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Dec 20 Compiled Qtr Rpt.Pdf JOSEPHINE COUNTY, OREGON EVA L.I. ARCE, TREASURER REPORT FOR QUARTER ENDED DECEMBER 31, 2020 Submitted to the Board of County Commissioners By ___________________________________________________ _____________1/22/21 S TATEMENT OF THE T REASURER AND IN V ES T M EN T O FFICER : The reporting requirements of ORS 208.090 and ORS 294.085 are fulfilled by this report and the report issued earlier. The investments of Josephine County are in compliance with the objectives and the requirements of the Investment Policy. At December 31, 2020 all bank accounts are in compliance with ORS 295. (See Attachment B). S U M M A RY O F T REASURER ’ S R EPORT : Total investments and cash (See page 2 and Attachment A) was $61,179,038 at December 31, 2020 compared to $55,306,054 at December 31, 2019. Interest rates on short-term investments at the Local Government Investment Pool (LGIP) is currently at 0.75%, a decrease of 1.25% since March 2020. Interest rate seem to be steady after the decreases in the beginning of the fourth quarter. No changes are expected from the Federal Open Market Committee in the near future. Quarterly statistics for the Treasury Division are shown in Attachment E. The Tax Division mailed 46,629 tax statements on October 12th 2020 for the total levied amount of $85,471,848. At December 31, total collections for property tax levies are at 99.11%. Current year collections at December 31, 2020, are at 90.47%, including discounts of 2.56%. Property taxes and delinquent interest collected and turned over to the 16 taxing entities in Josephine County totaled $78,126,545.43 for the quarter ended December 31, 2020. Quarterly statistics for the Tax Division are in Attachment E. RECEIVED BY THE BOARD OF COUNTY COMMISSIONERS: _______________________________________ ________________ DATE Investments, Cash and Other Accounts 12/31/20 6/30/20 12/31/19 ACCOUNT TYPE BALANCE BALANCE BALANCE U.S. Govt. guaranteed obligations – Treasurer’s Pool $5,979,153. $8,440,058. $8,437,118. Commercial Bank Time Certificate of Deposits –Treasurer’s Pool Commercial Bank Demand 320,868. 1,813,502. 397,451. Commercial Municipal Money Market Accounts –Treasurer’s Pool 2,808,331. 4,898,892. 1,777,551. County Expenditure Outstanding (ZBA Acct) (592,460.) (426,822.) (948,568.) Total Treasurer's Accounts 8,515,892. 14,816,630. 9,663,551. Local Government Investment Pool (LGIP) – Treasurer’s 51,573,438. 39,673,611. 4,637,687. Local Government Investment Pool (LGIP) – Restricted 1,089,706. 653,363. 1,004,815. Total Local Government Investment Pool. 52,663,145. 40,326,975. 45,642,502. Total of All Accounts $61,179,037. $55,143,605. $55,306,053. Treasurer’s Statements Commercial bank demand deposit accounts are non-interest bearing. Interest rates on investment accounts are shown in Attachment A. Other bank account information is shown elsewhere in this report. All Treasury investments are permitted by the Josephine County Investment Policy, and are within the percentage requirements of the Policy. The Policy has no restrictions on investments in commercial bank demand and commercial money market accounts. The Oregon Short Term Fund Board approved the Policy in June 2007; the Board of Commissioners adopted the Policy in 2007 and has re-adopted it each year since. ORS Chapter 295 governs the collateralization of Oregon public funds and provides the statutory requirements for the Public Funds Collateralization Program. Bank depositories are required to pledge collateral against any public funds deposits in excess of deposit insurance amounts. This provides additional protection for public funds in the event of a bank loss. According to the Oregon State Treasurer, ORS 295 creates a shared liability structure for participating bank depositories, better protecting public funds though still not guaranteeing that all funds are 100% protected. It is the opinion of the Josephine County Treasurer, and other county treasurers, that the collateralization program essentially guarantees 100% of the balances, in excess of FDIC coverage, of each compliant public depositor. As of December 31, 2020, and as of the date of this report, all county deposits comply with the requirements of the Josephine County Investment Policy and ORS chapters 295 and 294. A “third party” custodial agreement for investment safekeeping was completed in June, 2007. As of December 31, 2020, all securities were held by US Bank Institutional Trust & Custody. All investment transactions, except for direct purchase of bank TCDs, are cleared through this safekeeping arrangement. On December 31st the Treasurer's investment maturities extend to September 2023. Details of investments held at December 31, 2020 are shown in Attachment A. The Josephine County Investment Policy approved by the Oregon Short Term Fund Board, and re-adopted January 29th, 2020 by the Board of Commissioners, measures performance of the County’s investment portfolio against the performance of the Oregon Local Government Investment Pool and the 90-day Treasury bill rate. The graph shown below compares the performance of the “Treasurer's Pool” with the LGIP and the 90 day US Treasury Bill, along with the returns on all Treasury investments. Historically the LGIP yield is higher than the Treasurer's Pool in a rising interest rate environment and lower when rates are dropping. These yields are calculated and presented using the Bond Equivalent Yield method (i.e. annual percentage return calculated over 365 days vs. 360 days). Investment Returns Analysis – December 31, 2020 3.25% 3.00% 2.75% Treasurer's Pool 2.50% All Investments 2.25% LGIP 2.00% 90 Day UST Bill 1.75% 1.50% 1.25% 1.00% 0.75% 0.50% 0.25% 0.00% ATTACHMENTS Attachment A Investment Analysis Attachment B Compliance Report Attachment C Quarterly Report of Cash in Funds Attachment D Permitted Investments Attachment E Quarterly Report of Department Activity by Division Attachment F History of Property Tax Foreclosures Eva L. I. Arce, Treasurer, Josephine County, Oregon December 31, 2020 ORS 208.090 Report Investments, Cash and Other Accounts Treasurer's Direct Investments Investment Investment CUSIP or Acct. Purchase Maturity Book Return Coupon Accrued Total Book Principal Total (ai) Over (under) Bank Number Type Number Date Date Value Rate Rate Interest $ Value $ Market Value Market Value Book Value USBT 943(2) REFCORP 76116FAG2 3/7/18 1/15/21 999,601 2.3600% 2.3610% 68,855.50 1,068,456 999,601 1,068,456 $ - USBT 944(1) FHLMC 3134GBP89 8/8/18 4/26/21 976,859 2.7400% 2.7410% 3,348.18 980,207 976,859 980,207 $ - USBT 952(1) FHLMC 3134GVWF1 5/21/20 5/18/23 1,001,186 0.4300% 0.4700% 555.13 1,001,741 1,001,186 1,001,741 $ - USBT 953(1) FNMA 3135G05H2 7/16/20 7/13/23 1,001,780 0.3600% 0.3600% 1,951.11 1,003,731 1,001,780 1,003,731 $ - USBT 954(1) FFCB 3133ELT53 7/15/20 4/23/23 999,728 0.3700% 0.3700% 1,718.55 1,001,446 999,728 1,001,446 $ - USBT 955(1) FFCB 3133EL5J9 9/3/20 9/1/23 1,000,000 0.3000% 0.2990% 1,003.09 1,001,003 1,000,000 1,001,003 $ - Total Treasurer's Direct Investments $ 5,979,153 77,431.56 $6,056,585 $ 5,979,153 $ 6,056,585 Return Month End Treasurer's General Purpose Investment Portfolio Rate Rate Treasurer's Direct Investments (from above)$ 5,979,153 Local Government Investment Pool - Treasurer's Investment 51,573,439 0.692% 0.750% First Interstate Bank Money Market 2,755,665 0.952% 0.750% People's Bank 52,666 0.196% 0.190% Total Treasurer's General Purpose Investment Portfolio 60,360,923 Treasurer's Restricted Investment Accounts Local Government Investment Pool - Unsegregated Taxes 1,089,707 0.748% 0.750% Total Treasurer's Restricted Investment Accounts 1,089,707 Treasurer's Other Cash and Investments FIB Bank District Attorney’s Witness Checking 1,795 N/A FIB Treasurer's Checking 319,074 FIB Zero Basis Account–A/P Disbursement Account (579,948) FIB Zero Basis Account–P/R Disbursement Account (12,512) NOTES: 1) Federal Loan Agencies Interest paid semi annually 2) FICO Strip Interest paid at maturity Total Treasurer's Other Cash and Investments (271,592) Total Investments and Cash $ 61,179,038 Other Cash in Treasurer's Change Funds $ 2,100 Attachment A S:\Treasury\ALL\Reports\Compliance 2012-21.xls Josephine County Treasurer Compliance Report December 31, 2020 Percentages Allowed by Account Type Account Actual Allowed Permitted Account Types Balance Percent Percent A - Investments in U. S. Govt. Obligations $ - 0.0% 100% B - Investments in U.S. Govt. guaranteed obligations 5,979,153 9.7% 75%/25% C - Commercial Bank Time Certificates - 0.0% 50%/25% C - Commercial Bank Municipal Money Market Account 2,808,331 4.6% Not Limited C - Commercial Bank Restricted Bond Account - 0.0% Not Limited F - State Local Government Investment Pool (LGIP) 52,663,145 85.7% 100% H - State & Local Government Securities - 0.0% 25%/25% * Total % and % allowed in one Agency or Financial Institution Total Portfolio - Interest Bearing Accounts and Instruments $ 61,450,630 100.0% C - Commercial Bank Demand $ 320,869 Not Limited C - Commercial Bank Zero Basis Accounts (592,461) Not Limited Total Cash and Other Bank Accounts $ (271,592) Total of All Accounts $ 61,179,038 Time Certificate Percent of Allowed TCD Percentages Allowed by Institution Balance Portfolio Percentage $ - 0.0% 25% - 0.0% 25% Total of TCDs in All Institutions $ - 0.0% 50.0% Percent of Minimum/Maximum Portfolio Maturity Dates Amount Portfolio Allowed Percentage 30 Days and Less $ 55,471,477 93.3% 10% Minimum 90 Days and Less 56,448,336 94.9% 25% Minimum 366 Days and Less 55,471,477 93.3% 100% None 12 Months to 18 Months - 0.0% 25% Maximum 18 Months to 36 Months 4,002,694 6.7% 25% Maximum Matched Long Term Maturities - 0.0% Matched Total Portfolio$ 59,474,171 100.0% PUBLIC FUNDS COLLATERALIZATION PROGRAM (Effective July 1, 2008) ORS Chapter 295 governs the collateralization of Oregon public funds and provides the statutory requirements for the Public Funds Collateralization Program.
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