|
|
ODESSA
COLLEGE
QUARTERLY
INVESTMENT REPORT
DECEMBER 1, 2002 - FEBRUARY 28, 2003
AS
REQUIRED BY THE
TEXAS PUBLIC FUNDS INVESTMENT ACT
|
|
INVESTMENT
POSITION BY POOLED FUND GROUP
QUARTER ENDING FEBRUARY 28, 2003 |
I. |
| |
Beginning
Market Value
Dec 1, 2002
|
Investment
Additions
(Deductions)
|
Market
Value
Appreciation
|
Ending
Market Value
Feb 28, 2003
|
| INVESTMENT
POOL A: |
|
|
|
|
| |
Current
Unrestricted Funds |
11,900762.00
|
6,673,506.42
|
(3,063.42)
|
18,571,205.00
|
| |
Current
Restricted Funds |
2,135,473.00
|
87,710.67
|
(366.67)
|
2,222,817.00
|
| |
Loan
Funds |
358,575.00
|
(76,802.53)
|
(46.47)
|
281,726.00
|
| |
Endowment
Fund |
643,176.00
|
2,682.52
|
(106.52)
|
645,752.00
|
| |
Renewal
& Replacement Fund |
5,266,385.00
|
(57,152.85)
|
(859.15)
|
5,208,373.00
|
| |
Agency
Funds Held for Others |
56,583.00
|
(9,429.22)
|
(7.78)
|
47,146.00
|
| |
|
20,360,954.00
|
6,620,515.00
|
(4,450.00)
|
26,977,019.00
|
| |
|
|
|
|
| INVESTMENT
POOL B (DEBT SERVICE): |
|
|
|
|
| |
Bond
Interest & Sinking Fund |
122,962.00
|
681,357.00
|
0.00
|
804,319.00
|
| |
Bond
Debt Service Reserve |
2,767,770.00
|
0.00
|
(10,890.00)
|
2,756,880.00
|
| |
|
2,890,732.00
|
681,357.00
|
(10,890.00)
|
3,561,199.00
|
| |
|
|
|
|
|
| ALL
FUNDS |
23,251,686.00
|
7,301,872.00
|
(15,340.00)
|
30,538,218.00
|
top
BOOK
VALUE AND MARKET VALUE OF INVESTMENTS BY TYPE
OF ASSET
QUARTER ENDING FEBRUARY 28, 2003 |
II. |
| |
P.F.I.A.
Authorization
|
Dec
1, 2002
|
Feb
28, 2003
|
Maturity
|
| |
Book
Value
|
Market
Value
|
Book
Value
|
Market
Value
|
Public
Funds Investment
Pools |
Sec.
2256.016 |
|
|
|
|
|
| TexPool
Fund - General |
|
2,678,420
|
2,678,420
|
15,019,427
|
15,019,427
|
Daily
Liquidity
|
| TexPool
Fund - Interest & Sinking |
|
122,963
|
122,963
|
804,319
|
804,319
|
Daily
Liquidity
|
| Lone
Star Liquidity Plus Fund |
|
35,260
|
35,260
|
35,374
|
35,374
|
Daily
Liquidity
|
| Lone
Star Liquidity Corporate Fund |
|
2,502,575
|
2,502,575
|
2,510,842
|
2,510,842
|
Daily
Liquidity
|
| Lone
Star Enhanced Corporate Fund |
|
112,268
|
112,268
|
112,710
|
112,710
|
Semi-monthly
|
| Logic
- Liquid Asset Fund |
|
3,100,695
|
3,100,695
|
3,110,811
|
3,110,811
|
Daily
Liquidity
|
| |
|
8,552,181
|
8,552,181
|
21,593,483
|
21,593,483
|
|
| |
|
|
|
|
|
|
| Money
Market Funds |
Sec.
2256.014 |
|
|
|
|
|
| Goldman
Sachs (American State Bank) |
|
143,261
|
143,261
|
403,830
|
403,830
|
Daily
Liquidity
|
| |
|
143,261
|
143,261
|
403,830
|
403,830
|
|
| |
|
|
|
|
|
|
| U.S.
Govt Agencies |
Sec.
2256.009 |
|
|
|
|
|
| Pooled
Operating Funds |
|
11,749,625
|
11,788,475
|
5,749,625
|
5,784,025
|
1.63 years
|
| Debt
Service Reserve Fund |
|
2,688,027
|
2,767,770
|
2,688,027
|
2,756,880
|
3.21 years
|
| |
|
14,437,652
|
14,556,245
|
8,437,652
|
8,540,905
|
|
| |
|
|
|
|
|
|
| |
|
$23,133,094
|
$23,251,687
|
$30,434,965
|
$30,538,218
|
|
top
DIVERSITY REPORT
QUARTER ENDING NOVEMBER 30, 2002 |
III. |
| DIVERSITY
BY SECURITY TYPE: |
| |
PIP
Public Investment Pool |
21,593,483
|
| |
USG
U.S. Govt Agencies |
8,540,905
|
| |
MMA
Money Market Funds |
403,830
|
| |
|
$30,538,218
|
|
 |
| DIVERSITY
BY MATURITY: |
| |
0-1
year |
22,756,538
|
| |
1-2
years |
4,023,500
|
| |
2-3
years |
1,918,040
|
| |
3-5
years |
1,840,140
|
| |
|
$30,538,218
|
|
 |
top
INVESTMENT
EARNINGS BY TYPE OF ASSET
QUARTER ENDING FEBRUARY 28,2003 |
IV. |
| |
|
Quarter
Ending
Feb 28, 2003
|
Quarterly
Yield
|
Year-to-Date
Sep 2002 -
Feb 2003
|
Annual
Yield
|
| INTEREST
INCOME: |
|
|
|
|
| Public
Funds Investment Pools |
|
|
|
|
| |
TexPool |
22,364
|
1.38%
|
54,428
|
1.63%
|
| |
LoneStar
Liquidity Plus |
113
|
1.30%
|
264
|
1.54%
|
| |
LoneStar
Liquidity Corporate |
8,268
|
1.34%
|
19,231
|
1.58%
|
| |
LoneStar
Enhanced Corporate |
442
|
1.81%
|
883
|
2.09%
|
| |
Logic |
10,116
|
1.32%
|
23,357
|
1.55%
|
| |
|
41,303
|
|
98,163
|
|
| |
|
|
|
|
|
| |
Money
Market Funds |
1,847
|
0.75%
|
2,677
|
0.89%
|
| |
|
|
|
|
|
| |
U.S.
Government Agencies |
91,737
|
3.06%
|
204,003
|
3.20%
|
| |
|
|
|
|
|
| |
Total
Interest Earned
|
$134,887
|
2.15%
|
$304,843
|
2.38%
|
| |
|
|
|
|
|
| |
Benchmark
Yield:
|
|
|
|
|
| |
|
3-Month
Treasury Bill |
1.20%
|
|
1.35%
|
| |
|
Actual
above Benchmark (BPS + |
95
BPS
|
+
|
103
BPS
|
| |
|
|
|
|
|
| |
|
Annual
Budgeted Interest Earnings (All Funds) |
|
$1,164,541
|
|
| |
|
Percent
of Budget Earned To Date |
|
|
|
| GAINS
(LOSSES) ON SALE OF INVESTMENTS: |
Unrealized
Gains (Changes in Market Value
Since Beginning of Year) |
-$15,340 |
$8,792 |
Realized
Gains (On Investments Sold or
Matured Since Beginning of Year) |
$0 |
-$23,104 |
top
STATEMENTS
OF COMPLIANCE OF INVESTMENT PORTFOLIO
QUARTER ENDING FEBRUARY 28, 2003 |
V. |
| Statement
1: Compliance with investment strategies of the
District. |
| |
As
evidenced by the market valuations and maturities
described in this report, the investments
of
the District for the quarter ending February
28, 200 comply with the investment objectives
and strategies as expressed in the Odessa
Junior
College District Investment Policy. The investment
objectives, in order of priority, are:
-
Preservation and Safety of Principal
-
Liquidity
-
Maturity
-
Portfolio Diversification
-
Yield
- Investment
Suitability
|
| Statement
2: Investment Strategies for the next quarter: |
| |
Current,
Loan, Endowment, and Agency Funds: These funds
are pooled together and invested to assure adequate
liquidity for cash flows. To accomplish this,
the District will continue to invest in public
funds investment pools, daily liquidity money
market funds, short- to medium-term government
agencies, high-quality dual-rated commercial paper,
and/or certificates of deposit.
|
| |
Unexpended
Bond Proceeds: At February 28th, there
were no remaining unspent funds.
|
| |
Bond
Debt Service Interest & Sinking Funds: Interest
and sinking funds are set aside on a monthly basis
and invested in a separate TexPool account until
the semi-annual debt service payments are made
in June and December.
|
| |
Bond
Debt Service Reserves: The 1998 Bond debt
service reserve is invested in 4 year and
4-1/2 year government agency bonds issued by
the Federal Home Loan Bank (FHLB) with stated
yields
of 4.24% and 4.64%, respectively, payable semi-annually.
|
| |
Renewal/Replacement
Funds: These funds are invested in a variety
of instruments including public funds investment
pools, daily liquidity money market funds, short-
to medium-term government agencies, high-quality
dual-rated commercial paper, and/or certificates
of deposit. The average maturity of these funds
is longer than the Operating Funds as only one-tenth
of the fund balance is budgeted for expenditure
in the current year.
|
| Statement
3: Compliance with requirements relating to business
organizations seeking to sell investments. |
| |
All
business organizations that have sold investments
to Odessa College during the quarter ended
February 28, 2003, have executed a written
instrument
stating that the qualified representative of
the organization has:
-
received and thoroughly reviewed the Investment
Policy of the Odessa Junior College District,
and
-
implemented reasonable procedures and controls
in an effort to preclude imprudent investment
activities arising out of investment transactions
conducted between the District and the organization.
|
| Statement
4: Compliance with requirements of the Public
Funds Investment Act. |
| |
To
the best of my knowledge, the investment portfolio
of the District at February 28, 2003, and
the
investment transactions entered into during the
quarter then ended are in compliance with the
Texas Public Funds Investment Act. |
Virginia
Chisum, CPA, M.Ed.
Vice President for Business Affairs
|
