Fy 2008 annual investment report
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FY 2008 ANNUAL INVESTMENT REPORT PowerPoint PPT Presentation


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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

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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


Highlights

Highlights


Benchmarks

Benchmarks


Portfolio and fed rates

Portfolio and Fed Rates


Treasury yield curves

Treasury Yield Curves


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 2007 portfolio composition

FY 2007 Portfolio Composition


Fy 2008 portfolio composition

FY 2008 Portfolio Composition


Current portfolio composition

Current Portfolio Composition


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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