. )

DATE:

TO:

FROM:

SUBJECT:

March 1, 2019

Mayor and City Council Members

JT. CC/SA/PFA/SOF50/FRFA Agenda Item No.: 7bii

Joint CC Mtg.: 03/12/2019

Chair and Members of the Redevelopment Successor Agency Chair and Members of the Public Financing Authority Chair and Members of the rolsom Ranch Financing Authority Chair and Members of the South of 50 Parking Authority

Finance Department

RECEIVE AND FILE THE CITY OF FOLSOM, THE FOLSOM REDEVELOPMENT SUCCESSOR AGENCY, THE Ji'OLSOM PUBLIC FINANCING AUTHORITY, THE SOUTH OF 50 PARKING AUTHORITY, AND THE FOLSOM RANCH FINANCING AUTHORITY MONTHLY INVESTMENT REPORTS FOR THE MONTH OF DECEMBER 2018

BACKGROUND/ISSUE

Under the Charter of the City of Folsom and the authority granted by the City Council, the Finance Director is responsible for investing the unexpended cash of the City Treasury. The primary objectives of the City's investment policy are to maintain the safety of investment principal, provide liquidity to meet the short and long-term cash flow needs of the City, and earn a market-average yield on investments. The City's portfolio is managed in a manner responsive to the public trust and is consistent with state and local laws and the City's investment policy. The Finance Department hereby submits the investment reports for the City of Folsom, the Folsom Redevelopment Successor Agency, the folsom Public Financing Authority, the South of 50 Parking Authority, and the Folsom Ranch Financing Authority for the month of December 2018.

POLICY/RULE

1. Section 3.30.0I0(a) of the Folsom Municipal Code states "the term 'ci ty' shall encompass the city of Folsom, the Folsom community redevelopment agency, and all other agencies and instrumentalities of the city under ei ther the direct or indirect control oftbe city counci l, and this chapter regulates the investment of aJl moneys of those agencies."

2. Section 3 .30.030(1) of the Folsom Municipal Code slates that "the city's chief investment officer shall each month submit an investment report to the city council , which report shall include a ll required e lements as prescribed by Cali fornia Government code section 53646."

3. California (1ovcrnment Code, Sections 53601 through 53659 sets forth the state law governing investments for municipal governments in Cal ifornia.

4. Sec tion 3.30.020(g) of the folsom Municipal Code states that "all city cash shal l be consolidated into one general bank account as set out in th is code, and invested on a pooled

1

Staff Report Page No. 1 o f 17

concept basis. Interest earnings shall be allocated to all city funds and subfunds according to fund and subfund cash and investment balance on at least a quarterly basis."

ANALYSIS

Overview The City has diversified investments in accordance with the City Investment Policy and Govermnent Code. The City of Folsom's total cash and investments are invested on a pooled basis as required by the Folsom Municipal Code.

The Portfolio Summary ofihe City's currenneportincl-udes a "Pooled Equity Section'' ide11tifying the Redevelopment Successor Agency's (RDSA) and Folsom Public Financing Authority's (FPFA) portion of the investment pool. The RDSA and FPF A list these amounts under "Cash" in their respective sections. Currently, the Folsom Ranch Financing Authority (FRF A) has no funds invested in Pooled Equity.

Total Cash and Investments - City of Folsom The following graph illustrates the City's monthly cash and investment balances for fiscal years 2015 through 2019. Monthly fluctuations in cash and investments are the result of typical receipt ofrevenues less expenditures for operations, debt service, and capital improvements. As of December 31, 2018, the City's cash and investments totaled $111,671,000; an increase of$11 ,81 2,278 (12%) from December 31, 2017.

$150 J UL

$140

$130

$120

"' $110 C: C

~ $100 ~

$90

$80

$70

$60

$50

City of Folsom Total Cash and Investments (Fiscal Year)

- :, 2014/15 ~ 2015/ 16 ~ 2016/17 - - 2017/18 -t-2018/19

AUG SEP OC T N OV DEC JAN FEB MAR APR M AY JU N

The followi ng chart shows the City' s monthly cash and investment balances and percentage change for Fiscal Year 2018-19 along with the yearly dollar and percentage changes.

2

Staff Report Page No. 2 of 17

,,.-,, .-~.

Total City Cash and Investments

Monthly Monthly Yearly$ Yea rly%

201 8-19 Change 2017-18 Change C hange Change

Jul $ 119,184,519 $ 98,J 69,898 $ 21,014,621 21%

Aug $ 111 ,476,371 -6% $ 98,639,968 0% $ 12,836,403 13%

Sep $ 107,672,166 -3% $ 97,741,933 - 1% $ 9,930,233 10%

Oct $ l 06,928, 144 -1% $ 96,087,512 -2% $ 10,840,632 11%

Nov $ 101,854,232 -5% $ 89,265,679 -7% $ 12,588,553 14%

Dec $ 111,671,000 10% $ 99,858,722 12% $ 11 ,812,278 12%

The City's projected cash needs for the next six months are sufficiently provided for by anticipated revenues and the liquidity of its cash and investments. In addition, in accordance with Section 3.30.020(c) of the Municipal Code, less than 50% of the City's total cash is invested for a period longer than one year.

To Maturity as of December 31, 2018

2-3 Yrs 19,045,092

'''"\

1-2 Yrs

17,737,519 14.4%

3-4 Yrs

12,392,391

'""\

Investment Performance - City of Folsom

0 Days 16,210,028

13.2%

184-365 Days 18,913,552

15.4%

1 Day 13,890,130

11.3%

2-183 Days 18,118,869

14.7%

The City's Portfolio Management Summary report for the month of December 2018 is presented in attachment 1 to this report. Portfolio investment earnings (including pooled equity earnings for the

· RDSA and FPFA) for the three month quarter ending December 31, 2018 totaled $664,994. The total rate of return of the investment portfolio for the same period was 2.35%.

3 Staff Report Page No. 3 of 17

The fol lowing graph illustrates the total dollar amount and allocation percentages for December 31, 2017 and December 31, 2018. The percentages in this graph are based on book value.

$45,000,000

$40,000,000

$35,000,000

_V0,QQQ,000

$25,000,000

$20,000,000

$15,000,000

$10,000,000

$5,000,000

$-

City of Folsom Portfolio Allocation

Cash - Money Market Local Commercial Certificates of Corporate US Agencies Municipal Checking Government Paper Depos~ Bonds Bonds

Investment Pool

o Dec. 31, 2017 City Portfolio • Dec. 31, 20 18 City Portfolio

A detailed listing of the portfolio holdings as of December 31, 2018 is included in Attachment 2 to this report.

The Local Government Investment Pool (LAIF) yield typically moves in the same direction as market yields, but is less volatile, lagging somewhat behind market moves. This can be seen in the chart below, ill ustrating the historical monthly change in yield from July 2016 through December 2018 for LAIF and two-year US Treasury securities. The effective rate ofreturn for the City Portfolio is a lso included. The Federal Reserve raised the Federal Funds rate three t imes in 20 I 7 and four times in 2018 by 25 basis points each time. The Federal Funds rate is currently 2.50%. The Federal Reserve stated gradual increases are still projected for 2019 earlier this year, but have since pivoted causing uncertainty for further rate hikes in the near term.

4

Staff Report Page No. 4 of 17

I

3.00% 2.50%

2.00% 1.50<1/o

1.00% 0.50%

0.00%

_._LAIF

Yield Comp~1rison July 2016 - December 2018

_,._z Y1· Trsy - -City

A listing of transactions for the second quarter of fiscal year 2019 is included in Attachment 3 to this rep01i.

Total Cash and Investments - Folsom Redevelopment Successor Agency The RDSA had total cash and investments of $11 ,220,064 as of December 31, 2018. This is a decrease of $7,002,131 (38%) since December 31, 2017. This decrease is due to utilizing bond proceeds held by the Agency for the St. Anton Bidwell Pointe project as well as projects within the Historic District. The remaining amount of bond proceeds held by the Agency are broken out individually in the Portfolio Management Summary in Attachment 1.

The following table and graph illustrate the monthly balances and their respective percentage changes for the reporting period. Monthly fluctuations in cash and investments are the result of typical receipt of revenues less expenditures for operations, debt service, and capital improvements.

J<'olsom Redevelopment Successor Agency

Jul $ Aug $ Sep $

Oct $ Nov $

Dec $

2018-19

J 1,774,675 8,867,880 8,868,071 8,868,187 8,868,303

11 ,220,064

Monthly Change

-25% 0% 0% 0%

27%

$

$

$ $

$

$

2017-18

17,435,636 14,269, 119 14,269,408 14,345,519 14,336,259 18,222,196

5

Monthly Change

-18% 0% 1% 0%

27%

$

$

$

$

$

$

Yearly$ Change

(5,660,961) (5 ,401 ,239) (5 ,401,337) (5 ,477,332) (5,467,956) (7,002, 131)

Yearly% Change

-32% -38% -38% -38% -38% -38%

Staff Report Page No. 5 of 17

Folsom Redevelopment Successor Agency Cash and Investments

$30,000,000 -.--------------------- -----,------~

$25,000,000

$20,000,000

$15,000,000

$10,000,000

$5,000,000

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

02016-17 • 2017- 18 • 2018-19

The RDSA's projected cash needs for the next six months are sufficiently provided for by anticipated revenues and the liquidity of its cash and investments.

Investment Performance - Folsom Redevelopment Successor Agency The RDSA's Portfolio Management Summary report for the month of December 2018 is presented in Attachment l. The RDSA' s investment earnings for the three month quarter ending December 31, 2018 totaled $37,217. The effective rate of return for the RDSA investment portfolio for the same time period is 1.55%.

Total Cash and Jnvestments - Folsom Public Financing Authority The FPFA cash and investments totaled $69,973,145 as of December 31, 2018. This is a decrease of $7,659,570 (10%) from December 31, 2017. Monthly fluctuations in cash and investments are the result of typical receipt of debt service repayment revenues and the subsequent debt service expenditures. lhe following table and graph illustrate the monthly balances and their respective percentage changes for the reporting period.

Folsom Public Financing Authority

Monthly Monthly Yearly$ Yearly% 2018-19 Change 2017-18 C hange Change Change

Jul $ 78,713,643 $ 84,384,074 $ (5,670,430) -7% A ug $ 83,158,965 6% $ 87,466,284 4% $ (4,307,3 19) -5% Sep $ 70,072,260 -16% $ 79,007,326 -10% $ (8,935,067) -11 %

Oct $ 69,965,468 0% $ 77,632,730 -2% $ (7,667,263) -10% Nov $ 70,948,837 1% $ 77,630,400 0% $ (6,681,563) -9% Dec $ 69,973, 145 - 1% $ 77,632,7 15 0% $ (7,659,570) -10%

6

Staff Report Page No. 6 of 17

$110,000,000

$100,000,000

$90,000,000

$80,000,000

$70,000,000

Folsom Public Financing Authority Total Cash and Investments

Jul Aug Sep Oct Nov Dec .Jan Feb Mar Apr May Jun

• 2016-17 02017- 18 02018-19

Monthly fluctuations in cash and investments are the result of typical receipt of debt service repayment revenues and the subsequent debt service expenditures. The FPF A's projected cash needs for the next six months are sufficiently provided for by anticipated revenues and the liquidity of its cash and investments.

Investment Performance - Folsom PubJic Financing Authority The FPF A's Portfolio Management Summary report for the month of December 2018 is presented in attachment l. The FPF A's investment earnings for the three month quarter ending December 31 , 2018 totaled $620,872. The effective rate of return for the FPF A investment portfolio for the same time period is 3.58%.

Total Cash and Investments - Folsom Ranch Financing Authority The FR.FA cash and investments totaled $48,075,000 as of December 31, 2018, an increase of $ 13,125,000 over the prior year. This increase is clue to the issuance of the $ 13,255,000 Series 2018 FRF A Special Tax Revenue Bonds, the proceeds of which were used to purchase the CFD No. 20 Bonds. The CFD No. 20 Bonds were issued on June 51

'\ 2018, and were purchased by the Authority on the same day. The only other activity within FRF J\ was the maturing of $130,000 CFD No. 17 Bonds on September 1, 2018.

The Authority's projected cash needs for the next six months arc sufficiently provided for by anticipated revenues and the liquidity of its cash and investments.

Investment Performance - Folsom Ranch Financing Authority The fRF A's Portfolio Management Summary report for the month of December 2018 is presented in attachment I. The fPf' A's investment earnings for the three month quarter ending December J 1, 20 18 totaled $589,505. The effective rate of return for the fRFA inves tment portfolio for the same time period is 5 .00%.

7

Staff Report Page No. 7 of 17

Total Cash and Investments - South of 50 })arking Authority The South of 50 Parking Authority cash and investments totaled $0 as of December 3 I, 2018.

The Authority's projected cash needs for the next six months are sufficiently provided for by anticipated revenues and the liquidity of its cash and investments.

Investment Performance - South of 50 Parking Authority There is no investment activity for the South of 50 Parking Authority.

ATTACHMENTS

1. City of Folsom, Folsom Redevelopment Successor Agency, Folsom Public Financing Authority, and Folsom Ranch Financing Authority Portfolio Management Summary December 2018

2. City of Folsom Portfolio Holdings as of December 31 , 2018 3. City offolsom Transaction Summary, Second Quarter of Fiscal Year 2019

RECOMMENDATION/CITY COUNCIL ACTION

The Finance Department recommends that the City Council receive and file the City of Folsom, the Folsom Redevelopment Successor Agency, the Folsom Public Financing Authority, the South of 50 Parking Authority, and the Folsom Ranch Financing Authority monthly Investment Report for the month of December 2018.

W. Fran ·is, Finance Director/CFO Agency Finance Officer Folsom Public Financing Authority Treasurer South of 50 Parking Authori ty Treasurer Folsom Ranch Financing Authority Treasurer

8

Staff Report Page No. 8 of 17

ATTACHMENT 1

. !

Staff Report Page No. 9 of 17

Ii. City of Folsom

Combined City of Folsom, Redevelopment 50 Natoma St.

C/) Successor Agency, FPFA & FRFA Folsom, CA 95630 rt P> -- - Portfolio Summaries (916) 351-3345 H, <: ~ ., . ., {/ ' H, JF <CD I[ .. § (Q) 1'\1I December 31, 2018

......... , .... ., . .,.., - ... .. . .,,, .. . ~ (1)

'"O Face Amount/ 1,500,000.00 Book Market Days to Accrued % of 0 City of Folsom YTM@Cost Shares Cost Value Value Value Maturity Interest Portfolio 1-i Cash 2.21 1% 2, 116.682.00 2,116,682.00 2, 116.682.00 2,1 16,682.00 1 1.i2 rt

Certificate or Deposii 2.301% 15,530,000.00 15,528,441.86 15,529,167,66 15.326,908.55 777 79,776.66 12.59 ltj Commercial Paper 2.532% 15,000,000.00 14,793,048.61 14,911,575.01 14,907,975.00 79 12.16 P>

Corporate Bond 2.549% 17,500.000.00 17,684,639.00 17,524,069,88 17,249,665.00 806 117,296.05 14.18 '° (1) FFCB Bond 2.507% 1,500,000.00 1,500,000.00 1,500.000.00 1,491,550.00 827 9,1 13.34 1.22

z FHLB Bond 2.360% 2,500,000.00 2,473, 756,50 2,474,065.25 2,461,380.00 949 21 ,577.78 2.03

0 FHLMC Bond 2.071% 5,000,000.00 4,991,250.00 4,993,563.99 4,935,730.00 914 19,181 .94 4.05 Local Government Investment Pool 2.399% 20,197,842.54 20, 197,842,54 20,197,842 54 20,197,842.54 1 16.37

f-' Money Markel 2.170% 5,785,633.89 5,785,633.89 5,785,633.89 5,785,633.89 1 4.69 0 Municipal Bond 2.367% 38,249,737.42 38,201.658.87 38,130,948.30 37,929,541.23 623 314,712.81 31.00

0 Total I Average 2.388% S 123,379,895,85 S 123,272,953.27 S 123,163,548,52 $ 122,402,908.21 481 s 561,658.58 100.00

Hi Book <1/o of Interest Total Rate

f-' Pooled Equity Value Portfolio Earnings (FY) of Return (FY) -..J City of Folsom Cash and Investments (excluding ROSA, FPF.'< & FRF A amounts) $ 111,671,000.23 90.67% $ 11359,926.95 2.26% Redevelopment Sucessor Agency (included in ROSA Investment Report) 11,219,060.68 9.11% $ 72,489.54 1.56%

Public Financing Authority (included in PFA Investment Report) 273,487.61 0.22% S 1 i297 ,883.19 3,57%

Folsom Ranch Financing Authority (included in FRFA Investment Report) 0.00% $ 1,173,054.38 4,94%

Tot~I Pooli>d Equity $ 123,163,548.52 100.00%

Face Amount/ Book Market Days to Accrued %of

Redevelopment Successor A;1encz'. YTM@Cost Shares Cost Value Value Value Maturity interest Portfolio

Cash 2.440% 4, 114.232.26 4,1 14,232.26 4.114,232.26 4 ,114,232.26 1 36.67

Non-Housing 201 l A Proceeds 2.440% 2,591 ,951.25 2,591,951.25 2,591,951.25 2,591 ,951.25 1 23.10

Housing 20118 Proceeds 2.440% 4,512,877.17 4,5 12,877.17 4,512,877.17 4 ,512,877.17 1 40.22 Money Market 2.490% 1,003.67 1,003.67 1,003.67 1,003.67 1 0.01 Total / Average 2.440% S 11,220,064.35 s 11,220,064.35 s 11,220,064.35 $ 11,220,064.35 1 s 100.00

Face Amount/ Book Market Days to Accrued ¾of

Folsom Public Financin9 Authority YTM@Cost Shares Cost Value Value Value Maturity Interest Portfolio

Cash 2.440% 273,487.61 273,487.61 273,487.6 1 273,487.61 1 0.39 Commercial Paper 2.050% 1,205,000.00 1,194,794.47 1,202,346.56 1,201 ,577.80 39 1.72

Money Market 2.490% 614,723.32 6 14.723.32 6 14,723.32 614,723.32 1 0.88 Municipal Bond 3.543% 67,882,587.02 67,882,587.02 67,882,587.02 67,882,587.02 2954 801,1 79.35 97.01

Total/ Average 3.504% S 69,975,797.95 s 69,965,592.42 s 69,973,144.51 $ 69,972,375.75 2866 $ 801,179.35 100.00

Face Amount/ Book Market Days to Accrued 0/g of

Folsom Ranch F inancin9 Authority YTM ~Cost Shares Cost Value Value Value Maturity Interest Portfolio

Municipal Bond /J 4.851 % 48,075,000.00 48,075,000.00 48,075,000.00 48,075,000.00 8281 777,368, 74 100.00 ~

4.851% S 48,075,000.00 s 48,075,000.00 s 48,075,000.00 $ 48,075,000.00 8281 s 777,368.74 100.00

ATTACHMENT 2

)

Staff Report Page No. 11 of 17

Portfolio Holdings for Inv. Report Report Format By Transaction

Po,1folio / Report Group: City of Folsom

,- ---Descriptlon

~ " " -Cash '

w ens i=-a-rgn- cam,-

Wells Fargo Cash ' ''

Sub Total / Average 'y-y~-,,, .rr;_~·~\i.'":J.'-:.' ,,, ' -' . Certificate Of Deposit r., '} I• ,"- 1i\: __ Ally Bank 2 10/26/2020

American Express - Centurion 2.3 4/5/2021 ' ~-

American Express Bk FSB 2.2 10/23/2019

Appalachian Community CU 3.2 2/28/2022

Bank of North Carolina - Thomasville 1.25 2/27/201

Barclays Bank 1. 95 5/13/2019

Belmont Savings Bank 2. 75 3/14/2023

Beneficial Bank 2, 15 10/18/2022

BMW Bank 2.1 9/15/2021

Capital One Bank USA NA 2.35 8/26/2,020 ' ~-

Cellic Bank 3.15 8/29/2022-19

CIT Bank 2, 1 1/14/2020 .:·

' Citibank, NA 2.8 4/26/2021

Citizens Deposit Bank of Arlington. Inc. 3.1 6/29/

Crescent Bank & rrust 1.65 2/18/2020

Discover Bank 2.25 2/1 5/2022

East Boston Savings Bank 2.3 7/30/2021

Enerbank USA 2.05 8/28/2019

Envision CU 3 6/15/2021

Essential FCU 3.55 12/5/2023

Farmer's & Merchants Bank3.3 9/27/2023

First Bank of Highland Park 2.2 8/23/2022

Flagstar Bank FSB 2.15 1127/2020

Goldman Sachs Bk 2.05 5/21/2019

HSBC Bank Step 11/1 7/2020-18

Investors Bank 2. 1 12/28/2020

Jefferson Financial FCU 2.45 11110/2022

JPMorgan Chase Bank NA 1.45 11/21/2019-17

Key Bank Ohio NA 1.35 2/19/2019

LCA Bank 2. 1 6/21/2021

Medallion Bank 2.1510/11/2022

Mercantil Commercebank NA 1.65 6/24/2021

Merrick Bank 1.65 6/19/2019

Midland States Bank 2.3 12/23/2019

Morgan Stvnley Bank, NA 1.7 8/5/2019

Morgan Stanley Private Bank, NA 1.7 8/5/2019

Nalional Cooperative Bank, NA 3.4 12/2112023

Neighbors FCU 3.3 9/19/2023

City of Folsom

Portfolio Holdings

·-· - --Issuer

- .

Wells F"argo

Wells Fargo \J

.. ··'--

- - Y,-l,-n·r,: . -? ~ -~

..:: .,f~. <;. " '' "' ' Ally Bank

American Express -.Centurion

American Express Bk FSB

Appalachian Community CU

Bank of North Carolina - Thomasville

Barclays, Bank .,

Belmont Savings Bank

Beneficial Bank

BMW Bank

Capital One Bank USA NA

Celtic Bank

CIT Bank '•'"" <

" '.,

Citibank, NA

Citizens Deposit Bank of Arlington, fnc.

Crescent Bank & Trust

Ofscover Bank

East Boston Savings Bank

Enerbank USA

Envision CU

Essential FCU

Farmer's & Merchants Bank

First Bank of Highland Park

Flagstar Bank FSB

Goldman Sachs Bk

HSBC Bank

Investors Bank

Jefferson Financial FCU

JPMorgan Chase Bank NA

Key Bank Ohio NA

LCA Bank

Medallion Bank

Mercantil Cornrnercebank NA

Merrick Bank

Midland States Bank

Morgan Stanley Bank, NA

Morgan Stanley Private Bank. NA

National Cooperative Bank, NA

Neighbors FCU

Staff Report Page No. 12 of 17

.. . . ,. .

'f~..-4--

Group By Security Type

Average By: Face Amount/ Shares As of 12/31/2018

, Coupon Face %of Rate AmUShares Portfolio

0.000 116,682.00 0 .09

2.340 2,000,000.00 1.62

2,211 2,116,682.00 1.72

2.000 247,000.00 0 .20

2.300 247,000.00 0.20

2,200 247,000.00 0.20

3.200 245,000.00 0 .20

1.250 250,000.00 0.20

1.950 247,000.00 0.20

2.750 246,000.00 0.20

2.150 247,000.00 0.20

2.100 247,000.00 0.20

2,350 247,000.00 0,20

3.150 245,000.00 0,20

2,100 247,000.00 0.20

2.800 245,000.00 0.20

3.100 246,000.00 0.20

1.650 244,000.00 0.20

2.250 247,000.00 0,20

2.300 247,000.00 0.20

2.050 247,000.00 0.20

3.000 245,000.00 0.20

3.550 245,000.00 0,20

3.300 245,000.00 0.20

2.200 247,000,00 0,20

2.150 247,000.00 0.20

2.050 247,000.00 0.20

3.100 245,000.00 0.20

2.100 247,000.00 0.20

2.450 245,000.00 0.20

1.450 248,000.00 0.20

1.350 248,000.00 0.20

2.100 247,000.00 0.20

2,150 247,000.00 0.20

1.650 247,000.00 0.20

1 650 249,000.00 0.20

2.300 247,000.00 0.20

1.700 247,000.00 0.20

1.700 247,000 00 0.20

3.400 245,000.00 0.20

3.300 245,000.00 0.20

Northern Bank & Trust.MA 2 9/29/2020-17 Northern Bank & Trust.MA 2.000 248,000.00 0.20

Noire Dame FCU 2.2 1/13/2020 Notre Dame FCU 2.200 247,000.00 0.20

People's United Bank, NA 1.6 5/10/2019 People's United Oank, NA 1.600 247,000.00 0.20

Public Service CU 3.15 10/26/2021 Public Service CU 3.150 245,000.00 0,20

Reading Co-operative 2.35 3116/2020 Reading Co-operative 2.350 248,000.00 0.20

Sallie Mae Bank 1.15 2/11/2019 Sallie Mae Bank 1.150 248,000.00 0.20

Stale Bank or India 2.15 7/22/2019 Stale Bank or India 2.150 247,000.00 0.20

State Bank or India LA 2.5 3/20/2020 Stale Bank of India LA 2.500 246,000,00 0.20

Sterling Bank 2.35 412/2020 Sterling Bank 2.350 248,000.00 0.20

SunTrust Bank Step 1/30/2023-20 SunTrust Bank 2.300 245,000.00 0.20

Synchrony Bank 2.4 5/19/2022 Synchrony Bank 2.400 240,000.00 0.19

Third Federal Savings and Loan 2 7/28/2021 Third Federal Savings and Loan 2.000 245,000.00 . 0.20

Thomaston Savings Bank 2.25 12/13/2021-18 Thomaston Savings Bank 2.250 247,000.00 0.20

Three Rivers FCU 3.05 8/2/2021-19 Three Rivers FCU 3.050 245,000.00 0.20

TIM , FSB 2.2 8116/2022 T IAA, FSB 2.200 247,000.00 0.20

Townebank 2.8 11/24/2020 Townebank 2.800 246,000.00 0.20

Toyota Financial Savings Bank 3.4 7 /23/2023-19 Toyota Financial Savings Bank 3.400 245,000.00 0.20

Tristate Capital Bank 2.3 1/31/2020 Tristate Capital Bank 2.300 247,000.00 0.20

UBS Bank USA 1.2 5/31/2019 UBS Bank USA 1.200 250,000.00 0.20

Uinta County Bank 2.6 2/16/2023 Uinta County Bank 2.600 246,000.00 0.20

Umpqua Bank 2.5 11/25/2019 Umpqua Bank 2.500 246,000.00 0.20

Vibrant CU 3.1 12/21/2020 .-. Vibrant CU 3.100 246,000.00 0.20

VisionBank of Iowa 2.15 5/31/2022 VisionBank of Iowa 2.150 247,000.00 0.20

Wex Bank 1.55 5/13/2019 ·-

Wex Bank 1.550 248,000.00 0.20

Whitney Bank1 .55 1/2512019 Whitney Bank 1.550 248,000.00 0.20

Sub Total I Average 2.301 15,530,000.00 12.59

lcommerc lal Pa er - ... ·'. ~

p

JP Morgan Securities LLC o 1/16/2019 /ti JP Morgan Securities LLC 0.000 2,500,000.00 ' 2.03

JP Morgan Securities LLC O 5/17/2019 JP Morgan Securihes LLC 0.000 2,500,000.00 2.03

JP Morgan Securities LLC o 7/29/2019 JP Morgan Securities LLC 0.000 2,500,000.00 2.03

MUFG Bank Lid/NY O 1/17/2019 MUFG Bank Ltd/NY 0 000 5,000,000.00 4.05

MUFG Bank ltd/NY O 3/20/2019 MUFG Bank Ltd/NY 0.000 2,500,000.00 2.03

Sub Total I Average ~- ~ .r 0.000 15,000,000.00 12.16

Corporate Bond

Amencan Express Credit 2.25 5/5/2021-21 American Express Credit 2.250 1,000,000.00 0 81

Bank of NY Mellon 2.6 2m2022-22 Bank of NY Mellon 2.600 1,000,000.00 0.81

Bank of NY Mellon 3.5 4/28/2023 Bank or NY Mellon 3.500 1,000,000.00 0.81

Barclays Bank PLC Step 8/25/2020-18 Barclays Bank PLC 2.000 2,000,000.00 t.62

Citibank, NA 2.1 6/12/2020-20 Citibank, NA 2.100 1,000,000.00 0.81

General Elec Cap Corp 5.55 5/4/2020 General Elec Cap Corp 5.550 1,000,000.00 0.81

General Elec Cap Corp 6 817/2019 General Elec Cap Corp 6 .000 500,000.00 0.41

Goldman Sachs Group Step4/29/2021-17 Goldman Sachs Group 2.000 1,000,000.00 0 81

International Bank ror Reconstruction and Developm International Bank for Reconstruction and Developm 1.200 2,000,000 00 1.62

JPMorgan Chase & Co 2.55 3/1/2021-21 JPMorgan Chase & Co 2.550 2,000,000.00 1.62

PNC Bank NA 2.15 4/29/2021-21 PNC Bank NA 2.150 1,000,000 00 0 81

Wells Fargo & Co 2.5 3/412021 W ells Fargo & Co 2.500 2,000,000.00 1.62

Wells Fargo & Co 2 625 7/22/2022 Wells Fargo & Co 2.625 1,000,000.00 0.81

Wells Fargo & Co 3.069 1/24/2023-22 Wells Fargo & Co 3.069 1,000,000 00 0 81

Su b Total/ Average 2.591 17,500,000.00 14.18

I FFCB Bond

.-FCB 2 32 5/18/2022-18 FFCB 2.320 500,00000 0 41

FFCO 2.6 9/14/2020 FFCO 2.600 1,000,000 00 0 81

Staff Report Page No. 1 3 of 17

jsub Tota l I Average 2.so7 I 1.soo.000.00 I 1.221 FHLB Bond

FHLB 1.8 9/1/2023-16 FHLl3 1.800 500,000.00 0.41

FHLB 2.2 112912021-19 FHLB 2.200 2,000,000.00 1.62

Sub Total/ Average 2.120 2,500,000.00 2.03

FHLMC Bond

FHLMC 1.85 11127/2020-17 FI-ILMC 1.850 2,000,000.00 1 .62

FHLMC 2 7/27/2021-18 FHLMC 2.000 . 1,000,000.00 0.81

FHLMC Step 6/2112022-17 FHLMC 2.050 1,000,000.00 0.81

FHLMC Step 8/25/2021-16 FHLMC 1.875 1,000,000.00 0.81

Sub Total I Average ,,

\ ,.

1.925 5 ,000,000.00 4.05 ,

Local Governl!Jent lnvestme·nt Pool ..

,. ,/ ,.; ' ,,

LAIF City LGIP LAIF City 2.399 20,182,780.78 16.36

LAIF FPFA LGIP LAIF FPFA • C < 2.399 15,061:76 0.01

Sub Total·/ Average ' ' ' ,--, ',) 7, ·:: ~,v, } ·~ -:-!,;},'. 2.399 20,197,842.54 16.37 .. ,., 'i,

Money Mar.ket ' #:.' -l'w.,::,, ,'i~ . ii~•;, \(' . ,, Wells Fargo MM Wells Fargo 2.170 1,707,349.20 1.38

Wells Fargo MM Wells Fargo 2,170 4,078,284.69 3.31

Sub Total' / Average • 2.170 5,785;633.89 4:69 .. Municipal Bond '•

Alameda Community Imp. Dist. Successor Agency 2.58 Alameda Community Imp. Dist. Successor Agency 2.581 1,000,000.00 0.81

CA St DWR Pwr Supp Rev 1.713 511/2021 CA SI DWR Pwr Supp Rev 1.713 964,737.,42 0.78

CA St DWR Pwr Supp Rev 2 5/1/2022 CA St DWR Pwr Supp Rev 2.000 1,000,000.00 0.81

CA St DW R Pwr Supp Rev 25/1/2022 CA St DWR Pwr Supp Rev ~ ' 2.000 1,000,000.00 . 0 .81

Carson RDA SA TABS 2.242 2/112019 Carson RDA SA TABs 2.242 250,000.00 0,20

Carson RDA S_A TABs 2:503 211,12020 Carson RDA SA TA8s • ' 2:5b3 250,000.00 · 0 .20 '

Carson RDA SA TABS 2.742 21112021 Carson RDA SA TABs 2.742 145,000.00 0 .1 2

Carson RDA SATABs 2.992 211°/2022-17 Carson RDA SA_TABs i992 100,000.00 0,08

Cent. Contra Costa San Dist Rev. Bonds 2.62 911120 Cent. Contra Costa San Dist Rev. Bonds 2.620 500,000.00 0.41

Cent. Contra Costa San Dist Rev. Bonds 2.96 9/1/20 Cent. Contra Costa San Dist Rev. Bonds 2.960 235,000.00 0.19

City of Industry PFA RDA Proj # 1 2.7891/1/2019-16 City of Industry PFA RDA Proj #1 2.789 2,000,000.00 1.62

Coast CCD GOBS 1.975 8/1/2023 Coast CCD GOBs 1.975 1,265,000.00 1.03

CSU Revenue Bonds 2.982 11/1/2021 CSU Revenue Bonds 2.982 300,000.00 0.24

Eureka RDA SA TABs 2 11/1/2019 Eureka RDA SA TABs 2.000 , 710,000.00 0.58

Fullerton RDA SA TABs 5.774 9/112020 Fullerton RDA SA TABs 5.774 100,000,00 0.08

Highland RDA-SA TABS 1.75 2/112020 Highland RDA-SA TABs 1.750 350,000.00 0.28

Highland RD/\-SA TABs 22/1/2021 Highland RDA-SA TABS 2.000 405,000.00 0,33

Highland RDA-SA TABs 2.25 211/2022 Highland RDA-SA TA8s 2.250 390,000.00 0.32

Marin CCD GOBs 2.243 8/1/2021-16 Marin CCD GOBs 2.243 650,000.00 0.53

Monrovia RDA-SA 2.35 5/1/2020 Monrovia RDA-SA 2.350 165,000.00 0.13

Murrieta RDA-SA TABS 28/1/2020 Murrieta RDA-SA TABS 2,000 400,000.00 0.32

Murrieta RDA-SA TABs 2.25 8/1/2021 Murrieta RDA-SA TA8s 2.250 350,000.00 0,28

Murrieta RDA-SA TABS 2.5 8/1/2022 Murrieta ROA-SA TABs 2,500 250,000.00 0.20

Napa Valley CCD 2.226 8/1/2019 Napa Valley CCD 2.226 1,000,000,00 0.81

Placer County ROSA 2.25 8/1/2019 Placer County ROSA 2.250 765,000.00 0.62

Riverside CCD 2.848 8/112020 Riverside CCD 2.848 500,000,00 0.41

San Dieguito USD GOBs 2.593 8/112019 San Diegliito USO GOBs 2.593 1,020,000.00 0.83

San Oieguito USO GOBs 2.793 8/1/2020 San Dieguilo USO G08s 2.793 500,000.00 0.41

San Francisco RDA SA TABS 2.796 8/112021 San Francisco RDA SA TABs 2 796 1.000,000 00 0.81

San Jose Evergreen CCD 2.657 9/1/2019 San Jose Evergreen CCD 2.657 1,500,000.00 1.22 .

San Jose RDA-SA 2.259 8/1/2020 San Jose RDA-SA 2.259 1,000,000.00 0.81

San Jose RDA-SA 2.63 8/1/2022 San Jose RDA-SA 2,630 1,000,000.00 0.81

Staff Report Page No. 14 of 17

San Jose RDA-SI\ 2.63 8/1/2022 San Jose RDA-SA 2.630 1,000,000 00 0.81

San Jose RDASA TABs 2.828 811/2023 San Jose RDASA TABs 2.828 500,000.00 0.41

San Marcos ROS/\ 2.5 10/1/2019 San Marcos ROSA 2.500 1,550,000.00 1.26

Santa Clara County GOBs 2.1 25 8/1/2020 Santa Clara County GOBs 2.125 1,000,000.00 0.81

Santa Cruz County Cap FA Lease Rev 2.88 6/1/2020 Santa Cruz County Cap FA Lease Rev 2.880 490,000.00 0.40

Santa Rosa ROSA 2.46 8/1/2019 Santa Rosa ROSA 2.460 400,000,00 0.32

Santa Rosa ROSA 2.75 8/1/2020 Santa Rosa ROSA 2.750 400,000.00 0.32

Santee CDC Successor Ag 1.7 8/1/2019 Santee CDC Successor Ag 1,700 1 ,045,000.00 0.85

Santee CDC Successor Ag 28/1/2020 Santee CDC Successor Ag 2.000 385,000.00 0.31

SF BART Rev Bonds 2.621 7/1/2023-17 SF BART Rev Bonds 2.621 735,000.00 0 ,60

State of CA GO 2.25 5/1/2019 State of CA GO 2.250 930,000.00 0.75

State of CA GO 2.25 5/1/2019 State of-CA GO ' 2.250 1,000,000.00 0.81

State of CA GO 2.5 10/1/2022 State of CA GO 2.500 1,000,000.00 0.81

Univ of CA Revenue 1.169 5/1512019-16 Univ of CA Revenue 1.169 500,_000.00 0.41

Univ of CA Revenue 1.49 5/1512020-16 Univ of CA Revenue 1.490 1,000,000 00 0.81

Univ of CA Revenue 1 .796 711/2019 ,,

Univ of CA Revenue 1,796 2,000,000.oq 1.62

Univ of CA Revenue 2.15 5/15/2021-17 Univ of CA Revenue 2.150 1,000,000.00 0.81

Univ of CA Revenue 3.283 5/15/2022-18 Univ of CA Revenue 3.283 500,000.00 i i' , 0 .41

Vacaville RDA-SA TABS 1.641 9/1/2019 Vacaville RDA-SA TABS 1.641 300,000.00 0.24

Vacaville ROA-SA TABs 1.848 9/112020 Vacaville ROA-SA TABs 1.848 450,000.00 0.36

West Contra Costa USO GOBs 2.342 2/1/2019 West Contra Costa USO GOBs 2.342 500,000.00 0.41

West Contra Costa USO GOBs 2.542 8/1/2019 West Contra Costa USO GOBs 2.542 200,000.00 0.16

West Contra Costa USO GOBs 3.031 8/1/2021 West Contra Costa USO GOBs 3.031 300,000.00 0.24

Sub Total I Average .,

; 2.320 •, 38,2~9,737.42 31.00 l

Total I Averag~ ~ T · c .• -- . - .,c " ' ·- ·1 1001

,!, ""' ,:t. ····~ - -" .; ·~· ... _ -~ 2.060 123,379,895.85

Staff Report Page No. 15 of 17

ATTACHMENT 3

Staff Report Page No. 16 of 1 7

'. ~. ' . '. '

City of Folsom Transactions Summary

Transaction Summary - Investment Report

Portfolio/ Report Group: City of Folsom

Description Security Typo

-Buy

Appalachian Community CU 3.2 212812022 Certificate Of Deposit

Bank of NY Mellon 3.5 4/28/2023 Corporate Bond

Coast CCD GOBs 1.975 8/112023 Municipal Bond

Essential FCU 3.55 12/5/2023 Certificate Of Deposit

FHLB 1.8 9/1/2023-16 FHLB Bond

JP Morgan Securities LLC o 7/29/2019 Commercial Paper

National Cooperative Bank, NA 3.4 12/21/2023 Certificate Of Deposit

Public Service CU 3:15 10/26/2021 Certificate Of Deposit

San Jose RDASA TABS 2.828 8/1/2023 Municipal Bond

SF BART Rev Bonds 2.621 7/1/2023-17 Municipal Bond

Vibrant CU 3.1 12/21/2020 Certific.110 Of Deposil

Sub Total I Average 1 .,. I

Called

US Bancorp 1.95 11/1512018-18 Corporate Bond

Sub Total I Average

Matured .. .,, Bank of Tokyo MUFG O 11/1612018 Commercial Paper

Credit Agricole CIB NY O 11/28/2018 Commercial Paper

FHLB 1.75 12/14/2018 FHLB Bond

Sub Total / Averago ,

Settlement Dato

1212812018

1011512018

11/19/2018

12/05/2018

12/11/2018

11/2812018

12/2112018

10126/2018

12124/2018

12120/2018

12/21/2018

1011512018

11116/2018

11128/2018

12/14/2018

Group By: Action

Begin Date: 10/01/2018, End Date: 12/31/2018

Maturity Faco Principal

YTM@ Coupon Dato Amt/Shares Cost Rate

02128/2022 245,000.00 245,000.00 3.200 3.200

04/2812023 1,000,000.00 997,000.00 3,572 3.500

08/01/2023 1,265,000.00 1,201,408.45 3.133 1.975

12/0512023 245,000.00 245,000.00 3.550 3.550

09/01/2023 500,000.00 473,756.50 3.000 1.800

07/29/2019 2,500,000.00 2,450,218.75 3.010 0.000

12/21/2023 245,000.00 245,000.00 3.400 3.400

10126/2021 245.000.00 245,000.00 3.150 3,150

08/0112023 500,000.00 495,250.00 3,050 2.828

07/0112023 735,000.00 722,828.40 3,015 2.621

12121/2020 246,000.00 246,000.00 3.100 3.100

7,726,000.00 7,566,462.10

11115/2018 1,000,000.00 1,000,000.00 0.000 1.9501

1,000,000.00 1,000,000.00

11/16/2018 2,500,000.00 2,500,000.00 0.000 0.000

11128/2018 5,000,000.00 5.000,000.00 0.000 0.000

12/14/2018 2,000,000.00 2,000.000.00 0.000 1.750

9,500,000.00 9,600,000.00

Staff Report Page No. 17 of 17