HomeMy WebLinkAbout08 Treas dept update 5-2-17 AGENDA ITEM SUMMARY
WORK SESSION DATE: May 2, 2017
AGENDA ITEM TITLE: Department Updates—Treasurer and Public Trustee
STAFF RESPONSIBLE: Tom Oken
ISSUE STATEMENT: Department Updates provide an opportunity for staff to share
accomplishments, trends, issues and challenges with the Board.
BACKGROUND: accomplishments, trends, issues
• Tax Lien Sale—The November 2016 sale was held online for the second time. This
increased participation and competitive bidding: premium bids averaged 4.7% in
2016 compared to 3.0% at the 2014 in-person tax sale, generating$16,190 in general
fund revenue.
• 2016 Tax Roll— $117,386,327 to be collected in 2017 vs. $114,288,912 last year(up
2.7% )
• Property Tax Bills— 16,538 were mailed in mid-January. 608 bills were delivered
online instead of by mail saving us printing and postage costs.
• Foreclosures— 17 foreclosures were started in 2016, down from 23 in 2015, and
significantly below the peak years of 143 in 2010 and 113 in both 2011 and 2012.
• Open Space Debt—Refinanced $12,305,000 open space debt reducing interest rates
by more than half, for a present value savings of$2,269,000.
• Facility Financing—Issued $23.5 million lease-purchase certificates of participation
for 30 years at 3.3%to finance the Courthouse Plaza project
• Ballot Question—Helped structure a successful ballot question for open space and
trails program reauthorization
LINK TO STRATEGIC PLAN: Prosperous Economy—Sustainable economy and
employment; Responsible and accountable stewardship of County assets
KEY DISCUSSION ITEMS and BUDGETARY IMPACT:
Investment Income -Attached is the December 31, 2016 investment report detailing the
investment of approximately$114 million in compliance with the County's investment
policy. The rate of return on our investment portfolio for 2016 was 0.85%, below our
projection of 1.30%. Consequently general fund investment revenue of$189,565 was
significantly below the 2016 budget of$289,550.
The 2017 budget is $201,390 based on a projected rate of return of 0.90%.
RECOMMENDED BOCC ACTION: none
ATTACHMENTS: Pooled Cash and Investment Portfolio as of December 31, 2016
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Pitkin County
Pooled Cash and Investment Portfolio
as of December 31, 2016
Issuer Rating Maturity Yield Par Percent of Investment Policy Compliance
Date Rate Amount Portfolio (shading=non-compliance)
U.S Agencies and Instrumentalities
Federal Home Loan Mtg Corp AA+/Aaa* 6/29/2017 1.02% 500,000
12/28/2018 1.31% 500,000
12/27/2019 1.68% 1,000,000
12/27/2019 1.62% 250,000
Federal Farm Credit Bank AA+/Aaa* 7/17/2017 1.01% 1,000,000
11/15/2017 0.94% 1,050,000
Total U.S Agencies 4,300,000 3.8%
Bank Certificates of Deposit
First Western Trust Bank,Denver 4 9/10/2017 1.13% 500,000 Colorado banks must be rated
5/16/2018 1.05% 1,750,000 "3"or higher on a scale of 0-5
8/15/2018 1.10% 5,000,000
9/12/2018 1.18% 1,000,000
11/15/2018 1.18% 2,000,000
5/16/2019 1.25% 1,000,000
9/12/2019 1.37% 1,000,000 No more than 20%in
11/15/2019 1.37% 3,000,000 CD's with any single bank
15,250,000 13.4%
Solera National Bank,Lakewood 4 4/16/2017 0.90% 1,000,000
1/19/2019 0.95% 1,000,000
7/18/2019 1.05% 1,000,000
3,000,000 2.6%
FDIC-insured negotiable CD's insured varies,out to 1.12% 35,368,600 31.1%
(less than$250,000 each) 12/30/2019 average
No more than 60%in any
Total Bank CD's 53,618,600 47.2% single category of investment.
Bank Accounts
Alpine Bank 5 1.02% 443,801 0.4%
Solera National Bank 4 0.85% 1,533,362 1.3%
Vectra Bank Colorado 5 0.50% 4,706,878 4.1%
Total Bank Accounts 6,684,041 5.9%
Money Market Mutual Funds No more than 25%in any
Fidelity Treasury Money Market 0.01% 19,350 0.0% single money market fund
Total MMM Funds 19,350 0.0%
Local Government Surplus Trust Funds
COLOTRUST AAAm 0.93% 26,643,537 23.4% No more than 25%in any
CSAFE AAAm 0.68% 2,146,054 1.9% single local govemment trust fund
CSAFE COP fund AAAm 0.68% 20,219,418 17.8%
CSIP(Cob Statewide Invst Program) AAAm 0.21% 4,487 0.0%
Total LGST Funds 49,013,496 43.1%
Total Pooled Cash and Investment Portfolio 113,635,487 100.0%
average yield on the portfolio as of 12/31/16 0.97%
average yield on the portfolio for the year 0.85%
annual yield on 91-day US treasury bills 0.27%
*Standard and Poors downgraded the long-term debt of these agencies to AA+in 2010 after similarly downgrading U.S.Government debt.
Moodys still rates the U.S.Govemment and these agencies Aaa.
Short-term debt of the U.S.and these agencies are rated in the highest category,A-1+.
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