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HomeMy WebLinkAbout2008 08 13 Document Distributed During Discussion of Informational 100Date: August 13, 2008 The attached document was distributed during the discussion of Informational Agenda Item "100" during the August 13, 2008 City Commission Workshop. 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O) ~ ~ N O ~ ~ U C N N ~ j ~ ~ N U O J OJ t6 t6 t6 O T ~ O. U U N ~ L ~ O V ~ ~ Q N U U U N O O N N N ~ N ~' N N U ~ O ~ z ~ ~ O O ~ D D N O ~ O. ~ D D D O O O O O C ~ T ~ O N C O fn ~ ~ CO ~ ( J (J ( J O M ~ U U U O C C C ~ ~ ~ W " C - - - O U N N N OJ N U L L a C O. O. 6 C C m D D ~ ~ U O O C C C N U U O N C U U U O ~ ~ ~ fn O a C U O L N e2 S e2S e2 S L e2S O O N N j W C C ~ O m C C N ~ t6 t6 O ~ ~ W O C ~ ~ C Q ~ ~ ~ O ~ f6 C~ = O N L C N C J O CO U ~ U U > > U y ~ > > 6 y6 ~ ~ (~ ~ ~ U U O ~ j p LL LL '6 ~ ~ N J . . J J . . J C C N ~ f6 t6 t6 ~ LL (n (n t O. ~ 1S 6 C ~ U ~ ` ` ~ ~ ~ ~ O O O .L.. N N E N C t E t6 N 6 t6 N «~ ' t6 ~ o CO N fn CO ~ fn t 6 ~ t6 t6 N N N N O O I6 I6 I6 O N Q Q CO C O CO U D W C7 2 2 2 J ~ ~ ~ ~ ~ ~ ~ ~ Z Z Z fn ~j N O O V V T V N N V T T H3 O L N i C -~ - ~ L ~ ~ t6 t6 C N ~ f6 f/1 ~ ~ C ~ ~ a ~ N ~ N t6 Y ~ C U U ~ N ~ N U O C U N ~ ~ N ~ r N O L H i Q N Z Local Government Investment Pool -Fund A Summarq Report Data as of August 7, 21108 Top Holdings(excluding Repurchase Agreements) National Rural Utilities Cooperative Finance Corp. 8.9 Morgan Stanley 8.4 Merrill Lynch & Co., Inc. 7.7 Bear Stearns Cos., Inc. 7.5 Florida Hurricane Catastrophe Fund Finance Corp. 0.5 HSBC Holdings PLC 6.1 Dreyfus Government Cash Management Fund 4.2 Genworth Financial, Inc. 4.1 American International Group, Inc. 3.1 Marshall & Ilsley Corp. 1.9 Total % of Portfolio 58.4 S&P Credit Quality Composition(at least 50 % A-1+) A-1+ 05.0 A-1 34.4 Total % of Portfolio 100.0 Local Govei ini5eirt hrveslineirl Pool - A Filial trlnurrty Profile S6,ooo A.s of Aiu: first 7, 2008 1ooAi ae ooo ---------- oro~.n szoo° --------------------------------------- eov ------------------------------------------------- aeooo ---------------------------- ---------- -------------------------------------------- E 60.Oi 55,000 _____________ __________________________________________________________________________ '. a+ooo ---- i ~o.oz s3,xo 3a~,: az ooo --- --------~e<~~--------------------------------- stoop ___ _______ _________axr.-----.............___ _____________________________ o.oz ao poi Pnremaprr.ve ~ ~rT'rrcna'6na'mxwkie.~ Final Ma[ ~ Mon[M1 Ind~ca[ea Portfolio Composition Basset sacked commercial Paper Fixed oaaeet sacked coininercial Paper-Floating O Bank Inshu ment-Fixed OBank Instrument- Floating ^corporatecP Flxed ^corporate GP -Floating ^corporate Notes-Finaeng D Mutual Funds -Money Market ^ Repo Portfolio Composition Asset Backed Commercial Paper -Fixed 0.0 Asset Backed Commercial Paper -Floating 0.0 Bank Instrument -Fixed 0.0 Bank Instrument -Floating 2.5 Corporate CP -Fixed 0.0 Corporate CP -Floating 1.8 Corporate Notes -Floating 57.2 Mutual Funds -Money Market 4.2 Repo 34.3 Total % of Portfolio. 100.0 Effective Average Maturity(can't exceed 60 days) 15.5 Days Effective Maturity Schedule Eff Final 1-7 days 44.0 40.3 8-30 days 43.4 2.9 31-90 days 8.4 24.7 91-180 days 3.0 32.2 181+days 0.0 0.0 Total % of Portfolio: 100.0 100.0 Illiquid Securities(can't exceed 10 % ) 0.00 Portfolio holdings are shown as of the date indicated. Since market conditions fluctuate suddenly and frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition. These portfolio holdings are not intended to be and do not constitute recommendations that others buy, sell, or hold any of the securities listed. Past performance is no guarantee of future results. An explanation of the significance of such ratings may be obtained from the companies furnishing the ratings. The ratings reflect only the view of such organizations at the time such ratings were given and Federated does not make any representation as to the appropriateness of the ratings. There is no assurance that such ratings will continue for any given period of time or that they will not be revised downward or withdrawn entirely by said rating companies, if in the judgment of said rating companies, circumstances so warrant. Any such downward revision or withdrawal of such ratings may have an adverse effect on the market price on the Investments. Note: The data included in this report is unaudited. ~Q "'~ ~4 rrTT~~ I~ 1 QI H O +„ C ~+ N ~ r C o ~ rC w V ~ ~ ~ ~ ~ rby ~ I~ H A O ~ V V M Ln y O I~ ~ ~ N ~ ~ N ~ C ~ ~ T V Ln L(7 V OO M N Y T ~ M N O V Lt'1 N ~ H3 H 3 H3 H3 H3 H3 N C OO ~ M I~ OO O LL~ O N V N T c O o ~ V CO ~ LC) ~ N V T ~ T T ~ M M O V ~p V I~ O V Ln ~ E ~ ~ ~ M m ~ ~ ~ d L H3 H 3 H3 H3 H3 H3 O O ~ Y ~ LNl1 LNl1 M U ~ ^~~. V N N M M M p to N L O ~ Ln V OJ N '~ O ~ COO CEO V N O V CO ~ Ln O _ R O I~ O T M M o0 ~ V N L ^' Ln ~ O V Ln N I~ V M O ~ N O) H3 H 3 H3 H3 H3 H3 N 00 00 00 00 O c ~ O O O O O O O O i' ~ a N ~ N ~ N ~ N ~ a N N N N ~ O) ~ ~ ~ M C t6 O O O ~ O O O O ~ ~ O N L N O N N N H R M ~ N N M ' N o 0 N M M ~ N O M Y V V V ~. e N N M M M ~ C 4 U ~ U t6 O O N T Y ~ Q z Ln LL~ Ln LL~ ~ O a a a T C„J ~ i 6 i 6 i 6 ~ T T T ~ O N c O ~ ~ a W W ~ d Q d Q O a a J J to Q W W Q L 0 0 ~ ~ W ~ Z Z W t6 ~ F. O Q W W U U ~ H H U Y w ~ w w w ~ .6 c ~ ~ ~ ~ m H c W = W W W t6 J ~ J J J Q ~ Q Q Q f/1 U > O > > > m L _ ~ T ~ L _ N W N z ~ O C '6 0 d _ ~ N ~ ~ ~ ~ ~ c ~ t6 ~ C 00 O W to N f/1 ~ O C N O N ~ O O OJ O ~ N to ~ E ~ N ~ ~ ~ E N ~ z ~ ~ N N M O ~ ~ +~ 0 C U _ ~ ~ f/1 +•+ ' t 6 ~ t6 O O ~ ~ U ~ ~ ~ D r m Y J N U U o a ~ c ~ O O J J E Y U N c U J ~ z ~ .6 ~ c ~ ~ c ~ O o ~ ~ ~i ~ ~c c U aNi o c ~ ~ ~ J ~ U y6 ~ W J N C O f/1 to T > ~ ~ N N c N W ~ W Y p ~ LL c ' ~ '06 '06 N ~ Q N ~ ~ o o ~ Q D LL LL ~ Z Local Government Investment Pool -Fund B Summarq Report Data as of August 7, 21108 Top Holdings(excluding Repurchase Agreements) Florida West Funding LLC 38.8 Axon Financial Funding LLC 22.0 Issuer Entity LLC (Ottlmo) 20.7 Florida East Funding LLC 18.5 Dreyfus Government Cash Management Fund 0.0 Total % of Portfolio 100.0 S&P Credit Quality Composition A-1+ 0.0 A-1 0.0 Other 100.0 Total % of Portfolio: 100.0 Current Actions at a Glance AXON: Not receiving principal and interest Florida East and West. restructured from KKR and receiving principal and interest. Ottimo. Receiving principal and interest Locil Governinem Inves[nrent Pool - B Final Mnn.nity Profile As o(Augusl 7, ?008 81 600 0 0% oMOMn ~, goo ,a o~ a, oo° -------------------------------------------------------------------------- ,~ Beoo soon Ssoo a ao o~ aaoo - - - - - - - - - - - - - ~o o~ ~o 0 0~ n~~rY=P no~orro~arno,a,~gs Portfolio Composition ^Asset Backed Commercial Peper-Fixed DAsset Backed Commercial Paper- Floating os~~,klnshument Fixed o sack mso-~me~r- Flcatmg ^co~por~,ce cP -Fixed ^Corporate CP -Floating ^Corporate Notes- Floating D Mutual Funds -Money Market ^ Repo Portfolio Composition Asset Backed Commercial Paper -Fixed 0.0 Asset Backed Commercial Paper -Floating 0.0 Bank Instrument -Fixed 0.0 Bank Instrument -Floating 0.0 Corporate CP -Fixed 20.7 Corporate CP -Floating 22.0 Corporate Notes -Floating 57.3 Mutual Funds -Money Market 0.0 Repo 0.0 Total % of Portfolio. 100.0 Effective Average Maturity 3506.4 Days Effective Maturity Schedule Eff Final 1-7 days 0.0 0.0 8-30 days 0.0 0.0 31-90 days 0.0 0.0 91-180 days 22.0 22.0 181+days 78.0 78.0 Total % of Portfolio: 100.0 100.0 Illiquid Securities(can't exceed 10 % ) 0.00 Portfolio holdings are shown as of the date indicated. Since market conditions fluctuate suddenly and frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition. These portfolio holdings are not intended to be and do not constitute recommendations that others buy, sell, or hold any of the securities listed. Past performance is no guarantee of future results. An explanation of the significance of such ratings may be obtained from the companies furnishing the ratings. The ratings reflect only the view of such organizations at the time such ratings were given and Federated does not make any representation as to the appropriateness of the ratings. There is no assurance that such ratings will continue for any given period of time or that they will not be revised downward or withdrawn entirely by said rating companies, if in the judgment of said rating companies, circumstances so warrant. Any such downward revision or withdrawal of such ratings may have an adverse effect on the market price on the Investments. Note: The data included in this report is unaudited. Review of 2008 Legislative Changes Summary made available by SBA &Feder°ated Investors ~ ~ , , „ ; , A Clarified Investment Objective A Formalized Approadz to Risk Management in Plain English New language: The primary objective, in priority order, of invesriment activities shall be: • Safety • Liquidity • Competitive returns with minimization of risks Annual Best-Practice Dedication to Best Practices and Trustee Sign-~~ff Certification Trustees shall annually certify to the Joint Legislative Auditing Committee that they have conducted a review of the trust fiend and determined that the management of the trust fund is in accord with best investment practices and that that the trust fund is in full compliance with the certification requirements. Mandatory ~'nrollment Materials Clear Up-front Communication Prior to enrollment, potential participants must be provided a fund profile containing impartial educational information describing the administration and investmment management of the fund, including (but not limited to): rights and conditions of participation; investment policy; historical performance; holdings information, administrative rules; any fees, charges, or deductions that apply; recently published financial statements; and a disclosure statement for si nature b the appro riate local overnment official. Mandatory Signed Disclosure Participants Acknowledge Receipt and Understanding of Enrollment Statement Materials and Give Authority to Invest Upon review of enrollment materials, the appropriate officer of each local government entity will determine appropriateness of investmment in the pool and will provide a Resolution and a signed acceptance of the disclosure statement. This type of requirement is customarily required by other money market vehicles. Implementing a disclosure requirement for the pool encourages the pool to address the terns of investing up front and to question any points that are unclear. Written Investment Policy Best Practices -Fiduciary Standards Funds will be invested in accordance with a written investmment policy that will updated annually to conforn to best investmment practices. The policy will be reviewed and approved at a minimum annually by the Trustees and reviewed as well by the lnvestmment Advisory Council and by the Participant Local Government Advisory Council. Adherence to fiduciary standards will be expected in managing the overall portfolio. Any portfolio deviations from initial expectations will be reported throu ~h a fornal escalation process. Ethics Commitment Best Practices - Ethics Officers, employees and investmment professionals shall: ^ Refrain from any personal business activity that could conflict with proper execution of the invesriment pro ram ^ Fully disclose any personal financial or invesnnent positions that could be related to the perfoi7nance of the investment portfolio; and, disclose any material interests in financial institutions with which they conduct business on behalf of the fund. ^ Refrain from undertaking personal invesnnent transactions with individuals with whom business is conducted on behalf of the board. Affirmative Disclosure; Internal Transparency in Disclosure and Escalation Procedures that Facilitate Controls Prompt Resolution of'Issues The board and the money management firm must immediately disclose any material impact to the fund to participants. Internal controls will be established by the board and documented in writing. These controls will include foi7nal escalation procedures for all employees to follow. The intent is to protect participants from losses that could result from fraud, employee error, misrepresentation by third parties, unanticipated market changes, or imprudent actions by any employees or officers of the board or money manager. Reserve Fund Permissible with A Provision for a Reserve Fund with Strong Controls Limitations A reserve fund may be established to protect the fund; however, any reserve must be a portion of the management fee and must be fully disclosed in the enrollment materials. 1n addition, any change in the amount to be charged for a reserve must be announced with a reasonable notice period to allow any partici pant to withdraw from the fund prior to the new clzar~e bein im posed. Pro-Rata Gain Sharing; Best Practices -Gain Sharing and Penalties Penalties All participants share pro rata in the capital gain, income, or losses of the fund's investments. Any provisions for penalties will be fully disclosed in the enrollment materials. 1n addition, any change in the amount to be charged for a penalty must have a reasonable notice period to allow any participant to withdraw from the fund prior to the new penalty charge taking effect. Comprehensive, Frequent Best Practices in Reporting and Full Accountability for Disclosure Reporting The board is required to provide a monthly report (or upon the occurrence of a material event) of any material impacts on the fund and any actions taken as well as an analysis of the current investment portfolio and the transactions executed over the past month. The Trustees will provide a quarterly report to the Joint Legislative Auditing Committee stating that they have reviewed and approved the monthly reports. Market Valuation Transparency in Reporting Market Valuation The market value of the portfolio will be calculated daily and withdrawals from the trust fund will be based on a process that is transparent to participants. Participants will receive a statement of market value and amortized cost of the portfolio with any deposit or withdrawal. Additional reporting will be made available to pool participants through regular and frequent on join communication. Interest; Limitations on Uses Strong Controls on the Use of Interest Costs, expressed through the stated expenses of the fund, are deducted from interest earnings and prorated among the participants' accounts as has always been the practice. Additional protections state that the board or money manager may not transfer the interest or use the interest for any other ur pose, includin ~ makin u ~ invesnnent losses. Withdrawals; Limitations Defined Courses of Action on Managing Material Events that Impact Liquidity hl the occurrence of an event that has a material im pact on li uidit or operation of the fund, the executive director may, in good faith, for 48 hours, limit contributions to or withdrawals from the fund to ensure that the board can invest moneys within its fiduciary responsibility. Such action must be fully and iimnediately disclosed to participants and all parties involved. The Trustees would be required to convene an emergency meeting to review the situation and could vote to continue the measures for up to an additional 15 da s. In no case ma the time limit set b the Trustees exceed 15 da s. Annual Financial Audit Best Practices -Audit The Auditor General will conduct an annual financial audit of the fund, inclusive of testing for compliance with investment policy. Upon completion, but no later than 30 days following the audit, the Trustees will report to the Joint Legislative Auditing Committee, indicating that they have reviewed the audit and certifying that any necessary items are being addressed by a corrective action plan with tar et completion dates. Participant Advisory Council Partrcipant Representation A six-member Participant Local Government Advisory Council will be created to regularly review the administration of the trust fund and make recommendations to the Trustees. These members will be appointed by the board and subject to confirmation by the Senate. Members will serve a 4- ear tern Special Provisions Governing the Clearly Stated Path of Action for Pool B and Separation ofPool B into its Fund B Surplus Funds T.F., own legal trust fund a.k.a. LGIP B The purpose of Fund B Surplus Funds Trust Fund is to maximize the payout of principal with the ultimate goal ofself-liquidating the trust fund through maturity and payout of the invesrinents. Any new investments must be made in money market or equivalent funds. After the trust fund self=liquidates, any remaining reserve may be transfei7ed by the Trustees at their sole discretion back to the trust fund from which the assets were originally separated. Contact zrs at N~IVN~.shcrfla/~ooLcorn oy email tss at local~oi~ool~ci) hGfla.con~. Fedef•ated is a r•egrstered mat•k ofFeder•ated Ini~estors, Inc. 2008 ©Feder-ated Investot•s, Inc. 38898 (7/08)