2016-17 Report of Cash and Investments July 1, 2016 -
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
District Portfolio by Maturity 2-100 Days 3.3% 100+ Days 9.9% 1 Day 86.8% The weighted average maturity (WAM) of the District s entire portfolio was 55.66 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
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 2016. 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
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 1940. 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
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 91 180 Days 20.1% 181+ Days 0.6% 1 7 Days 32.9% 31 90 Days 35.0% 8 30 Days 11.4% 5
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 592,516 592,516 Interest and Management Fees Payable (1,230,773) (1,230,773) Accrued Expenses & Taxes (95,433) (95,433) Repurchase Agreements 377,234,000 377,234,000 Commercial Paper 1,270,507,853 1,270,781,620 Bank Instruments 120,154,980 120,199,020 Mutual Fund Investments 331,014,193 331,014,193 Variable Rate Notes 268,499,644 268,576,790 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
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 91-180 Days 14.3% 181+ Days 5.3% 1-7 Days 41.2% 31-90 Days 24.0% 8-30 Days 15.2% 7
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 421,723 421,723 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
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 46-90 Days 0.3% 91-135 Days 7.2% 136-180 Days 4.6% 181+ Days 12.9% 1-45 Days 75.0% 9
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 12,553 557,545 442,551 127,547 Total Operating Funds 2,617,345 101,487,822 81,309,272 22,795,895 Total Cash $2,617,345 $101,487,822 $81,309,272 $22,795,895 11
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
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 940,981 762 800,000 141,743 Total Operating Funds 18,278,685 95,801,203 81,664,627 32,415,261 Debt Service Fund Debt Service Account 24,570,390 219,012 22,896,400 1,893,002 Total Debt Service Fund 24,570,390 219,012 22,896,400 1,893,002 Capital Projects Fund Series 2007 137,678 108 137,786 Series 2008-A 306,694 289 108 306,875 Series 2009 478,758 376 479,134 Capital Project Commitments 6,000,060 5,521 884,250 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
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 1,303,533 445,114 Total Operating Funds 15,560,765 4,796,149 2,803,533 17,553,381 Debt Service Fund Debt Service Account 14,241,835 430,415 12,256,406 2,415,844 Total Debt Service Fund 14,241,835 430,415 12,256,406 2,415,844 Capital Projects Fund Series 2007 48,035 64 39,666 8,433 Series 2008-A 376,677 597 377,274 Series 2009 1,207,002 1,583 1,128,057 80,528 Total Capital Projects Fund 1,631,714 2,244 1,167,723 466,235 Total TexPool Prime $31,434,314 $5,228,808 $16,227,662 $20,435,460 14
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
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
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
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 9/30/2016 0.40% $20,502,279 $20,502,279 $13,056 $18,176,847 $2,338,488 $2,338,488 199 TexPool various 9/30/2016 0.38% 17,337,703 17,337,703 95,800,441 80,864,627 32,273,517 32,273,517 199 TexPool Prime various 9/30/2016 0.71% 13,814,505 13,814,505 4,793,762 1,500,000 17,108,267 17,108,267 199 Texas DAILY various 9/30/2016 0.50% 5,420,264 5,420,264 1,251,770 1,236,853 5,435,181 5,435,181 199 Texas TERM CD 1/7/2016 7/5/2016 0.50% 248,000 248,000 248,000 199 Texas TERM CD 1/7/2016 7/5/2016 0.55% 248,000 248,000 248,000 199 Texas TERM CD 1/8/2016 7/8/2016 0.55% 248,000 248,000 248,000 199 Texas TERM CD 1/8/2016 7/8/2016 0.50% 248,000 248,000 248,000 199 Texas TERM CD 9/30/2015 9/29/2016 0.65% 248,000 248,000 248,000 199 Texas TERM CD 10/30/2015 10/31/2016 0.70% 247,000 247,000 247,000 247,000 199 Texas TERM CD 10/30/2015 10/31/2016 0.70% 247,000 247,000 247,000 247,000 199 Texas TERM CD 11/12/2015 11/14/2016 0.65% 247,000 247,000 247,000 247,000 199 Texas TERM CD 12/17/2015 12/16/2016 0.85% 247,000 247,000 247,000 247,000 199 Texas TERM CD 12/17/2015 12/16/2016 0.90% 247,000 247,000 247,000 247,000 199 Texas TERM CD 12/17/2015 12/16/2016 0.89% 247,000 247,000 247,000 247,000 199 Texas TERM CD 12/17/2015 12/16/2016 0.85% 247,000 247,000 247,000 247,000 199 Texas TERM CD 12/17/2015 12/16/2016 0.85% 247,000 247,000 247,000 247,000 199 Texas TERM CD 1/7/2016 1/6/2017 0.85% 247,000 247,000 247,000 247,000 199 Texas TERM CD 1/7/2016 1/6/2017 0.84% 247,000 247,000 247,000 247,000 199 Texas TERM CD 1/7/2016 1/6/2017 0.91% 247,000 247,000 247,000 247,000 199 Texas TERM CD 1/7/2016 1/6/2017 0.85% 247,000 247,000 247,000 247,000 199 Texas TERM CD 3/10/2016 3/10/2017 0.85% 247,000 247,000 247,000 247,000 199 Texas TERM CD 3/10/2016 3/10/2017 0.80% 247,000 247,000 247,000 247,000 199 Texas TERM CD 3/16/2016 3/16/2017 0.80% 247,000 247,000 247,000 247,000 199 Texas TERM CD 3/29/2016 3/16/2017 0.75% 247,000 247,000 247,000 247,000 199 Texas TERM CD 3/29/2016 3/16/2017 0.75% 247,000 247,000 247,000 247,000 199 Texas TERM CD 6/20/2016 3/17/2017 0.85% 248,000 248,000 248,000 248,000 199 Texas TERM CD 4/22/2016 4/24/2017 0.85% 247,000 247,000 247,000 247,000 199 Texas TERM CD 4/22/2016 4/24/2017 0.80% 247,000 247,000 247,000 247,000 199 Texas TERM CD 4/22/2016 4/24/2017 0.80% 247,000 247,000 247,000 247,000 199 Texas TERM CD 4/22/2016 4/24/2017 0.80% 247,000 247,000 247,000 247,000 199 Texas TERM CD 6/16/2016 6/16/2017 0.80% 247,000 247,000 247,000 247,000 1
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 6/16/2017 0.85% 247,000 247,000 247,000 247,000 199 Texas TERM CD 6/16/2016 6/16/2017 0.81% 247,000 247,000 247,000 247,000 199 Texas TERM CD 6/16/2016 6/16/2017 0.85% 247,000 247,000 247,000 247,000 199 Texas TERM CD 6/16/2016 6/16/2017 0.85% 247,000 247,000 247,000 247,000 199 Texas TERM CD 6/16/2016 6/16/2017 0.80% 247,000 247,000 247,000 247,000 199 Texas TERM CD 6/16/2016 6/16/2017 0.75% 247,000 247,000 247,000 247,000 199 Texas TERM CD 6/16/2016 6/16/2017 0.85% 247,000 247,000 247,000 247,000 199 Texas TERM CD 7/6/2016 7/6/2017 0.80% 247,000 247,000 247,000 199 Texas TERM CD 7/6/2016 7/6/2017 0.80% 247,000 247,000 247,000 199 Texas TERM CD 7/11/2016 7/11/2017 0.85% 247,000 247,000 247,000 199 Texas TERM CD 7/11/2016 7/11/2017 0.84% 247,000 247,000 247,000 199 Texas TERM CD 9/29/2016 9/29/2017 0.90% 247,000 247,000 247,000 199 PTA Money Market various 9/30/2016 0.00% 16,480 16,480 3,180 19,660 19,660 199 PTA US T Note/912828vl1 6/11/2014 7/15/2016 0.56% 501,527 501,527 501,527 199 PTA US T Note/912828vw7 6/11/2014 9/15/2016 0.81% 501,854 501,854 501,854 199 PTA US T Note/912828wf3 6/11/2014 11/15/2016 0.56% 475,845 475,845 519 476,364 476,364 199 PTA FHLB Agcy Bnd/313371pv2 2/13/2015 12/9/2016 1.56% 502,992 502,992 706 503,698 503,698 199 PTA FHLB Agcy Bnd/3133782n0 2/13/2015 3/10/2017 0.81% 502,779 502,779 1,604 501,175 501,175 199 PTA US T Note/912828sy7 2/13/2015 5/31/2017 0.56% 500,715 500,715 436 501,150 501,150 199 PTA US T Note/912828tg5 2/13/2015 7/31/2017 0.43% 490,871 490,871 919 489,952 489,952 199 PTA FHLM Corp/3137eadn6 1/8/2016 1/12/2018 0.68% 552,877 552,877 2,131 550,746 550,746 199 PTA US T Note/912828ur9 2/29/2016 2/28/2018 0.68% 502,618 502,618 2,142 500,476 500,476 199 PTA US T Note/912828q94 5/6/2016 4/30/2018 0.68% 502,077 502,077 448 501,629 501,629 199 PTA FNMA/3135g0wj8 6/8/2016 5/21/2018 0.81% 552,713 552,713 485 552,227 552,227 199 PTA FHLM Corp/3134g9vf1 6/14/2016 6/22/2018 0.99% 500,398 500,398 1,195 501,593 501,593 199 PTA US T Note/912828p95 3/15/2016 3/15/2019 0.93% 525,936 525,936 3,714 522,221 522,221 199 PTA US T Note/912828q52 5/6/2016 4/15/2019 0.81% 452,975 452,975 860 452,115 452,115 199 PTA US T Note/912828WL0 9/15/2016 5/31/2019 1.43% 510,900 510,900 510,900 199 PTA US T Note/912828S43 7/15/2016 7/15/2019 0.68% 499,175 499,175 499,175 240 TexPool various 9/30/2016 0.38% 940,981 940,981 762 800,000 141,743 141,743 240 TexPool Prime various 9/30/2016 0.71% 1,746,260 1,746,260 2,387 1,303,533 445,114 445,114 Total General Fund & 75,495,648 75,495,648 104,113,289 106,137,544 73,471,393 73,471,393 Child Nutrition Fund
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 9/30/2016 0.40% 12,975,662 12,975,662 11,313 12,986,975 12,986,975 599 TexPool various 9/30/2016 0.38% 24,570,390 24,570,390 219,012 22,896,400 1,893,002 1,893,002 599 TexPool Prime various 9/30/2016 0.71% 14,241,835 14,241,835 430,415 12,256,406 2,415,844 2,415,844 Total Debt Service Fund 51,787,887 51,787,887 660,740 35,152,806 17,295,821 17,295,821 20 Capital Projects Fund 601 TexPool various 9/30/2016 0.38% 306,694 306,694 289 108 306,875 306,875 601 TexPool Prime various 9/30/2016 0.71% 376,677 376,677 597 377,274 377,274 611 TexPool various 9/30/2016 0.38% 478,758 478,758 376 479,134 611 TexPool Prime various 9/30/2016 0.71% 1,207,002 1,207,002 1,583 1,128,057 80,528 80,528 691 TexPool various 9/30/2016 0.38% 137,678 137,678 108 137,786 691 TexPool Prime various 9/30/2016 0.71% 48,035 48,035 64 39,666 8,433 8,433 698 TexPool various 9/30/2016 0.38% 6,000,060 6,000,060 5,521 884,250 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
16717 Ella Blvd. Houston, Texas 77090 P: 281-891-6000 F: 281-891-6006 www.springisd.org 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.