7c memo
PORT OF SEATTLE MEMORANDUM COMMISSION AGENDA Item No. 7c STAFF BRIEFING Date of Meeting February 25, 2014 DATE: February 5, 2014 TO: Tay Yoshitani, Chief Executive Officer FROM: Craig J. Kerr, Treasury Manager SUBJECT: 2013 Annual Treasury and Investment Portfolio Report BACKGROUND The purpose of this presentation is to provide a status report on the treasury function as well as an update on the 2013 investment results and discuss portfolio and treasury management initiatives. This report is required by Commission Resolution 3476, passed December 11, 2001, establishing the Port's in-houseTreasury. Prior to the passage of Resolution No. 3476, King County served as the Port's Treasurer. During 2013, the Port's portfolio earned 0.69% against our benchmark, the Bank of America, Merrill Lynch 3-year Treasury Agency Index, of 0.35%. The Port's portfolio consists of safe, conservative investments that are primarily in Treasury notes and federal agency securities. Port investment policy has a maximum maturity restriction of 10 years as well as established diversification limits for all types of securities the Port is allowed to buy under existing State statutes. In addition, the investment policy sets out a strategy standard with a 2.0 target duration plus or minus 50 basis points. Duration is a proxy for the average life of the portfolio security holdings, with a 2.0 duration translating into an average portfolio life of approximately 27 months. Since the Port became its own treasurer in 2002, the investment performance, over time, has exceeded the benchmark by 73 basis points. ATTACHMENTS TO THIS BRIEFING PowerPoint Presentation Current Port Investment Policy, Resolution No. 3663 PREVIOUS COMMISSION ACTIONS OR BRIEFINGS None Template revised May 30, 2013.
Limitations of Translatable Documents
PDF files are created with text and images are placed at an exact position on a page of a fixed size.
Web pages are fluid in nature, and the exact positioning of PDF text creates presentation problems.
PDFs that are full page graphics, or scanned pages are generally unable to be made accessible, In these cases, viewing whatever plain text could be extracted is the only alternative.