TO: Board of Trustees
THROUGH: Carolyn Gonot, Executive Director
FROM: William Greene, CFO
PRESENTER(S): Emily Diaz, Financial Services Administrator
TITLE:
title
Investment Report - First Quarter 2021
end
AGENDA ITEM TYPE:
Report
RECOMMENDATION:
Informational report for discussion
BACKGROUND:
The Board of Trustees Policy No. 2.1, Financial Management, authorizes the Treasurer to manage the investment of all non-retirement Authority funds in compliance with applicable laws and requires the Chief Financial Officer to prepare and present to the Board a summary of investments, investment activity, and investment performance compared to benchmarks as soon as practical after the end of each calendar quarter. The First Quarter 2021 Investment Report has been prepared in accordance with the Financial Management Policy and is being presented to the Board.
DISCUSSION:
As of March 31, the benchmark return (3-month T-bill) was 0.070%. Investment returns at the PTIF (0.425%) and Zions Capital Advisors (0.793%) exceeded the benchmark return. Investment returns on the overnight account at Zions Bank (0.030%) were below the benchmark return. The blended portfolio return of 0.416% exceeded the benchmark rate by 35 basis points (0.346%). All investments are in compliance with the State’s Money Management Act (Utah Code Section 51-7).
ALTERNATIVES:
N/A
FISCAL IMPACT:
Investment revenues in 2021 are projected to be 1,749,682 if these rates continue. The 2021 budget projected $4,649,000 for the same time period.
ATTACHMENTS:
1) First Quarter 2021 Investment Report