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FY 2008 ANNUAL INVESTMENT REPORT

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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  1. FY 2008 ANNUAL INVESTMENT REPORT MARTHA O. HAYNIE, CPA COUNTY COMPTROLLER

  2. Investment Objectives • Safety • Liquidity • Yield

  3. 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

  4. Highlights

  5. Benchmarks

  6. Portfolio and Fed Rates

  7. Treasury Yield Curves

  8. 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

  9. 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)

  10. 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

  11. 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

  12. 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

  13. FY 2007 Portfolio Composition

  14. FY 2008 Portfolio Composition

  15. Current Portfolio Composition

  16. FY 2008 ANNUAL INVESTMENT REPORT Interest earned $46.9 million Effective rate of return 3.24% The 2009 effective rate of return?

  17. REPORT ONLINE FY 2008 ANNUAL INVESTMENT REPORT WWW.OCCOMPT.COM

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