portfolios benefit from predictable cash inflows, which normally include sales and property tax revenues and bond issuance proceeds.
3) The panel's report is a must read and offers insight into best practices for all LGIP
As of the same date, Fitch-rated LGIP
managed for voluntary participants has invested over 50% of its portfolio in securities maturing overnight, thus being able to meet a high level of redemption requests.
Local municipalities are among the expected recipients of such IOUs and, in turn, some asked Fitch about the rating implications of depositing the IOUs in LGIPs
and operational fund portfolios managed by city and county treasurers.
Advisory Committee is made up of representatives from the Florida Association of Court Clerks and Comptrollers, Florida League of Cities, Florida Association of Counties, Florida School Boards Association, Florida Association of District School Superintendents, and the Florida Association of Tax Collectors.
Topics include LGIPs
, arbitrage bonds, qualified tuition plans and the regulation of political contributions.
Some companies that manage their own portfolios are moving their short-term cash into funds, bank deposits or Treasury securities; exiting enhanced cash funds and LGIPs
and investing in money market funds, bank deposits or Treasuries; moving cash from bank deposits into money market funds and Treasuries, and shifting investments from money market funds to Treasuries.
government market, particularly over the short- to intermediate term, continue to support the ability of Fitch-rated LGIPS to provide preservation of capital and liquidity to their depositors.
Survey questions pertained to the management of individual securities held by the government, excluding commingled funds such as LGIPs
or money markets.
The Board rules would apply to LGIPs
and higher education trusts only if the following three conditions are met: 1) a dealer is engaged in transactions in such interests; 2) such interests constitute municipal securities; and 3) such interests are issued by an issuer that, except for the exemptions under the securities laws, would otherwise be considered an investment company subject to regulation.
At present, rated LGIPs
and operating pools managed by public entities have not undertaken bar-belled investment strategies, as evidenced by the fact that no assets are rated below 'A/F1' in any of the 11 pools' portfolios.
As mentioned above, Fitch expects to review LGIPs
and other operating pools managed by public entities under the updated bond fund criteria, albeit with additional consideration potentially afforded to portfolios' short-term holdings, high allocations to U.