Submitted By: Emory Roberts
Department: Finance
STAFF RECOMMENDATION (Motion Ready):
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Treasury Cash and Investment Report for the quarter ending December 31, 2021
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The City of Ocala Investment Ordinance governs treasury investment activities and is consistent with the requirements of Florida Statutes 218.415. The investment policy is consistent with the ordinance and serves as a guide for the Ocala Treasury (surplus funds) investment activities. The Investment Policy acknowledges that the City will consider using various pool or mutual fund products, to provide a core or passive base to the active portfolio.
To enhance the economic value of the investment portfolio, outside investment manager(s) may be hired and approved by separate City Council action. In order to provide for a diversified portfolio, the Investment Committee has engaged several Investment Management firms. The managers are responsible for the assets and allocation of their mandate only and are provided an addendum to this policy with their specific performance objectives and investment criteria.
The City's core portfolio is managed by three asset managers and separated by maturity pools and benchmarks or policy index. The below list reflects management firm, liquidity pools, and benchmark for each portfolio.
? PFM Asset Management - Pool I (Short) - ML Unsub. Treas/Agec. 1-3 Years
? Sawgrass Asset Management - Pool II (Short/Intermediate) -- ML US Corp & Govt 1-5 Years
? Seix Investment Advisors - Pool III (Intermediate) -- ML US Domestic Master 1-10 Years
The policy stipulates authorized investments and securities ratings, using either Standard & Poor's or Moody's rating services. The portfolio's cash is also diversified with portions in:
? Truist (formerly SunTrust) Bank
? State Board of Administration (SBA) - Local Government Investment Pool
? Florida Fixed Income Trust (FIT) Pool
Along with other vital controls, the policy requires quarterly reporting of the portfolio ...
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