Fy 2008 annual investment report
Download
1 / 17

FY 2008 ANNUAL INVESTMENT REPORT - PowerPoint PPT Presentation


  • 114 Views
  • Uploaded on

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

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' FY 2008 ANNUAL INVESTMENT REPORT' - brede


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
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


ad