Report of Cash and Investments

Transcription

1 Report of Cash and Investments July 1,

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3 SPRING INDEPENDENT SCHOOL DISTRICT REPORT OF CASH AND INVESTMENTS FOR THE THREE-MONTH PERIOD ENDING SEPTEMBER 30, 2016 The District s cash and temporary investment balances and transactions for the three-month period ending reflect the investment objectives and guidelines expressed in the District s Investment Policy and relevant provisions of Chapter 2256 of the Government Code. The Following is a summary of the District s cash and temporary investment position by fund group at : Temporary Long-Term Cash Investments Investments Total Operating Funds $22,795,895 $66,388,311 $7,083,083 $96,267,289 Debt Service Fund 17,295,821 17,295,821 Capital Projects Fund 5,894,441 5,894,441 Total $22,795,895 $89,578,573 $7,083,083 $119,457,551 District Portfolio by Type of Investment TexPool Prime 17.1% Texas Term Daily Pool 4.5% Texas Term CD's FDIC 7.2% Public Trust Advisors 5.9% TexPool 33.3% Cash 19.2% BBVA Compass Money Market 12.8% 1

4 District Portfolio by Maturity Days 3.3% 100+ Days 9.9% 1 Day 86.8% The weighted average maturity (WAM) of the District s entire portfolio was days as of. The weighted average yield (WAY) was 0.493%. Cash The District's funds are required to be deposited and invested under the terms of a depository contract pursuant to the School Depository Act. All deposited District funds other than those held in investment pools, or fully collateralized repurchase agreements, shall be fully collateralized or insured consistent with federal and state law and the current bank depository contract. In order to anticipate modest changes and provide a level of additional security for all deposited funds, the collateralization level required will not be less than 110 percent of the market value of the principal and accrued interest. District funds shall be collateralized or insured by FDIC insurance coverage and/or obligations of the United States or its agencies and instrumentalities. BBVA Compass Bank At, the carrying amount on the District's general ledger at Compass was $22,795,896. The bank balance was $23,228,599 and was covered by FDIC insurance and by collateral held by the District's agent in the District's name. The District's cash balances were properly collateralized or insured at all times during the period. The highest combined balances occurred on July 5, 2016, in the amount of $14,188,448. Compass Bank pledged a Federal Home Loan Bank (FHLB) Letter of Credit on that date with a market value of $78,500,000. 2

5 Investments The District's temporary investments consist of balances held by Compass Bank Money Market Accounts, Texas Local Government Investment Pool ( TexPool ), TexPool Prime, Texas TERM DAILY Pool and Texas TERM Certificate of Deposit (CD) Purchase Program. The District has a longterm investment portfolio with Public Trust Advisors, LLC. Investment earnings for all District cash and investments for the three-month period ending was $322,699 which includes accrued interest. Of this amount, the district received investment earnings of $207,500 from the sale of Unlimited Tax Refunding Bonds, Series BBVA Compass Bank Money Market Accounts Compass Bank offers a Public Funds Money Market Account with a competitive yield. Money Market Accounts are a type of savings account that usually pay a higher interest rate. These funds are considered liquid; however, the account has a limit of six electronic withdrawals per month. Withdrawals are governed by law, and if exceeded, could result in the bank reclassifying the account. Compass Bank Money Market Accounts are pledged by FDIC Insurance and the FHLB Letter of Credit. Interest is earned at a tiered rate and credited monthly. The average yield on Compass Bank Money Market accounts for the three-month periods ending was 0.40%. (This space left blank intentionally.) 3

6 TexPool TexPool is a public funds investment pool created by the Texas Treasury Safekeeping Trust Company (the "Trust Company") to provide a safe environment for the placement of local government funds in authorized short-term, fully-collateralized investments, including direct obligations of or obligations guaranteed by the United States or State of Texas or their agencies; federally insured Certificates of Deposit issued by Texas banks or savings and loans; and fully collateralized direct repurchase agreements secured by U. S. Government agency securities and placed through a primary government securities dealer. The Trust Company was incorporated by the State Treasurer upon authority of the Texas Legislature as a special purpose trust company with direct access to the services of the Federal Reserve Bank to manage, disburse, transfer, safekeep and invest public funds and securities more efficiently and economically. TexPool operates in a manner consistent with the Securities & Exchange Commission s (SEC) Rule 2a-7 of the Investment Company Act of TexPool uses amortized cost rather than market value to report net assets to compute share prices. The fair value of the position in TexPool is the same as the value of TexPool shares. Accordingly, the District's investments in TexPool are stated at cost, which approximates fair value. The average yield on TexPool investments for the three-month period ending was 0.37%. As of, the following represents information of the total TexPool portfolio: Portfolio Asset Summary Book Value Fair Value Uninvested Balance $493,355 $493,355 Accrual of Interest Income 10,088,047 10,088,047 Interest and Management Fees Payable (4,086,432) (4,086,432) Accrued Expenses & Taxes (491,587) (17,650) Repurchase Agreements 1,920,167,000 1,920,167,000 Mutual Fund Investments 1,070,022,104 1,070,022,104 Government Securities 3,953,113,234 3,955,704,844 U. S. Treasury Notes 6,393,562,527 6,395,077,731 Total $13,342,868,248 $13,347,448,999 Standard & Poor s rated TexPool as AAAm. As of, the weighted average maturity for TexPool's asset portfolio was 44 days. Although TexPool has a weighted average maturity greater than one, the funds are available to the District within one day. 4

7 TexPool (Continued) Portfolio by Type of Investment Treasurys 20.2% Repurchase Agreements 14.4% Money Market Funds 8.0% Agencies 57.4% Portfolio by Maturity Days 20.1% 181+ Days 0.6% 1 7 Days 32.9% Days 35.0% 8 30 Days 11.4% 5

8 TexPool Prime TexPool Prime is an additional portfolio developed by the Office of the Comptroller in an effort to deliver yield enhancement strategies to Texas public entities. It has been designed for those entities whose local constraints permit investment in the highest grade credit securities consistent with the parameters of the Texas Public Funds Investment Act. TexPool Prime first seeks to provide preservation and safety of principal while meeting the daily liquidity needs. Secondarily, this pool seeks to deliver a competitive rate of return that meets or exceeds the yields on money market pooled vehicles with similar investment authority. As a point of comparison, TexPool Prime can invest in the same permissible investments as in TexPool, but TexPool Prime has the authority to include commercial paper and banker s acceptances issued by national or state banks. The District s investments in TexPool Prime are stated at cost, which approximates fair value. The average yield on TexPool Prime investments for the three-month period ending was 0.63%. As of, the following represents information of the total TexPool Prime portfolio: Portfolio Asset Summary Book Value Fair Value Uninvested Balance $96,334 $96,334 Accrual of Interest Income 592, ,516 Interest and Management Fees Payable (1,230,773) (1,230,773) Accrued Expenses & Taxes (95,433) (95,433) Repurchase Agreements 377,234, ,234,000 Commercial Paper 1,270,507,853 1,270,781,620 Bank Instruments 120,154, ,199,020 Mutual Fund Investments 331,014, ,014,193 Variable Rate Notes 268,499, ,576,790 Total $2,366,773,314 $2,367,168,267 Standard & Poor s rated TexPool Prime as AAAm. As of, the weighted average maturity for TexPool Prime s asset portfolio was 48 days. Although TexPool Prime has a weighted average maturity greater than one, the funds are available to the District within one day. 6

9 TexPool Prime (Continued) Portfolio by Type of Investment Variable Rate Notes 15.1% Government Securities 5.1% Repurchase Agreements 15.9% Commercial Paper 49.9% Other 14.0% Portfolio by Maturity Days 14.3% 181+ Days 5.3% 1-7 Days 41.2% Days 24.0% 8-30 Days 15.2% 7

10 Texas TERM DAILY The Texas TERM DAILY is a local government investment pool which was created by and for Texas local governments to provide investment options with safety, flexibility and competitive yields. Texas TERM DAILY is made up of a money market portfolio with daily liquidity. Investments in the pool are designed to comply with all Texas statutes including allowable investment of public funds. The District s investments in Texas TERM DAILY are stated at cost, which approximates fair value. The average yield on Texas TERM DAILY investments for the three-month period ending, was 0.47%. As of, the following represents information of the Texas TERM DAILY portfolio: Portfolio Asset Summary Book Value Fair Value Investments $2,379,942,651 $2,380,480,605 Accrued Interest 3,517,478 3,517,478 Cash 421, ,723 Program Expense Payable (259,565) (259,565) Total $2,383,622,287 $2,384,160,241 Standard & Poor s rated Texas TERM DAILY as AAAm. As of, the weighted average maturity for Texas TERM DAILY s asset portfolio was 55 days. Although Texas TERM DAILY has a weighted average maturity greater than one, the funds are available to the District within one day. 8

11 Texas TERM DAILY (Continued) Portfolio by Type of Investment Repurchase Agreements 6.9% U.S. Treasuries 9.5% Certificates of Deposit 33.8% Federal Agencies 49.8% Portfolio by Maturity Days 0.3% Days 7.2% Days 4.6% 181+ Days 12.9% 1-45 Days 75.0% 9

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13 Spring Independent School District Schedule of Transactions by Fund Group Cash Cash Carrying Amt Additions Deductions Carrying Amt 6/30/2016 7/1/16-9/30/16 7/1/16-9/30/16 9/30/2016 Operating Funds General $2,604,792 $100,930,277 $80,866,721 $22,668,348 Child Nutrition 12, , , ,547 Total Operating Funds 2,617, ,487,822 81,309,272 22,795,895 Total Cash $2,617,345 $101,487,822 $81,309,272 $22,795,895 11

14 Spring Independent School District Schedule of Transactions by Fund Group Temporary Investments Money Market Carrying Amt Additions Deductions Carrying Amt 6/30/2016 7/1/16-9/30/16 7/1/16-9/30/16 9/30/2016 Operating Funds General $20,502,279 $13,056 $18,176,847 $2,338,488 Total Operating Funds 20,502,279 13,056 18,176,847 2,338,488 Debt Service Fund Debt Service Account 12,975,662 11,313 12,986,975 Total Debt Service Fund 12,975,662 11,313 12,986,975 Total Money Market $33,477,941 $24,369 $18,176,847 $15,325,463 12

15 Spring Independent School District Schedule of Transactions by Fund Group Temporary Investments TexPool Carrying Amt Additions Deductions Carrying Amt 6/30/2016 7/1/16-9/30/16 7/1/16-9/30/16 9/30/2016 Operating Funds General $17,337,704 $95,800,441 $80,864,627 $32,273,518 Child Nutrition 940, , ,743 Total Operating Funds 18,278,685 95,801,203 81,664,627 32,415,261 Debt Service Fund Debt Service Account 24,570, ,012 22,896,400 1,893,002 Total Debt Service Fund 24,570, ,012 22,896,400 1,893,002 Capital Projects Fund Series , ,786 Series 2008-A 306, ,875 Series , ,134 Capital Project Commitments 6,000,060 5, ,250 5,121,331 Total Capital Projects Fund 6,923,190 6,294 1,501,278 5,428,206 Total TexPool $49,772,265 $96,026,509 $106,062,305 $39,736,469 13

16 Spring Independent School District Schedule of Transactions by Fund Group Temporary Investments TexPool Prime Carrying Amt Additions Deductions Carrying Amt 6/30/2016 7/1/16-9/30/16 7/1/16-9/30/16 9/30/2016 Operating Funds General $13,814,505 $4,793,762 $1,500,000 $17,108,267 Child Nutrition 1,746,260 2,387 1,303, ,114 Total Operating Funds 15,560,765 4,796,149 2,803,533 17,553,381 Debt Service Fund Debt Service Account 14,241, ,415 12,256,406 2,415,844 Total Debt Service Fund 14,241, ,415 12,256,406 2,415,844 Capital Projects Fund Series , ,666 8,433 Series 2008-A 376, ,274 Series ,207,002 1,583 1,128,057 80,528 Total Capital Projects Fund 1,631,714 2,244 1,167, ,235 Total TexPool Prime $31,434,314 $5,228,808 $16,227,662 $20,435,460 14

17 Spring Independent School District Schedule of Transactions by Fund Group Temporary Investments Texas TERM DAILY Carrying Amt Additions Deductions Carrying Amt 6/30/2016 7/1/16-9/30/16 7/1/16-9/30/16 9/30/2016 Operating Funds General $5,420,264 $1,251,770 $1,236,853 $5,435,181 Total Operating Funds 5,420,264 1,251,770 1,236,853 5,435,181 Total Texas TERM DAILY $5,420,264 $1,251,770 $1,236,853 $5,435,181 15

18 Spring Independent School District Schedule of Transactions by Fund Group Temporary Investments Texas TERM CD's Carrying Amt Additions Deductions Carrying Amt 6/30/2016 7/1/16-9/30/16 7/1/16-9/30/16 9/30/2016 Operating Funds General $8,651,000 $1,235,000 $1,240,000 $8,646,000 Total Operating Funds 8,651,000 1,235,000 1,240,000 8,646,000 Total Texas TERM CD's $8,651,000 $1,235,000 $1,240,000 $8,646,000 16

19 Spring Independent School District Schedule of Transactions by Fund Group Long Term Investments Public Trust Advisors, LLC Carrying Amt Additions Deductions Carrying Amt 6/30/2016 7/1/16-9/30/16 7/1/16-9/30/16 9/30/2016 Operating Funds General $7,082,656 $17,340 $16,913 $7,083,083 Total Operating Funds 7,082,656 17,340 16,913 7,083,083 Total Public Trust Advisors, LLC $7,082,656 $17,340 $16,913 $7,083,083 17

20 Spring Independent School District Quarterly Investment Transaction Report For the Three-Month Period Ended 18 Fund Investment Date of Maturity June 30, 2016 Purchases/ Maturities/ No. Type Purchase Date Yield Fair Value Book Value Adjustments Adjustments Fair Value Book Value General Fund & Child Nutrition 199 Compass Money Market various 9/30/ % $20,502,279 $20,502,279 $13,056 $18,176,847 $2,338,488 $2,338, TexPool various 9/30/ % 17,337,703 17,337,703 95,800,441 80,864,627 32,273,517 32,273, TexPool Prime various 9/30/ % 13,814,505 13,814,505 4,793,762 1,500,000 17,108,267 17,108, Texas DAILY various 9/30/ % 5,420,264 5,420,264 1,251,770 1,236,853 5,435,181 5,435, Texas TERM CD 1/7/2016 7/5/ % 248, , , Texas TERM CD 1/7/2016 7/5/ % 248, , , Texas TERM CD 1/8/2016 7/8/ % 248, , , Texas TERM CD 1/8/2016 7/8/ % 248, , , Texas TERM CD 9/30/2015 9/29/ % 248, , , Texas TERM CD 10/30/ /31/ % 247, , , , Texas TERM CD 10/30/ /31/ % 247, , , , Texas TERM CD 11/12/ /14/ % 247, , , , Texas TERM CD 12/17/ /16/ % 247, , , , Texas TERM CD 12/17/ /16/ % 247, , , , Texas TERM CD 12/17/ /16/ % 247, , , , Texas TERM CD 12/17/ /16/ % 247, , , , Texas TERM CD 12/17/ /16/ % 247, , , , Texas TERM CD 1/7/2016 1/6/ % 247, , , , Texas TERM CD 1/7/2016 1/6/ % 247, , , , Texas TERM CD 1/7/2016 1/6/ % 247, , , , Texas TERM CD 1/7/2016 1/6/ % 247, , , , Texas TERM CD 3/10/2016 3/10/ % 247, , , , Texas TERM CD 3/10/2016 3/10/ % 247, , , , Texas TERM CD 3/16/2016 3/16/ % 247, , , , Texas TERM CD 3/29/2016 3/16/ % 247, , , , Texas TERM CD 3/29/2016 3/16/ % 247, , , , Texas TERM CD 6/20/2016 3/17/ % 248, , , , Texas TERM CD 4/22/2016 4/24/ % 247, , , , Texas TERM CD 4/22/2016 4/24/ % 247, , , , Texas TERM CD 4/22/2016 4/24/ % 247, , , , Texas TERM CD 4/22/2016 4/24/ % 247, , , , Texas TERM CD 6/16/2016 6/16/ % 247, , , ,000 1

21 Spring Independent School District Quarterly Investment Transaction Report For the Three-Month Period Ended 19 Fund Investment Date of Maturity June 30, 2016 Purchases/ Maturities/ No. Type Purchase Date Yield Fair Value Book Value Adjustments Adjustments Fair Value Book Value General Fund & Child Nutrition (continued) 199 Texas TERM CD 6/16/2016 6/16/ % 247, , , , Texas TERM CD 6/16/2016 6/16/ % 247, , , , Texas TERM CD 6/16/2016 6/16/ % 247, , , , Texas TERM CD 6/16/2016 6/16/ % 247, , , , Texas TERM CD 6/16/2016 6/16/ % 247, , , , Texas TERM CD 6/16/2016 6/16/ % 247, , , , Texas TERM CD 6/16/2016 6/16/ % 247, , , , Texas TERM CD 7/6/2016 7/6/ % 247, , , Texas TERM CD 7/6/2016 7/6/ % 247, , , Texas TERM CD 7/11/2016 7/11/ % 247, , , Texas TERM CD 7/11/2016 7/11/ % 247, , , Texas TERM CD 9/29/2016 9/29/ % 247, , , PTA Money Market various 9/30/ % 16,480 16,480 3,180 19,660 19, PTA US T Note/912828vl1 6/11/2014 7/15/ % 501, , , PTA US T Note/912828vw7 6/11/2014 9/15/ % 501, , , PTA US T Note/912828wf3 6/11/ /15/ % 475, , , , PTA FHLB Agcy Bnd/313371pv2 2/13/ /9/ % 502, , , , PTA FHLB Agcy Bnd/ n0 2/13/2015 3/10/ % 502, ,779 1, , , PTA US T Note/912828sy7 2/13/2015 5/31/ % 500, , , , PTA US T Note/912828tg5 2/13/2015 7/31/ % 490, , , , PTA FHLM Corp/3137eadn6 1/8/2016 1/12/ % 552, ,877 2, , , PTA US T Note/912828ur9 2/29/2016 2/28/ % 502, ,618 2, , , PTA US T Note/912828q94 5/6/2016 4/30/ % 502, , , , PTA FNMA/3135g0wj8 6/8/2016 5/21/ % 552, , , , PTA FHLM Corp/3134g9vf1 6/14/2016 6/22/ % 500, ,398 1, , , PTA US T Note/912828p95 3/15/2016 3/15/ % 525, ,936 3, , , PTA US T Note/912828q52 5/6/2016 4/15/ % 452, , , , PTA US T Note/912828WL0 9/15/2016 5/31/ % 510, , , PTA US T Note/912828S43 7/15/2016 7/15/ % 499, , , TexPool various 9/30/ % 940, , , , , TexPool Prime various 9/30/ % 1,746,260 1,746,260 2,387 1,303, , ,114 Total General Fund & 75,495,648 75,495, ,113, ,137,544 73,471,393 73,471,393 Child Nutrition Fund

22 Spring Independent School District Quarterly Investment Transaction Report For the Three-Month Period Ended Fund Investment Date of Maturity June 30, 2016 Purchases/ Maturities/ No. Type Purchase Date Yield Fair Value Book Value Adjustments Adjustments Fair Value Book Value Debt Service Fund 599 Money Market various 9/30/ % 12,975,662 12,975,662 11,313 12,986,975 12,986, TexPool various 9/30/ % 24,570,390 24,570, ,012 22,896,400 1,893,002 1,893, TexPool Prime various 9/30/ % 14,241,835 14,241, ,415 12,256,406 2,415,844 2,415,844 Total Debt Service Fund 51,787,887 51,787, ,740 35,152,806 17,295,821 17,295, Capital Projects Fund 601 TexPool various 9/30/ % 306, , , , TexPool Prime various 9/30/ % 376, , , , TexPool various 9/30/ % 478, , , TexPool Prime various 9/30/ % 1,207,002 1,207,002 1,583 1,128,057 80,528 80, TexPool various 9/30/ % 137, , , TexPool Prime various 9/30/ % 48,035 48, ,666 8,433 8, TexPool various 9/30/ % 6,000,060 6,000,060 5, ,250 5,121,331 5,121,331 Total Capital Projects Fund 8,554,904 8,554,904 8,538 2,669,001 5,894,441 5,894,441 Total District $135,838,438 $135,838,438 $104,782,567 $143,959,351 $96,661,655 $96,661,655

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24 16717 Ella Blvd. Houston, Texas P: F: Spring Independent School District is an equal opportunity employer. The Board of Trustees and its agents, officers and staff members shall not discriminate on the basis of gender, race, disabling condition, age, color, religion, national origin, military status, or any other legally protected status in making decisions regarding staff members or students.