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Home My WebLink About4.04 Investment Report 4th Qtr CITY CLERK File # D[2]~[ll]-~[ll] AGENDA STATEMENT CITY COUNCIL MEETING DATE: August 21, 2007 SUBJECT: City Treasurer's Investment Report for 4th Quarter 2006-2007 Report Prepared by Paul S. Rankin, Administrative Services Dir. f~ ATTACHMENTS: Quarterly Investment Report For The Period Ending June 30, 2007 N: \R (i l>J'>'" RECOMMENDATIO~ IV Receive the Report ""'0"",_.,-.... FINANCIAL STATEMENT: See Report DESCRIPTION: The attached Investment Report ,details the City's investments as of June 30, 2007, in accordance with the requirements for reporting investments. The format of this report differs from previous reports. The modifications have incorporated suggested revisions from the PFM Investment Study as well as use of the new portfolio management software system. The changes are intended to add information which is helpful in monitoring the performance of invested funds. REPORT FORMAT The format ofthe report consist of the following components: Section 1 - Portfolio Information . Portfolio Summary (This includes the Par Value; Market Value; and Yield) . Portfolio Details (Includes a listing of individual securities and investments) . Investments By Type (Listing of Federal Securities including call date if applicable) Section II - Investment Charts Section III - Listing of Investment Transactions by Month FOURTH QUARTER RESULTS As shown on the Portfolio Summary the total investments as of June 30, 2007 were approximately $114.3 million. The Yield to Maturity was calculated at 4.681 % and the weighted average maturity of the portfolio was 901 days (2.5 years). The report also displays the weighted average maturity based on the Call date. If all securities were assumed to be called the portfolio average drops to less than one year at COPY TO: Page 1 of3 ITEM NO. tf 1- G:\Investments\FY 2006-07\4 June 2007\Agenda Report\Ag_ Stmt_ 4thQtr ~une2007 .doc 356 days. As noted in the summary the Market Value at June 30, 2007 was less than the Par Value. If the City holds all securities until maturity as expected, the full par value will be received. The following Table displays the comparative results based on information in the Portfolio Summary for each of the four quarters in Fiscal Year 2006-2007. COMPARISON OF PORTFOLIO MEASURES OVER FISCAL YEAR $118,018,682 882 days (2.42 yrs) 4.307% $114,590,968 909 days (2.49 yrs) 4.445% $114,290,811 901 days (2.47 yrs) 4.681 % As noted in the Table the total portfolio remains relatively close in size to where it was at the end of the third quarter. However, it has increased by approximately $3,247,171 since the end ofthe first quarter. The City has also achieved higher yields each quarter due largely to the economy and ability to invest at higher rates. Over the past year the average term has decreased slightly from 2.63 years at the end of the first quarter to 2.47 years as of June 30, 2007. INVESTMENT ACTIVITY DURING THE QUARTER Staff will continue to highlight as part of the Staff report changes in individual securities due to Maturities, Called Securities, and New Investments. A total of$12 million in securities either matured or were called during the quarter as described below: INVESTMENTS MATURED DURING THE FOURTH QUARTER FHLB FNMA FHLB Total $3,000,000 $3,000,000 $2,000,000 $8,000,000 04/27/2007 05/11/2007 05/18/2007 3.150% 3.250% 3.000% INVESTMENTS CALLED DURING THE FOURTH QUARTER FNMA FHLB Total $2,000,000 $2,000,000 $4,000,000 04/26/2011 06/15/2009 04/26/2007 06/15/2007 5.670% 5.375% 2~~ Staff purchased three new investments with a combined par value of $8 million during the quarter: INVESTMENTS PURCHASED DURING THE FOURTH UARTER FHLB 5/3/2007 $3,000,000 05/03/2012 5.020% 5.020% One Time 5/3/2010 FHLB 6/15/2007 $3,000,000 06/15/2012 5.560% 5.560% One Time 6/15/2010 FNMA 6/27/2007 $2,000,000 05/14/2010 5.080% 5.320% (Purchased N/A at a Discount Total $8,000,000 The securities which were purchased included two which have a one-time call provision in 2010. The types of securities purchased were selected to continue to diversify the investments among different issuers. All are AAA rated securities issued by agencies of the Federal government. The new tracking software will also simplify the tracking and reporting of securities purchased at a discount or premium. For example the FNMA security purchased has a coupon and pays interest at a rate of 5.08%. However, it was purchased at a discount which will produce an effective rate of return of 5.321 %. The financial records will account for the discount over the life of the security, instead of recognizing the entire discount at the time of purchase. These factors will be accounted for in the quarterly investment reports. In addition to typical expenditures during the fourth quarter, the City had cash flow needs to make several one-time expenditures or transfers of City funds totaling $16.9 million including: a) Acquisition of property for the Heritage Park ($7,865,000); transfer of funds to the CalPERS OPEB Trust ($5,468,611) ; and Pre-payment ofthe CalPERS Side Fund obligation ($3,569,754). This impacted the placement of additional investments. COMPOSITION OF PORTFOLIO Section II of the Report contains charts which assist with reviewing the portfolio. The Charts focus on key factors to monitor including the investment maturities as well as the composition of the portfolio. The following are key highlights of the portfolio: . At June 30, 2007 (41%) of the portfolio was immediately available in LAIF and Money Market instruments. . Federal Agency Securities represented 59% ofthe Portfolio. . The federal securities were issued by five different issuers. . 57% ofthe funds are invested for one year or less. . 16% ofthe funds are invested in securities with maturities of between 3 and 5 years. MONTHLY TRANSACTIONS Section III of the Report provides a list of transactions related to investments in the City portfolio for each month of the fourth quarter (April, May and June 2007). This is a new schedule in order to assure that the City fully complies with the requirement to disclose monthly transaction data. It is proposed to incorporate it as part of the quarterly investment report rather than individual monthly reports. In the coming months Staff will continue to examine opportunities to enhance the information provided. It is recommended that the City Council receive the report. 313 I~l\ CITY OF DUBLIN QUARTERLY INVESTMENT REPORT Fourth Quarter Fiscal Year 2006-2007 June 30, 2007 Presented To City Council August 21, 2007 Section 1 - Portfolio Information · Portfolio Summary (Includes the Par Value; Market Value; and Yield) · Portfolio Details (Includes a listing of individual securities and investments) · Investments By Type (Listing of Federal Securities including call date if applicable) Section II - Investment Charts Section III - Listing of Monthly Investment Transactions ~~-# Lf.Lf &1~IP7~ ATTA~BMENT_ - s::: Z (I) :J ~ co C) ::) C'CS C ; LL~ o 0 >- .- ~.E Ot:: o D.. ~r--. C'CSO EO EN ~o tJ)M o (I) s::: o ~ -'"") t:: o D.. :> 0.- _ :J :l!: C" I-w )-an CD C") .so; 11)0 >,-= l'll- O~ o ....= o~ ?fe. 0 Q. ~ CLl o :J 00; lD> ..... ~ ~ ~ ... = =-; ~> CLl :J ;0; ~> E ~ CLl I- II) - c CLl E - II) CLl > C l"- I.!) ...... u1 o ...... ('I) ...... ~ ('I) I.!) "<t ...... ...... ...... o CD ...... ...... 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"- Q) i="ct: o N '" ;..: .... o o ~ '" ~ o CD 10 o c: :J ct: QUARTERLY INVESTMENT REPORT Fourth Quarter Fiscal Year 2006-2007 June 30, 2007 Section II - Investment Charts 5~/I (, ~ \\ INVESTMENT CHARTS FOR THE QUARTER ENDING JUNE 30, 2007 INVESTMENTS BY TYPE (June 30, 2007) MONEY MARKET 6% ~ FEDERAL SECURITIES 59% LAIF 35% FEDERAL SECURITIES BY ISSUER (June 30, 2007) FHLMC 21% FNMA 13% FARMAC 3% FHLB 54% FFCB 9% $50,000,000 $45,000,000 $40,000,000 $35,000,000 $38,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 INVESTMENT CHARTS FOR THE QUARTER ENDING JUNE 30, 2007 "1,11 FEDERAL SECURITIES CALLABLE vs NON-CALLABLE CALLABLE 35% NON-CALLABLE 65% June 30, 2007 - Portfolio Maturities $0 No Maturity (1 Yr or Less) (1 Yr - 2 Yr) (2 Yr - 3 Yr) (3 Yr - 4 Yr) (4 Yr - 5 Yr) Date QUARTERLY INVESTMENT REPORT Fourth Quarter Fiscal Year 2006-2007 June 30, 2007 Section III - Listing of Monthly Investment Transactions g, ~. 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