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TREASURER—TAK. COLLECTOR sTEvi=N HINTZ VENTURA COUNTY T��aE TAX CpLiEGiO'A June 21, 2018 Linda Catherim Le' mPPx odor Assistant Treasurer-Tax Coliedor Ventura county Board of Supervisors County Government Center 800 South Victoria Avenue Ventura, GA 93009 SUBJECT: Receive and File Report of Investments, including Market Values for Investments for the Months Ending April 30, 2018 and May 31, 2018. R COMMENDATION: Receive and File FISCAUMANDATI=a IMPACT: None DISCUSSION: The average daily pertfollo balance for the month of Apr'r! was $2.3 billion; for the month of May, $2.3 billion; and for the two-month period, $2 3 billion. The annualized yield for the month of April was 778%; for May, .802%; and for the two-month period, .789%. The total net monthly earnings for April were $1.5 million and for May, $1.5 million. The weighted average days to. maturity increased from 301 days on 31 March to 340 days on 31 May. The portfolio has been structured to satisfy the anticipated cash flow needs of the participants and to accommodate the anticipated earnings apportionments. The investment practices and portfol!a holdings are in compliance with the investment policy. The portfolio has been managed with the stated objectives of safety, liquidity and earning a competitive rate of return, outlined in the Statement of Investment Policy. In striving to maintain the primary,objective, safety of principal, the County portfolio has received a rating of "AAAf" by Standa,-d & Poors (S&P), the highest possible ranking given by the agency. Regarding the secondary objective, maintaining sufficient liquidity to meet cash flow needs, the portfolio is rated," S1+t also the highest ranking given by 5&P. In light of the first two objectives, the portfclio has on balance outperformed its benchmarks, satisfying the final objective, that of earning a competitive rate of return.. Digging deeper into the numbers reported in the first two paragraphs: * The portfolig balance has held steady. It is historically reasonable to expect the balance to decline in the coming summer months, especially considering the expectation that the hospital construction fund will be out of the pool by October. * The monthly annualized percentage yield continued its steady climb, adding more than 3 basis points each month. The end -of -May report of .802° is the highest since November 2011. The net monthly earnings in dollars increased slightly to $1.5 million. * Going forwi rd, the fund is invested in instruments which will yield +l- .97% (97 basis points), continuing an increase of 5 basis points per month. 800 South Victoria Avenue, Ventura CA 53099.1290 www.ventufap[OPsrtytax.org