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V" <br />TREASURER-T,*%x COLLECTOR <br />STEVEN HINTZ <br />VENTURA COUNTV TREASURER <br />TAX COLLEGTOR <br />Lire Catharine Le, mpp& ACPFrmI <br />Assistant Treasurer -Tax Collector <br />October 25, 2016 <br />Ventura County Board of Supervisors <br />800 South Victoria Avenue <br />Ventura, CA 93009 <br />SUBJECT: Receive and File Report of Investments, Including Market Values for <br />Investments for the Month Ending September 30, 2016. <br />RECOMMENDATION: Receive and File <br />FISCAUNIANDATES IMPACT: None <br />DISCUSSION: <br />The average daily portfolio balance for the period was $1.875 billion, a predictable decline <br />during the summer months. The annualized yield for the period was .922% (92.2 basis <br />points), a continuing increase of just over 4 basis points. Going forward, the portfolio is <br />invested in instruments which will yield 1.09% (109 basis points) to maturity, The total <br />net earnings for the period were $1.420 million, a very slight decline that is directly related <br />to the reduction in the portfolio balance. The weighted average days to maturity on <br />September 30 was 289 days, a reduction that reflects management's focus on <br />regularizing cash flow. Similarly, the .61 duration measure on September 30 reflects a <br />continuing reduction of the fund's exposure to interest rate variations. The portfolio has <br />been structured to satisfy the anticipated cash flow needs of the participants, and to <br />accommodate the anticipated earnings apportionments. The investment practices and <br />portfolio holdings are in compliance with the investment policy. <br />The portfolio has been managed with the stated objectives of safety, liquidity and earning <br />a competitive return, outlined in the Statement of Investment Policy. In striving to maintain <br />the primary objective, safety of principal, the County portfolio has received a rating of <br />'AAAf' by Standard & Poor's (S&P), the highest possible rating given by that agency. <br />Regarding the secondary objective, maintaining sufficient liquidity to meet cash flow <br />needs, the portfolio S&P rating of "S1+" is also the highest possible rating given by that <br />agency. The County portfolio's ratings were affirmed by S&P on August 9, 2016. In light <br />of the first two objectives, the portfolio has on balance outperformed all its benchmarks, <br />satisfying the final objective by eaming a competitive rate of return. <br />800 South Victoria Avenue, Ventura, CA 93009-1290 <br />www.venturapropertytax.org <br />