2015-16 Report of Cash and Investments...Compass Bank Money Market Accounts Compass Bank offers a...

January 1, 2016 - March 31, 2016

Report of Cash and Investments

2015-16

1

SPRING INDEPENDENT SCHOOL DISTRICT

REPORT OF CASH AND INVESTMENTS

FOR THE THREE-MONTH PERIOD ENDED

March 31, 2016

The District's cash and temporary investment balances and transactions for the three-month period ended March

31, 2016 reflect the investment objectives and guidelines expressed in the District's Investment Policy and

relevant provisions of Chapter 2256 of the Government Code.

The following is a summary of the District's cash and temporary investment position by fund group at March 31,

2016:

Cash

Temporary

Investments

Long-Term

Investments Total

Operating Funds $4,579,774 $101,728,676 $7,060,997 $113,369,447

Debt Service Fund 50,119,565 50,119,565

Capital Projects Fund 3,711,738 3,711,738

Total $4,579,774 $155,559,979 $7,060,997 $167,200,750

Cash

2.7%

Compass

Money Market

3.9%

TexPool

57.6%

TexPool Prime

23.1% Texas Term

Daily

3.4% Texas Term

CD's

5.1%

Public Trust

Advisors

4.2%

District Portfolio by Type of Investment


For the Three-Month Period Ended

March 31, 2016

2

1 Day91.0%

2-100 Days5.0%

100+ Days4.0%

District Portfolio by Maturity

The weighted average maturity (WAM) of the District’s entire portfolio was 24.39 days as of March 31, 2016.

The weighted average yield (WAY) was 0.377%.

Cash

The District's funds are required to be deposited and invested under the terms of a depository contract pursuant

to the School Depository Act. All deposited District funds other than those held in investment pools, or fully

collateralized repurchase agreements, shall be fully collateralized or insured consistent with federal and state

law and the current bank depository contract. In order to anticipate modest changes and provide a level of

additional security for all deposited funds, the collateralization level required will not be less than 110 percent of

the market value of the principal and accrued interest.

District funds shall be collateralized or insured by FDIC insurance coverage and/or obligations of the United

States or its agencies and instrumentalities.

BBVA Compass Bank

At March 31, 2016, the carrying amount on the District's general ledger at Compass was $7,338,333. The bank

balance was $3,018,465 and was covered by FDIC insurance and by collateral held by the District's agent in the

District's name.

The District's cash balances were properly collateralized or insured at all times during the period. The highest

combined balances occurred on February 2, 2016, in the amount of $41,622,340. Compass Bank pledged a Federal

Home Loan Bank (FHLB) Letter of Credit on that date with a market value of $57,500,000.



March 31, 2016

3

Investments

The District's temporary investments consist of balances held by Compass Bank Money Market Accounts,

Texas Local Government Investment Pool (“TexPool”), TexPool Prime, Texas TERM DAILY Pool and Texas

TERM Certificate of Deposit (CD) Purchase Program . The District has a long-term investment portfolio with

Public Trust Advisors, LLC. Investment earnings for all District cash and temporary investments for the three-

month and nine-month periods ended March 31, 2016 was $167,860 and $248,943 which includes accrued

interest.

Compass Bank Money Market Accounts

Compass Bank offers a Public Funds Money Market Account with a competitive yield. Money Market

Accounts are a type of savings account that usually pay a higher interest rate. These funds are considered liquid;

however, the account has a limit of six electronic withdrawals per month. Withdrawals are governed by law,

and if exceeded, could result in the bank reclassifying the account.

Compass Bank Money Market Accounts are pledged by FDIC Insurance and the FHLB Letter of Credit.

Interest is earned at a tiered rate and credited monthly. The average yield on Compass Bank Money Market

accounts for the three-month and nine-month periods ended March 31, 2016 was 0.05% and 0.05%.

(This space left blank intentionally.)



March 31, 2016

4

TexPool

TexPool is a public funds investment pool created by the Texas Treasury Safekeeping Trust Company (the

"Trust Company") to provide a safe environment for the placement of local government funds in authorized

short-term, fully-collateralized investments, including direct obligations of or obligations guaranteed by the

United States or State of Texas or their agencies; federally insured Certificates of Deposit issued by Texas banks

or savings and loans; and fully collateralized direct repurchase agreements secured by U. S. Government agency

securities and placed through a primary government securities dealer. The Trust Company was incorporated by

the State Treasurer upon authority of the Texas Legislature as a special purpose trust company with direct access

to the services of the Federal Reserve Bank to manage, disburse, transfer, safekeep and invest public funds and

securities more efficiently and economically.

TexPool operates in a manner consistent with the Securities & Exchange Commission’s (SEC) Rule 2a-7 of the

Investment Company Act of 1940. TexPool uses amortized cost rather than market value to report net assets to

compute share prices. The fair value of the position in TexPool is the same as the value of TexPool shares.

Accordingly, the District's investments in TexPool are stated at cost, which approximates fair value. The

average yield on TexPool investments for the three-month and nine-month period ended March 31, 2016 was

0.30% and 0.17%, respectively.

As of March 31, 2016, the following represents information of the total TexPool portfolio:

Portfolio Asset Summary

Book Value Fair Value

Uninvested Balance ($41,693) ($41,693)

Accrual of Interest Income 17,835,378 17,835,378

Repurchase Agreements 1,341,659,000 1,341,607,355

Government Securities 11,961,272,337 11,961,920,549

U. S. Treasury Bills 99,976,750 99,987,100

U. S. Treasury Notes 2,721,002,978 2,721,359,000

Interest and Management Fees Payable (316,626,517) (316,626,517)

Mutual Fund Investments 320,022,104 320,022,104

Total $16,145,100,337 $16,146,063,276

Standard & Poor’s rated TexPool as AAAm. As of March 31, 2016, the weighted average maturity for

TexPool's asset portfolio was 40 days.

Report of Cash and Investments For the Three-Month Period Ended March 31, 2016

5

TexPool (Continued)

Agencies69.7%

Repurchase Agreements

8.2%

Treasurys20.2%

Money Market Funds1.9%

Portfolio by Type of Investment

1-7 Days30.0%

8-30 Days32.0%

31-90 Days22.6%

91-180 Days12.5%

181+ Days2.9%

Portfolio by Maturity



March 31, 2016

6

TexPool Prime

TexPool Prime is an additional portfolio developed by the Office of the Comptroller in an effort to deliver yield

enhancement strategies to Texas public entities. It has been designed for those entities whose local constraints

permit investment in the highest grade credit securities consistent with the parameters of the Texas Public Funds

Investment Act.

TexPool Prime first seeks to provide preservation and safety of principal while meeting the daily liquidity

needs. Secondarily, this pool seeks to deliver a competitive rate of return that meets or exceeds the yields on

money market pooled vehicles with similar investment authority.

As a point of comparison, TexPool Prime can invest in the same permissible investments as in TexPool, but

TexPool Prime has the authority to include commercial paper and banker’s acceptances issued by national or

state banks.

The District’s investments in TexPool Prime are stated at cost, which approximates fair value. The average

yield on TexPool Prime investments for the three-month and nine-month periods ended March 31, 2016 was

0.46% and 0.27% respectively.

As of March 31, 2016, the following represents information of the total TexPool Prime portfolio:



Uninvested Balance ($587) ($587)

Accrual of Interest Income 424,887 424,887

Repurchase Agreements 212,650,000 212,650,000

Commercial Paper 1,322,345,992 1,322,584,426

Government Securities 24,993,350 24,995,925

Interest and Management Fees Payable (996,152) (996,152)

Variable Rate Notes 235,399,973 235,478,832

Bank Instruments 80,074,034 80,112,480

Mutual Fund Investments 329,018,802 329,018,802

Total $2,203,910,299 $2,204,268,613

Standard & Poor’s rated TexPool Prime as AAAm. As of March 31, 2016, the weighted average maturity for

TexPool Prime’s asset portfolio was 41 days.



March 31, 2016

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TexPool Prime (Continued)

Commercial Paper

56.8%

Government Securities

5.0%


10.1%

Other15.7%

Variable Rate Notes

12.4%


1-7 Days35.3%

8-30 Days27.6%

31-90 Days20.2%

91-180 Days15.5%

181+ Days1.4%




March 31, 2016

8

Texas TERM DAILY

The Texas TERM DAILY is a local government investment pool which was created by and for Texas local

governments to provide investment options with safety, flexibility and competitive yields. Texas TERM

DAILY is made up of a money market portfolio with daily liquidity.

Investments in the pool are designed to comply with all Texas statutes including allowable investment of public

funds. The District’s investments in Texas TERM DAILY are stated at cost, which approximates fair value.

The average yield on Texas TERM DAILY investments for the three-month and nine-month periods ended

March 31, 2016, was 0.38% and 0.22%, respectively.

As of March 31, 2016, the following represents information of the Texas TERM DAILY portfolio:



Investments $2,694,555,892 $2,694,905,319

Accrued Interest 1,346,548 1,346,548

Cash 249,215 249,215

Program Expense Payable (283,992) (283,992)

Total $2,695,867,663 $2,696,217,091

Standard & Poor’s rated Texas TERM DAILY as AAAm. As of March 31, 2016, the weighted average

maturity for Texas TERM DAILY’s asset portfolio was 41 days.



March 31, 2016

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Texas TERM DAILY (Continued)

Federal Agencies

53.0%


2.1%U.S. Treasuries

15.9%

Certificates of Deposit

29.0%


1-45 Days78.7%

46-90 Days8.7%

91-135 Days1.3%

136-180 Days3.3%

181+ Days8.0%




March 31, 2016

11

Carrying Amt Additions Deductions Carrying Amt

12/31/2015 1/1/16-3/31/16 1/1/16-3/31/16 3/31/2016

Operating Funds

General $30,699,573 $212,049,414 $238,291,191 $4,457,796

Child Nutrition 88,383 31,128,603 31,095,008 121,978

Total Operating Funds 30,787,956 243,178,017 269,386,199 4,579,774

Total Cash $30,787,956 $243,178,017 $269,386,199 $4,579,774

Spring Independent School District

Schedule of Transactions by Fund Group

Cash

March 31, 2016

Cash



March 31, 2016

12


12/31/2015 1/1/16-3/31/16 1/1/16-3/31/16 3/31/2016

Operating Funds

General $9,625,813 $10,500,954 $16,500,000 $3,626,767


Debt Service Fund

Debt Service Account 2,972,486 370 2,972,856

Total Debt Service Fund 2,972,486 370 2,972,856

Total Money Market $12,598,299 $10,501,324 $16,500,000 $6,599,623



Temporary Investments

March 31, 2016

Money Market



March 31, 2016

13


12/31/2015 1/1/16-3/31/16 1/1/16-3/31/16 3/31/2016

Operating Funds

General $53,217,537 $92,951,463 $86,771,881 $59,397,119

Child Nutrition 2,642,429 1,967 2,644,396


Debt Service Fund

Debt Service Account 1,540,328 45,335,245 13,779,602 33,095,971

Total Debt Service Fund 1,540,328 45,335,245 13,779,602 33,095,971

Capital Projects Fund

Series 2007 261,871 108 123,421 138,558

Series 2008-A 334,524 245 5,768 329,001

Series 2009 961,389 567 211,267 750,689

Total Capital Projects Fund 1,557,784 920 340,456 1,218,248

Total TexPool $58,958,078 $138,289,595 $100,891,939 $96,355,734


March 31, 2016

TexPool





March 31, 2016

14


12/31/2015 1/1/16-3/31/16 1/1/16-3/31/16 3/31/2016

Operating Funds

General $18,190,421 $8,373,540 $7,333,733 $19,230,228

Child Nutrition 2,771,150 3,193 2,774,343


Debt Service Fund

Debt Service Account 6,057,732 21,786,473 13,793,467 14,050,738

Total Debt Service Fund 6,057,732 21,786,473 13,793,467 14,050,738


Series 2007 379,903 167 318,652 61,418

Series 2008-A 506,448 565 30,956 476,057

Series 2009 2,116,321 2,368 162,674 1,956,015

Total Capital Projects Fund 3,002,672 3,100 512,282 2,493,490

Total TexPool Prime $30,021,975 $30,166,306 $21,639,482 $38,548,799




March 31, 2016

TexPool Prime



March 31, 2016

15


12/31/2015 1/1/16-3/31/16 1/1/16-3/31/16 3/31/2016

Operating Funds

General $5,613,840 $3,247,057 $3,219,074 $5,641,823


Total Texas TERM DAILY $5,613,840 $3,247,057 $3,219,074 $5,641,823

Texas TERM DAILY

March 31, 2016






March 31, 2016

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12/31/2015 1/1/16-3/31/16 1/1/16-3/31/16 3/31/2016

Operating Funds

General $8,423,000 $3,215,000 $3,224,000 $8,414,000


Total Texas TERM CD's $8,423,000 $3,215,000 $3,224,000 $8,414,000




March 31, 2016

Texas TERM CD's



March 31, 2016

17


12/31/2015 1/1/16-3/31/16 1/1/16-3/31/16 3/31/2016

Operating Funds

General $7,035,291 $36,436 $10,730 $7,060,997

Total Operating Funds 7,035,291 36,436 10,730 7,060,997

Total Public Trust Advisors, LLC $7,035,291 $36,436 $10,730 $7,060,997

Public Trust Advisors, LLC



Long Term Investments

March 31, 2016


Quarterly Investment Transaction Report


March 31, 2016

Fund Investment Date of Maturity Purchases/ Maturities/

No. Type Purchase Date Yield Fair Value Book Value Adjustments Adjustments Fair Value Book Value

General Fund & Child Nutrition

199 Compass Money Market various 3/31/2016 0.05% $9,625,813 $9,625,813 $10,500,954 $16,500,000 $3,626,767 $3,626,767

199 TexPool various 3/31/2016 0.33% 53,217,537 53,217,537 92,951,463 86,771,881 59,397,118 59,397,118

199 TexPool Prime various 3/31/2016 0.51% 18,190,421 18,190,421 8,373,540 7,333,733 19,230,228 19,230,228

199 Texas DAILY various 3/31/2016 0.41% 5,613,840 5,613,840 3,247,057 3,219,074 5,641,822 5,641,822

199 Texas TERM CD 1/7/2015 1/7/2016 0.50% 248,000 248,000 248,000

199 Texas TERM CD 1/7/2015 1/7/2016 0.47% 248,000 248,000 248,000

199 Texas TERM CD 1/7/2015 1/7/2016 0.45% 248,000 248,000 248,000

199 Texas TERM CD 1/7/2015 1/7/2016 0.46% 248,000 248,000 248,000

199 Texas TERM CD 1/7/2015 1/7/2016 0.50% 248,000 248,000 248,000

199 Texas TERM CD 1/7/2015 1/7/2016 0.50% 248,000 248,000 248,000

199 Texas TERM CD 1/8/2015 1/8/2016 0.50% 248,000 248,000 248,000

199 Texas TERM CD 1/8/2015 1/8/2016 0.65% 248,000 248,000 248,000

199 Texas TERM CD 12/11/2015 3/10/2016 0.45% 248,000 248,000 248,000

199 Texas TERM CD 12/11/2015 3/10/2016 0.55% 248,000 248,000 248,000

199 Texas TERM CD 12/17/2015 3/16/2016 0.40% 248,000 248,000 248,000

199 Texas TERM CD 3/30/2015 3/29/2016 0.65% 248,000 248,000 248,000

199 Texas TERM CD 3/30/2015 3/29/2016 0.50% 248,000 248,000 248,000

199 Texas TERM CD 4/23/2015 4/22/2016 0.50% 248,000 248,000 248,000 248,000

199 Texas TERM CD 4/23/2015 4/22/2016 0.75% 247,000 247,000 247,000 247,000

199 Texas TERM CD 4/23/2015 4/22/2016 0.45% 248,000 248,000 248,000 248,000

199 Texas TERM CD 4/23/2015 4/22/2016 0.50% 248,000 248,000 248,000 248,000

199 Texas TERM CD 9/15/2015 6/13/2016 0.46% 248,000 248,000 248,000 248,000

199 Texas TERM CD 12/17/2015 6/14/2016 0.60% 248,000 248,000 248,000 248,000

199 Texas TERM CD 12/17/2015 6/14/2016 0.55% 248,000 248,000 248,000 248,000

199 Texas TERM CD 12/17/2015 6/14/2016 0.55% 248,000 248,000 248,000 248,000

199 Texas TERM CD 12/17/2015 6/14/2016 0.55% 248,000 248,000 248,000 248,000

199 Texas TERM CD 12/17/2015 6/14/2016 0.55% 248,000 248,000 248,000 248,000

199 Texas TERM CD 12/17/2015 6/14/2016 0.55% 248,000 248,000 248,000 248,000

199 Texas TERM CD 12/21/2015 6/20/2016 0.53% 248,000 248,000 248,000 248,000

199 Texas TERM CD 1/7/2016 7/5/2016 0.50% 248,000 248,000 248,000

199 Texas TERM CD 1/7/2016 7/5/2016 0.55% 248,000 248,000 248,000

199 Texas TERM CD 1/8/2016 7/8/2016 0.55% 248,000 248,000 248,000

199 Texas TERM CD 1/8/2016 7/8/2016 0.50% 248,000 248,000 248,000

199 Texas TERM CD 9/30/2015 9/29/2016 0.65% 248,000 248,000 248,000 248,000

199 Texas TERM CD 10/30/2015 10/31/2016 0.70% 247,000 247,000 247,000 247,000

March 31, 2016December 31, 2015

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March 31, 2016



General Fund & Child Nutrition (continued)

199 Texas TERM CD 10/30/2015 10/31/2016 0.70% 247,000 247,000 247,000 247,000

199 Texas TERM CD 11/12/2015 11/14/2016 0.65% 247,000 247,000 247,000 247,000

199 Texas TERM CD 12/17/2015 12/16/2016 0.85% 247,000 247,000 247,000 247,000

199 Texas TERM CD 12/17/2015 12/16/2016 0.90% 247,000 247,000 247,000 247,000

199 Texas TERM CD 12/17/2015 12/16/2016 0.89% 247,000 247,000 247,000 247,000

199 Texas TERM CD 12/17/2015 12/16/2016 0.85% 247,000 247,000 247,000 247,000

199 Texas TERM CD 12/17/2015 12/16/2016 0.85% 247,000 247,000 247,000 247,000

199 Texas TERM CD 1/7/2016 1/6/2017 0.85% 247,000 247,000 247,000

199 Texas TERM CD 1/7/2016 1/6/2017 0.84% 247,000 247,000 247,000

199 Texas TERM CD 1/7/2016 1/6/2017 0.91% 247,000 247,000 247,000

199 Texas TERM CD 1/7/2016 1/6/2017 0.85% 247,000 247,000 247,000

199 Texas TERM CD 3/10/2016 3/10/2017 0.85% 247,000 247,000 247,000

199 Texas TERM CD 3/10/2016 3/10/2017 0.80% 247,000 247,000 247,000

199 Texas TERM CD 3/16/2016 3/16/2017 0.80% 247,000 247,000 247,000

199 Texas TERM CD 3/29/2016 3/16/2017 0.75% 247,000 247,000 247,000

199 Texas TERM CD 3/29/2016 3/16/2017 0.75% 247,000 247,000 247,000

199 PTA Money Market various 3/31/2016 0.00% 564,570 564,570 55,444 509,126 509,126

199 PTA US T Note/912828b41 6/11/2014 1/31/2016 0.31% 500,810 500,810 500,810

199 PTA US T Note/912828b82 6/11/2014 2/29/2016 0.18% 500,382 500,382 500,382

199 PTA US T Note/912828c40 6/11/2014 3/31/2016 0.31% 500,496 500,496 500,496

199 PTA US T Note/912828c81 6/11/2014 4/30/2016 0.31% 500,259 500,259 579 500,838 500,838

199 PTA US T Note/912828wm8 6/11/2014 5/31/2016 0.31% 499,969 499,969 741 500,710 500,710

199 PTA US T Note/912828vg2 6/11/2014 6/15/2016 0.43% 500,076 500,076 887 500,963 500,963

199 PTA US T Note/912828vl1 6/11/2014 7/15/2016 0.56% 501,484 501,484 433 501,051 501,051

199 PTA US T Note/912828vw7 6/11/2014 9/15/2016 0.81% 501,923 501,923 746 501,177 501,177

199 PTA US T Note/912828wf3 6/11/2014 11/15/2016 0.56% 474,752 474,752 1,744 476,496 476,496

199 PTA FHLB Agcy Bnd/313371pv2 2/13/2015 12/9/2016 1.56% 504,197 504,197 1,761 505,958 505,958

199 PTA FHLB Agcy Bnd/3133782n0 2/13/2015 3/10/2017 0.81% 500,994 500,994 296 501,290 501,290

199 PTA US T Note/912828sy7 2/13/2015 5/31/2017 0.56% 498,068 498,068 2,687 500,755 500,755

199 PTA US T Note/912828tg5 2/13/2015 7/31/2017 0.43% 487,311 487,311 1,894 489,205 489,205

199 PTA FHLM Corp/3137eadn6 1/8/2016 1/12/2018 0.68% 550,713 550,713 550,713

199 PTA US T Note/912828ur9 2/29/2016 2/28/2018 0.68% 500,441 500,441 500,441

199 PTA US T Note/912828p95 3/15/2016 3/15/2019 0.93% 522,273 522,273 522,273

240 TexPool various 3/31/2016 0.33% 2,642,429 2,642,429 1,967 2,644,396 2,644,396

240 TexPool Prime various 3/31/2016 0.51% 2,771,150 2,771,150 3,193 2,774,343 2,774,343

Total General Fund & 107,519,480 107,519,480 119,877,191 118,606,999 108,789,672 108,789,672

Child Nutrition Fund

March 31, 2016December 31, 2015

19




March 31, 2016



Debt Service Fund

599 Money Market various 3/31/2016 0.05% 2,972,487 2,972,487 370 2,972,857 2,972,857

599 TexPool various 3/31/2016 0.33% 1,540,328 1,540,328 45,335,245 13,779,602 33,095,971 33,095,971

599 TexPool Prime various 3/31/2016 0.51% 6,057,733 6,057,733 21,786,473 13,793,467 14,050,739 14,050,739

Total Debt Service Fund 10,570,548 10,570,548 67,122,088 27,573,069 50,119,567 50,119,567


601 TexPool various 3/31/2016 0.33% 334,524 334,524 245 5,768 329,002 329,002

601 TexPool Prime various 3/31/2016 0.51% 506,448 506,448 565 30,956 476,057 476,057

611 TexPool various 3/31/2016 0.33% 961,389 961,389 567 211,267 750,689 750,689

611 TexPool Prime various 3/31/2016 0.51% 2,116,322 2,116,322 2,368 162,674 1,956,016 1,956,016

691 TexPool various 3/31/2016 0.33% 261,871 261,871 108 123,421 138,558 138,558

691 TexPool Prime various 3/31/2016 0.51% 379,903 379,903 167 318,652 61,418 61,418

Total Capital Projects Fund 4,560,457 4,560,457 4,020 852,738 3,711,739 3,711,739

Total District $122,650,484 $122,650,484 $187,003,300 $147,032,806 $162,620,977 $162,620,977

December 31, 2015 March 31, 2016

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Spring Independent School District is an equal opportunity employer. The Board of Trustees and its agents, officers and staff members shall not discriminate on the basis of gender, race, disabling condition, age, color, religion, national origin, military status, or any other legally protected status in making decisions regarding staff members or students.

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