071300 - Laserfiche WebLink

Browse Search

iOF a� County of ven flip, it June 13, 2000 Board of Supervisors County of Ventura 800 South Victoria Avenue Ventura, CA 93009 SUBJECT: REPORT OF INVESTMENTS FOR THE MONTH OF MAY RECOMMENDATION: Discuss and File FISCAIJAIANDATES IMPACT: None HAROLD S. P177MAN TREASURER TAX COLLECTOR PUBLIC ADMINISTRATOR SUMMARY: Attached is a listing of market values for all investments for the month ending May 31, 2000. DISCUSSION: The average daily portfolio balance for the month of May amounted to $1.069 billion. The portfolio yield for May was 5.94%. The weighted average days to maturity increased 2 days to 248 days. The total net monthly earnings were $5.4 million, The portfolio has been structured to satisfy the anticipated cash flow needs of the participants. The investment practices and portfolio holdings are in compliance with our investment policy, The Federal Reserve once again moved to slow the rapidly growing economy by raising interest rates. This time, the move was more aggressive than in the past as both the Federal Funds rate, the rate banks charge each other for overnight funds, was increased by 50 basis points to 6.50%, and the Discount rate, the rate that the Federal Reserve charges member banks to borrow from the Fed itself, was also raised by 50 basis points to 6.00%. In its press release, the Federal Open Market Committee (FOMC), the Fed's policy setting arm, used the following justification: Increases in demand have remained in excess of even the rapid pace of productivity -driven gains in potential supply, exerting continued pressure on resources. The Committee is concerned that this disparity in the growth of demand and potential supply will continue, which could foster inflationary imbalances that would undermine the economy's outstanding performance. 800 South Victoria Avenue, Ventura, CA 93009-1290