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County of Ventura Board of Supervisors September 10, 2024 Page 2 of 4 Recent economic data suggests positive but slower growth this year fueled by consumer spending. A moderating labor market poses potential headwinds to future economic growth. Inflationary trends are subsiding, but core levels remain above the Federal Reserve's target. As expected at the July meeting, the Federal Open Market Committee voted to leave the federal funds rate unchanged at the target range of 5.25%-5.50%. I.nvestment Pool Activity Porffotio Average Balance .... ....... ....... ...... ...... ................ ............ :htbd* $4.67 billion $4.86. billion 1 $4.45 billion b4i i 4 Id .. .. .......... . .............. ........... ... .... . .......... 0.73-3 0J12 0.463 The earnings for June were $1x`,746,344, a $1.3 million decrease from May due to the smaller portfolio balance. The June effective Rate of Return, net of administrative fees, was 4.57%, an increase from the 4,56% earned in May. The Portfolio balances shift in a cyclical pattern, They will continue to decline until November, when the first installment of secured property taxes will begin to be collected. If the current portfolio investments are all held to maturity, the portfolio's gross approximate yield to maturity would be 4,54%, The weighted average days to maturity 'increased slightly to 304 days, and the 'Interest -rate sensitivity measure of effective duration also 'increased slightly to 0.733. Both numbers comfortably meet expectations for LGIP programs like ours. The portfolio has been managed with the objectives of safety, liquidity, and earning a competitive return, as outlined 'in the Statement of Investment Policy and as required by California Government Code 53601 and 53635, and continues to comply with the policy and all related statutes governing the management of public funds. Thep ool maintains its rating of AAAf/Sl+ by Standard & Poor's, the highest rating given by that rating organization. The Ventura County Investment Pool complies with Government Code Section 53646, which requires meeting its expenditure requirements for the next six months.