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  Consent-General Government   # 14.       
Financial Services  
Meeting Date: 05/10/2022  
Brief Title:    Treasurer's Investment Report - March 31, 2022
From: Tom Haynes, Interim Chief Financial Officer, Department of Financial Services
Staff Contact: Sou Xiong, Accounting Manager-Treasury & Revenues, Department of Financial Services, x8212

Subject
Receive and file the Yolo County Treasurer's Report on Investments for the quarter ended March 31, 2022. (No general fund impact) (Haynes/Xiong)
Recommended Action
Receive and file the Yolo County Treasurer's Report on Investments for the quarter ended March 31, 2022.
Strategic Plan Goal(s)
In Support of All Goals (Internal Departments Only)
Reason for Recommended Action/Background
The County Treasury investment portfolio is summarized in Attachment A (Investment Summary), and includes the Treasurer's Investment Pool and the investment accounts managed by the Treasury that are not pooled together for investment returns. The pooled portfolio includes county funds, deposits from special districts, and school districts totaling $766.4 million as of March 31, 2021.
 
The portfolio consisted of 4.5% ($34.1 million) in cash at bank, 34.7% ($265.9 million) in short-term investments in government investment pools, such as the Local Agency Investment Fund (LAIF) and the California Asset Management Program (CAMP), and 60.8% ($466.3 million) in an investment pool that is actively managed by professional investment advisor PFM Asset Management, LLC (PFM). These investments consist mostly of fixed income securities as authorized by Government Code, such as: U.S. Treasuries; securities issued by federal agencies, such as Fannie Mae, Freddie Mac, and Federal Home Loan Bank; corporate notes; commercial papers; and certificates of deposit.

The detail of investment in the pooled portfolio along with the investment performance are shown in Attachment B (PFM Performance Report) while the non-pooled holdings is shown in Attachment C (Non-pooled Holdings).  The non-pooled portfolio of $94.6 million consists of specific investments for various entities and programs. These include $29.5 million in government medium-term funds (LAIF and CAMP) for various districts and the 2017 Lease Revenue Bonds, $23.9 million in investments managed by PFM for various county programs (Landfill Closure, Cache Creek, etc.), $40 million in section 115 trusts held by Public Agency Retirement Services (PARS) for County OPEB (Other Post Employment Benefits) and pension funding, and $1.1 million in cash in money market accounts.

In their quarterly investment review for the 1st quarter of calendar year 2022, PFM continues to maintain broad diversification in the portfolio with focus on issuers and industries benefiting most from the economic recovery.  PFM will continue to evaluate all opportunities as they seek to safely add value to the County’s portfolio while maintaining a strong sense of safety and risk management.

CASH BALANCES
Attachment D (Cash Balances) depicts the cash balances of the three major operation funds of the County, and their combined balance. On March 31, 2022 this unaudited balance was $58.6 million, which decreased by $2.3 million from the prior quarter due to other net operating activities.
Collaborations (including Board advisory groups and external partner agencies)
Other agencies having deposits in the pool include: school districts, special districts and cities. A copy of the report is posted and available on the Department of Financial Service's website. The Financial Oversight Committee reviews investment performance quarterly. All reports from the County's investment advisor PFM Asset Management LLC are available in the County Treasurer's office.
Competitive Bid Process/Vendor Performance
Not applicable.

Fiscal Impact
No Fiscal Impact
Fiscal Impact (Expenditure)
Total cost of recommended action:    $  
Amount budgeted for expenditure:    $  
Additional expenditure authority needed:    $  
One-time commitment     Yes
Source of Funds for this Expenditure
$0
Attachments
Att. A. Investment Summary
Att. B. PFM Investment Performance
Att. C. Non-pooled Holdings
Att. D. Cash Balances

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Form Review
Inbox Reviewed By Date
Financial Services Tom Haynes 04/29/2022 09:14 AM
County Counsel Hope Welton 04/29/2022 09:41 AM
Joanne Van Hoosear Joanne Van Hoosear 05/02/2022 08:47 AM
Form Started By: Sou Xiong Started On: 04/04/2022 11:26 AM
Final Approval Date: 05/02/2022

    

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