE FUNDS INTERNAL SERVICE FUNDS This policy also applies to funds that the City manages for other governmental agencies. Currently, the City manages funds for the Encinitas Ranch Golf Authority (ERGA), a legally separate joint powers authority which is not a component unit of the City. The investment of Bond Proceeds held with trustees is directed by the City, but is governed by the restrictions on Permitted Investments in the applicable Bond Indenture agreements. A portion of City funds is held by other governmental agencies. These funds are invested under the guidelines of the investment policies of those agencies. The City retirement plan is with CALPERS, and the City has no authority or oversight over the investments in any of those plans. Further, the City administers several deferred compensation 2017-08-30 Item 8F 36 of 46 Attachment 3 plans. Assets held in those plans are held in trust for the participants, and are not assets of the City. The City does not have any authority over the investments held in these trusts. 111. Prudence Investments shall be made with reasonable financial judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived. The standard of prudence to be used by investment officials shall be the "prudent investor"standard. California Gov't Code 53600.3 states that, "When investing, reinvesting, purchasing, acquiring, exchanging, selling or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the Agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the Agency. The standard shall be applied in the context of managing an overall portfolio. Investment officials acting in accordance with established procedures and exercising due prudence shall be relieved of personal responsibility for an individual security's credit risk or market price changes. IV. Investment Objectives A. Safety of Principal-the first obiective of this policy is to ensure the safety of principal. The portfolio shall be planned and managed to minimize the risk of actual loss of principal. Principal is defined as the original purchase price of the security, excluding any purchase of accrued interest, up to the par (face) value of the security. Any purchase amount above par value (premium) is considered to be a purchase of accrued interest, and is excluded from the calculation of principal amount. The City Treasurer shall consider both credit risk and concentration risk (the concept of diversification) when assessing safety, and shall follow the guidelines outlined later in this policy to achieve that objective. B. Li uidi - The second obiective is the maintenance of sufficient liquidity to meet all operating and capital spending requirements that can be reasonably anticipated. C. Return on investments - The third objective is yield, specifically, attaining a market rate of return over time, consistent with Council direction as to acceptable levels of risk. Refer to Section XV below for further discussion of performance measurement. V. Delegation of Authority In accordance with the California Government Code, Section 53607, the City Council hereby delegates the authority to invest or reinvest the City's funds, to sell or exchange securities purchased, and to deposit securities for safekeeping to the City Treasurer. Encinitas Municipal Code Chapter 2.28 designates that the Finance Director shall serve as City Treasurer. The Finance Director/City Treasurer has the option to delegate some, or all, of the duties described in this Policy to other qualified individuals within the organization. Investment Procedures The City Treasurer is responsible for establishing written investment procedures for the management and operation of the Investment Program, consistent with this Policy. Those procedures shall include reference to such items as: custody/safekeeping, repurchase agreements (if applicable), wire transfer agreements, banking service agreements, and explicit delegation of authority to personnel involved in the processing of banking or investment transactions. No person 2017-08-30 Item 8F 37 of 46 Attachment 3 may engage in any investment transaction except as provided under the terms of this Policy and the established procedures. VI. Ethics, & Conflict of Interest The investment responsibility carries with it the responsibility of ensuring that investments placed are done so without improper influence or the appearance of improper influence. All officers and employees (officials) involved in the investment function shall adhere to the State's Code of Economic Interest and to the following: Officials shall refrain from personal business activity that could conflict with proper and impartial execution of the Investment Program, or that could impair their ability to make impartial investment decisions. Further, officials shall not personally or through a close relative maintain any accounts, interest, or private dealings with any firm with which the City places investments, with the exception of regular savings, checking and money market accounts, or other similar transactions that are offered on a non-negotiable basis to the general public. Any such relationships shall be disclosed annually to the City Clerk in conjunction with annual disclosure statements of economic interest. VII. Authorized Financial Dealers and Institutions The City Treasurer shall maintain a list of qualified financial institutions authorized to provide financial or investment services to the City. The City shall contract with one institution to provide general banking services, which shall be reviewed at least every five years. City Council shall approve the selected institution and the contract for banking services. The City shall contract with one institution to provide investment custody services, which shall be reviewed at least every five (5)years. City Council shall approve the selected institution and the contract for custody services. The City Treasurer shall maintain a list of qualified security broker-dealers authorized to provide financial or investment services to the City. To be eligible for consideration to become an authorized provider, each Broker/Firm shall meet the following MINIMUM requirements: (1) have a net capital position in excess of$10 million, (2) have been in business for at least five years, (3) are currently licensed as a broker-dealer or investment adviser in California, and (4) Must carry adequate insurance coverage including liability, errors and omissions, and workers compensation (if applicable.) Firms providing only representation of money market funds are exempt for requirement#1, but must still comply with all other requirements, including those listed below. The City Council shall approve the initial authorization of any broker-dealer. Authorized firms shall be notified by the City Treasurer via an engagement letter, which outlines each parties' responsibilities (primarily the continuing compliance requirements discussed directly below). There is no contract for professional services or term to the engagement. The City Treasurer shall periodically evaluate the performance of all qualified broker-dealers, and determine if any changes need to be made. All broker-dealers authorized to do business with the City of Encinitas must also comply with the following requirements: 2017-08-30 Item 8F 38 of 46 Attachment 3 (1) Firms must submit audited financial statements annually, within six months of their fiscal year-end, (2) Firms must provide proof of their Financial Industry Regulatory Authority (FINRA) certification, and must disclose to the City immediately any regulatory actions or complaints against the broker assigned to the City account, (3) Firms must provide proof of their registrationAicense to do business in the State of California, and shall immediately disclose to the City any change in that status. (4) Firms must certify in writing that they have received, read, and agree to comply with the City of Encinitas'most recently adopted Investment Policy. VIII. Authorized& Suitable Investment Instruments As a unit of local government in the State of California, the City of Encinitas is restricting itself to the investments authorized by Government Code, Sections 53600 through 53635 (the Gov't "Code') except as otherwise provided herein by specific additional Council actions. SPECIFIC INVESTMENT TYPES AND AMOUNTS - The City Treasurer is authorized to invest in only the following types of investments listed below in Section Vlll. INVESTMENT ALLOCATIONS - The State Law Maximum allocations listed below refer to the percentage of the total portfolio or dollar amount that may be invested in each instrument under the provisions of the Gov't Code. The Investment Policy Maximum allocations refer to maximum allocations the City Treasurer follows, in order to effect proper diversification of the portfolio and limit concentration risk. The City Treasurer is permitted to exceed these maximum allocations for temporary periods. Any asset allocation that exceeds the Investment Policy Maximum allocation for a period of more than three months shall be reported to the City Manager. For purposes of calculating the percentage allocations, the assumption will be applied that the size of the portfolio for any fiscal year shall be determined by the total par value of the portfolio at the beginning of the first day of the fiscal year. Any investment types that exceed the maximum allowable under the Gov't Code shall be reported to the City Council in the quarterly investment report. INVESTMENT ALLOCATIONS STATE LAW INV POLICY MAXIMUM MAXIMUM (1) Repurchase agreements NO LIMIT 20% This type of investment is only authorized in relation to the City's general banking arrangements, in which excess cash balances are "swept"into an interest earning account overnight. Maximum maturity is one day. All balances are required to be properly collateralized at 102%of par value in accordance with State requirements. (2) CA Local Agency Inv Fund(LAIF) $65 million 30% The $65 million listed under "MAXIMUM STATE LAW'refers to the LAIF limit on maximum deposits per local agency, not to the CA govt code restrictions. The City of Encinitas maintains two accounts with the LAIF, one in the name of the City and the other in the name of the San Dieguito Water District. Each account has a 2017-08-30 Item 8F 39 of 46 Attachment 3 INVESTMENT ALLOCATIONS STATE LAW INV POLICY MAXIMUM MAXIMUM deposit limit of$65 million. Since San Dieguito Water District is a component unit of the City, the City may legally utilize the SDWD account in the operation of the City Pool. Thus, SDWD owns its ratable share of all City Pooled investments, but does not have a direct ownership interest in the LAIF account in its name. (3) Other Gov't Managed Pools NO LIMIT 30% Per Issuer 10%per Pool Investments in individual pools shall be limited to 10% of the total portfolio. Currently approved pools are the San Diego County Investment Pool and the California Asset Management Program (CAMP). The City Council must approve the addition of any other governmental pools. (4) Mutual Funds and Money Market Mutual Funds(Total) 20% 20% Per Issuer 10% 10% (A) Money Market Mutual Funds N/A 20% Per Issuer N/A 10% Qualifying funds must meet one of the following criteria: (1) Attained the highest ranking or the highest letter and numerical rating provided by not less than two nationally recognized statistical rating organizations, OR (2) Retained an Investment Advisor registered or exempt from registration with the SEC with not less than five years'experience managing money market mutual funds with assets under management in excess of$500 million. (8) Mutual Funds N/A 10% Per Issuer N/A $5 million A mutual fund must receive the highest ranking by not less than two nationally recognized rating agencies or the fund must retain an investment advisor who is registered with the SEC (or exempt from registration), has assets under management in excess of $500 million, and has at least five years experience investing in instruments authorized by California Government Code sections 53601 and 53635. (5) Certificates of Deposit(CD's) NO LIMIT 10% Perlssuer NO LIMIT $1 million All CD's must be either insured by the FDIC or properly collateralized, pursuant to Section X below. Maturity shall not exceed one year. No more than $1 million per issuer. To be eligible to receive deposits from the City of Encinitas, each qualified financial institution must have received an overall rating of not less than "satisfactory"in its most recent evaluation by regulators of its record of meeting the credit needs of its community. 2017-08-30 Item 8F 40 of 46 Attachment 3 INVESTMENT ALLOCATIONS STATE LAW INV POLICY MAXIMUM MAXIMUM (6) Negotiable Certificates of Deposit 30% 10% Perlssuer $1 million All Negotiable CD's must be issued by a provider rated either. (1)Aaa by Moody's, (2) AAA by Standard & Poors, or (3) Aa1 by Moody's and AA+ by Standard & Poor's. Investments of$250,000 or less that are fully insured by the FDIC are exempt from the above credit rating requirements. Maturity shall not exceed five years. No more than$1 million per issuer. (7) Bankers Acceptances 40% 10% Perlssuer 30% $1 million Bankers Acceptances (BA's) represent a time draft drawn on and accepted by a Bank for payment of the shipment or storage of merchandise. They are generally considered a very safe investment since both the credit of the issuer and the Bank is pledged for repayment. They must not exceed 180 days maturity. BA's must have an underlying credit rating of A1/P1, and are limited to$1 million per issuer. (8) U.S. Treasury Bills, Notes and Bonds NO LIMIT 50% (9) U.S. Government-Sponsored Agencies NO LIMIT 60% Perlssuer 15% City shall invest primarily in securities issued by Federal Home Loan Bank(FHLB), Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), and Federal Farm Credit Bureau(FFCB). City may invest in Private Equity Funding Corporation (PEFCO) and Tennessee Valley Authority (TVA); however, the overall limit of 60% still applies. City may also invest in the Government National Mortgage Association, but only via authorized Mutual Funds cited in Category 5 above, and subject to those limitations. (10) Commercial Paper 25% 25% Perlssuer (see below) $5 million Commercial Paper(CP) is a short-term 1.0.U. issued by large corporations of high credit standing which is unsecured. Investments are limited to only "prime quality" CP issued with the highest letter and number rating provided by one of the two nationally recognized rating agencies. City limits itself only to CP rated A-1 or better by Standard& Poors and P-1 by Moodys. Issuing corporations must be (1) organized and operating within the United States, (2)have total assets in excess of $500 million, and (3) have a "A" or higher rating for the issuers other debt obligations. Organized and operating within the United States includes global companies that sponsor United States commercial paper programs. City may not purchase more than 10% of outstanding commercial paper of any single corporate issuer. The maximum allowable maturity is 270 days or less. 2017-08-30 Item 81F 41 of 46 Attachment 3 INVESTMENT ALLOCATIONS STATE LAW INV POLICY MAXIMUM MAXIMUM (11) Commercial Medium-Term Notes 30% 15% Perlssuer $1 million Medium-Term Notes are defined as all corporate and depository institution debt securities with a maximum remaining maturity of five years or less, issued by corporations organized and operating in the United States or by depository institutions licensed by the United States. State Code requires a credit rating of"A" or better by one nationally recognized rating agency. The City is further limiting itself to notes that are rated Aa3 or better(Moody's)and AA-or better(S&P). (12) Guaranteed Investment Contracts None 10% Per Issuer $5 million Guaranteed Investment Contracts (GIC's) are corporate obligations similar to medium-term notes, but are issued directly to the Agency by the issuer in the form of an investment contract. They are generally longer term in nature. They are generally utilized for the investment of bond proceeds, but may be utilized for the investment of Pooled funds. Uncollateralized GIC's are permitted only with issuers rated Aaa (Moody's) and/or AAA (Standard & Poors) Collateralized GIC's are permitted with issuers rated Aa2 or better(Moody's) and AA or better(Standard& Poors). No more than$5 million per issuer. (13) Demand Deposits(non-interest bearing) None 0-2% Per Issuer 0-2% Non-interest bearing demand deposits with a financial institution approved to do business with the City shall be an allowable investment for the City Pool. These types of accounts are necessary to carry on the regular day-to-day financial operations of the City, must be collateralized, and are reported as "cash"on the monthly investment reports. When available, the City Treasurer shall execute a "sweep arrangement"with the designated financial institution, to provide for excess overnight balances to earn interest. (14) Demand Deposits(interest bearing) None 20% Per Issuer $20 million Interest-bearing demand deposits with a financial institution approved to do business with the City shall be an allowable investment for the City Pool. These types of accounts generally serve as an alternative to bank certificates of deposit, and have a stated minimum balance requirement. These types of accounts require a separate agreement with the financial institution, and must be fully collateralized as Public Deposits under California law. In addition, some part of the deposit (currently$250,000) may be insured by the Federal Deposit Insurance Corporation (FDIC)in lieu of collateralization. 2017-08-30 Item 81F 42 of 46 Attachment 3 SUMMARY TABLE of INVESTMENT ALLOCATIONS STATE LAW INV POLICY (1) REPURCHASE AGREEMENTS NO LIMIT 20% (2) CALIFORNIA LAIF NO LIMIT 30% (3) OTHER GOVT POOLS NO LIMIT 30% Per Issuer 10% (4) MUTUAL FUNDS 20% 20% Per Issuer 10% 10% (5) CD's NO LIMIT 10% Per Issuer $1 Million (6) NEGOTIABLE CD's 30% 10% Per Issuer $1 Million (7) BANKERS ACCEPTANCES NO LIMIT 10% Per Issuer 30% $1 Million (8) U.S. TREASURYS NO LIMIT 50% (9) U.S. FEDERAL AGENCIES NO LIMIT 60% Per Issuer 15% (10) COMMERCIAL PAPER 25% 25% Per Issuer $5 Million (11) COMMERCIAL MTN NOTES 30% 15% Per Issuer $1 Million (12) GIC's NO LIMIT 10% Per Issuer $5 Million (13) Demand Deposits(non-interest bearing) NO LIMIT 0-2% Per Issuer 0-2% (14) Demand Deposits(interest bearing) NO LIMIT 20% Per Issuer $20 Million The State of California Government Code restricts local agencies from investing in securities with final maturity dates greater than five (5)years, except as specifically authorized by the City Council. This Policy authorizes two specific exceptions to the above restriction. (1) The City may invest in up to $5 million (par value) of securities (at date of purchase) rated AAA or equivalent by either S&P or Moody's with maturities of greater than five(5)years, but not exceeding seven (7)years. (2) The City's General Contingency Reserve is not a part of normal operating reserves, and the related funds are not expected to be utilized in the foreseeable future, thus, the likelihood of liquidation is very small. The objective(s) of investment in this area are to maximize earnings with safety, while recognizing that liquidity is less of an issue than with operating or capital funds. Consistent with these objectives, the City Treasurer is authorized to invest contingency funds in securities rated AAA or equivalent with maturities greater than seven (7) years that have a ready market should the need arise to liquidate the investment. 2017-08-30 Item 8F 43 of 46 Attachment 3 The City Council has directed the City Treasurer not to invest in securities of companies involved in the production of tobacco or alcohol related products. The City recognizes that, due to the extreme complexity of today's corporate structures, it is possible that investments may be placed in good faith in corporations that have an interest in tobacco or alcohol related products that is not widely known or properly disclosed by those corporations. The City Treasurer shall make his/her best efforts, including notice to broker/dealers, to assure that any corporate investments are placed with companies who are not in the tobacco or alcohol business. This policy applies at the time of purchase only. Certain investments are specifically prohibited by the State Code. Local Agencies may not invest in the following:Inverse floating-rate notes, range notes, or mortgage-derived interest-only strips. The Code also states that"A local Agency shall not invest in any security that could result in zero interest accrual if held to maturity." The City's interpretation of this Code section is that it does not prohibit investment in U.S. Treasury or Federal Agency securities which carry a variable rate of interest; because the chance that such notes could result in zero interest accrual to maturity is remote. IX. Due Diligence Requirements for Investment Pools, Mutual Funds, and CD's Investments of these types are authorized in Section VIII, above. Before investing any funds in pools or mutual funds, the City Treasurer shall perform a thorough investigation of the fund(s) to determine the suitability of the investment for the City of Encinitas Pooled Investment Fund. This investigation shall include, at a minimum:review of the Funds investment policy and/or prospectus, a review of the performance history of the Fund, review of ratings (where applicable), review of the latest published portfolio composition, review of fees and charges, and references from other agencies who invest in the Fund. The City Treasurer shall monitor placement of Certificates of Deposit with financial institutions on a regular basis. Compliance with collateral requirements shall be monitored(if applicable). X Collateralization of Public Deposits Collateralization will be required on two types of investments: demand and timed deposits (which are not fully insured by FDIC) and repurchase agreements. The Finance Director/City Treasurer has agreed to waive collateral requirements on the first $250,000 of CD's from each institution, which are insured by FDIC. In order to anticipate market changes and provide a level of security for all invested funds, the required collateralization levels will be: (1) Overnight repurchases 102%of market value (2) Timed Deposits in accordance with CA law regarding Public Deposits (3) Demand Deposits in accordance with CA law regarding Public Deposits Collateral must be held by an independent third party with whom the entity has a current custodial agreement. Collateral for overnight repurchases (sweep agreements) may be held by the Trust Department of the institution providing such sweep services. Sweep contracts shall provide for a perfected security interest for the City in collateralized securities. Collateral shall be provided by the issuing institution in accordance and compliance with the California Gov't Code Sections 53630 et al. Issuing institution is responsible for compliance with all collateral requirements, and must provide the City periodic evidence of that compliance, in a form acceptable to the City. 2017-08-30 Item 8F 44 of 46 Attachment 3 XI. Safekeeping and Custody All security transactions entered into by the City shall be conducted on a delivery-versus-payment (DVP) basis. Securities shall be held by an independent third-party custodian approved by the City Council. All broker-dealers shall send a transaction confirmation to the City Treasurer, and all security transactions confirmations shall be treated as a "Vital Record"by City personnel and kept safe per the requirements of City policy on Vital Records. Broker-dealers shall also send a monthly activity statement to the City showing all transactions entered into in the period. No City securities or cash will be held by any broker-dealer. The custodian sends a monthly statement to the City Treasurer covering all investment activity handled by that institution. X11. Diversification The City will diversify its investments by security type and institution, to avoid incurring unreasonable risks inherent in over-investing in specific instruments or individual financial institutions. This Policy sets limits on maximum allocations by investment type and by issuer. Refer to Section VIII. above for a listing of authorized investments and the maximum allocation by type of investment. Section VIII. also details specific limitations per issuer. For purposes of this Policy, those limits each apply to the overall portfolio. X111. Maximum Maturities To the extent possible, the City of Encinitas will attempt to match its investments with anticipated cash flow requirements, after taking into consideration interest rate (market) risk and the potential benefits of extending investment maturities. The City conforms to the California Gov't Code requirements limiting investments in notes to five (5) years, subject to the exceptions cited in Section VIII. This relates principally to funds classified as reserves, which may be invested in specified instruments with maturities greater than five (5)years. XIV. Internal Control The City Treasurer shall establish a system of internal controls over all cash management and investment transactions, designed to provide reasonable assurance that assets are safeguarded and that all transactions are properly and timely recorded. The City's independent auditor shall annually review the system of internal controls and report any deficiencies and/or suggestions for improvements to the Finance Director/City Treasurer. Any confirmed significant deficiencies shall be reported to the City Manager and City Council in writing, along with the City's response to the audit findings. XV. Performance Standards. The City has determined that periodic quantitative measurement of investment portfolio performance is an important component of the overall monitoring of the investment program. As stated in Section IV(C)above, the performance objective of the Program is attaining a market rate of return over time consistent with the overall risk tolerance of the organization. The City Treasurer is charged with determining an appropriate benchmark by which to measure periodic performance. The chosen benchmark shall be designed to match as closely as practicable the City's tolerance for investment risk. Utilization of the benchmark and analysis of actual performance vs. the benchmark represent an important risk management tool, and analysis of 2017-08-30 Item 8F 45 of 46 Attachment 3 significant variations shall be reported to the City Council in a timely manner. At the same time, it is recognized that the benchmark represents a guideline only, and that performance may vary, especially over relatively short time periods. A timeframe of 2-3 years is considered to be the minimum time period necessary for judging overall performance, due to changing market conditions, cash flow requirements and the fact that no chosen performance benchmark will exactly mirror the City's portfolio. Attaining a market rate of return over time shall be measured and reported to the City Council, at least quarterly, via the utilization of the following benchmark to measure performance. The one(1) year constant maturi Treasury index Any change to the above performance benchmark shall be reported to the City Council during the City Treasurer's quarterly investment report. The City Treasurer shall report performance on a quarterly basis based on the book yield(standard income) approach. Book yield calculates the earnings on an investment based on actual interest earned during any reporting period, including the accretion of purchase discounts and/or the amortization of purchase premiums. The City Treasurer shall also report the estimated market value of investments held(as provided by a third-party data provider) with each periodic report. The City no longer reports investment income on a total return basis each fiscal year (the alternative method presented in Gov't Actg. Standards Board (GASB) Statement No. 31) as the results over time are roughly comparable. XVI. Investment Accounting and Reporting The City Treasurer shall prepare (or have prepared) monthly investment reports sufficient to properly track and record all investment transactions and activity. The City Treasurer shall report investment positions and results of the Pooled Investment Fund to the City Council at least quarterly, in a form acceptable to the City Council. These reports shall either be presented as an Agenda Report or as a memo report to the City Council members, at the discretion of the City Manager. The City Treasurer shall report positions and results of the Pooled Investment Fund and the Investment of Bond Proceeds annually to the City Council at a Public Meeting. Detailed annual reports of the Pooled Investment Fund shall be made available on the City's WebSite for Public Review. XVII. Investment Policy Adoption: The Investment Policy shall be reviewed and adopted by the City Council at a Public Meeting at least annually, regardless of whether there are any proposed changes to the Policy. The Policy shall be posted for public review on the City's WebSite (www.encinitasCA.gov) under City Departments/Finance. Any typographical errors of other minor errors or inconsistencies shall be investigated and interpreted by the City Treasurer, who shall then seek the concurrence of the City Manager before making any changes to policies or procedures. 2017-08-30 Item 8F 46 of 46