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2019-09-18 Item 08H Treasurer's Annual Report and Investment Policy Update AGENDA REPORT Cit y Council MEETING DATE: September 18, 2019 PREPARED BY: Teresa S. McBroome DEPT. DIRECTOR: Teresa S. McBroome Director of Finance/City Treasurer DEPARTMENT: Finance CITY MANAGER: Karen P. Brust SUBJECT: Treasurer's Annual Report for the Fiscal Year Ended June 30, 2019 and 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, 2019; and 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 2018-19 were $2,420,601 which exceeded the budgeted amount of $841,868 by $1,578,733. 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. Staff is recommending changes to the policy this year. 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 2018-19 (Attachment 1) • Summary report for the investment of bond proceeds (Attachment 2) • Investment Policy Redlined (Attachment 3) • Investment Policy (Attachment 4) 2019-09-18 Item #08H 1 of 74 ANALYSIS: Pooled Investment Fund 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, 2019, the book value (purchase price of securities as recorded on the City's books) of the Pooled Investment Fund was $132.6 million and the average weighted yield to maturity was 2.222 percent. Fiscal year-to-date investment revenue generated by the Pooled Investment Fund as of June 30, 2019, was $2,420,601 for an effective rate of return of 2.06 percent. FY 2018-19 investment pool revenue increased 51 percent over FY 2017-18 revenue of $1,601,927. The current market value of the City's portfolio is $133,141,474, which results in an unrealized gain of$579,820 or 0.4%, when compared to the book value or purchase value of the City's portfolio of $132,561,654. The following table compares the Pooled Investment Fund statistics for the last four quarters. FY 2018-19 June 30, 2019 March 31, 2019 Dec. 31, 2018 Sep. 30, 2018 Book Value $ 132,561,654 $ 116,154,636 $ 118,821,686 $ 106,932,888 Market Value 133,141,474 115,878,640 118,035,779 105,492,981 Unrealized Gain/(Loss) 579,820 (275,996) (785,907) (1,439,907) Unrealized Gain/Loss as%of Book Value 0.4374% -0.2376% -0.6614% -1.3466% Effective Rate of Return 2.06% 1.99% 1.94% 1.86% Average Yield To Maturity 2.22% 2.00% 1.97% 1.93% Average Maturity(Years) 1.81 1.73 1.55 1.95 Investment Earnings Yearto Date $ 2,420,601 $ 1,697,534 $ 1,068,725 $ 530,070 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 June 30, 2019 Cash Local Agency Investment 1% Fund 15% Managed Pool Accounts Federal Agency Coupon 4% Securities 36% � Money Market Funds 1% Certificates of Deposit-Bank 7% U.S.Treasury Coupon 1W Securities 36% 2019-09-18 Item #O8H 2 of 74 Credit Quality of Portfolio as of June 30, 2019 Not Rated 24% AAA Rated 40% AA+Rated 36% The largest allocations (36 percent each) in the pooled investment portfolio are U.S. Treasury coupon securities and federal agency coupon securities. The U.S. Treasury Coupon Securities are issued by the U.S. Government and carry the full faith and credit of the U.S. Government and are considered to be the safest investments. The Federal Agency Coupon Securities are issued by the Federal National Mortgage Association, Federal Home Loan 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. Next at (15 percent) 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 and provides the City with liquidity for City operations. LAIF has not been assigned a rating by Moody's or Standard and Poor's. The remaining funds are in Certificates of Deposit, Managed Pooled Accounts such as the San Diego County Pool and the California Asset Management Program (CAMP), and money markets and cash. 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 Fund 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% ■Policy Maximum 0 A of June 30,2019 The City's investment portfolio complied with the City's investment policy because it adhered to the required allocations by investment type. 2019-09-18 Item #08H 3 of 74 Portfolio Liquidity as of June 30, 2019 30% — 25% — 20% — 15% – — 10% — 5% — 0% Overnight 0-6 Months 7-12 Months 13-24 Months 25-36 Months 37-48 Months 49-60 Months Liquidity is important to the City and it is critical that funds are available when needed in order to meet the City's day-to day operations, large CIP program and debt service program. The portfolio is currently very liquid with 20 percent available overnight and an additional 14 percent of securities available within 180 days. Best management practices recommend that agencies have six months of cash needs of their portfolio liquid. The weighted average maturity of the entire portfolio is 1.8 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. City Portfolio Yield Compared to Treasury Indexes 3.50 3.00 2.50% 2.00 1.50 1.00 0.50% �_______ 0.00% t —� `- A ^ ^ A A e� e`7 a,Illy e� e`7 a� IN e� e`7 City Portfolio 2 Yr Treasury 1 Yr Treasury 6 Mth Treasury 2019-09-18 Item #08H 4 of 74 City Portfolio Yield Compared to Benchmark(1 Year Treasury) 2.00 1.80 1.60 1.40 1.20% ' 1.00% ' 0.80 0.60 0.40 0.20 0.00 tih .ti ti(0 .ti ti(0 City Portfolio 1 Yr Treasury 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 June 30, 2019 is higher than the benchmark by eight basis points. Investment of Bond Proceeds The Annual Investment Report for the Investment of Bond Proceeds (Attachment 2) is subject to minor changes in activity from year-to-year. Total bond proceeds held in trust accounts on June 30, 2019 were $652,811. Earnings on the bond trust accounts were $18,337 for the year. Bond proceeds 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 an effective interest rate of less than two percent. Bond proceeds are invested by the Trustees of the 2007 Water Revenue Bonds. As the City has paid off bond issues or refunded bonds in the past few years, the requirement for bond reserves for these bond issues has been eliminated, reducing the amount of bond proceeds held in trust. The majority of funds held on June 30, 2019 were for the 2007 Water Revenue Bonds reserve funds ($651,272). 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 2018. Staff performed a review and is recommending adoption of the investment policy with the proposed changes as summarized below, and as shown redlined in Attachment 3, and with the redlined changes incorporated into the investment policy in Attachment 4. Summary of Changes to Investment Policy Investment Policy Section Description of Change Comments Section VIII-15 Asset-Backed Delete "and when issued by This change will keep the investment Securities an issuer having long-term policy current with AB1770 which debt obligations rated in a was effective January 1, 2019. rating category of"A" or its equivalent or better by at least AB1770 modified section (o) of 2019-09-18 Item #08H 5 of 74 one NRSPRO*", California Code 53601 to remove the Add "and have a maximum issuer credit quality requirement. remaining maturity of five years or less.", AB1770 revised the maximum five- Delete "The maximum legal year maturity requirement to require final maturity does not exceed that the securities have a maximum five years." remaining security of five years or less. Throughout the Investment Policy Grammatical and These changes correct grammatical document typographical errors, and and typo errors, and fix position titles position title changes to be consistent with other City documents. Section VIII-Summary Table of Corrected the limits for These changes correct the State Investment Allocations Bankers Acceptances and Law limits to be consistent with the U.S. Federal Agencies State Code and the City's Investment Policy. Section VIII-first paragraph Added Sections 16429.1 and These State Code sections were 27133 added to include the applicable sections that the City follows. Section VIII-second to last Added fossil fuel companies Adding fossil fuel companies to the paragraph to the type of companies that type of companies that the City will the City will not invest in not invest in is in line with the City Council's support of the climate and the environment. *NRSPRO—Nationally Recognized Statistical Rating Organization 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. This item is not related to the Climate Action Plan. ATTACHMENTS: 1. Annual Investment Report for the Pooled Investment Fund, June 30, 2019 2. Annual Investment Report for the Investment of Bond Proceeds, June 30, 2019 3. 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V V V V O O O O O O O O O N N N N O n O O O O O O O O u N N N N N N N N N 0) O w w d) V M V 00 (O N N N N N N N N N N O R R O O O O O N O O O O O O O O N m D N N N N N w N N N N N N N N 0 N N In 6 r 'L V I� (O V (O V I� r O_ w j Y N O N �" N 7 N N N N N N N N d C O C� (O L (� (O In (O V (O (O In N 0) � �p O O (N O O O O O O O O O m y Cl) a U U U U :�i v, Q w m C U 0_ U N U U N U U N U N U U Z 0 C N U U U U O m Q Q Q Q Q Q Q Q Q Q Q Q Q p /� F O m m m Z Q H 0 LL w LL R LL w LL R LL w LL w LL R LL R I V r// }'!, 'tom'`''• C U a� m a� m a� a� m m H o r co co co co O �e >+ Z C o o O o p N x H 0 U m w 2 w 2 w 2 2 w w m `o w a� 00 R R w Q m 0 m 0 m m 0 0 ° v v m R L co Z m Z m Z Z 2 2 Q o co 2 E a)> y y r N N 000 y 000 0 N o(n D o-0 Oo)a o'w0 OM)a 0O'wO 0'w0 OM)a OG)a S H U VA "r co "r U) Z `nU n� 1i nii iii nii iii nii nii iii iii k — — — — L2 N (D O M N N } Q I� r 0 F'a — LL CL w o > R N 00 r -r_ LLI �- OI N 00 0 it o c d F•� c � a R OV W O r U 1F N Or 00 0 z rl qT R OI 00 t- "O C r N ~ N o R 0 r W r 00 y N O O N O O O =J R� N � R N N O O co N O O r L' O N 7 d o 0 O � f0 00 M N 7 N y M p J O 0 0 F- N > 0 0 O O 0 C r `1 f0 0 a) y y > m o O w C T 00 .E C 'a N W N w w N 'C O a >+ N N N U N o y N y ~ J R U R c N N R N 0 R N N N N R R � N p 0 R N ) M 7 Q R R � U � N N T � R � j � N C Q R ` � a N U L LL O V w O rn N N R R O t p N 2 O a o r z Q 0 C7 H�or LL 0 oN x a�i m 0 v � o E C v o - - o Ir ATTACHMENT 2 CITY OF ENCINITAS INVESTMENT OF BOND PROCEEDS For the Fiscal Year ended June 30,2019 Maturity Market FY 2018-2019 GOVERNMENTAL FUNDS TRUSTEE CASH&INVESTMENTS Yield Date Value Income Budget ENCINITAS PUBLIC FINANCING AUTHORITY 2013 LEASE REVENUE BONDS(COMM PARK DEVELOPMENT) Bond Fund Blackrock Money Market Fund 1.95% $ 92 $ 325 Project Fund Blackrock Money Market Fund $ 92 $ 325 $ 2014 ENCINITAS PUBLIC FINANCING AUTHORITY 2014 A&B LEASE REVENUE BONDS (PACIFIC VIEW PROPERTY&MOONLIGHT BEACH LIFEGUARD TOWER) Bond Fund Blackrock Money Market Fund 1.95% $ 291 $ 585 Construction Series A Blackrock Money Market Fund 1.95% - - Construction Series B Blackrock Money Market Fund - - $ 291 $ 585 $ 2015 LEASE REVENUE BONDS(PUBLIC LIBRARY) Bond Fund Blackrock Money Market Fund 1.95% $ 283 $ 716 $ Interest Account Federated Prime Cash Money Market Fund $ 283 $ 716 $ 2017 LEASE REVENUE BONDS(PARK) Bond Fund Blackrock Institutional Funds 2.10% $ 873 $ 990 Interest Account Blackrock Liquidity Funds - - Cost of Issuance Blackrock Liquidity Funds - - $ 873 $ 990 ENCINITAS PUBLIC FINANCING AUTHORITY TOTALS A $ 1,539 $ 2,616 $ TOTALS FOR GOVERNMENTAL FUNDS (A) $ 1,539 $ 2,616 $ ,rf. Maturity Market FY 2018-2019 ENTERPRISE FUNDS TRUSTEE CASH&INVESTMENTS Yield Date Value Income Budget SAN DIEGUITO WATER DISTRICT 2007 WATER REVENUE BONDS Bond Fund Blackrock Money Market Fund 1.98% $ 122 $ 1,790 Reserve Fund-SDWD Federated Prime Cash Money Market Fund 2.35% 1 651,074 13,477 TOTAL $ 651,196 $ 15,267 $ 2014 WATER REVENUE BONDS Bond Fund Blackrock Money Market Fund 1.95% $ 76 $ 454 Reserve Fund Blackrock Money Market Fund - CostofIssuance Blackrock Money Market Fund - TOTAL $ 76 $ 454 $ TOTALS FOR ENTERPRISE FUNDS (B) $ 651,272 $ 15,721 $ .. ;.. TOTAL TRUSTEE CASH&INVESTMENTS (A)+ (B) $ 652,811 $ 18,337 $ NOTE:The City's leases for capital equipment do not require any trustee deposits,and thus,are not listed on this summary. 2019-09-18 Item #08H 42 of 74 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. Amt-829;TSeptember 18, 201 L 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. ll. 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 2019-09-18 Item #08H 43 of 74 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 objective 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 uid" - The second objective 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 FOaore Director of Finance shall serve as City Treasurer. The 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 2019-09-18 Item #08H 44 of 74 may engage in any investment transaction except as provided under the terms of this Policy and the established procedures. V1. 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. 2019-09-18 Item #08H 45 of 74 (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 registration/license 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. Vill. 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 16429.1, 27133 and 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 M. 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 year. 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) STATE LAW MAXIMUM 30% The "STATE LAW MAXIMUM" 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 2019-09-18 Item #08H 46 of 74 INVESTMENT ALLOCATIONS STATE LAW INV POLICY MAXIMUM MAXIMUM deposit limit of the maximum amount allowed by CA state law. 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. (®) Mutual Funds 191/A 10% Per Issuer 191/A 5% 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) Cerhl"ecates of Deposit(CD's) NO LIMIT 10 Per Issuer NO LIMIT 5% 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 5% of the total account value 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. 2019-09-18 Item #08H 47 of 74 INVESTMENT ALLOCATIONS STATE LAW INV POLICY MAXIMUM MAXIMUM (6) Negotiable Cerlifecates of Deposit 30% 10% Per Issuer 5% 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 5%of the total account value per issuer. (7) Bankers Acceptances 40% 10% Per Issuer 30% 5% 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 ofA1/P1, and are limited to 5%of the total account value per issuer. (8) U.S. Treasury Bills,Notes and Bonds NO LIMIT 50% (9) U.S. Government-Sponsored Agencies NO LIMIT 60% Per Issuer 25% 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% Per Issuer (see below) 5% 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 5% of outstanding commercial paper of any single corporate issuer. The maximum allowable maturity is 270 days or less. INVESTMENT ALLOCATIONS 2019-09-18 Item #08H 48 of 74 STATE LAW INV POLICY MAXIMUM MAXIMUM (11) Commercial Medium-Term Notes 30% 15% Per Issuer 5% 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 orbeiter(Moody's)and AA-orbeiter(S&P). (12) Guaranteed Investment Contracts None 10% Per Issuer 5% 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 0-26 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 10% 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. INVESTMENT ALLOCATIONS 2019-09-18 Item #08H 49 of 74 STATE LAW INV POLICY MAXIMUM MAXIMUM (15)Asset-Backed Securities 20% 10% Per Issuer 5% These securities consist of Traditional Asset-Backed, Mortgage-Backed, Mortgage Pass-Through Securities, and Collateralized Mortgage Obligations. They are permitted given that the securities are rated in a rating category of "AA" or its equivalent or better by a NRSR , and��@n issued by an issuer hav4ng Aeng to « „ or-kts eqUj�4_Q.(Q.Qt Pr befte lay at and have a maximum remaining maturity of five years or less. No more than 10% of the total portfolio may be invested in these securities. No more than 5% of the portfolio may be invested in any single Asset-Backed or Commercial Mortgage security issuer. There is no issuer limitation on any mortgage security where the issuer is the U.S. Treasury or a Federal Agency/GSE. Thom m legal final mah*44,Anon nn+e.vneed five (16)Supranah®nals 30% 20% Per Issuer 106 Supranational issues are U.S. dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter-American Development Bank. They are permitted if rated in a rating category of"AA"or its equivalent or better by a NRSRO. No more than 20% of the total portfolio may be invested in these securities. No more than 10% of the portfolio may be invested in any single issuer. The maximum maturity does not exceed five years. 2019-09-18 Item #08H 50 of 74 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 TOTAL 20% 20 Per Issuer 10% 10% (4-A) Money Market Mutual Funds N/A 20% Per Issuer N/A 10% (4-8) Mutual Funds N/A 10% Per Issuer N/A 5% (5) CD's NO LIMIT 10% Per Issuer 5% (6) NEGOTIABLE CD's 30% 10% Per Issuer 5% (7) BANKERS ACCEPTANCES "'^ 1 IA41 r40% 10 Per Issuer 30% 5% (8) U.S. TREASURYS NO LIMIT 50% (9) U.S.FEDERAL AGENCIES 4"NO LIMIT 60% Per Issuer 25% (10) COMMERCIAL PAPER 25% 25 Per Issuer 5% (11) COMMERCIAL MTN NOTES 30% 15% Per Issuer 5% (12) GIC's NO LIMIT 10% Per Issuer 5% (13) Demand Deposits(non-interest beafing)NO LIMIT 0-2% Per Issuer 0-2% (14) Demand Deposits(inteiestbearing) NO LIMIT 20% Per Issuer 10 (15) Asset-Backed Securities 20% 10 Per Issuer 5% (16) Supranaiionals 30% 20 Per Issuer 10% 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 2019-09-18 Item #08H 51 of 74 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. 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, or fossil fuel companies. 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,-oF alcohol related products or fossil fuel companies 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=s alcohol, or fossil fuel.-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 Vlll, 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 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. 2019-09-18 Item #08H 52 of 74 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. 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 Director of Finance/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. 2019-09-18 Item #08H 53 of 74 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 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 maturity 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. XV1. 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 w-Web-Ssite for Rpublic rReview. XI/11. 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 w-Web-Ssite (www.encinitasca.gov) under 4;4 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. 2019-09-18 Item #08H 54 of 74 XV111. Glossary of Investment Terms AGENCIES. Shorthand market terminology for any obligation issued by a government-sponsored entity (GSE), or a federally related institution. Most obligations of GSEs are not guaranteed by the full faith and credit of the US government. Examples are: FFCB. The Federal Farm Credit Bank System provides credit and liquidity in the agricultural industry. FFCB issues discount notes and bonds. FHLB. The Federal Home Loan Bank provides credit and liquidity in the housing market. FHLB issues discount notes and bonds. FHLMC. Like FHLB, the Federal Home Loan Mortgage Corporation provides credit and liquidity in the housing market. FHLMC, also called "FreddieMac" issues discount notes, bonds and mortgage pass-through securities. FNMA. Like FHLB and FreddieMac, the Federal National Mortgage Association was established to provide credit and liquidity in the housing market. FNMA, also known as "FannieMae," issues discount notes, bonds and mortgage pass-through securities. GNMA. The Government National Mortgage Association, known as "GinnieMae," issues mortgage pass-through securities, which are guaranteed by the full faith and credit of the US Government. PEFCO. The Private Export Funding Corporation assists exporters. Obligations of PEFCO are not guaranteed by the full faith and credit of the US government. TVA. The Tennessee Valley Authority provides flood control and power and promotes development in portions of the Tennessee, Ohio, and Mississippi River valleys. TVA currently issues discount notes and bonds. ASKED. The price at which a seller offers to sell a security. ASSET BACKED SECURITIES. Securities supported by pools of installment loans or leases or by pools of revolving lines of credit. AVERAGE LIFE. In mortgage-related investments, including CMOs, the average time to expected receipt of principal payments, weighted by the amount of principal expected. BANKER'S ACCEPTANCE. A money market instrument created to facilitate international trade transactions. It is highly liquid and safe because the risk of the trade transaction is transferred to the bank which "accepts"the obligation to pay the investor. BENCHMARK. A comparison security or portfolio. A performance benchmark is a partial market index, which reflects the mix of securities allowed under a specific investment policy. BID. The price at which a buyer offers to buy a security. BROKER. A broker brings buyers and sellers together for a transaction for which the broker receives a commission. A broker does not sell securities from his own position. CALLABLE. A callable security gives the issuer the option to call it from the investor prior to its maturity. The main cause of a call is a decline in interest rates. If interest rates decline since an issuer issues securities, it will likely call its current securities and reissue them at a lower rate of interest. Callable securities have reinvestment risk as the investor may receive its principal back when interest rates are lower than when the investment was initially made. CERTIFICATE OF DEPOSIT(CD). A time deposit with a specific maturity evidenced by a certificate. Large denomination CDs may be marketable. CERTIFICATE OF DEPOSIT ACCOUNT REGISTRY SYSTEM(CDARS). A private placement service that allows local agencies to purchase more than $250,000 in CDs from a single financial institution (must be a participating institution of CDARS) while still maintaining FDIC insurance coverage. CDARS is currently the only entity providing this service. CDARS facilitates the trading of deposits between the California institution and other participating institutions in amounts that are less than $250,000 each, so that FDIC coverage is maintained. COLLATERAL. Securities or cash pledged by a borrower to secure repayment of a loan or repurchase agreement. Also, securities pledged by a financial institution to secure deposits of public monies. 2019-09-18 Item #08H 55 of 74 COLLATERALIZED MORTGAGE OBLIGATIONS (CMO). Classes of bonds that redistribute the cash flows of mortgage securities (and whole loans) to create securities that have different levels of prepayment risk, as compared to the underlying mortgage securities. COMMERCIAL PAPER. The short-term unsecured debt of corporations. COST YIELD. The annual income from an investment divided by the purchase cost. Because it does not give effect to premiums and discounts which may have been included in the purchase cost, it is an incomplete measure of return. COUPON. The rate of return at which interest is paid on a bond. CREDIT RISK. The risk that principal and/or interest on an investment will not be paid in a timely manner due to changes in the condition of the issuer. CURRENT YIELD. The annual income from an investment divided by the current market value. Since the mathematical calculation relies on the current market value rather than the investor's cost, current yield is unrelated to the actual return the investor will earn if the security is held to maturity. DEALER. A dealer acts as a principal in security transactions, selling securities from and buying securities for his own position. DEBENTURE.A bond secured only by the general credit of the issuer. DELIVERY vs. PAYMENT(DVP). A securities industry procedure whereby payment for a security must be made at the time the security is delivered to the purchaser's agent. DERIVATIVE. Any security that has principal and/or interest payments which are subject to uncertainty (but not for reasons of default or credit risk) as to timing and/or amount, or any security which represents a component of another security which has been separated from other components ("Stripped"coupons and principal). A derivative is also defined as a financial instrument the value of which is totally or partially derived from the value of another instrument, interest rate, or index. DISCOUNT. The difference between the par value of a bond and the cost of the bond, when the cost is below par. Some short-term securities, such as T-bills and banker's acceptances, are known as discount securities. They sell at a discount from par, and return the par value to the investor at maturity without additional interest. Other securities, which have fixed coupons, trade at a discount when the coupon rate is lower than the current market rate for securities of that maturity and/or quality. DIVERSIFICATION. Dividing investment funds among a variety of investments to avoid excessive exposure to any one source of risk. DURATION. The weighted average time to maturity of a bond where the weights are the present values of the future cash flows. Duration measures the price sensitivity of a bond to changes in interest rates. (See modified duration). FEDERAL FUNDS RATE. The rate of interest charged by banks for short-term loans to other banks. The Federal Reserve Bank through open-market operations establishes it. FEDERAL OPEN MARKET COMMITTEE.A committee of the Federal Reserve Board that establishes monetary policy and executes it through temporary and permanent changes to the supply of bank reserves. LEVERAGE. Borrowing funds in order to invest in securities that have the potential to pay earnings at a rate higher than the cost of borrowing. LIQUIDITY. The speed and ease with which an asset can be converted to cash. LOCAL AGENCY INVESTMENT FUND (LAIF). A voluntary investment fund open to government entities and certain non-profit organizations in California that is managed by the State Treasurer's Office. LOCAL GOVERNMENT INVESTMENT POOL. Investment pools that range from the State Treasurer's Office Local Agency Investment Fund (LAIF) to county pools, to Joint Powers Authorities (JPAs). These funds are not subject to the same SEC rules applicable to money market mutual funds. MAKE WHOLE CALL. A type of call provision on a bond that allows the issuer to pay off the remaining debt early. Unlike a call option, with a make whole call provision, the issuer makes a lump sum payment that equals the net present value (NPV) of future coupon payments that will not be paid because of the call. With this type of call, an investor is compensated, or"made whole." MARGIN. The difference between the market value of a security and the loan a broker makes using that security as collateral. MARKET RISK The risk that the value of securities will fluctuate with changes in overall market conditions or interest rates. 2019-09-18 Item #08H 56 of 74 MARKET VALUE. The price at which a security can be traded. MARKING To MARKET. The process of posting current market values for securities in a portfolio. MATURITY. The final date upon which the principal of a security becomes due and payable. MEDIUM TERM NOTES. Unsecured, investment-grade senior debt securities of major corporations which are sold in relatively small amounts on either a continuous or an intermittent basis. MTNs are highly flexible debt instruments that can be structured to respond to market opportunities or to investor preferences. MODIFIED DURATION. The percent change in price for a 100 basis point change in yields. Modified duration is the best single measure of a portfolio's or security's exposure to market risk. MONEY MARKET. The market in which short-term debt instruments (T-bills, discount notes, commercial paper, and banker's acceptances) are issued and traded. MORTGAGE Pass-THROUGH SECURITIES. A securitized participation in the interest and principal cash flows from a specified pool of mortgages. Principal and interest payments made on the mortgages are passed through to the holder of the security. MUNICIPAL SECURITIES. Securities issued by state and local agencies to finance capital and operating expenses. MUTUAL FUND. An entity which pools the funds of investors and invests those funds in a set of securities which is specifically defined in the fund's prospectus. Mutual funds can be invested in various types of domestic and/or international stocks, bonds, and money market instruments, as set forth in the individual fund's prospectus. For most large, institutional investors, the costs associated with investing in mutual funds are higher than the investor can obtain through an individually managed portfolio. NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION(NRSRO). A credit rating agency that the Securities and Exchange Commission in the United States uses for regulatory purposes. Credit rating agencies provide assessments of an investment's risk. The issuers of investments, especially debt securities, pay credit rating agencies to provide them with ratings. The three most prominent NRSROs are Fitch, S&P, and Moody's. NEGOTIABLE CD. A short-term debt instrument that pays interest and is issued by a bank, savings or federal association, state or federal credit union, or state-licensed branch of a foreign bank. Negotiable CDs are traded in a secondary market and are payable upon order to the bearer or initial depositor(investor). PREMIUM. The difference between the par value of a bond and the cost of the bond, when the cost is above par. PREPAYMENT SPEED.A measure of how quickly principal is repaid to investors in mortgage securities. PREPAYMENT WINDOW. The time period over which principal repayments will be received on mortgage securities at a specified prepayment speed. PRIMARY DEALER. A financial institution (1) that is a trading counterparty with the Federal Reserve in its execution of market operations to carry out U.S. monetary policy, and (2) that participates for statistical reporting purposes in compiling data on activity in the U.S. Government securities market. PRUDENT PERSON(PRUDENT INVESTOR) RULE. A standard of responsibility which applies to fiduciaries. In California, the rule is stated as "Investments shall be managed with the care, skill, prudence and diligence, under the circumstances then prevailing, that a prudent person, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of like character and with like aims to accomplish similar purposes." REALIZED YIELD. The change in value of the portfolio due to interest received and interest earned and realized gains and losses. It does not give effect to changes in market value on securities, which have not been sold from the portfolio. REGIONAL DEALER. A financial intermediary that buys and sells securities for the benefit of its customers without maintaining substantial inventories of securities and that is not a primary dealer. REPURCHASE AGREEMENT. Short-term purchases of securities with a simultaneous agreement to sell the securities back at a higher price. From the seller's point of view, the same transaction is a reverse repurchase agreement. 2019-09-18 Item #08H 57 of 74 SAFEKEEPING. A service to bank customers whereby securities are held by the bank in the customer's name. STRUCTURED NOTE. A complex, fixed income instrument, which pays interest, based on a formula tied to other interest rates, commodities or indices. Examples include inverse floating rate notes which have coupons that increase when other interest rates are falling, and which fall when other interest rates are rising, and "dual index floaters," which pay interest based on the relationship between two other interest rates - for example, the yield on the ten-year Treasury note minus the Libor rate. Issuers of such notes lock in a reduced cost of borrowing by purchasing interest rate swap agreements. SUPRANATIONAL. A Supranational is a multi-national organization whereby member states transcend national boundaries or interests to share in the decision making to promote economic development in the member countries. TOTAL RATE OF RETURN. A measure of a portfolio's performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains, and losses in the portfolio. U.S. TREASURY OBLIGATIONS. Securities issued by the U.S. Treasury and backed by the full faith and credit of the United States. Treasuries are considered to have no credit risk, and are the benchmark for interest rates on all other securities in the US and overseas. The Treasury issues both discounted securities and fixed coupon notes and bonds. TREASURY BILLS. All securities issued with initial maturities of one year or less are issued as discounted instruments, and are called Treasury bills. The Treasury currently issues three- and six-month T- bills at regular weekly auctions. It also issues "cash management"bills as needed to smooth out cash flows. TREAsuRYNoTES. All securities issued with initial maturities of two to ten years are called Treasury notes, and pay interest semi-annually. TREASURY BONDS. All securities issued with initial maturities greater than ten years are called Treasury bonds. Like Treasury notes, they pay interest semi-annually. VOLATILITY. The rate at which security prices change with changes in general economic conditions or the general level of interest rates. YIELD TO MATURITY. The annualized internal rate of return on an investment which equates the expected cash flows from the investment to its cost. 2019-09-18 Item #08H 58 of 74 ATTACHMENT 4 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: September 18, 2019 L 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. ll. 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 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. 2019-09-18 Item #08H 59 of 74 III. 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 objective 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 uid" - The second objective 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 Director of Finance shall serve as City Treasurer. The 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 may engage in any investment transaction except as provided under the terms of this Policy and the established procedures. 2019-09-18 Item #08H 60 of 74 V1. 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. 1/11. Authorized Financial Dealers and Institutions The City Treasurer shall maintain a list of qualified financial insttWons authorized to provide financial or investment services to the City. The City shall contract with one institution to provide general bankng 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 secuW 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. (1) Firms must submit audited financial statements annually, within six months of their fiscal year-end, 2019-09-18 Item #08H 61 of 74 (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 registration/license 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. Vill. 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 16429.1, 27133 and 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 M. 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 agmements 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 year. 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) STATE LAW MAXIMUM 30% The "STATE LAW MAXIMUM" 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 INVESTMENT ALLOCATIONS 2019-09-18 Item #08H 62 of 74 STATE LAW INV POLICY MAXIMUM MAXIMUM deposit limit of the maximum amount allowed by CA state law. 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(Totaq 20% 20% Per Issuer 106 106 (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. (®) Mutual Funds NIA 10% Per Issuer NIA 5% 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) Certiicates of Deposit(CD's) NO LIMIT 10% Per Issuer NO LIMIT 5% 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 5%of the total account value 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. INVESTMENT ALLOCATIONS 2019-09-18 Item #08H 63 of 74 STATE LAW INV POLICY MAXIMUM MAXIMUM (6) Negotiable Certificates of Deposit 30% 10% Per Issuer 5% 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 5%of the total account value per issuer. (7) Bankers Acceptances 40% 10% Per Issuer 30% 5% 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 ofA1/P1, and are limited to 5% of the total account value per issuer. (8) U.S. Treasury Bills,Notes and Bonds NO LIMIT 50% (9) U.S. Government-Sponsored Agencies NO LIMIT 60% Per Issuer 25% 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% Per Issuer (see below) 5% 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 5% of outstanding commercial paper of any single corporate issuer. The maximum allowable maturity is 270 days or less. INVESTMENT ALLOCATIONS STATE LAW INV POLICY 2019-09-18 Item #08H 64 of 74 MAXIMUM MAXIMUM (11) Commercial Medium-Tem►Notes 30% 15% Per Issuer 5% 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 orbeiter(Moody's)and AA-orbeiter(S&P). (12) Guaranteed Investment Contracts None 10% Per Issuer 5% 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 10% 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. INVESTMENT ALLOCATIONS STATE LAW INV POLICY MAXIMUM MAXIMUM 2019-09-18 Item #08H 65 of 74 (15)Asset-Backed Securities 20% 10% Per Issuer 5% These securities consist of Traditional Asset-Backed, Mortgage-Backed, Mortgage Pass-Through Securities, and Collateralized Mortgage Obligations. They are permitted given that the securities are rated in a rating category of "AA" or its equivalent or better by a NRSRO and have a maximum remaining maturity of five years or less. No more than 10% of the total portfolio may be invested in these securities. No more than 5% of the portfolio may be invested in any single Asset- Backed or Commercial Mortgage security issuer. There is no issuer limitation on any mortgage security where the issuer is the U.S. Treasury or a Federal Agency/GSE. (16)Supranationals 30% 20% Per Issuer 10% Supranational issues are U.S. dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter-American Development Bank. They are permitted if rated in a rating category of"AA"or its equivalent or better by a NRSRO. No more than 20% of the total portfolio may be invested in these securities. No more than 10% of the portfolio may be invested in any single issuer. The maximum maturity does not exceed five years. 2019-09-18 Item #08H 66 of 74 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 TOTAL 20% 20 Per Issuer 10% 10% (4-A) Money Market Mutual Funds N/A 20% Per Issuer N/A 10% (4-8) Mutual Funds N/A 10% Per Issuer N/A 5% (5) CD's NO LIMIT 10% Per Issuer 5% (6) NEGOTIABLE CD's 30% 10 Per Issuer 5% (7) BANKERS ACCEPTANCES 40% 10 Per Issuer 30% 5% (8) U.S. TREASURYS NO LIMIT 50% (9) U.S.FEDERAL AGENCIES NO LIMIT 60% Per Issuer 25% (10) COMMERCIAL PAPER 25% 25 Per Issuer 5% (11) COMMERCIAL MTN NOTES 30% 15% Per Issuer 5% (12) GIC's NO LIMIT 10% Per Issuer 5% (13) Demand Deposits(non-interest beafing)NO LIMIT 0-2% Per Issuer 0-2% (14) Demand Deposits(inteiestbearing) NO LIMIT 20% Per Issuer 10 (15) Asset-Backed Securities 20% 10 Per Issuer 5% (16) Supranaiionals 30% 20 Per Issuer 10% 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 2019-09-18 Item #08H 67 of 74 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. The City Council has directed the City Treasurer not to invest in securities of companies involved in the production of tobacco, alcohol related products, or fossil fuel companies. 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, alcohol related products or fossil fuel companies 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, alcohol, or fossil fuel 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 Vlll, 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 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. 2019-09-18 Item #08H 68 of 74 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. 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 Director of Finance/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. 2019-09-18 Item #08H 69 of 74 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 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 maturity 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. XV1. 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. XI/11. 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 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. 2019-09-18 Item #08H 70 of 74 XV111. Glossary of Investment Terms AGENCIES. Shorthand market terminology for any obligation issued by a government-sponsored entity (GSE), or a federally related institution. Most obligations of GSEs are not guaranteed by the full faith and credit of the US government. Examples are: FFCB. The Federal Farm Credit Bank System provides credit and liquidity in the agricultural industry. FFCB issues discount notes and bonds. FHLB. The Federal Home Loan Bank provides credit and liquidity in the housing market. FHLB issues discount notes and bonds. FHLMC. Like FHLB, the Federal Home Loan Mortgage Corporation provides credit and liquidity in the housing market. FHLMC, also called "FreddieMac" issues discount notes, bonds and mortgage pass-through securities. FNMA. Like FHLB and FreddieMac, the Federal National Mortgage Association was established to provide credit and liquidity in the housing market. FNMA, also known as "FannieMae," issues discount notes, bonds and mortgage pass-through securities. GNMA. The Government National Mortgage Association, known as "GinnieMae," issues mortgage pass-through securities, which are guaranteed by the full faith and credit of the US Government. PEFCO. The Private Export Funding Corporation assists exporters. Obligations of PEFCO are not guaranteed by the full faith and credit of the US government. TVA. The Tennessee Valley Authority provides flood control and power and promotes development in portions of the Tennessee, Ohio, and Mississippi River valleys. TVA currently issues discount notes and bonds. ASKED. The price at which a seller offers to sell a security. ASSET BACKED SECURITIES. Securities supported by pools of installment loans or leases or by pools of revolving lines of credit. AVERAGE LIFE. In mortgage-related investments, including CMOs, the average time to expected receipt of principal payments, weighted by the amount of principal expected. BANKER'S ACCEPTANCE. A money market instrument created to facilitate international trade transactions. It is highly liquid and safe because the risk of the trade transaction is transferred to the bank which "accepts"the obligation to pay the investor. BENCHMARK. A comparison security or portfolio. A performance benchmark is a partial market index, which reflects the mix of securities allowed under a specific investment policy. BID. The price at which a buyer offers to buy a security. BROKER. A broker brings buyers and sellers together for a transaction for which the broker receives a commission. A broker does not sell securities from his own position. CALLABLE. A callable security gives the issuer the option to call it from the investor prior to its maturity. The main cause of a call is a decline in interest rates. If interest rates decline since an issuer issues securities, it will likely call its current securities and reissue them at a lower rate of interest. Callable securities have reinvestment risk as the investor may receive its principal back when interest rates are lower than when the investment was initially made. CERTIFICATE OF DEPOSIT(CD). A time deposit with a specific maturity evidenced by a certificate. Large denomination CDs may be marketable. CERTIFICATE OF DEPOSIT ACCOUNT REGISTRY SYSTEM(CDARS). A private placement service that allows local agencies to purchase more than $250,000 in CDs from a single financial institution (must be a participating institution of CDARS) while still maintaining FDIC insurance coverage. CDARS is currently the only entity providing this service. CDARS facilitates the trading of deposits between the California institution and other participating institutions in amounts that are less than $250,000 each, so that FDIC coverage is maintained. COLLATERAL. Securities or cash pledged by a borrower to secure repayment of a loan or repurchase agreement. Also, securities pledged by a financial institution to secure deposits of public monies. 2019-09-18 Item #08H 71 of 74 COLLATERALIZED MORTGAGE OBLIGATIONS (CMO). Classes of bonds that redistribute the cash flows of mortgage securities (and whole loans) to create securities that have different levels of prepayment risk, as compared to the underlying mortgage securities. COMMERCIAL PAPER. The short-term unsecured debt of corporations. COST YIELD. The annual income from an investment divided by the purchase cost. Because it does not give effect to premiums and discounts which may have been included in the purchase cost, it is an incomplete measure of return. COUPON. The rate of return at which interest is paid on a bond. CREDIT RISK. The risk that principal and/or interest on an investment will not be paid in a timely manner due to changes in the condition of the issuer. CURRENT YIELD. The annual income from an investment divided by the current market value. Since the mathematical calculation relies on the current market value rather than the investor's cost, current yield is unrelated to the actual return the investor will earn if the security is held to maturity. DEALER. A dealer acts as a principal in security transactions, selling securities from and buying securities for his own position. DEBENTURE.A bond secured only by the general credit of the issuer. DELIVERY vs. PAYMENT(DVP). A securities industry procedure whereby payment for a security must be made at the time the security is delivered to the purchaser's agent. DERIVATIVE. Any security that has principal and/or interest payments which are subject to uncertainty (but not for reasons of default or credit risk) as to timing and/or amount, or any security which represents a component of another security which has been separated from other components ("Stripped"coupons and principal). A derivative is also defined as a financial instrument the value of which is totally or partially derived from the value of another instrument, interest rate, or index. DISCOUNT. The difference between the par value of a bond and the cost of the bond, when the cost is below par. Some short-term securities, such as T-bills and banker's acceptances, are known as discount securities. They sell at a discount from par, and return the par value to the investor at maturity without additional interest. Other securities, which have fixed coupons, trade at a discount when the coupon rate is lower than the current market rate for securities of that maturity and/or quality. DIVERSIFICATION. Dividing investment funds among a variety of investments to avoid excessive exposure to any one source of risk. DURATION. The weighted average time to maturity of a bond where the weights are the present values of the future cash flows. Duration measures the price sensitivity of a bond to changes in interest rates. (See modified duration). FEDERAL FUNDS RATE. The rate of interest charged by banks for short-term loans to other banks. The Federal Reserve Bank through open-market operations establishes it. FEDERAL OPEN MARKET COMMITTEE.A committee of the Federal Reserve Board that establishes monetary policy and executes it through temporary and permanent changes to the supply of bank reserves. LEVERAGE. Borrowing funds in order to invest in securities that have the potential to pay earnings at a rate higher than the cost of borrowing. LIQUIDITY. The speed and ease with which an asset can be converted to cash. LOCAL AGENCY INVESTMENT FUND (LAIF). A voluntary investment fund open to government entities and certain non-profit organizations in California that is managed by the State Treasurer's Office. LOCAL GOVERNMENT INVESTMENT POOL. Investment pools that range from the State Treasurer's Office Local Agency Investment Fund (LAIF) to county pools, to Joint Powers Authorities (JPAs). These funds are not subject to the same SEC rules applicable to money market mutual funds. MAKE WHOLE CALL. A type of call provision on a bond that allows the issuer to pay off the remaining debt early. Unlike a call option, with a make whole call provision, the issuer makes a lump sum payment that equals the net present value (NPV) of future coupon payments that will not be paid because of the call. With this type of call, an investor is compensated, or"made whole." MARGIN. The difference between the market value of a security and the loan a broker makes using that security as collateral. MARKET RISK The risk that the value of securities will fluctuate with changes in overall market conditions or interest rates. 2019-09-18 Item #08H 72 of 74 MARKET VALUE. The price at which a security can be traded. MARKING To MARKET. The process of posting current market values for securities in a portfolio. MATURITY. The final date upon which the principal of a security becomes due and payable. MEDIUM TERM NOTES. Unsecured, investment-grade senior debt securities of major corporations which are sold in relatively small amounts on either a continuous or an intermittent basis. MTNs are highly flexible debt instruments that can be structured to respond to market opportunities or to investor preferences. MODIFIED DURATION. The percent change in price for a 100 basis point change in yields. Modified duration is the best single measure of a portfolio's or security's exposure to market risk. MONEY MARKET. The market in which short-term debt instruments (T-bills, discount notes, commercial paper, and banker's acceptances) are issued and traded. MORTGAGE Pass-THROUGH SECURITIES. A securitized participation in the interest and principal cash flows from a specified pool of mortgages. Principal and interest payments made on the mortgages are passed through to the holder of the security. MUNICIPAL SECURITIES. Securities issued by state and local agencies to finance capital and operating expenses. MUTUAL FUND. An entity which pools the funds of investors and invests those funds in a set of securities which is specifically defined in the fund's prospectus. Mutual funds can be invested in various types of domestic and/or international stocks, bonds, and money market instruments, as set forth in the individual fund's prospectus. For most large, institutional investors, the costs associated with investing in mutual funds are higher than the investor can obtain through an individually managed portfolio. NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION(NRSRO). A credit rating agency that the Securities and Exchange Commission in the United States uses for regulatory purposes. Credit rating agencies provide assessments of an investment's risk. The issuers of investments, especially debt securities, pay credit rating agencies to provide them with ratings. The three most prominent NRSROs are Fitch, S&P, and Moody's. NEGOTIABLE CD. A short-term debt instrument that pays interest and is issued by a bank, savings or federal association, state or federal credit union, or state-licensed branch of a foreign bank. Negotiable CDs are traded in a secondary market and are payable upon order to the bearer or initial depositor(investor). PREMIUM. The difference between the par value of a bond and the cost of the bond, when the cost is above par. PREPAYMENT SPEED.A measure of how quickly principal is repaid to investors in mortgage securities. PREPAYMENT WINDOW. The time period over which principal repayments will be received on mortgage securities at a specified prepayment speed. PRIMARY DEALER. A financial institution (1) that is a trading counterparty with the Federal Reserve in its execution of market operations to carry out U.S. monetary policy, and (2) that participates for statistical reporting purposes in compiling data on activity in the U.S. Government securities market. PRUDENT PERSON(PRUDENT INVESTOR) RULE. A standard of responsibility which applies to fiduciaries. In California, the rule is stated as "Investments shall be managed with the care, skill, prudence and diligence, under the circumstances then prevailing, that a prudent person, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of like character and with like aims to accomplish similar purposes." REALIZED YIELD. The change in value of the portfolio due to interest received and interest earned and realized gains and losses. It does not give effect to changes in market value on securities, which have not been sold from the portfolio. REGIONAL DEALER. A financial intermediary that buys and sells securities for the benefit of its customers without maintaining substantial inventories of securities and that is not a primary dealer. REPURCHASE AGREEMENT. Short-term purchases of securities with a simultaneous agreement to sell the securities back at a higher price. From the seller's point of view, the same transaction is a reverse repurchase agreement. 2019-09-18 Item #08H 73 of 74 SAFEKEEPING. A service to bank customers whereby securities are held by the bank in the customer's name. STRUCTURED NOTE. A complex, fixed income instrument, which pays interest, based on a formula tied to other interest rates, commodities or indices. Examples include inverse floating rate notes which have coupons that increase when other interest rates are falling, and which fall when other interest rates are rising, and "dual index floaters," which pay interest based on the relationship between two other interest rates - for example, the yield on the ten-year Treasury note minus the Libor rate. Issuers of such notes lock in a reduced cost of borrowing by purchasing interest rate swap agreements. SUPRANATIONAL. A Supranational is a multi-national organization whereby member states transcend national boundaries or interests to share in the decision making to promote economic development in the member countries. TOTAL RATE OF RETURN. A measure of a portfolio's performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains, and losses in the portfolio. U.S. TREASURY OBLIGATIONS. Securities issued by the U.S. Treasury and backed by the full faith and credit of the United States. Treasuries are considered to have no credit risk, and are the benchmark for interest rates on all other securities in the US and overseas. The Treasury issues both discounted securities and fixed coupon notes and bonds. TREASURY BILLS. All securities issued with initial maturities of one year or less are issued as discounted instruments, and are called Treasury bills. The Treasury currently issues three- and six-month T- bills at regular weekly auctions. It also issues "cash management"bills as needed to smooth out cash flows. TREAsuRYNoTES. All securities issued with initial maturities of two to ten years are called Treasury notes, and pay interest semi-annually. TREASURY BONDS. All securities issued with initial maturities greater than ten years are called Treasury bonds. Like Treasury notes, they pay interest semi-annually. VOLATILITY. The rate at which security prices change with changes in general economic conditions or the general level of interest rates. YIELD TO MATURITY. The annualized internal rate of return on an investment which equates the expected cash flows from the investment to its cost. 2019-09-18 Item #08H 74 of 74