Title
Fiscal Year 2022 First Quarter Investment Performance Reports for the City of Gainesville Operating Funds, General Employees’ Pension Fund, Police Officers’ and Firefighters’ Pension Fund, Retiree Health Insurance Trust Fund, Evergreen Cemetery Trust Fund (B)
Finance Committee to review various Fiscal Year 2022 First Quarter Investment Performance Reports.
Explanation
In accordance with the City’s Investment Policy, quarterly investment and performance reports are required to be provided to the City Commission. The following reports are submitted for FY 2022 First Quarter (Period Ending December 31, 2021):
1) FY22 1st Quarter Gainesville Investment Performance Overview
2) FY22 1st Quarter City SBA Prime Fund Account Investment Performance Report
3) FY22 1st Quarter City Truist Bank Account Interest Report
4) FY22 1st Quarter Evergreen Cemetery Trust Fund Investment Performance Report
5) FY22 1st Quarter General Employees’ Pension Fund Investment Performance Report
6) FY22 1st Quarter Police Officers’ & Firefighters’ Pension Fund Investment Performance Report
7) FY22 1st Quarter Retiree Health Insurance Trust Fund Investment Performance Report
Detailed quarterly reports related to the City’s SBA Prime Fund Account, Truist Bank Accounts, Evergreen Cemetery Trust Fund, General Employees’ Pension Plan, Consolidated Police Officers’ & Firefighters’ Pension Plan and Retiree Health Insurance Trust Fund are included as back-up to this item. The reports are derived from applicable bank and custodian statements, and are provided by City staff and respective investment consultants.
Additionally, two internal review committees meet quarterly to review the portfolio’s performance, economic and market conditions to ensure the City is well positioned in its investment portfolios.
Fiscal Note
General Government Operating Fund pooled cash is managed by the City in accordance with its investment policy, and is currently held in the City's SBA Prime Fund and interest bearing Truist demand deposit bank accounts. As of December 31, 2021, the cash and investment balance was $213,966,965. Fiscal year-to-date interest of $53,061 was earned at an annualized rate of return of 0.11%.
The Evergreen Cemetery Trust Fund is managed by the City in accordance with its investment policy. On December 31, 2021, the Fund had an investment account balance of $1,800,003. At the City Manager’s direction, the City liquidated the Fund’s Fidelity investment account on June 30, 2021. The Fund’s assets were held as cash in the City’s Truist Treasury bank account until a new investment account was opened at TD Ameritrade in the first quarter of FY22. The Fund had $0.00 fiscal year-to-date investment earnings from October 1, 2021 through December 31, 2021. Investment trades were made in the Fund’s TD Ameritrade account as of 1/1/2022, and investment returns will be reported for the period ending March 31, 2022.
The General Employees’ Pension Plan is managed by the City in accordance with its investment policy. As of December 31, 2021, the Plan had an investment account balance of $713,238,653 with a fiscal year-to-date investment return of 3.75%.
The Police Officers’ & Firefighters’ Pension Plan is managed by the Plan’s Board of Trustees in accordance with its investment policy. As of December 31, 2021, the Plan had an investment account balance of $353,165,097 with a fiscal year-to-date investment return of 4.80%.
The Retiree Health Insurance Trust Fund is managed by the City in accordance with its investment policy. As of December 31, 2021, the Fund had an investment account balance of $75,732,237 with a fiscal year-to-date investment return of 5.93%.
Recommendation
Recommended Motion: The Finance Committee: 1) review and accept the submitted investment performance reports; and 2) refer the submitted investment reports to the City Commission.