Item P8Monroe County, Florida
Board of County Commissioners
Surplus Funds Investments
Quarterly Compliance Report to Clerk
September 30, 2010
Graph Comparison of Investment Performance -Pages B-2 and C-1 of the
Quarterly PFM Report are attached. Rates of return for the quarter ended
September 30, 2010 on are as follows:
Merrill Lynch 1-3 Year Treasury Index 0.62%
SBA 0.32%
Surplus Funds 0.54%
All Other Investment Funds 0.43%
Concentration Risk - In compliance per attached schedule.
Return Risk - Per page B-2, YTM for surplus funds at cost is 1.17%, YTM at
market is 0.46%, and the SBA YTM quarterly return is 0.32%. Per review of PFM
statements for all other investments, average YTM at cost is 0.43% and average
YTM at market is 0.26%. Return risk appears acceptable assuming investments
are held to maturity and considering the results of credit risk below.
Liquidity Risk - Weighted average duration is 1.53 years for surplus funds and
0.24-0.92 years for all other investment funds. Appears liquidity risk is in
compliance with policy of less than 2 years weighted average duration.
Credit Risk - All PFM investments are rated AAA or A-1 + and are United States
government securities, United States government agencies, commercial paper
related to the 2007 Sales Tax bond proceeds, or Federal instrumentalities. It
appears that credit risk is minimal.
Investment Losses - For the quarter ended September 30, 2010, investment
losses were $18,664. The losses were incurred to increase the yield on
investments. The losses incurred are in compliance with the investment policy,
Section IV Investment Objectives, Paragraph A Safety of Principal, item i.
Investments Exceeding 5% of Portfolio - The portfolio at market including
money market funds totals $190,736,545. Investments exceeding $9,536,827
are as follows:
Federated Tax Free Obligations MM
60934N401
$
15,758,661
Federal Home Loan Bank Notes
3133XYPU3
$
11,669,048
U.S. Treasury Notes
912828JY7
$
12,901,670
U.S. Treasury Notes
912828JSO
$
19,834,036
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Monroe County Florida
Compliance with Asset Allocation Policy/Concentration Risk
September 30, 2010
Asset Allocation Commercial Federal Treasury
MM Paper Agencies Securities Total
Regions MM 20,854,242 20,854,242
CDs 0 0
Combined Porfolio 887,947 93,084,128 75,910,228 169,882,303
20,854,242
887,947
93,084,128
75,910,228 190,736,545
Actual 10.93%
0.47%
48.80%
39.80% 100.00%
Policy 20.00%
4.90%
80.00%
100.00%
Federal Agencies
FFCB FNMA FHLB FHLMC Total
Combined Porfolio 5,007,202 18,945,415 38,440,812 30,690,699 93,084,128
Actual 2.63% 9.93% 20.15% 16.09%
Policy 30% 30% 30% 30%
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