7772 N. Palm Ave. Fresno, CA 93711 (559) 457-0681 p. (559) 457-0318 f. FresnoCountyRetirement.org

DATE: June 3, 2020

TO: Board of Retirement

FROM: Donald C. Kendig, CPA, Retirement Administrator

Staff Contact: Conor Hinds, Supervising Accountant

SUBJECT: Receipt and Filing of the FCERA Cash Flow Position Report as of April 2020 – RECEIVE AND FILE

Recommended Action 1. Receive and File.

Fiscal and Financial Impacts There are no fiscal impacts to receiving and filing this informational item. All costs referenced within the Report are part of the Board approved annual budget.

Background and Discussion Staff began reporting on FCERA’s cash flows in 2011 in order to provide the Board of Retirement with a summary of the cash position and flow of cash, one month in arrears. This provides the Board with a picture of cash held in the Treasurer’s pool and cash held with Northern Trust.

Combined employee and employer contributions from all plan sponsors in April total $23,855,091.15. Administrative cash disbursements for April were $358,339.62. Benefit disbursements to retirees April totaled $25,273,613.15; lump sum payment withdrawals for April totaled $201,054.31. FCERA’s cash activities related to for the month of April are detailed in the attached Exhibit A.

The Treasurer’s cash balance was restored per the Board’s cash policy at the end of the month from available cash, preserving the Board’s set aside of $155M in unallocated cash. Staff and Board counsel are still pursuing a memorandum of understanding or agreement with the Auditor- Controller Treasurer-Tax Collector.

Attachments 1. April 2020 Cash Flow Position Report. 2. Exhibit A – Distributions, Capital Calls, transfers and Fees for April 2020.

Excellence ● Professionalism ● Teamwork ● Integrity ● Accountability ● Innovation “The County of Fresno is an Equal Employment Opportunity Employer.”

FCERA CASH FLOW POSITION April 2020

TREASURER'S POOLED CASH

BEGINNING TREASURY POOL CASH BALANCE: $ 26,714,855.39

COUNTY EMPLOYER CONTRIBUTIONS 17,933,166.11

COUNTY EMPLOYEE CONTRIBUTIONS 4,456,018.68

SUPERIOR COURTS EMPLOYER CONTRIBUTIONS 1,172,257.68

SUPERIOR COURTS EMPLOYEE CONTRIBUTIONS 200,650.14

SPECIAL DISTRICT EMPLOYER/EMPLOYEE CONTRIBUTIONS 92,998.54 SERVICE CREDIT PURCHASES 27,895.33 INTEREST (Applied Quarterly) 53,225.80 CASH TRANSFERS FROM NORTHERN TRUST 89,000,000.00 ADJUSTMENTS/CORRECTIONS - OTHER CASH RECEIPTS -

TOTAL RECEIPTS: $ 112,936,212.28

ADMINISTRATIVE EXPENSES (358,339.62)

INVESTMENT EXPENSES (40,818.33)

ADJUSTMENTS/CORRECTIONS -

CASH TRANSFERS TO NORTHERN TRUST -

TOTAL DISBURSEMENTS: $ (399,157.95)

ENDING TREASURY POOL CASH BALANCE: $ 139,251,909.72

NORTHERN TRUST CASH ACCOUNTS (UNALLOCATED & BENEFIT PAYMENTS)

BEGINNING NORTHERN TRUST CASH BALANCE: 100,301,617.60

DISTRIBUTIONS FROM INVESTMENTS 160,070,865.49

SECURITIES LENDING INCOME (NET) 50,576.21 INTEREST (1 MONTH IN ARREARS) 51,968.07

CASH FLOW TRANSFERS IN (BANK OF THE WEST) -

INVESTMENT TRANSFERS IN 2,529.61

BENEFIT PAYMENT REDEPOSITS (RETURN TO TRUST) 18,141.40 SECURITIES LITIGATION INCOME 24,079.71

TOTAL RECEIPTS: $ 160,218,160.49

BENEFIT PAYMENTS (25,273,613.15) LUMP SUM PAYMENTS / WITHDRAWALS & DEATH BENEFIT (201,054.31) CAPITAL CONTRIBUTIONS (35,574,484.28) INVESTMENT EXPENSES - CASH FLOW TRANSFERS OUT (BANK OF THE WEST) (23,000,000.00) ADJUSTMENTS/CORRECTIONS -

TOTAL DISBURSEMENTS: $ (84,049,151.74)

ENDING NORTHERN TRUST CASH BALANCE: $ 176,470,626.35

TOTAL FCERA ENDING CASH BALANCE: $ 315,722,536.07

Treasury interest rates as of 12/31/2019 2.188%

Northern Trust Cash Account Interest Rate as of 4/30/2020 0.415%

G:\Shared\RETIRMNT\ACCT\CASH FLOW POSITION REPORT\FY 19-20\FCERA Cash Flow Position Report 19-20.xlsx\April 2020\5/26/2020\4:36 PM EXHIBIT A

DISTRIBUTIONS FROM INVESMENTS 4/13/2020 DISTRIBUTION - ZMC III L.P. 769,625.00 4/17/2020 DISTRIBUTION - CARLYLE TCG BDC II INC 2,332,767.74 4/23/2020 DISTRIBUTION - INVESCO CORE REAL ESTATE - U.S.A., LP 1,263,781.20 4/23/2020 DISTRIBUTION - KENNEDY WILSON REAL ESTATE FUND V L.P. 569,685.00 4/24/2020 DISTRIBUTION - KENNEDY WILSON REAL ESTATE FUND VI, LP 296,709.68 4/27/2020 DISTRIBUTION - GROSVENOR INSTITUTIONAL PARTNERS 154,838,296.87 160,070,865.49 CAPITAL CALLS 4/1/2020 CAPITAL CALL - IFM INFRASTRUCTURE (10,709,000.00) 4/2/2020 CAPITAL CALL - TSSP ADJACENT OPPORTUNITIES PARTNERS (2,807,618.00) 4/3/2020 CAPITAL CALL - EQT CREDIT OPPORTUNITIES III (8,716,399.04) 4/3/2020 CAPITAL CALL - SEVENTH FUND (922,502.85) 4/6/2020 CAPITAL CALL - GERDING EDLEN GREEN CITIES III, L.P. (67,303.07) 4/10/2020 CAPITAL CALL - TPG PARTNERS VIII (415,170.00) 4/13/2020 CAPITAL CALL - X (1,147,835.33) 4/13/2020 CAPITAL CALL - SK CAPITAL PARTNERS V-A L.P. (6,829.00) 4/15/2020 CAPITAL CALL - HORSLEY BRIDGE XI GROWTH L.P. (408,000.00) 4/16/2020 CAPITAL CALL - INVESCO U.S. VALUE-ADD FUND V, L.P. (4,073,942.00) 4/20/2020 CAPITAL CALL - ALPINVEST FC CREDIT FUND (2,299,884.99) 4/29/2020 CAPITAL CALL - OHA STRATEGIC CREDIT FUND II (4,000,000.00) (35,574,484.28)

INVESTMENT EXPENSES (REPRESENTING AMOUNTS PAID BY CHECK THROUGH COUNTY OF FRESNO GENERAL ACCOUNTING)

4/9/2020 FOSTER GARVEY - LEGAL SERVICES 02/29/2020 (735.00) 4/14/2020 VERUS ADVISORY INC - MONTHLY FEE 3/31/2020 (33,333.33) 4/23/2020 BLOOMBERG L.P. - 6/30/20 QTRLY FEE (6,750.00) TOTAL INVESTMENT EXPENSES PAID IN APRIL 2020 (40,818.33)

G:\Shared\RETIRMNT\ACCT\CASH FLOW POSITION REPORT\FY 19-20\202004 April\Cash_Activity_Detail_by_Account.xlsxExhibit A5/26/20204:35 PM