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HomeMy WebLinkAboutItem 4.05 Invest Report 1st QtrG~~~ OF DU~~ti /// 19 (~i~ =7h)`82 O'1LIFOR~~ STAFF REPORT DUBLIN CITY COUNCIL CITY CLERK File # ^^,3 ^2.^-©(^ DATE: November 3, 2009 TO: Honorable Mayor and City Councilmembers FROM: Joni Pattillo, City Manager SUBJECT: City Treasurer's Investment Report for 1st Quarter 2009-2010 Prepared By: Paul S. Rankin, Administrative Services Director EXECUTIVE SUMMARY: The City's investment portfolio totals $91,518,517 (par value). As of September 30, 2009, funds were invested at an average yield of 3.032%. The portfolio includes both discretionary and restricted funds and the balance will fluctuate throughout the year. Staff will provide a background report on the City investment portfolio as well as the investment results as of September 30, 2009. FINANCIAL IMPACT: Investments are made in accordance with the City Investment Policy and State Law. Interest earned is apportioned between the Funds (i.e. General Fund, Gas Tax Fund, etc) based upon the proportionate share of the total cash balance. The current earning rate is projected to be consistent with projections used in the current Budget. RECOMMENDATION: Receive the Quarterly Investment Report. Q ~ ~~ ~ Submitted By: eviewe By- Administrative Services Director Assistant City Manager Page 1 of 4 ITEM NO. ~• DESCRIPTION: The format of the quarterly report consists of the following components: 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 (Includes a listing of Federal Securities including call date if applicable) Section II -Investment Charts Section III -Listing of Investment Transactions by Month 1st QUARTER RESULTS As shown on the Portfolio Summary the total investments as of September 30, 2009 were approximately $91.5 million. The "Yield to Maturity" was calculated at 3.032% and the weighted average maturity of the portfolio was 548 days (1.5 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 maturity drops to slightly less than one year at 299 days. The Market Value as of September 30, 2009 was approximately $2 million more than the Par Value (Par Value = $91,518,517 and Market Value = $93,519,130). The Par Value is the "face value" or principal amount at maturity of the note or bond. The typical investment approach used by the City is to hold investments until maturity. The City does not actively sell securities prior to their maturity. In the current market, the premature liquidation of a security would result in less interest income upon reinvestment, diluting any gain achieved from selling the investment prior to its stated maturity. The following Table displays the comparative results based on information in the Portfolio Summary for the most recent five quarters. This allows for a comparison to the most recent quarter as well as the same three month period one year ago. Table 1: COMPARISON OF PORTFOLIO MEASURES Most Recent Five Quarters 2008J09 2008/09. 2008/09 2008109 ` 2009!10 Portfolio Quarter 1 Quarter 2 Quarters Quarter 4 'Quarter's Measure (Jul -Sept (Oct -Dec (Jan -Mar (Apr - Jura (Jul-Sept _ 2008). 2008 ~ 2009 2009~~ 2009 "' Par Value $115,358,346 $120,350,694 $103,789,959 $103,917,733 $91,518,517 Average 948 days 940 days 968 days 576 days 548 days Term (2.6 yrs) (2.58 yrs) (2.65 yrs) (1.57 yrs) (1.5yrs) Yield To 3.740% 3.661 % 3.483 % 3.352 % 3.032 Maturi /Call Page 2 of 4 As noted in Tabfe 1, the total portfolio is approximately $23.8 million less than one year ago. The total portfolio will fluctuate between fiscal years based upon: planned expenditures, fluctuations in revenue collected, and differences in timing of both revenue and expenditures. Expenditures for Capital Projects are largely responsible for the decrease compared to one year ago. Significant projects have incurred expenditures during that period including the following: Shannon Center Reconstruction; City Maintenance Facility Acquisition; and the Interstate 580/ Fallon Road Interchange. The average maturity of the investments held has decreased over the past year from 2.6 years to 1.5 years. INVESTMENT ACTIVITY DURING THE FIRST QUARTER This report discloses changes in individual securities due to Maturities, Called Securities, and New Investments. A total of $ 14,000,000 in securities either matured or were called during the quarter. As shown below one transaction was due to a maturing investment, while four securities were called prior to their stated maturity dates. TABLE 2: INVESTMENTS MATURED DURING THE FIRST QUARTER T e Value at Maturi Maturity Date Cou on Rate FHLB 3,000,000 9/29/2009 3.375% Total $3,000,000 TABLE 3: INVESTMENTS CALLED DURING THE FIRST QUARTER T e* Date Ac uired Par Value Original Maturity Date Coupon Rate Call Date FFCB 9/21/2008 $3,000,000 6/21/2012 4.02% 8/21/09 FHLB 8/29/2008 $3,000,000 2/25/2011 3.72% 8/25/09 FNMA 8/30/2007 $2,000,000 9/10/2012 5.20% 9/10//09 FHLMC 9/29/2008 $3,000,000 9/29/2009 4.05% 9/29/09 TOTAL $11,000,000 * FHLB =Federal Home Loan Bank; FFCB =Federal Farmers Credit Bank; FNMA =Federal National Mortgage Association or "Fannie Mae"; FHLMC =Federal Home Loan Mortgage Corporation "Freddie Mac" Staff purchased one new investment with a par value of $3,000,000 during the first quarter. TABLE 4: INVESTMENTS PURCHASED DURING THE FOURTH QUARTER T e Date Ac wired Value at Maturi Maturity Date Coupon Rate Call Date FNMA 9/29/2009 3,000,000 9/29/2014 3.125% 9/29/2010 Total $3,000,000 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: Page 3 of 4 • At September 30, 2009, 26% of the portfolio was immediately available in the Local Agency Investment Fund (LAIF) and Money Market instruments; this is a 4% decrease from the percentage reported as of June 30, 2009. • Federal Agency Securities represented 67% of the Portfolio, which is a 2% decrease from the percentage reported as of June 30, 2009. • There was diversity in the issuers of the federal securities held in the portfolio. A total of four different issuers were represented. (FNMA-25%; FHLB - 49%; FFCB-11 % and FHLMC-15%). • 52% of the funds are invested for one year or less compared to 47% reported as of June 30, 2009. • 22% of the funds are invested in securities with maturities of 3 years or more as of September 30, 2009, compared to 18% reported for June 30, 2009. MONTHLY TRANSACTIONS Section III of the Report provides a list of transactions related to investments in the City portfolio for each month of the first quarter (July, August, and September 2009). This schedule provides compliance with the Government Code requirement to disclose monthly transaction data. It is incorporated as part of the quarterly investment report rather than individual monthly reports. RECENT TRENDS COMPARED TO BUDGET There have been significant downward trends in interest rates. For Budget purposes the Fiscal Year 2009-2010 Budget assumed that LAIF would continue to generate a rate of at least 0.75%. As noted below the rate for the first quarter achieved this threshold. However, continued declines will impact revenue available. The following Table shows the deterioration in short-term rates at LAIF over the past year. TABLE 5: Local Agency Investment Fund ~LAIF) Quarterly Rate Quarter Endin~ Rate September 30, 2008 2.77% September 30, 2009 .90% The current trend in the market has been continued lower interest rates. In terms of new issues of Federal Agency Securities there have been fewer new issues and most are at rates below those of securities currently held in the City portfolio. The current portfolio is continuing to earn as projected in the adopted budget, however three quarters still remain. NOTICING REQUIREMENTS/PUBLIC OUTREACH: None ATTACHMENTS: 1. Quarterly Investment Report for the Period Ending September 30, 2009 Page 4 of 4 i ~,~ CITY OF DUBLIN QUARTERLY INVESTMENT REPORT First Quarter Fiscal Year 2009-2010 September 30, 2009 Presented To City Council November 3, 2009 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 t-~em ~ y ,5 ~ j ~ ~ I o~ ATTACHMENT 1 U '~ W 1A tD M `~ U >. ~ ~ ~ O ~ H 0 O O ,~ o ~ a O ~ Q1 O ~ m ~ C d ~+ O N Z m ~ E O M B O G O ~ C O O ~ W a v ,o a° W c c n a ,~ „ ~. ~ N 7 a ~ `~ ~'~~ ~ \II` `? 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V O y d bA RS b~A ~, O c 0 ... w Z C~ L ^C W ~ ~~ =z ~w a i-~ 6~ O x~ ~ ~ '' •o v ~ ~ L W _~ II `~ 0 a ~, x~ w~ O .~ a ~ o ~U P~ ~, oio ao , U o 8 ~ ~. ~ ~ ~ ~+ o ~ °~ ~ o wx ~~ as U °' L~ w ~~ W ~ a 1~~1 w 5 ~- ~i QUARTERLY INVESTMENT REPORT First Quarter Fiscal Year 2009-2010 September 30, 2009 Section II -Investment Charts INVESTMENT CHARTS FOR THE QUARTER ENDING SEPTEMBER 30, 2009 INVESTMENT CHARTS FOR THE QUARTER ENDING SEPTEMBER 30, 2009 ~ 1 ~~ 1 September 30, 2009 -Portfolio Maturities $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 $29,863,517 I~, . : $17 500 00 0 Y , , ~Y@ +c T $17 000,000 $$ $6 155 000 < : ~L ,,. , , { $3 000 000 '-I , , No Maturity Date (1 Yr or Less) (1 Yr - 2 Yr) (2 Yr - 3 Yr) (3 Yr - 4 Yr) (4 Yr - 5 Yr) ~ of ~~ QUARTERLY INVESTMENT REPORT First Quarter Fiscal Year 2009-2010 September 30, 2009 Section III - Listing of Monthly Investment Transactions O Q' O ~ O N _ ~r M ~ v ~+ 7 o a' O ~ ~ o~ ~'~°o V ~ N V r ~+ t ~ V O CO O ti CD Lt7 ~~~ ~ ~ (O Cfl t0 CO ~ ~ ~ ~ O ~n co co 1~ ~ ui Cfl ti ti O O O O r' O N O O O ~ O O O ~ In O ti O O O O G1 V c ea ea m C C w .o ea .~ 0 O O O O r O ~ op O 1` ~ O ~ ~ M M O ~ ~O} ~ ~ y ~ ~ C O ~ C +~ ~ O O O O O O O N N N M ('7 O ~ ~- N ti ~ ~ O t1 C O ~ ~ ~ ~ ~ O ~ ~ ~ m d o 0 0 ~ +~ - ~_ ~ ~ ~ ~ ~ ~ ~° a° a° W ~~~ _ > E~~ ea ~>>> +g ~ c~ c~ ~ ~ » > N '~ _~~ ~ ~ ~ -~ ~~~ ~ ~ 0 0 C N ~ ~ i 1 O ~ ~ O O M <D ~ ~ ~ O N O O CO ~ N ~ tf~ ~ r• ~ r N r r ~ ~ r M M M M M T M O ~ O N ~ o Cfl O O ';''~ ~ O O O O ~ ~ ~ O ... py O r O O O O O ~ci rn N 3 3 ~- c`o c`u o >~ >~ ~ > > O O O N N N N N ~ ~ N (~ ~ ~ a JJJ LL I~I~I~ O O O O O O N tD ti N r 01 O r V Q ~ O ~ ~ m c w a e~ 0 .Q N ~ o ~ ~ C ~ ~ ~ ~ O 67 ~ t0 CO 00 m ~ ~ O O ~ ~ ~ ~ O ~ .r 'C ~ ~ ~ ~ r .ai V C d . ~ O W ~ ~ o t r+ O O N O O d 'C °~ O ~ Q O ~ N ~ ~ M rr +~ C N +~+ C ~ V ~ Q ~ £ U U ~ Q ( O w ~ ~ ~ ~ a> j ~ o ~ ° ~ o U G1 N ~ ~ _ U ~ N c _ .~ ~ ~ ~ a~ 7 _ ~ rn o O C.1 Q p ~ ~ ~ Q c~ ~ D U ~ c~ ~ ~ co O v a ~ ~ ~ ~ m ~, E ° ~ a, ~ c ` `° c ~ ~ _ W m ~ cv -p U ~ C = ~ ~ (0 N N ~ . , ~ . 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M d .~ _ ~ d = 7 ~ V ~ ~ U oacn ~ ~ ~ ~ ~ C Qs V C O •~' v o u, V d N w N U r' :r ` t C t ~ C O v m o Q d V y ~p ~ C C Q O cn ~ ~o U ~ ~o E= E o ~ a c `~ ~ ` ° ea ~ L m ~ o ~ m ~ C ~ c N ~ C W ~ ~ ~ ~ N UJ ~ ~ _ N ~ Q N O , Q / ~ i i L ' ~ , ^ N O ~ ~' o U U N I~ N N N N N N N N N N N N O O ~ ~ ~ ti ti ti ti ti ~ ~ ~ ~ r M r o0 lj) r L(') r In r 0 0 0 0 l(') ~- 0 ~ 0 O 0 O 0 O 0 O O M ~ CO r c- O O Cfl N 0 0 0 0 { O M t(~ ~- r 1~ O W O O 00 ~ ~ O ~ N N O M 0 0 0 0 ~ r N N N ('7 M M M M N N N N ~ N ~ M ~ O ~ ~ r r O O ~~ ~ O o O o O o O O O G M O ~ M X 0 0 0 0 0 0 0 0 O ~ ~ o o o o o 0 0 0 o ti ri o o ui o ui ~ri o o 0 M O O f~ O N N tf~ O O ~ r In O O O O CO f~ O O O O N N CO O ~ 0 0 0 O ~ ~ ~ ~ ~ O O ~ O O O ~ Q1 N c'~ M M ~ ~ N (O N M r ~ ~ o ~ 0 M o0 0 00 0 00 0 O C 0 0 0 ~ ~ ~ 00 ~ U r ~ r ~ r ~ r ~ 0 ~ r ~ r ~ r ~ O ~ r ~ 0 O f0 C .C C .C C .~ C .~ ~# .C .~ .~ ~ C ~ } 7 O O O O C O .S C O C O C O .~ N C ' N L N L N L N L N L U N L N L N L U U _ _ ~ c c c c c ~ LL c c c ~ LL ~ ~ ~ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N N N N N N N N N N N N x ~ O 0 ~ O 0 ~ O 0 r ~ 0 e- ~ 0 r ~ ~ r ~ d1 N ~ 0 N ~ 0 N ~ 0 N ~ 0 N ~ rn rn rn rn rn rn rn rn rn ~ ~ O v ~ o e~ o ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ 00 a o o o 0 0 0 0 o o o o o ~ ~' ~o ~o _ ~o ~o ~o ~o ~o _ ~o ~o _ ~o ~ o _ ~o ~ 0 0 0 0 0 0 0 0 0 0 0 0 ~ a. a a ~ a a ~ ~ a a a a W _ . 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