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rix x TREASURERnTAX COLLECTOR Tic _TCVENTURA COUNTYor STEVEN HINTz TREASURER TAX COLLECTOR Sue Horgan Assistant Treasurer Tax Collector March 12, 2019 Ventura County Board of Supervisors 800 South Victoria Avenue Ventura, CA 93009 SUBJECT: Receive and File Report of investments, Including Market Values for Investments for the Month Ending January 31, 2019. RECOMMENDATION: Receive and File FISCALIMANDATES IMPACT: None DISCUSSION: This report covers the one-month period ending January 31, 2019. The report reflects continuing positive trends in the investment portfolio results. The average daily portfolio balance for January was $2.687 Billion, which exceeds the highest prior January balance ever, by $124 Million. It also reflects the predicted small decline of $40 Million from December. The balance will continue to decline slightly until the April tax collection period. The annualized percentage yield for January was 2.575%, an increase of 0.092% over December. The time of rapid increases in yield is probably over, for the next few months. The Federal Open Market Committee did not raise rates at its most recent meeting and its guidance for the future was opaque. As I write this report in mid-February, I believe our annualized yield will remain steady in the 2.50% - 2.65% range for the next three months. Going forward, if the current pool investments were all held to maturity, the pool's approximate yield to maturity is 2.69% and holding steady. Exhibit 2, the Monthly Transaction Report, shows that all but 4 of the 37 transactions in January will yield over 2.50% to maturity, a suggestion that the yield to maturity will increase, albeit more slowly than in the recent past. The total net earnings for January were $5.876 Million, a slight increase of $126 Thousand over December. I expect total net earnings to remain stable as long as the interest rate market is stable. 800 South Victoria Avenue, Ventura, Califomia 93009»1290 wwr,ventursprapertylaLorg (M) 654-3734