HomeMy WebLinkAboutHandouts_Investment Advisory_07/29/2008VILLAGE OF TEQUESTA
Daily Cash & Investments Balance Report
7129/2008 8:38
GENERAL CASH ACCOUNT -
A/P POOLED CASH ACCOUNT
001-000-101.100 Cash -Bank of America
001-000-101-130 Cash -National City
101-000-101.100 Cash -Bank of America
301-000-101.100 Cash -Bank of America
303-000-101.100 Cash -Bank of America
401-000-101.100 Cash -Bank of America
401-000-101.103 Restrict - O 8~ M BOA
401-000-101.104 Restrict -Cash -Debt
401-000-101.109 Cash-Impact Fees/Cap Imp-BOA
401-000-101-112 Restrict - Cust. Deposits
401-000-101.114 BOA- D/S 2004 Tropic Vista
402-000-101.100 Cash - Bank of America
403-000-101.100 Cash -Bank of America
TOTAL POOLED CASH AVAILABLE
PAYROLL POOLED CASH ACCOUNT
$ 6,708,819.78
TOTAL
$ 1,946,556.53
502, 508.11
269,295.19
431,720.92
391,257.27 $ 3,541,338.02
2,375,462.83
215,829.17
136,018.75
11,496.52
249,151.73
3,462.16 $ 2,991,421.16
93,287.00
41,425.55 $ 134,712.55
$ 6,667,471.73 $ 6,667,471.73
001-000-101.101 Payroll Cash- BOA $ 17,510.77
401-000-101.101 Payroll Cash- BOA 1,099.79
403-000-101.101 Payroll Cash- BOA 700.88
TOTAL PAYROLL CASH AVAILABLE $ 19,311.44 $ 19,311.44
GENERAL EMPLOYEES' PENSION TRUST CASH ACCOUNT
602-000-101.123 Cash -Sun American Bank $ 843.81
TOTAL SUN AMERICAN BANK CASH AVAILABLE $ 843.81
SPECIAL LAW ENFORCEMENT
605-000-101.100 Cash -BOA
TOTAL SPECIAL LAW ENFORCEMENT
SUMMARY OF SBA FUNDS
FUND A - $ 4,120,160.10
FUND B - $ 429,070.04
$ 4,549,230.14
INVESTMENTS-SBA
001-000-151.100 Investments SBA - A
001-000-151.101 Investments SBA - B
101-000-151.100 Investments SBA - A
101-000-151.101 Investments SBA - B
301-000-151.100 Investments SBA - A
301-000-151.101 Investments SBA - B
303-000-151.100 Investments SBA - A
303-000-151.101 Investments SBA - B
401-000-151.100 Investments SBA - A
401-000-151.101 Investments SBA - B
401-000-151.119 SBA -Impact Fees/Capital
402-000-151.100 Investments -SBA - A
402-000-151.101 Investments -SBA - B
403-000-151.100 Investments -SBA - A
403-000-151.101 Investments -SBA - B
605-000-151.100 Investments -SBA - A
605-000-151.101 Investments -SBA - B
TOTAL INVESTMENTS
$ 22,036.81
$ 22,036.61
Gen.Cash Bal. as of 07/28/08 6,693,511.29
Department's deposits 0.00
UB & CR 14,871.51
FPL Tax pmnt 0.00
PBC Tax Collector 436.98
National City Interest 0.00
BOA -Charges 0.00
Payroll 0.00
A/P 0.00
Gen.Cash Bal as of 07/29!08 6,708,819.78
TOTAL
$ 3,451,901.18
253,665.66 $ 3,705,568.84
0.00
0.00 0.00
0.00
0.00 0.00
0.00
0.00 $ -
340,126.32
158,029.59
0.00
$ 498,155.91
149,363.89
8,654.75
178,768.71
8,720.04
0.00
0.00
$ 4,549,230.14
Investments SBA as of 07/28/08 4,549,230.14
Interest 0.00
Unrealized Gain/ Loss 0.00
Investments SBA as of 07/29/08 4,549,230.14
Investments Earnings Year-To-Date
Interest 124,768.55
Net Unrealized Gain/(Loss) (35,628.06)
Net Realized Gain/ Loss 0.00
$ 158,018.64 Investments Earnings -June 08
Interest 7,830.31
Unrealized Gain/(Loss) 65,956.94
$ 187,488.75 Realized Gain/ Loss 0.00
$ -
$ 4,549,230.14
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DRAFT
VILLAGE OF TEQUESTA
DRAFT INVESTMENT POLICY
SECTION 1. PURPOSE
The purpose of this policy statement is to set forth the investment and operational policies for
the management of the public funds of the Village of Tequesta, Florida. These policies have
been adopted by, and can be changed only by, a majority vote of the Im~estment Advisory
Committee.
These policies are designed to ensure the prudent management of public funds, the availability
of operating and capital funds when needed, and an investment return competitive with those
of comparable funds and financial market indexes.
A copy of this statement will be provided to all investment dealers and investment managers
doing business with the Village of Tequesta, and will be provided to other ir-terested parties on
request.
SECTION 2. STATUTORY AUTHORITY
All local governments are required by section 218.415, Florida statutes, to adopt and follow an
investment policy. As stated in the statute, "The investmern policy shall describe the investment
objective of the unit of local government. Investment objectives shall include safety of capital,
liquidity of funds, and investment income, in that order."
SECTION 3. ORGANIZATION
The organization of the investment functions of the Village of Tequesta shall consist of the
Village Council, the Village Manager and an Investment Advisory Committee. The
responsibilities of these groups are as follows:
The Village Council
This group is the appointed and elected hotly responsible for the administration and investment
of the investment assets of the Village of Tequesta. To assist them in discharging their
responsibilities, the Village Council shall supervise the actions of the appointed Village
Manager as chair of the Investment Advisory Committee.
Investment Policy
Village of Tequesta, Florida
DRAFT
SECTION 3. ORGANIZATION (Continued)
2. The Investment Advisory Committee
The Investment Advisory Committee is composed of five (5) members: The appointed
Village Manager as chairperson, the Finance Director, etc. The committee reviews the
monthly reports presented to the Village Council and confers with the Village Manager if
there are any concerns that need to be addressed. (See Committee Charter for further
information concerning the duties of the committee.)
SECTION 4. INVESTMENT PHILOSOPHY
Except where specifically directed by the State Constitution, statutes, or regulations, the
general investment policies of the Village of Tequesta will be guided by the "prudent person"
rule. Those with investment responsibility for public funds are fiduciaries and, as such, "shall
exercise the judgment and care under the circumstances then prevailing that persons of
prudence, discretion, and intelligence exercise in the management of their own affairs, not in
regard to speculation but in regard to the permanent disposition of their funds," considering
probable safety of their capital first as well as probable income.
Public funds for the Village of Tequesta will be pooled for maximum investment objective.
This policy is applicable, but not limited to all funds listed below:
General Fund Monies
IBR101
Capital Improvement 301
Projects Monies
Water 401
Refuse and Rec 402
Stormwater 403
Bond reserve funds, deferred compensation and retirement
funds are directed by a Board of Trustees.
Investment Policy
Village of Tequesta, Florida
DRAFT
SECTION 5. INVESTMENT OBJECTIVES
The investment objective is as follows:
a) Objective. The primary investment objectives of this portfolio aze preservation of
principal and liquidity; income is a SECONDARY objective.
b) Risk and diversification. The investment policy shall provide for appropriate
diversification of the investment portfolio. Investments held should be diversified to
the extent practicable to control the risk of loss resulting from overconcentration of
assets in a specific maturity, issuer, instrument, dealer, or bank through which
financial instruments are bought and sold. Diversification strategies within the
established guidelines shall be reviewed and revised periodically, as deemed
necessary by the Investment Advisory Committee.
c) Rate of return. The annual time-weighted rate of return of this portfolio should at
least meet the annual total return on three-month Treasury bills.
SECTION 6. INVESTMENT POLICY GUIDELINES
Prohibited Investments include:
• Loans with an agreement for the collateral to be repurchased by the borrower
(repurchase agreements from the perspective of the public body).
• Futures and options for the sole purpose of hedging interest rate risk.
• Purchases on margin or short sales.
• Derivative securities that aze, in effect, a leveraged bet on future movements of
interest rates or some price index. Collateralized Mortgage Obligations (CMO's),
because of their complexity and prepayment rate uncertainty.
• Lending securities with an agreement to buy them back after a stated period of time
(reverse repurchase agreements from the perspective of the public body).
SECTION 7. TRADING PARAMETERS
When feasible and appropriate, all securities shall be competitively bid. Except as otherwise
required by law, the most economically advantageous bid shall be selected Commissions paid
for purchase of securities must meet prevailingbest-execution rates.
Investment Policy
Village of Tequesta, Florida
DRAFT
SECTION 8. REPORTING REQUIREMENTS
A. Monthly
The Village Manager shall submit a written monthly investment report to the Village
Council, the Investment Advisory Committee, the Finance Director, the Internal Auditor,
and the General Accounting Section
Items required in that report include:
• Type of Investment
• Name of Issuer
• Date of Purchase
• Date of Maturity
• Cost of security or amount of deposit
• Par Value
• Market Value
• Book Value
• Effective Rate of Return
• Accrued Interest
• Average maturity
• All investment transactions
• Statement relating that the report adheres to the current investment policy
• Statement that there are sufficient funds to meet the next six month obligations
B. Quarterly
The Village Manager shall submit a written quarterly investment report to the Village
Council. The detailed monthly investment report satisfies as the quarterly report.
Distribution as indicated in Section 8A of this policy.
C. Annually
Annually the Village Manager shall appear before the Village Council to submit the
annual investment report, which will include a, review of the past year, and a general
decision of strategies for the coming year.
Investment Policy
Village of Tequesta, Florida
DRAFT
Section 9. FLORIDA STATUTES AND APPLICABLE VILLAGE. at any time, this document
ORDINANCES is found to be in conflict with
Florida Statutes or the
applicable Village Ordinances, the Statutes and Ordinances shall prevail.
SECTION 10. CASH AND INVESTMENT INSTRUMENTS
City active and inactive deposits may be kept in checking accounts and savings accounts at
financial institutions as identified in Florida Statutes Chapter 280 provided that they are
adequately secured with proper collateral as prescribed by Section 280.17. Funds may be
automatically swept from the above accounts into im~estment instruments provided those
investment instruments are allowable investments as listed in this section, and limited to the
percentage of investment participation prescribed for each investment instrument
Percentages of Im~estment Participation and percentages of Maximum Participation apply at
the time of purchase. The investmern instruments and percentage of participation permitted by
this policy are: