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Item P6 Monroe County, Florida Board of County Commissioners Surplus Funds Investments Quarterly Compliance Report to Clerk September 30, 2009 Graph Comparison of Investment Performance -Pages B-2 and C-1 of the Quarterly PFM Report are attached. Quarterly rates of return at September 30, 2009 on are as follows: Merrill Lynch 1-3 Year Treasury Index SBA 0.78% 0.37% Surplus Funds All Other Investment Funds Certificates of Deposit 1.45% 1.08% 4.06% Concentration Risk - In compliance per attached schedule. Return Risk - Per page B-2, YTM for surplus funds at cost is 2.69%, YTM at market is 0.88%, and the SBA YTM quarterly return is 0.37%. Per review of PFM statements for all other investments, average YTM at cost is 1.08% and average YTM at market is 0.41 %. Return risk appears acceptable assuming investments are held to maturity and considering the results of credit risk below. Liquidity Risk - Weighted average duration is 1.45 years for surplus funds and 0.09-0.95 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 AM or A-1 + and are United States government securities, United States government agencies or Federal instrumentalities. It appears that credit risk is minimal. Investment Losses - For the quarter ended September 30, 2009, there were no investment losses. Investments Exceeding 5% of Portfolio - The portfolio at market including money market funds and certificates of deposit totals $191,664,937. Investments exceeding $9,583,247 are as follows: Fidelity Institutional Government MM Federated Tax Free Obligations MM Federal Home Loan Mortgage Corp FHLMC Medium Term Notes Federal National Mortgage Assoc. 316175108 $ 60934N401 $ 3134A33L8 $ 3137EAAP4 $ 31398ASC7 $ 12,481,219 14,541,985 13,181,694 12,017,156 10,251,000 0\ o o N o .., .. 41 ,D e 41 ... p.. 41 en "t:l 41 "t:l I:l Iil .. 41 ... .. ~ ::s a , ... .. o p.. 41 p::: ... I:l 41 S '" 41 ~ ..... ~<DO OO>M o . . NM..,. 0"" 00>, ..., M~M Q)~co C T-~ ...-_ N~ co co ~~ Ql If) >. .... t:: ~ o U ~ o '"' c:: o ~ QJ U = l.'S E ... ..s ... QJ Il.. o :.= ..s N ... ~ ~ ;; ~ :> "tl ,2 3 ~ ~ f = i e.~ ::l (/) Ul ;; - I: '" 0 ~~ ..,. N ~?f!. It) ..., DO co -.i -.i o - Q) CUm ~o r::~ "! ... .... 0 Q)- ::> Ul _ 0 "'0 >-0 - Q) ~ .~ ~t: '" 0 ~ E <l:: ~ '" .: Q) ~ >- ~ (") ~ " ~ -I: I: ~ ::> _ IL. Ql III a:: ::> Iii C. OE o :; G.> I- If) ~ 0> o o Ncf!. ?f!.?f!. 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" c:: " ~ ~ -< ~ p.. ~ Monroe County Florida Compliance with Asset Allocation Policy/Concentration Risk September 30, 2009 Asset Allocation Federal Treasury MM CDs Agencies Securities Total Regions MM 27,023,204 27,023,204 CDs 8,781,728 8,781,728 Surplus 27,411,472 13,983,380 41,394,852 KWA Op Res 181,398 181,398 KWA Canst 1,956,281 1,956,281 KWA R&R 491,323 491,323 Landfill 1,870,598 1,870,598 Short Term 83,411,253 4,478,562 87,889,815 PFC 405 2,917,640 2,917,640 KWA DSR 2,765,374 2,765,374 2007 Bonds 15,417,571 15,417,571 PFC 404 975,153 975,153 27,023,204 8,781,728 137,398,063 18,461,942 191,664,937 Actual 14.10% 4.58% 71.69% 9.63% 100.00% Policy 20.00% 10.00% 80.00% 100.00% Federal Agencies FFC FNMA FHLB FHLMC Total Surplus 2,053,125 7,795,469 9,252,812 8,310,066 27,411,472 KWA Op Res 181,398 181,398 KWA Const 1,956,281 1,956,281 KWA R&R 491,323 491,323 Landfill 1,870,598 1,870,598 Short Term 1,167,156 19,650,924 21,469,737 41,123,436 83,411,253 PFC 405 1,558,974 623,692 734,974 2,917,640 KWA DSR 1,836,833 928,541 2,765,374 2007 Bonds 13,698,207 1,719,364 15,417,571 PFC 404 975,153 975,153 1,167,156 24,917,329 37,876,728 46,025,378 137,398,063 Actual 0.61% 13.00% 19.76% 24.01 % Policy 30% 30% 30% 30% F:\FINANCE\CASH MANAGEMENT\Quarterly Compliance\weighted averageMaturity Distribution Monroe County Florida Certificates of Deposit September 30, 2009 FSB TIB Certificate of Deposit ale 101222 Fund 401 Fund 501 Fund 502 Total 2,000,000.00 2,271,366.90 3,407,050.38 800,000.00 2,800,000.00 5,678,417.28 4,271,366.90 3,407,050.38 800,000.00 8,478,417.28 U"l '" OJ co 0.. en 0 0 N (5 u.~ M 00:: ,... 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