HomeMy WebLinkAbout4.11 Investment Rpt 2nd Qtr
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AGIENDA STATEMENT
CITY COUNCil MEETING DATIE FIEBRUARY 5,2008
SUBJECT
CIty Treasurer's Investment Report for 2nd Quarter 2007-2008
Report Prepared by Paul S Rankm Admmlstratlve Services Dlr
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ATTACHMENTS
Quarterly Investment Report For The Penod Endmg December 31,2007
RECOMMENDA nON ~ecelve the Report
FINANCIAL ST A T~NT See Report
DESCRIPTION The attached Investment Report detaIls the CIty'S mvestments as of December 31,
2007, m accordance WIth the reqUirements for reportmg mvestments
REPORT FORMAT
The format of the report consIst of the followmg components
Section ] - Portfoho InformatIOn
o Portfolio Summary (ThIS mcludes the Par Value, Market Value, and YIeld)
o Portfolio Details (Includes a hstmg of mdIVIdual secuntIes and mvestments)
o Investments By Type (LIstmg of Federal SecuntIes mcludmg call date If applicable)
SectIon II - Investment Charts
SectIon III - LIstmg ofInvestment TransactIons by Month
2nd QUARTER RESULTS
As shown on the Portfolio Summary the total mvestments as of December 31, 2007 were approxImately
$107 6 mIllion The YIeld to Matunty was calculated at 4 480% and the weIghted average maturIty ofthe
portfoho was 1,023 days (2 8 years) The report also dIsplays the weIghted average matunty based on the
Call date If all secuntIes were assumed to be called the portfoho average drops to shghtly less than one year
at 336 days As noted m the summary the Market Value at December 31, 2007 was $834,650 more than the
Par Value (Par Value = $107,554,065 and Market Value = $108,388,715) If the CIty holds all secuntIes
until matunty as expected, the full par value WIll be receIved The CIty does not typIcally actIvely sell
secuntIes pnor to theIr maturIty In the current market the remvestment Yield would be less dIlutmg any
unrealized gam
-------------------------------------------------------------------------------------------------------------
COpy TO
Page 10f3
liTEM NO
4. ((
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G \lnvestments\FY 2007 08\December 2007 ~tmt\A~Stmt_2ndQtr_Dec_07 doc
The followmg Table dIsplays the comparative results based on mformatIon m the Portfolio Summary for the
second quarter of the prevIOUS year to the current year
COMlPARJ[SON OF PORTFOLIO MEASURES
2nd Quarter FY 2006/07 vs 2nd Quarter 2007/08
Fiscal Quarter lPar Value Average Term Yield To
, MaturIty I Call
Quarter 2 $118,018,681 882 days (242 yrs) 4 307%
2006/07
(Oct - December 2006)
Quarter 2 $107,554,065 1,023 days (280 yrs) 448%
2007/08
(Oct - December 2007)
As noted III the Table the total portfolio IS lower than one year ago The total portfoho WIll fluctuate based
on both addItional contrIbutions to reserves at year end, as well as expendItures made from reserves CapItal
projects such as the Dublm Dougherty Intersection and ShanrIon Center as well as others are funded
pnmanly from reserves III FIscal Year 200712008 Also m the final quarter of Fiscal Year 2006107 there
were several one-time expenses or transfers mcludmg a) AcqUiSItIon of property for the Hentage Park
($7,865,000), transfer of funds to the CalPERS OPEB Trust ($5,468,611), and Pre-payment of the CalPERS
SIde Fund obligatIOn ($3,569,754)
INVESTMENT ACTIVITY DURING THE QUARTER
StaffwIlI contmue to hIghhght as part of the Staff report changes III IndIVIdual secuntIes due to MatuntIes,
Called SecuntIes, and New Investments Dunng the second quarter none of the secuntIes matured, however
two Investments were called pnor to theIr stated matunty date The called Illvestments are summanzed
below
OrIgmal
Date MatUrIty Coupon
Tvpe ACQUIred Par V.tlue Date Rate Call Date
FHLB 10/17/2006 $3,000,000 11/09/2009 535% November 9,2007
FARMAC 11/3012006 $2,000,000 12/14/2011 540% December 14,2007
TOTAL
CALLED $5,000,000
INVESTMENTS CALLED DURING THE SECOND QUARTER
Staff purchased two new Investments dunng the quarter WIth a combIned par value of $3 655 mIlhon as
outlIned below
EffectIve Yield
Date Value at MatUrIty Coupon with
Type AcqUired MatUrIty Date Rate Premmmffllscount C.lll Date
FFCB 11114/2007 $1,655,000 3/912011 485% 424% NIA
FHLB 12/1412007 $2,000,000 12/2712012 442% N/A 12/27/2010
Total $3,655,000
INVESTMENTS lPURCHASlED DURING THE SECOND QUARTER
2~3
The secuntIes whIch were purchased mcluded one WhICh has a one-tIme call provIsIon In 2010 The types of
secuntIes purchased were selected to contmue to dIversIfy the mvestments among dIfferent Issuers All are
AAA rated secuntIes Issued by agencIes of the Federal government The portfoho trackIng software assIsts
WIth reportIng the value of secuntIes that were purchased at a dIscount or premIUm For example the FFCB
secunty purchased has a coupon and pays mterest at a rate of 4 85% However, It was purchased at a
premIUm whIch wIll produce an effectIve rate ofretum of 4 24% The finanCIal records WIll account for the
premIUm over the hfe of the secunty, mstead ofrecogmzmg the entire amount at the time of purchase These
factors wIll be accounted for In the quarterly mvestment reports
COMPOSITION OF PORTFOLIO
SectIon II ofthe Report contams charts whIch asSISt WIth reVIeWIng the portfolIo The Charts focus on key
factors to mom tor mcludmg the Investment matuntIes as well as the compOSItIon of the portfolIo The
followmg are key illghhghts of the portfoho
o At December 31,2007 (32%) of the portfolIo was ImmedIately available m LAIF and Money Market
mstruments ThIS represents an mcrease from the 26% reported as of September 30, 2007 ThIS IS
Impacted by the receIpt of the December Property Tax payment
o Federal Agency SecuntIes represented 68% of the Portfoho ThIS IS a change from September 30,
2007 when 74% of the portfoho was reported m tills category
o The federal secunttes were Issued by four dIfferent Issuers The CIty had held a F ARMAC secunty
whIch was called
o 57% of the funds are Invested for one year or less ThIS IS very close to the 59% reported as of
September 30, 2007
o 16% of the funds are mvested In secuntIes wIth matuntIes of 3 years or more
MONTHL Y TRANSACTIONS
Section ill of the Report provIdes a hst oftransactIons related to Investments m the CIty portfoho for each
month of the second quarter (October, November and December 2007) ThIS schedule proVIdes comphance
WIth the Governrnent Code reqUirement to dIsclose monthly transaction data It IS proposed to Incorporate It
as part of the quarterly Investment report rather than mdIvIdual monthly reports
RECENT TRENDS COMPARED TO BUDGET
ActIons taken by the Federal Reserve Board over the last few weeks have dramatIcally Impacted mterest rates
avaIlable Staff WIll be reVIeWIng the projected mterest revenue compared to the Budget as part of the MId-
Year Fmanclal Report to be presented at an upcomIng meetmg Based on the current trends It IS expected
that Interest revenue m FIscal Year 2007/2008 wIll be less than the amount budgeted
It IS recommended that the City CounCIl receIve the report
3~3
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PresenlttedlTo CIty C01l1lncnll IFelbr1l1lary 5, 2008
Section 1 - Portfollno IlnfOIrIl1rnatllollll
o Portfollno S1l1Immary (1llllld1l1ldles tlb1e Par Vall1l1le, Marlket
Vall1l1le, andl Yllelldl)
o ]P>ortfollno ID>etanlls (JIlDlcll1l1ldes a llltstnlDlg of nlDldnvnd1l1lall
sec1l1lrntnes alDldl nnvestmeIl1lts)
o llllllvestments By Type (JLnstllng of IFedlerall Secu.nntlles
nlllldu.ndlnllllg caB dlate nf appllncalbllle)
Sectnollll III - 11ll1lvestmellllt Clhlarts
Sectnoll1l ]]][ - JLnstnllllg of MOlDltlhllly lillllvestmell1lt Trall1lsactnolDls
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INVESTMENTS BY TYPE (December 31, 2007)
MONEY MARKET
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FEDERAL SECURITIES BY ISSUER (December 31, 2007)
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INVESTMENT CHARTS lFOR THE QUARTER ENDING DECEMBER 31,2007
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FEDERAL SECURITIES CALLABLE vs NON-CALLABLE
CALLAB! F
34%
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December 31 2007 Portfolio Maturities
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