City of Las Vegas · City of Las Vegas Redevlopment US Bank N.A. Toyota Financial Services Blackrock FedFund Portfolio Federal Home Loan Discount Not Federal Home Loan Mortgage Cor

Gary AmelingChief Financial Officer

Venetta AppleyardTreasurer

Cory DeMilleSr. Financial Analyst

Investment AdvisorFHN Financial Main Street Advisors

Investment ReportFourth Quarter FY 2020

June 2020

City of Las Vegas

Total Portfolio SummaryCity of Las Vegas

Short Term TresLocal Govt Investment Pool

Market Value Federal Farm Credit BankBook Value* Federal Home Loan BankVariance Federal Nat'l Mortgage Assn

United States TreasuryPar Value Federal Home Loan Mortgage Cor

Federal Home Loan Discount NotNet Asset Value Blackrock FedFund Portfolio

Toyota Financial ServicesBook Yield US Bank N.A.

City of Las Vegas RedevlopmentYears to Maturity Natixis NY Branch

Morgan Stanley Liq TreasKeybanc Capital

*Book Value is Amortized

SECTOR ALLOCATION MATURITY DISTRIBUTION CREDIT QUALITY (MOODY'S)

ACCOUNT SUMMARY PORTFOLIO BOOK YIELD HISTORY TOP ISSUERS

3.9%

Issuer % Portfolio6/30/20 3/31/20 21.1%

18.1% $783,929,236 $704,283,088 11.5%

$100.736 3.3%

$775,693,700 $699,137,295 10.3% $8,235,537 $5,145,793 6.1%

4.7% $775,073,789 $698,756,586

$101.062 3.8%

6/30/2020

1.9% 1.16% 1.75% 1.7%

1.4% 1.10 1.37 1.3%

1.1% 1.0%

Agy 35.5%

Corp 11.2%Tsy 4.7%CP 3.2%

MUN 1.4%

MMF/LGIP44.0%

66.2%

8.0% 8.0%10.4%

7.4%

0%

10%

20%

30%

40%

50%

60%

70%

0-1Y 1-2Y 2-3Y 3-4Y 4-5Y

19.8%

1.6%

2.7%

4.2%

0.8%

1.3%

0.0%

56.8%

12.7%

0% 25% 50% 75%

NR

A3

A2

A1

Aa3

Aa2

Aa1

Aaa

P-1

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

Jul-1

9

Aug-

19

Sep-

19

Oct

-19

Nov

-19

Dec-

19

Jan-

20

Feb-

20

Mar

-20

Apr-

20

May

-20

Jun-

20

NR: Not RatedPer Book ValuePer Book Value

Per Book Value

2

Investments - Total PortfoliosCity of Las Vegas

Housing Stablization Program

Total Investment Pool Portfolios

1,228,203

PAR VALUE

117,610,736$ 370,553,804488,164,540$

65,994,7752,570,955

579,7322,558,531

50,583,991

Care Act Funding 118,996,973$

052,500

286,909,249$

775,073,789$

2,494,600120,966

26,084,64410,830,534

3,671,106

1,141,738Total Non-Investment Pool Portfolios

Redevelopment AgencySanitation

Non-Investment Pool Portfolios:

CP/Parks/FacilitiesCemeteryDarling Foundation

Self Insurance FundsSpecial Programs/Car RtlSymphony Park TID Admin Cost Fund

6/30/2020

Grand Total Portfolios

Debt ServiceDeveloper SIDsEmployee Benefits FundFire ServicesOgden Parking

FUNDInvestment Pool Portfolio:Cash ManagementFHN Main Street

3

Investment Policy Compliance - Total PortfolioCity of Las Vegas

Items / Sectors Parameters

1.1 YrsYes:

4.7%Yes:

Investment Pool Weighted Average Maturity

In Compliance

Weighted Average Maturity (WAM) cannot exceed 2.5 years.

No limit, maximum maturity 5 years.

Money Market Funds No limit, no issuer limit, rated AAA-m or Aaa-mf, treasury and agency funds.

U.S. Federal Agencies No limit, no issuer limit, maximum maturity 5 years.

11.2%

25.9%

18.1%

3.2%

1.4%

No limit, no issuer limit, rated A-1 or P-1, issued by commerical banks. Yes: 0.0%

Yes: 35.5%

Yes:

6/30/2020

Yes:

U.S. Treasuries

Commercial Paper20% limit, 10% per issuer, maximum maturity 270 days, rated A-1 or P-1, issued by domestic corporation or depository institution licensec in the United States.

Yes:

Local Government Investment Pool No limit. Yes:

Corporate Bonds20% limit, 5% per issuer limit, maximum maturity 5 years, A- (S&P/Fitch) or A3 (Moody's), issued by Domestic Corporations.

Municipal Securities 20% limit, 10% per issuer, maximum maturity 5 years, rated A. Yes:

Negotiable Certificates of Deposit

4

Total Portfolio - Issuer AllocationCity of Las Vegas 6/30/2020

0.0%0.0%0.1%0.2%0.3%0.3%0.4%0.4%0.4%0.4%0.5%0.5%0.5%0.6%0.6%0.6%0.6%0.7%0.8%0.8%

1.0%1.1%1.3%1.4%

1.7%1.9%

3.3%3.8%3.9%

4.7%6.1%

10.3%11.5%

18.1%21.1%

0% 5% 10% 15% 20% 25%

First American Government ObliRegions Tust Money Market Depo

Federated Money Market FundMorgan Stanley ILF TreasSec In

Johnson & JohnsinSTYX Private Fund LLP Pool ABC

IBMCitiBank NA

CHSIAlcoa Inc

Metlife IncOracle Corp

BMWWalt Disney Company/The

Chevron corpJPM Chase

Wal-Mart StoresJackson Natl Life Global

Bank of NY MellonAmerican Honda Finance

Keybanc CapitalMorgan Stanley Liq Treas

Natixis NY BranchCity of Las Vegas Redevlopment

US Bank N.A.Toyota Financial Services

Blackrock FedFund PortfolioFederal Home Loan Discount Not

Federal Home Loan Mortgage CorUnited States Treasury

Federal Nat'l Mortgage AssnFederal Home Loan BankFederal Farm Credit Bank

Local Govt Investment PoolShort Term Tres

5

Investment Pool SummaryCity of Las Vegas

Short Term TresFederal Farm Credit Bank

Market Value Local Govt Investment PoolBook Value* Federal Home Loan BankVariance Federal Nat'l Mortgage Assn

Federal Home Loan Mortgage CorPar Value United States Treasury

Toyota Financial ServicesNet Asset Value US Bank N.A.

Natixis NY BranchBook Yield Keybanc Capital

American Honda FinanceYears to Maturity Bank of NY Mellon

Jackson Natl Life GlobalWal-Mart Stores




4.4%


17.6% $499,919,355 $499,113,227 11.8%

$101.695 2.7%

$488,811,524 $490,796,333 10.3% $11,107,831 $8,316,893 9.7%

6.1% $488,164,540 $490,416,426

$102.272 3.1%

6/30/2020

2.0% 1.58% 1.95% 1.7%

1.3% 1.54 1.74 1.2%

1.0% 1.0%

Agy 43.7%

Corp 17.3%Tsy 4.4%

CP 4.1%

MMF/LGIP30.6% 49.2%

12.7% 12.1%

16.5%

9.6%

0%

10%

20%

30%

40%

50%

60%

0-1Y 1-2Y 2-3Y 3-4Y 4-5Y

11.8%

2.6%

4.3%

6.6%

1.3%

2.0%

0.0%

67.3%

4.1%

0% 25% 50% 75%

NR

A3

A2

A1

Aa3

Aa2

Aa1

Aaa

P-1

1.00%

1.20%

1.40%

1.60%

1.80%

2.00%

2.20%

2.40%

Jul-1

9

Aug-

19

Sep-

19

Oct

-19

Nov

-19

Dec-

19

Jan-

20

Feb-

20

Mar

-20

Apr-

20

May

-20

Jun-

20


Per Book Value

6

Investment Pool - Average Daily BalanceCity of Las Vegas

Figures in Millions, Average Daily Balance

$386.4

Fiscal Year 2017

Fiscal Year 2018

Fiscal Year 2019

Qtr 2

$333.3

$372.3

$378.2

$411.6

$330.0

$364.7

$376.3

$397.4

Fiscal Year 2016

6/30/2020

Fiscal Year 2020 $460.2 $471.8 $498.5 $489.7

$436.2

Qtr 3

$340.5

$376.1

$380.1

$424.2

Qtr 1 Qtr 4

$349.1

$382.0

$250

$275

$300

$325

$350

$375

$400

$425

$450

$475

$500

$525

$550

$575

$600Se

p-10

Dec-

10

Mar

-11

Jun-

11

Sep-

11

Dec-

11

Mar

-12

Jun-

12

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Jun-

15

Sep-

15

Dec-

15

Mar

-16

Jun-

16

Sep-

16

Dec-

16

Mar

-17

Jun-

17

Sep-

17

Dec-

17

Mar

-18

Jun-

18

Sep-

18

Dec-

18

Mar

-19

Jun-

19

Sep-

19

Dec-

19

Mar

-20

Jun-

20

Mill

ions

7

Investment Pool - Weighted Average Maturity and Aging ReportCity of Las Vegas 6/30/2020

0.50

0.75

1.00

1.25

1.50

1.75

2.00

2.25

2.50Ju

l-15

Sep-

15

Nov

-15

Jan-

16

Mar

-16

May

-16

Jul-1

6

Sep-

16

Nov

-16

Jan-

17

Mar

-17

May

-17

Jul-1

7

Sep-

17

Nov

-17

Jan-

18

Mar

-18

May

-18

Jul-1

8

Sep-

18

Nov

-18

Jan-

19

Mar

-19

May

-19

Jul-1

9

Sep-

19

Nov

-19

Jan-

20

Mar

-20

May

-20

Year

s

Weighted Average Maturity

0.50

0.75

1.00

1.25

1.50

1.75

2.00

2.25

2.50

Jul-1

5

Sep-

15

Nov

-15

Jan-

16

Mar

-16

May

-16

Jul-1

6

Sep-

16

Nov

-16

Jan-

17

Mar

-17

May

-17

Jul-1

7

Sep-

17

Nov

-17

Jan-

18

Mar

-18

May

-18

Jul-1

8

Sep-

18

Nov

-18

Jan-

19

Mar

-19

May

-19

Jul-1

9

Sep-

19

Nov

-19

Jan-

20

Mar

-20

May

-20

Year

s

Month-End Book Yield vs. 0-5 Year Treasury Index (30 Month Rolling Avg)

PoolIndex

8

Investment Pool - Historical Earnings and Book Rate of ReturnCity of Las Vegas

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May JunFY 2016 1.15% 1.18% 1.19% 1.19% 1.20% 1.22% 1.22% 1.23% 1.23% 1.23% 1.24% 1.24%FY 2017 1.27% 1.32% 1.33% 1.34% 1.34% 1.38% 1.17% 1.20% 1.20% 1.22% 1.23% 1.25%FY 2018 1.51% 1.47% 1.44% 1.45% 1.48% 1.44% 1.51% 1.53% 1.55% 1.57% 1.43% 1.46%

2.00% 2.00% 2.02% 2.03% 2.05% 2.06% 2.08% 2.11% 2.12% 2.14% 2.15% 2.17%2.22% 2.19% 2.20% 2.19% 2.17% 2.15% 2.14% 2.14% 2.12% 2.11% 2.06% 2.03%

$0.987$4.772

Fiscal YTD

Fiscal YTD

FY 2019

FY 2016FY 2017FY 2018FY 2019FY 2020 $9.720

$4.353$2.049 $3.152

$5.648$9.454

FY 2020

$3.394$4.421$6.766$7.506

$1.222$1.371$2.023$2.518

$2.587$2.745$4.278$5.042

6/30/2020

Qtr 1 Qtr 2 Qtr 3 Qtr 4

$0

$2

$4

$6

$8

$10

$12

QTR 1 QTR 2 QTR 3 QTR 4

Mill

ions

Fiscal Year-to-Date Earnings

FY16

FY17

FY18

FY19

FY20

1.00%

1.25%

1.50%

1.75%

2.00%

2.25%

2.50%

2.75%

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

Book Rate of ReturnFY 2016 FY 2017 FY 2018 FY 2019 FY 2020

9

Non-Investment Pool SummaryCity of Las Vegas

Local Govt Investment PoolShort Term Tres

Market Value Federal Home Loan Discount NotBook Value* Federal Home Loan BankVariance Blackrock FedFund Portfolio

United States TreasuryPar Value City of Las Vegas Redevlopment

Morgan Stanley Liq TreasNet Asset Value JPM Chase

Federal Farm Credit BankBook Yield STYX Private Fund LLP Pool ABC

Morgan Stanley ILF TreasSec InYears to Maturity Federated Money Market Fund

Regions Tust Money Market DepoFirst American Government Obli




3.8%


24.9% $284,009,881 $205,169,861 10.3%

$98.478 1.7%

$286,882,175 $208,340,962 10.3% -$2,872,294 -$3,171,101 8.9%

5.1% $286,909,249 $208,340,160

$98.999 3.1%

6/30/2020

1.1% 0.44% 1.28% 0.9%

0.7% 0.36 0.48 0.3%

0.0% 0.0%

Corp 0.9% MUN 3.8%

MMF/LGIP66.8%

95.1%

0.0% 1.1% 0.0%3.8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0-1Y 1-2Y 2-3Y 3-4Y 4-5Y

33.6%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

39.0%

27.4%

0% 25% 50%

NR

A3

A2

A1

Aa3

Aa2

Aa1

Aaa

P-1

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

Jul-1

9

Aug-

19

Sep-

19

Oct

-19

Nov

-19

Dec-

19

Jan-

20

Feb-

20

Mar

-20

Apr-

20

May

-20

Jun-

20


Per Book Value

10

Non-Investment Pool - Historical Earnings and Book Rate of ReturnCity of Las Vegas

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May JunFY 2016 1.04% 1.11% 1.03% 0.96% 1.00% 0.92% 0.93% 1.08% 0.88% 0.90% 0.93% 0.92%FY 2017 0.91% 0.97% 0.92% 1.04% 1.06% 1.02% 1.08% 1.09% 1.08% 1.07% 1.20% 1.10%FY 2018 1.19% 1.23% 1.18% 1.23% 1.26% 1.25% 1.31% 1.33% 1.35% 1.40% 1.44% 1.48%

1.93% 1.97% 1.98% 2.06% 2.09% 2.12% 2.17% 2.21% 2.23% 2.26% 2.27% 2.27%2.31% 2.31% 2.25% 1.97% 1.96% 1.93% 1.95% 1.93% 1.87% 2.46% 2.16% 1.95%

6/30/2020

Fiscal YTD Qtr 1 Qtr 2 Qtr 3 Qtr 4

FY 2017 $0.300 $0.684 $1.086 $1.464FY 2016 $0.191 $0.406 $0.655 $0.953

$3.478 $3.918

Fiscal YTD

FY 2018 $0.430 $0.932 $1.459 $2.180FY 2019 $0.853 $1.838 $3.068 $4.347

FY 2019FY 2020

FY 2020 $1.086 $2.602

$0

$1

$2

$3

$4

$5

QTR 1 QTR 2 QTR 3 QTR 4

Mill

ions

Fiscal Year-to-Date Earnings

FY16

FY17

FY18

FY19

FY20

0.75%

1.00%

1.25%

1.50%

1.75%

2.00%

2.25%

2.50%

2.75%

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

Book Rate of ReturnFY 2016 FY 2017 FY 2018 FY 2019 FY 2020

11

Change in Fair ValueCity of Las Vegas

The Governmental Accounting Standards Board (GASB) Statement 31 requires governmental entities to report certain investments at “fair” or market value for annual financial reporting purposes. Fair value is defined as the amount at which a financial instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Treasurer’s Office monitors the market value change on a monthly basis and reports the annual change in the City’s Comprehensive Annual Financial Report.

Description Amount

6/30/2020

Change in Market Value of Investments

784,140,039

1,470,238,576

(1,381,973,761)

(864,291,661)

6,737,305

Add: Amortization Adjustment (1,375,888)

Invested Value at 6/30/2020

Add: Proceeds of Investment Matured/Sold in FY 2020

Less: Cost of Investment Purchased in FY 2020

Less: Invested Value at 6/30/19

12

U.S. Treasury Yield CurveCity of Las Vegas 6/30/2020

U.S. Treasury Yield Curve ComparisonMaturity 6/30/20 3/31/20 Change

3 Month T-Bill 0.14% 0.09% (0.05%)6 Month T-Bill 0.16% 0.15% (0.01%)

1 Year T-Bill 0.15% 0.16% 0.01%2 Year T-Note 0.15% 0.25% 0.10%3 Year T-Note 0.17% 0.30% 0.12%5 Year T-Note 0.29% 0.38% 0.09%

30 Year T-Bond 1.41% 1.32% (0.09%)

7 Year T-Note 0.49% 0.54% 0.05%10 Year T-Note 0.66% 0.67% 0.01%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

3M 6M 1Y 2Y 3Yr 5Y 7Y 10Y 30Y

Perc

ent

U.S. Treasury Yield Curve

6/30/20 3/31/20

13

Documents

City of Las Vegas · City of Las Vegas Redevlopment US Bank N.A. Toyota Financial Services Blackrock FedFund Portfolio Federal Home Loan Discount Not Federal Home Loan Mortgage Cor