LAMPRebuild. Recover. Reclaim. LouisianaLAMP Asset Management Pool, Inc. 2005 Annual Report Table of Contents
President’s Letter...... 2
Year in Review...... 3
Participants...... 5
Program Objectives & Benefits...... 10
LAMP, Inc. Staff...... 11
Board of Directors/President’s Advisory Board...... 12
Links: Louisiana Legislative Auditor’s Report UBS Financial Services Standard & Poor’s
Performance shown is historical and not indicative of future returns. An investment in the Louisiana Asset Management Pool is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value $of $your investment at $1.00 per $share, it is possible to lose money by investing in the fund. PROGRAM SUMMARY LAMP: WORKS FOR LOUISIANA
The Louisiana Asset Management Pool (LAMP) operates under Louisiana
law as a cooperative endeavor to assist local Louisiana governmental
entities in the investment of cash balances. The objective of LAMP is to
provide safety of principal and daily liquidity with a competitive rate of
return through investments in obligations issued by the U.S. government,
its agencies and instrumentalities, government-only money market
funds rated AAAm by Standard & Poor’s, commercial paper of domestic
United States corporations rated A-1 or A-1+ by Standard & Poor’s,
and in repurchase agreements collateralized by those investments. All
public entities, excluding the State of Louisiana and its departments, are
eligible to participate in LAMP.
LAMP– 1 – A LETTER FROM THE PRESIDENT Sound management. Decisive action. Positive results. These were the keynotes of 2005.
Dear LAMP Participant: We all felt the impact of the terrible storms that ravaged New Orleans and much of coastal Louisiana in 2005. The staff of LAMP, like so many other Louisiana citizens, responded immediately and effectively. With all our John Kennedy critical data backed-up, our LAMP team temporarily set up shop in Baton Rouge, Dallas and Birmingham. State Treasurer We kept in contact, and kept at work. If you dealt with us during the height of the crisis, you know we really President, LAMP, Inc. didn’t miss a beat. Our management functions were uninterrupted. Participants had access to their funds as always. The effects of the hurricanes on the local and national economy are documented in our yearly review. I will just note here that, in addition to the immediate stresses generated by the storms, we had to deal with external factors ranging from rapidly increasing crude oil prices and fuel costs to limited growth in employment, consumer uncertainty and lower than expected corporate profit margins. How did we do? At year’s end, we had increased our membership to 537 local government and agency participants. Managing more than $945 million in assets, we opened the year at a 7-day yield of 2.00% and closed at 4.16%. Our average yield of 3.06% compared favorably with 3.15% for 90-Day Treasury Bills, a 2.72% Government Institutional yield, and a Louisiana Treasury 60-day rate of 3.03%. LAMP participants—engaged in the work of rebuilding, reclamation and recovery—turned to us for the stability and sound management they’ve come to expect. Our managers kept our portfolio short, taking advantage of frequent increases in the Fed’s overnight rate to enhance our rate of return. Decisive action enabled us to produce consistently positive results for our participants. In 2005, LAMP received its 12th consecutive unqualified audit from the Louisiana Legislative Auditor’s Office and maintained its AAAm Standard & Poor’s rating. We explored new technologies and upgraded services. Our advisors, consultants, directors and staff worked seamlessly to preserve principal, offer daily liquidity and same-day cash access, and provide competitive yields. All at a low expense ratio. As always, I am grateful to everyone at LAMP as well as to our participants. Ours is truly a cooperative partnership. While we bring economies of scale and high-end portfolio management capabilities to the partnership, the government entities we serve give us the benefit of their own ideas and insights. That’s why we genuinely welcome our participants’ input. It’s true that 2005 was an exceptionally challenging year. Although much was lost, we gained a new sense of unity and possibility. Together, we embarked on the first stage of the long process that will rebuild, recover and reclaim our community identity.
John Kennedy State Treasurer President, LAMP, Inc. Please feel free to contact me at the State Treasury, 225-342-0010. Or call LAMP at 800-249-5267. You can also visit our website, www.lamppool.com.
LAMP– 2 – 2005 LAMP YEAR IN REVIEW Expectation and Performance in a Time of Challenge
LAMP began 2005 fully committed to maintaining its core mission: Financial & Compliance Audit providing its participants safety of principal, daily liquidity, and a competitive rate of return under an AAAm Standard & Poor’s rating. LAMP received its 12th consecutive unqualified audit from the In a time of challenge, LAMP responded with performance that met Louisiana Legislative Auditor’s Office. A link to the entire report both the needs and expectations of members. is included with this document, and is available at: www.lamppool.com/pdf/2005auditreport.pdf The U.S. economy grew at a solid pace in the first quarter. Gross domestic product (GDP) came in at a strong 3.8%. Fueled by robust consumer spending and home building, GDP grew at a 3.3% annual rate during the second quarter and 4.1% in the third quarter. A combination of factors—including the largest natural disaster in American history, rising fuel costs and consumer uncertainty—slowed fourth quarter growth to 1.1% (well short of the projected 2.8%).
Despite some volatility in non-farm growth, the U.S. economy S&P Rating generated a respectable 165,000 jobs per month. Unemployment hit 5.1% in September because of hurricane-related job losses. LAMP has maintained its AAAm rating from Standard & Poor’s. Report Losses were less severe than economists had forecast, indicating information from that entity is included in this document. More strong underlying job growth. Employers added more than 500,000 information is available at www.standardandpoors.com. new jobs during the fourth quarter and unemployment returned to its pre-hurricane level of 4.9%. Business activity remained vigorous as the services sector—almost 90% of the economy— 4.5 expanded for the 33rd consecutive month. 2005 COMPARATIVE YIELDS 4.5% The Federal Open Market Committee (FOMC) raised overnight rates 4.0 by 25 basis points on eight occasions during 2005, resulting in a 4.0% Fed Funds target rate of 4.25% at year’s end. The Fed’s December statement noted that inflation remained contained, but anticipated 3.5% the likelihood of “further measured policy firming” in 2006. As the 3.5 year closed, it appeared that the Fed was nearing the end of its tightening cycle. 3.0% 3.0 Despite the effects of the hurricanes, people in Louisiana had access to employment, inflation was held at bay, and the oil and 2.5% gas sector rebounded, although high energy prices and consumer 2.5 uncertainty remained factors of concern. Over the course of the 2.0% year, LAMP averaged more than $966 million in assets under management. Year-end yields compared competitively with those 1.5% of 90-day T-Bills, Government Institutional 7-day net yields, and JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOv DEC 2.0 Louisiana Treasury 60-Day CDs. lamp 7-day yield For LAMP, as for all of Louisiana 2005 ended on a note of 90-day t-bill rate 1.5 commitment. The work of rebuilding reclamation and recovery had government institutional begun. LAMP looked forward to continuing that work in partnership mfr average 7-day net yield louisiana treasury 60-day cd with its participants in 2006.
– 3 – 600 537.00 513.00 500 493.00 458.00 425.00 400 347.00
300 285.00
200
100
0 LAMP representatives participated in the following conferences, conventions and annual meetings in 2005:
2005 NUMBER OF PARTICIPANTS Government Finance Officers’ 600 Association Spring & Winter 1200 1155.00 537 Workshops 513 1062.00 1051.00 500 493 1000 458 962.00 Louisiana School Boards 425 864.00 Association Conference 400 800 347 751.00 686.00 Louisiana Police Jury 300 Association Conference 600 583.00 Louisiana Assessors’ 200 Association Conference 400 339.00 298.00 100 224.00 Louisiana Association of 200 Principals Conference 102.00 0 Louisiana Clerks of Court 0 2000 2001 2002 2003 2004 2005 Association Conference
Louisiana Association of School Board Officials (LASBO) Spring & Winter Conferences 2005 ASSETS UNDER MANAGEMENT $ Dollars in Millions Louisiana Municipal Association’s 1,200 Mayors Day & Legislative Conference 1,000 $945 Louisiana Team City Conference 800 Louisiana Rural Water Association Conference 600 Louisiana District Attorneys’ 400 Association Conference
Louisiana Municipal 200 Association Conference
0 Louisiana Sheriffs’ 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Association Conference
– 4 – LOUISIANA ASSET MANAGEMENT POOL PARTICIPANTS 2005
Assessors St. Mary Parish Clerk of Court rd Assessor 3 Municipal District Parish of Orleans St. Tammany Parish Clerk of Court As President of the Orleans Parish Board Assessor 4th Municipal District Tangipahoa Parish Clerk of Court of Assessors when Hurricane Katrina Assessor 6th Municipal District Parish of Orleans Vermilion Parish Clerk of Court Assumption Parish Assessor Vernon Parish Clerk of Court struck our city, I found myself suddenly Avoyelles Parish Assessor West Baton Rouge Parish Clerk of Court faced with many demanding tasks. My Beauregard Parish Assessor West Feliciana Parish Clerk of Court first priority was to contact the Assessors, Bienville Parish Tax Assessor Winn Parish Clerk of Court locate our employees, and get our offices Board of Assessors Parish of Orleans Bossier Parish Assessor Convention & Visitor’s Bureau up and running. Cameron Parish Assessor Alexandria/Pineville Area Convention & Visitor’s Claiborne Parish Assessor’s Office Bureau Because of LAMP, and no one else, we DeSoto Parish Assessor Baton Rouge Area Convention & Visitor’s Bureau were able to ensure the funding of East Baton Rouge Parish Assessor’s Office Houma Area Convention & Visitors Bureau Jefferson Davis Parish Assessor Jefferson Convention & Visitors Bureau our offices. Our employees–stranded Lafayette Parish Assessor’s Lafayette Parish Convention & Visitor’s Commission in Texas, Arkansas, Georgia and else- LaSalle Parish Assessor Lafourche Parish Tourist Commission where– received paychecks that helped Livingston Parish Assessor’s Office Livingston Parish Convention & Visitors Bureau them survive and begin working their Louisiana Assessor’s Association Monroe-West Monroe Convention & Visitor’s Bureau way back home. Natchitoches Parish Assessor Shreveport Bossier Convention & Tourist Bureau Orleans 1st Municipal District Assessors’ Office St. Mary Parish Tourist Commission Pointe Coupee Assessor’s Office St. Tammany Parish Tourist & Convention I will be forever grateful for the quick re- Richland Parish Assessor’s Office Commission sponse and ongoing cooperation of LAMP. Second Municipal District Assessor’s Office SWLA Convention & Visitor’s Bureau St. Landry Parish Assessor Tangipahoa Parish Tourist Commission St. Martin Parish Assessor West Baton Rouge Tourist Commission Assessor Tom Arnold St. Mary Parish Assessor West Feliciana Parish Tourist Commission Orleans Parish Board of Assessors St. Tammany Parish Assessor President 2004 and 2005 Tangipahoa Parish Assessor District Courts, District Judges & District Tax Assessor: Parish of Iberville Attorney’s Office Washington Parish Assessor 4th Judicial District Court Fire Districts Webster Parish Assessor’s Office 11th Judicial District Court Bayou Blue Fire Protection District West Baton Rouge Parish Assessor 23rd Judicial District Attorney Bayou Cane Volunteer Fire Department West Feliciana Parish Assessor 26th Judicial District Indigent Defender Board Benton Fire District #4 Operating Account 29th Judicial District Indigent Defender Board Caddo Parish Fire District #1 Clerks of Court 29th Judicial District, District Attorney Caddo Parish Fire District #5 Acadia Parish Clerk of Court 30th Judicial District Court Caddo Parish Fire District #6 Ascension Parish Clerk of Court 32nd Judicial Law Clerk Fund Caddo Parish Fire District #8 Assumption Parish Clerk of Court City Court of Port Allen Claiborne Parish Fire District #6 Bienville Parish Clerk of Court District Attorney, 1st Judicial District DeSoto Fire District #8 Bossier Parish Clerk of Court First City Court Constable for the City of New Orleans District 6 Fire Protection District Caddo Parish Clerk of Court Hon. Joseph L. Waitz, Jr. District Attorney 32nd Fire District #6 Caddo Parish Caldwell Parish Clerk of Court Judicial District Fire Protection District #4 Cameron Parish Clerk of Court Indigent Defender Board of the 32nd Judicial District Fire Protection District #4-A Clerk of Court Parish of Pointe Coupee Court Fire Protection District #6 Concordia Parish Clerk of Court Jefferson Davis Parish District Attorney’s Office Fire Protection District #6 of the Parishes of East Feliciana Parish Clerk of Court Jefferson Parish District Attorney’s Office Terrebonne & Lafourche Grant Parish Clerk of Court Jefferson Parish Juvenile Court Fire Protection District of Jackson Iberia Parish Clerk of Court Louisiana Council of Juvenile & Family Court Judges Fire Protection District #1 of St. Mary Parish Iberville Parish Clerk of Court Louisiana District Attorney’s Association Fire Protection District #1 of West Feliciana Parish Jackson Parish Clerk of Court Sixteenth Judicial District, District Attorney Fire Protection District #11 Jefferson Davis Parish Clerk of Court Sixteenth Judicial District Court Fire Protection Sub District #2 of West Baton Rouge Livingston Parish Clerk of Court Parish Madison Parish Clerk of Court Jonesboro Fire District #1 Ouachita Parish Clerk of Court Lafourche Parish Fire Protection District #2 Richland Parish Clerk of Court Lafourche Parish Fire Protection District #5 Second City Court Marrero Ragusa Volunteer Fire Company #3 St. James Parish Clerk of Court Parishwide Fire Protection District of the Parish of
– 5 – LOUISIANA ASSET MANAGEMENT POOL PARTICIPANTS 2005
East Feliciana City of Morgan City Town of Iowa Pointe Coupee Parish Fire District #5 City of Natchitoches Town of Jean Lafitte Sorrento Volunteer Fire Department City of New Orleans Town of Kentwood St. Mary Parish Fire Protection District #2 City of New Roads Town of Krotz Springs St. Tammany Parish Fire Protection District #1 City of Opelousas Town of Leonville St. Tammany Parish Fire Protection District #2 City of Ponchatoula Town of Livingston St. Tammany Parish Fire Protection District #8 City of Port Allen Town of Livonia Terrebonne Parish Fire District #8 City of Ruston Town of Lockport Terrebonne Parish Fire Protection District #5 City of Scott Town of Madisonville Terrebonne Parish Fire Protection District #7 City of Shreveport Town of Maringouin Winn Parish Fire District #3 City of Sulphur Town of Olla City of Ville Platte Town of Ringgold Hospitals City of West Monroe Town of Sibley Homer Memorial Hospital City of Westlake Town of Sorrento Hospital Service District #2 of the Parish of St. Mary City of Zachary Town of St. Francisville Lane Memorial Hospital Town of Baldwin Town of St. Gabriel Lafourche Parish Hospital Service District #1 Town of Brusly Town of St. Joseph Pointe Coupee Home Bound Health and Hospice Town of Sterlington - Hospital Service Town of Stonewall District No. 1 of Pointe Coupee, LA Town of Vinton St. Anne General Hospital We’ve been a LAMP member since 2000. Town of Walker Our experience has been very positive. Town of Welsh Libraries LAMP has always been readily available to Town of White Castle DeSoto Parish Library assist us and LAMP personnel have been Town of Wisner East Carroll Parish Police Jury Library Fund Town of Zwolle Green Gold Library very professional and efficient. That was Village of Albany Iberville Parish Library especially true after the hurricanes. Village of Dubberly Jackson Parish Library Village of Fenton Jefferson Davis Parish Library We were having serious communications Village of Folsom Lafourche Parish Library Village of Forest Hill issues. But Theo Sanders managed to get St. Bernard Parish Library Village of French Settlement The Allen Parish Libraries through to me almost immediately. He Village of Grosse Tete Tangipahoa Parish Library gave me his emergency contact numbers. Village of Morganza Trailblazers, Inc. He returned my calls in record time and Village of Natchez West Baton Rouge Parish Library handled my requests immediately. Village of Palmetto West Feliciana Parish Library Village of Port Vincent Village of Rosedale Municipalities It’s good to know you’re working with Village of Sun City of Alexandria people you can count on. That’s the way Village of Tangipahoa City of Bastrop I feel about LAMP. City of Baton Rouge, Parish of East Baton Rouge Other City of Carencro Acadiana Criminalistics Laboratory Commission City of Covington Julie B. Acosta Algiers Development District City of Crowley Assumption Parish Sheriff’s Office Amite River Basin Drainage and Water Conservation City of DeQuincy Administrative Assistant to District City of DeRidder Sheriff Mike Waguespack Board of Trustees, Police & Relief Fund City of Eunice Caddo Council on Aging City of Gonzales Caddo-Shreveport Sales & Use Tax Commission City of Grambling Coroner’s Office – Jefferson Parish City of Gretna Town of Cheneyville Creole Nature Trail National Scenic Byway District City of Hammond Town of Cullen East St. Tammany Event Center Commission City of Jeanerette Town of Delhi England Economic & Industrial Development District City of Jennings Town of Duson Evangeline Council on Aging City of Lake Charles Town of Fordoche False River Air Park Commission City of Mandeville Town of Golden Meadow Firemen’s Pension & Relief Fund of the City of Houma City of Mansfield Town of Grand Isle Florida Parish Juvenile Detention Center City of Minden Town of Homer Grant Council on Aging, Inc. City of Monroe Town of Hornbeck Iberville Chamber of Commerce
– 6 – LOUISIANA ASSET MANAGEMENT POOL PARTICIPANTS 2005
Iberville Parish Sales & Use Tax Department St. James Parish Council Alexandria Senior High School JEDCO St. John the Baptist Parish Council Allen Parish School Board Livingston Council on Aging St. Landry Parish Police Jury Amite High School Lockport Fall Food Festival St. Mary Parish Government Assumption Parish School Board Louisiana Association of Principals Tangipahoa Parish Council Bayou Blue Elementary School Louisiana Association of School Superintendents Tensas Parish Police Jury Beauregard Parish School Board Louisiana Community Development Authority (LCDA) Terrebonne Parish Consolidated Government Bienville Parish School Board Louisiana Conference of Mayors Union Parish Police Jury Bolton High School Louisiana Parish Engineers & Supervisors Vermilion Parish Police Jury Bossier Parish School Board Louisiana School Board Association Webster Parish Police Jury Brame Middle School New Orleans City Park Improvement Association West Baton Rouge Parish Council Broussard Middle School New Orleans Public Belt Railway West Feliciana Parish Police Jury Brusly High School Parish of St. Mary Sales & Use Tax Department Caddo Parish School Board Pointe Coupee Health Service District #1 Levee Districts & Port Commissions Calcasieu Parish School Board Prison District 1 of the Sixth Judicial District of Atchafalaya Levee Basin District Caldwell Parish School Board Louisiana Bossier Levee District Cameron Parish School Board Retired State Employees Association Caddo-Bossier Port Commission Carencro High School Secretary/Treasurer’s Organization of the LA Police Greater Baton Rouge Port Commission Carencro Middle School Jury Association Greater Krotz Springs Port Commission Central Lafourche High School St. Charles Council on Aging Greater Lafourche Port Commission Chackbay Elementary School St. Tammany Parish Economic & Industrial Lake Charles Harbor & Terminal District City of Baker School System Development District Pointe Coupee Parish Port Commission Claiborne Parish School Board Terrebonne Association for Retarded Citizens Port of Iberia District Board of Commissioners Comeaux High School Terrebonne Council on Aging Inc. South Lafourche Levee District Covington Elementary School Terrebonne Parish Communications District South Louisiana Port Commission Covington High School The Housing Authority of the City of Bossier City, LA Terrebonne Levee & Conservation District Cut Off Elementary School Webster Parish Police Jury Office of Community Vinton Harbor Terminal District Devall Middle School Services West Calcasieu Port Harbor & Terminal East Baton Rouge Parish School System Webster Parish Sales Tax Commission West St. Mary Parish, Port, Harbor & Terminal District East Thibodaux Middle School Welsh Gravity Drainage District #1 Florida Avenue Elementary School West Baton Rouge Museum Recreation Districts Fontainebleau High School West Calcasieu Airport Managing Board Calcasieu Parish Police Jury Recreation District #1 Fontainebleau Junior High School West Calcasieu Parish Community Center Authority Ward 4 Galliano Elementary School William Pitcher Scholarship Fund Cypress Black Bayou Recreation & Water Glynn H. Brock Elementary School Conservation District Golden Meadow Junior High Police Juries/Parish Government Iberia Parish Recreation District #1 Golden Meadow Lower Elementary Acadia Parish Police Jury Iberville Parish Parks & Recreation District Golden Meadow Middle School Acadia Parish Police Jury – Solid Waste Facility Trust Lafourche Recreation District #1 Grant Parish School Board Assumption Parish Police Jury Pontchatoula Area Recreation District Hammond High School Bossier Parish Police Jury Recreation District #1 – St. Mary Parish Iberia Parish School Board Caddo Parish Commission Recreation District #4 – St. Mary Parish Iberville Parish School Board Calcasieu Parish Police Jury Recreation District #1 – St. Tammany Parish Jefferson Davis Parish School Board Claiborne Parish Police Jury Recreation District #10 – St. Tammany Parish Jefferson Parish Public School System DeSoto Parish Police Jury Recreation District #12 - St. Tammany Parish Lafayette High School East Carroll Parish Police Jury St. Mary Parish Recreation District #3 Lafayette Parish School Board Evangeline Parish Police Jury Sulphur Parks and Recreation Lafayette Parish School Board, Sales Tax Division Iberville Parish Council Lafourche Parish School Board Jackson Parish Police Jury Retirement Systems Lake Harbor Middle School Jefferson Parish Firefighters’ Retirement System of Louisiana Larose Cut Off Middle School Lafayette Parish Government LA Assessors’ Association Retirement Fund Larose Lower Elementary School Lafourche Parish Council Louisiana Clerks of Court Retirement & Relief Fund Larose Upper Elementary School Livingston Parish Council Louisiana Sheriff’s Pension & Relief Fund – Drop Lincoln Parish School Board Ouachita Parish Police Jury Account Fund Lockport Middle School Plaquemines Parish Government Municipal Employees’ Retirement System of LA Lockport Lower Elementary School Pointe Coupee Parish Police Jury Lockport Upper Elementary School Rapides Parish Police Jury Schools/School Boards & Universities Loranger High School St. Bernard Parish Government Acadia Parish School Board Magnolia Trace Elementary School St. Charles Parish Council Acadiana High School Mandeville Elementary School
– 7 – LOUISIANA ASSET MANAGEMENT POOL PARTICIPANTS 2005
Mandeville Middle School Ruby-Wise Elementary School St. Tammany Parish Sheriff’s Office Mandeville High School Salmen High School Tangipahoa Parish Sheriff’s Office McNeese State University Foundation Sixth Ward Middle School Washington Parish Sheriff’s Office Monroe City Schools Slidell High School West Baton Rouge Parish Sheriff’s Office Morehouse Parish School Board Slidell Junior High School West Feliciana Parish Sheriff’s Department Natchitoches Parish School Board South Lafourche High Winn Parish Sheriff’s Department Nesom Middle School Special Education District #1 Northshore High School St. Bernard Parish School Board Utilities Northside High School St. Charles Elementary Assumption Parish Waterworks District #1 Northwood High School St. Charles Parish School Board Bogue Lusa Waterworks Orleans Parish School Board St. James Parish School Board Caddo Parish Sewerage District #7 Ouachita Parish School Board St. John School Board Calcasieu Parish Police Jury Gravity Drainage District Paul Breaux Middle School St. Landry Parish School Board #4 Pearl River High School St. Martin Parish School Board Consolidated Gravity Drainage District #1 Pineville High School St. Mary Parish School Board Fourth Ward Water Association Plaquemines Parish School Board St. Tammany Junior High School Gas Utility District #1 West Feliciana Parish Ponchatoula High School St. Tammany Parish School Board Iberville Parish Natural Gas System Pontchartrain Elementary School Tangipahoa Parish School System Iberville Parish Water District #4 Port Allen Elementary Tchefuncte Middle School Iberville Parish Waterworks District #2 Port Allen High School Terrebonne Parish School Board Jefferson Davis Central Waterworks District Raceland Middle School Thibodaux Elementary School Lafayette Parish Waterworks District South Raceland Upper Elementary Thibodaux High School Lafourche Parish Water District #1 Rapides Parish School Board Vernon Parish School Board Livingston Parish Communications District Red River Parish School Board W. L. Abney Elementary School Louisiana Rural Water Association Richland Parish School Board Washington Parish School Board Mosquito Abatement District #2 Webster Parish School Board Mount Hermon Water District West Baton Rouge Parish School Board Natchitoches Waterworks District #1 The Sheriff’s Office handled the evacu- West Feliciana Parish School Board New Orleans Regional Transit Authority ation of Jefferson Parish and manned West Thibodaux Middle School Plaquemine City Light & Water Plant Winn Parish School Board Sewerage & Water Board of New Orleans the rescue and relief effort. Including Woodlake Elementary School Southwest Allen Parish Water District overtime and hazard pay, the cost of W. S. Lafargue Elementary School St. Landry Parish Waterworks District #2 Rural materials and supplies, and damage to St. Mary Drainage District #6 buildings, we incurred over $15.5 million Sheriffs’ Offices St. Mary Parish Mosquito Control District #1 Acadia Parish Sheriff’s Office St. Mary Parish Sewerage District #5 in expenses. Allen Parish Sheriff’s Office St. Mary Parish Water & Sewer Commission #1 Assumption Parish Sheriff’s Office St. Mary Parish Water & Sewer Commission #2 We actually contacted LAMP in the hours Bossier Parish Sheriff’s Office St. Mary Parish Waterworks District #5 before Katrina made landfall. We hoped Caddo Parish Sheriff’s Office Sunset Drainage District Caldwell Correctional Center/Caldwell Parish Sheriff’s Tangipahoa Mosquito Abatement District #1 that LAMP would be able to transfer Office Tangipahoa Parish Sewer District funds to cover our payroll. Despite the Claiborne Parish Sheriff Tangipahoa Water District storm, LAMP executed the transfer and DeSoto Parish Sheriff’s Office Terrebonne Parish Consolidated Waterworks District our payroll checks (with a lot of over- East Baton Rouge Parish Sheriff’s Office #1 time) were covered. East Carroll Parish Sheriff’s Office Varnado Waterworks Iberville Parish Sheriff’s Office Waterworks District #1 Calcasieu Parish Jefferson Parish Sheriff’s Office Waterworks District #1 of the Parish of DeSoto Working with LAMP was everything I Lafayette Parish Sheriff’s Office Waterworks District #8 of Wards 3 & 8 expected it would be. We will always use Lafourche Parish Sheriff’s Office Waterworks District #9, Ward 4 LAMP as an investment and manage- Louisiana Sheriff's Association Waterworks District #11 of Wards 4 & 7 Louisiana Sheriff’s Pension & Relief Fund Webster Parish Communications District ment partner. – Operating Fund West Ouachita Sewerage District #5 Madison Parish Law Enforcement District Winn Parish Communications District Paul Rivera, CPA Orleans Parish Criminal Sheriff’s Office Internal Auditor Plaquemines Parish Law Enforcement District 537 as of December 31, 2005 Jefferson Parish Sheriff’s Office Port Allen City Marshal St. Charles Parish Sheriff’s Office St. James Sheriff’s Office
– 8 – (2.29%)(0.58%)(2.96%)(3.26%) (3.01%)(0.23%) (2.99%)(3.53%)
(41.91%) (24.01%) (20.60%) (37.48%)
(2.71%) (0.24%) (0.62%) (0.13%)(2.50%) (3.33%) (16.19%)(1.16%)(1.15%)(0.70%) (0.61%)(2.31%) (17.42%) (3.35%)(0.83%)(1.03%)(0.22%)(1.22%)(1.43%)
assessors (0.72%) $6,194,236.92
Clerks of Court (1.77%)
Convention & Visitors’ Bureaus 0.58% $15,342,004.60 $5,465,068.94
Utilities 2.96% Convention & Visitor's bureaus (0.61%) $28,010,983.60 Sheriffs’ Offices 2.29% $5,292,276.13 $21,640,596.38 Retirement Systems 3.26% $30,815,335.67 District Courts, District Judges & District attorney's offices (1.43%) Recreation Districts 0.23% $2,159,667.75 $12,395,521.53
Levee Districts & Port Commissions 3.01% fire Districts (1.22%) $28,496,493.65 $10,514,157.84
Hospitals (0.22%) $1,875,387.68
libraries (1.03%) $8,903,405.81 2005 POOL Municipalities (37.48%) $323,981,214.99 Schools, School Boards ASSETS BY Municipalities 41.91% & Universities 20.60% $396,214,402.66 $194,796,352.32 PARTICIPANT other Public entities (3.35%) GROUP $28,935,048.62 TOTAL Police Juries/Parish Governments (17.42%) $945,412,455.26 $150,592,500.82
levee Districts & Port Commissions (3.33%) $28,788,052.86
Police Juries/Parish Governments 16.19% $153,084,842.64 Recreation Districts (0.24%) $2,056,928.59
Retirement systems (1.45%) Other Public Entities 2.70% Assessors 0.70% $12,521,794.76 $25,504,478.52 $6,607,548.36
Hospitals 0.13% Fire Districts 1.15% schools, school boards & Universities (24.01%) $1,244,385.34 $10,853,936.45 $207,503,583.41 Libraries 0.62% $5,886,048.60 District Courts, District Judges & District Attorneys’ Offices 1.16% sheriff's offices (2.19%) Clerks of Court 2.50% $10,995,888.93 $23,636,425.45 $18,942,674.60
– 9 – Utilities (3.53%) $30,554,658.84 Convention and Visitors’ bureaus (.61%) $5,292,276.13 sheriffs’ offices (2.19%) Utilities (3.53%) $18,942,674.60 $30,554,658.84 Retirement systems (1.45%) Recreation Districts (.24%) $12,521,794.76 $2,056,928.59 levee Districts (3.33%) & Port Commissions $28,788,052.86
Municipalities (37.48%) $323,981,214.99 schools/school boards & Universities (24.01%) $207,503,583.41 other Public entities (3.35%) $28,698,006.62 assessors (0.72%) $6,194,236.92 libraries (1.03%) $8,903,405.81 Police Juries/ fire Districts (1.22%) Parish Governments (17.42%) $10,514,157.84 $150,592,500.82 Hospitals (.22%) $1,875,387.68 District Courts, District Judges Clerks of Court (1.77%) & District attorneys’ offices (1.43%) $15,342,004.60 $12,395,521.53 PROGRAM OBJECTIVES & BENEFITS
LAMP was created in 1993 as a cooperative endeavor to assist local Louisiana governmental entities in the investment of their cash balances.
Preservation of PRINCIPAL participants to access their account information via The primary goal of LAMP is to maintain a stable Client Connection. It also contains information on net liquid asset value in the pool so that principal LAMP’s latest rates, participants, upcoming events, is preserved. board members, staff and officers, as well as links to interesting and informative sites of other Louisiana Liquidity associations, state agencies and national financial LAMP offers same-day access to funds through information providers. Client Connection online, or by a simple call to the toll-free LAMPline at 1-800-272-8162 to make Professional Management transfers or investments with no transaction fees. LAMP, Inc. employs a professional administrative Participants may also fax instructions toll-free to staff, contracts with a major Louisiana bank for LAMP at 1-800-604-6988. custodial services and with separate, nationally and locally known investment managers, which follow Increased Yield strict guidelines adopted by the board of directors. The combined purchasing power of LAMP LAMP also employs an independent professional generally attracts competitive interest rates investment consultant. for LAMP participants. Arbitrage Tracking Municipalities, parish governments, school boards, LAMP can track earnings on new bonds issued for sheriffs, district attorneys, utility districts, local LAMP participants and invest those earnings to governments and other political subdivisions are achieve attractive returns. eligible to enroll in LAMP and enjoy all the program benefits. By pooling assets and resources, local Low Cost authorities can benefit from the same level of By aggregating the funds available for investment, professional money management otherwise available LAMP can reduce the administrative and custodial to only larger institutions. fees and maximize the yield on participants’ investments. Administrative Efficiency LAMP participants have access to account Voting Rights information, performance and yields by calling the LAMP participants maintain direct control of who toll-free LAMPline at 1-800-272-8162. oversees the management of the investment pool by electing the board of directors for LAMP, Inc. at Internet Information the annual membership meeting. LAMP’s website, www.lamppool.com, allows LAMP
– 10 – Theodore Sanders - Marketing Director [email protected]
As LAMP’s educator and marketer, Theo Sanders has seen how LAMP can benefit parishes, municipalities and related organizations first-hand:
“LAMP offers our participants services that they would be hard pressed to find in other areas. Our participants benefit from the safety of their principal, daily liquidity and same-day access to resources. LAMP has a successful track record of delivering comparable yields. We want every eligible organization in Louisiana to know what LAMP does and how it can help their parish, town or organization.”
Theo continues to spend weeks during the year visiting dozens of Louisiana public entities reviewing their investment goals and LAMP’s ability to meet those objectives. “We want to communicate face-to-face with our participants, as frequently as we can. We want them to know who handles their business and that their priorities are our priorities.”
Krissy Orgeron - Participant Liaison/Office Administrator [email protected]
Investor service is the foundation for LAMP’s ongoing success, says Krissy. “We benchmark ourselves on meeting the needs of our participants. While our participants represent a diverse mix of public entities and related organizations, our investor service goals are the same for each of these valued members. We want all of our members to end the year better than they started it, when it comes to the services they receive from LAMP.”
Yolanda F. Andrews - Administrative Assistant [email protected]
Yolanda understands LAMP’s mission of investor service. “Every question has an answer. It’s my job to make sure that every LAMP participant has the information that they need to get an answer to their question, quickly and correctly. As technology has progressed, our participants want and need greater access to information. We are committed to providing that information to them.”
Contact Information: Louisiana Asset Management Pool (LAMP) 228 St. Charles Avenue Suite 1123 New Orleans, LA 70130-9957 800-249-5267 toll-free www.lamppool.com
For yield information, call the LAMPline at 800-272-8162.
LAMP– 11 – LAMP Board of Directors The Honorable John A. Berthelot, Mayor Mr. J. Charles Oubre, III, Senior Accountant City of Gonzales St. Charles Parish Council
Ms. Erica Bryant, Director of Finance Mr. Dietmar Rietschier, Executive Director Caddo Parish Commission Amite River Basin Drainage & Water Conservation District
The Honorable Bobby W. Edmiston, Assessor The Honorable David Riggins, Mayor Bossier Parish Assessor’s Office Town of Vinton
John Kennedy State Treasurer The Honorable Debbie D. Hudnall, Clerk of Court Mr. Milton Stiebing, Director of Finance President, LAMP, Inc. East Feliciana Parish Clerk of Court City of Mandeville
The Honorable James A. Laurent, Assessor Ms. Marcia St. Martin, Executive Director Pointe Coupee Parish Assessor Sewerage & Water Board of New Orleans LAMP Inc. President The Honorable Carolyn Louviere, Mayor Ms. Gloria Washington, Director of Administrative Services Town of Welsh Caddo/Bossier Port Commission and State Treasurer
John Kennedy
recognizes the President’s Advisory Board The Honorable Lawrence “Football” The Honorable Clarence W. Hawkins, The Honorable Margo Racca, Mayor Badeaux, Mayor Mayor Town of Iowa commitment and Village of Rosedale City of Bastrop Mr. Ron Randolph, Director of The Honorable Paul Carmouche The Honorable W. J. “Bill” Hodge Accounting Services 1st Judicial District, District Attorney Ouachita Parish Clerk of Court St. Tammany Parish School Board knowledge of the Caddo Parish Mr. Mark Kolwe, Assistant Mr. Richard Reid, Vice President Mr. Ron Caruso, Director of Business Superintendent of Finance & Support McNeese State University Development Affairs Services & Public Affairs members of the William Pitcher Scholarship Fund Tangipahoa Parish School System Mr. Robert L. Rust, Executive Director The Honorable Paul D. Connick, Jr. The Honorable James E. Mayo, Mayor Municipal Employees Retirement System board of directors Jefferson Parish District Attorney City of Monroe of LA
Mr. Roland Dartez, Executive Secretary Ms. Charlotte Bennett Massey Ms. Earline R. Simoneaux, Police Jury Association of Louisiana Executive Director Administrative Assistant and the advisory board. LA Clerks of Court Association Assumption Parish Waterworks District The Honorable Dudley R. Dixon, Mayor No.1 City of Westlake Mr. Osey “Skip” McGee, Jr. Thank you for your Executive Director The Honorable Gary Soileau, Mayor Mr. Lloyd Dressel, Director of Business LA Sheriff’s Pension & Relief Fund Town of Krotz Springs & Finance Louisiana School Board Association The Honorable Curtis McCoy, Mayor Ms. Elizabeth Washington, Director of dedicated service. City of Mansfield Finance Mr. Barry Dufrene, Director City of Shreveport St. Mary Parish Sales & Use Tax Mr. Tom Ed McHugh, Executive Director Department Louisiana Municipal Association Deputy Larche Watters, CPA, Comptroller Bossier Parish Sheriff’s Office Mr. Don Gaudet, Business Manager Chief Deputy Newell Normand Lafourche Parish School Board Jefferson Parish Sheriff’s Office Mr. Reginald Zeno, Finance Director City of New Orleans Mr. Joel Hancock, CPA, Fire Chief The Honorable Stephen Prator, Sheriff Fire Protection District #6 Caddo Parish Sheriff’s Office East Baton Rouge Parish Visit www.lamppool.com for board of director and advisory board member photos.
LAMP– 12 – Following are links to third-party reports concerning LAMP:
The Louisiana Legislative Auditor
UBS Financial Services, Inc.
Standard & Poor’s
Performance shown is historical and not indicative of future returns. An investment in the Louisiana Asset Management Pool is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
Louisiana Asset Management Pool, Inc. 228 St. Charles Avenue, Suite 1123, New Orleans, LA 70130
LAMP– 13 –