Managing Public Funds Safely
Managing Public Funds Safely
Scott Stitcher, CFA & Richard Pengelly, CFA, CTP
November 9, 2016
? 2016 PFM Asset Management LLC
The Mission
Local Government Officials Have a Significant Fiduciary Responsibility
? 2016 PFM Asset Management LLC
2
Government Investment Objectives
Safety Liquidity Yield
What is
Safety ?
? 2016 PFM Asset Management LLC
3
Losing Power
Purchasing Power Loss is a Component of Protecting Principal
2.50
2.00
Inflation Rate
(Core PCE)
1.50
Percent (%)
1.00
0.50
0.00 Jan-2009
? 2016 PFM Asset Management LLC
Apr-2012
Investment Rate (3 month Treasury)
Jul-2015
4
Federal Reserve's Dual Mandate
Fed Uses Interest Rate Tools to Manage the Economy
Maximum Employment
Price Stability
? 2016 PFM Asset Management LLC
5
Government Investment Objectives
Safety What is
Liquidity Liquidity
Yield
?
? 2016 PFM Asset Management LLC
6
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