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County of Ventura <br />Board of Supervisors <br />September 10, 2024 <br />Page 4 of 4 <br />Government-sponsored enterprises comprise another 21%. Governmental securities are <br />generally considered safer and more liquid by most investors, and our team has been <br />working to increase these so that in the unlikely event of a financial crisis, the portfolio has <br />enough liquid funds to meet cash needs. <br />Continuing to look for opportunities to extend maturities in the portfolio in light of an <br />expectation for lower future interest rates available for investment. The Federal Reserve has <br />Been expected to lower the overnight borrowing rate between banks to keep the economy <br />from a contraction and combat the persistent inversion of the U.S. Treasury Yield curve <br />(where shorter maturity securities offer higher yields than longer maturity investments). This <br />activity by the Fed would provide lower -yielding 'investments for the portfolio in the future. A <br />more extended duration position with longer maturity 'Investments would temporarily protect <br />the portfolio's income. Duration increases are contemplated only after ensuring the portfolio <br />has enough funds maturing to provide liquidity to investors. <br />Carefully analyzing cash flow patterns to more efficiently manage liquidity and to improve <br />future cash generation. Our team continually anticipates cash needs while maintaining cash <br />available for unexpected cash withdrawals from the portfolio. <br />The County's investment program continues to comply with the requirements of state statutes that <br />govern the investment of public funds, The program focuses on risk management, is prudently <br />managed, and is well-positioned to provide competitive returns while maintaining safety and <br />liquidity. <br />This letter has been reviewed and approved as to form by the County Executive Office, the Auditor <br />Controller's Office, and County Counsel, Please contact me at 805-654-3771 if you have any <br />questions or require further information regarding this item. <br />Ij <br />I <br />Si,ncerely <br />Sue Horgan <br />Treasurer -Tax Collector <br />Exhibit I - Portfolio Summary - June 2024 <br />Exhibft 2 - Monthly Transactions Report - June 2024 <br />Exhibit 3 - Portfol"o Hold* June 2024 <br />i ings - <br />