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FY 2008 ANNUAL INVESTMENT REPORT. MARTHA O. HAYNIE, CPA COUNTY COMPTROLLER. Investment Objectives. Safety Liquidity Yield. Agenda. Highlights Benchmarks Portfolio & Fed Rates Treasury Yield Curves Economic Conditions September Turmoil Investment Committee Committee Discussions

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fy 2008 annual investment report

FY 2008 ANNUAL INVESTMENT REPORT

MARTHA O. HAYNIE, CPA

COUNTY COMPTROLLER

investment objectives
Investment Objectives
  • Safety
  • Liquidity
  • Yield
agenda
Agenda
  • Highlights
  • Benchmarks
  • Portfolio & Fed Rates
  • Treasury Yield Curves
  • Economic Conditions
  • September Turmoil
  • Investment Committee
  • Committee Discussions
  • Recommendations
  • FY 2007 Portfolio Composition
  • FY 2008 Portfolio Composition
  • Current Portfolio Composition
economic conditions
Economic Conditions
  • Declining interest rates
  • Deteriorating housing market
  • Reduced lending
  • Higher energy costs
  • Rising unemployment
  • Crisis in September
  • Federal Reserve lowering interest rates
  • Congress passes $700 billion rescue package
  • Forecasts of negative GDP in 2009
  • Negative Treasury yields
september turmoil
September Turmoil
  • 9/07 – U.S. government seizes control of Fannie Mae and Freddie Mac
  • 9/15 – Lehman Brothers files for bankruptcy
  • 9/15 – Bank of America announces plans to acquire Merrill Lynch
  • 9/16 – Reserve funds break buck
  • 9/16 – AIG rescued by Federal Government
  • 9/25 – Government seizes control of WaMu
  • 9/29 – FDIC brokers Citigroup acquisition of Wachovia (Wachovia later agreed to be acquired by Wells Fargo)
investment committee

Community Volunteers

  • Ed Manning
    • Retired Managing Partner of Ernst and Young, CPA
  • John Cheney, DBA
    • Retired Associate Professor of Finance, University of Central Florida
Investment Committee
committee discussions

SBA crisis

  • Analysis of agency issuers
  • Review of the Florida QPD program
  • Evaluation of existing and potential money market mutual funds
  • Conservatorship of Fannie Mae and Freddie Mac
  • Impact of financial crisis
Committee Discussions
recommendations

Sold entire position in SBA

  • Eliminated BAs and CP issued by financial companies
  • Later suspended all CP
  • Curtailed and later suspended agency investments
  • Suspended all CD investments
  • Minimized money market balances
  • Maximized Treasury investments
Recommendations
fy 2008 annual investment report1
FY 2008 ANNUAL INVESTMENT REPORT

Interest earned $46.9 million

Effective rate of return 3.24%

The 2009 effective rate of return?

report online
REPORT ONLINE

FY 2008 ANNUAL INVESTMENT REPORT

WWW.OCCOMPT.COM

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