HomeMy WebLinkAbout4.03 Invest Rpt 3rd QtrG~~~ OF DU~~G
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STAFFREPORT CITY CLERK
DUBLIN CITY COUNCIL File #^~^2.^0 - 3^^0
DATE: May 18, 2010
TO: Honorable Mayor and City Councilmembers
FROM: Joni Pattillo, City Manager
SUBJEC : City Treasurer's Investment Report for 3rd Quarter 2009-2010
Prepared By: Pau/ S. Rankin, Administrative Services Director
EXECUTIVE SUMMARY:
The City's investment portfolio totals $94,406,103 (par value). As of March 31, 2010, funds
were invested at an average yield of 2.232%. The portfolio includes both discretionary and
restricted funds and the balance will fluctuate throughout the year. The report presented
provides background on the City investment portfolio as well as the investment results as of
March 31, 2010.
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.
~~yb.~'~------~'
Submitted By:
Administrative Services Director
Reviewed By.
Assistant City Manager
Page 1 of 4 ITEM NO. -i •~
DESCRIPTION:
The format of the quarterty report consists of the following components:
Section I - 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
3rd QUARTER RESULTS
As shown on the Portfolio Summary the total investments as of March 31, 2010 were
approximately $94.4 million. The "Yield to Maturity" was calculated at 2.232% and the weighted
average maturity of the portfolio was 367 days (1 year). 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 207 days.
The Market Value as of March 31, 2010 was approximately $1.3 million more than the Par
Value (Par Value =$94,406,103 and Market Value =$95,705,828). 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.
Page 2 of 4
Table 1: COMPARISON OF PORTFOLIO MEASURES
Most Recent Five Quarters
As noted in Table 1, the total portfolio is approximately $9.4 million less than one year ago. The
total portfolio will fluctuate befinreen 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 the past year including the following: City
Maintenance Facility Acquisition; Fallon Sports Park; Heritage Park Development; and the
Interstate 580/ Fallon Road Interchange.
The average maturity of the investments held has decreased over the past year from 2.65 years
to 1 year. This is in part a response to the interest rate environment and the lack of attractive
interest rates. Current projections made by investment managers suggest that increases in the
Federal short term rates are not expected until later this year. Many portfolio managers have
maintained a shorter maturity in order to be in a position to invest at higher rates when the
market conditions change. This will need to be balanced with the need to maintain diversity in
the City portfolio.
INVESTMENT ACTIVITY DURING THE THIRD QUARTER
This report discloses changes in individual securities due to Maturities, Called Securities, and
New Investments. A total of $ 9,000,000 in securities either matured or were called during the
quarter. As shown below one transaction was due to a maturing investment, and two securities
were called prior to their stated maturity dates.
TABLE 2: INVESTMENTS MATURED DURING THE THIRD QUARTER
'~ FHLMC = Federal Home Loan Mtg Corp; FNMA = Federal National Mtg Assn
No new investments were purchased during the third quarter.
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 March 31, 2010, 52.6% of the portfolio was immediately available in the Local Agency
Investment Fund (LAIF) and Money Market instruments; this is a 9.5% increase from the
percentage reported as of December 31, 2009.
Page 3 of 4
TABLE 3: INVESTMENTS CALLED DURING THE THIRD QUARTER
• Federal Agency Securities represented 47.3% of the Portfolio, which is a 10% decrease
from the percentage reported as of December 31, 2009.
• There was diversity in the issuers of the federal securities held in the portfolio. A total of
four different issuers were represented. (FNMA-21 %; FHLB - 56%; FFCB-10% and
FHLMC-13%).
• 68% of the funds are invested for one year or less compared to 58% reported in this
category as of December 31, 2009.
• 17% of the funds are invested in securities with maturities of 3 years or more, compared
to 18% reported in this category as of December 31, 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 third quarter (January, February, and March). 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 third quarter did not achieve this threshold. The
following Table shows the deterioration in short-term rates at LAIF over the past year and they
have continued to decline, however, they remain higher than other short-term investment
options.
TABLE 5: Local Agency Investment Fund (LAIF) Quarterly Rate
March 31, 2009 ~ 1.91 %
~ March 31, 2010 ~ .56% ~
The current trend in the market has been continued lower interest rates.
of Federal Agency Securities there have been fewer new issues and m
those of securities currently held in the City portfolio. Overall the rate
portfolio is at a level slightly above the projection used for the adopted
quarter still remains.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
None
ATTACHMENTS:
In terms of new issues
ost are at rates below
earned by the current
budget, however one
1. Quarterly Investment Report for the Period Ending
March 31, 2010
Page 4 of 4
fd~ i ~
CITY OF DUBLIN
QUARTERLY INVESTMENT REPORT
Third Quarter Fiscal Year 2009-2010
March 31, 2010
Presented To City Council May 18, 2010
Section I - 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
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ATTACHMENT 1
~,; o~ Da~
9~(£~1=_ _=~N7,82
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Investments
Money Market
LAI F
Calif Asset Mgt Pgm (CAMP)
Federal Agency Coupon
Total / Average
CITY OF DUBLIN
Portfolio Management
Portfolio Summary
March 31, 2010
Par Market
Value Value
Days to YTM/C
Mat./Call 365 Equiv.
1 0.010
1 0.560
1 0.170
436 4.097
cvr ~.c~~io
Cash and Accrued Interest
Accrued Interest ~'~
466,522.52
47,574.99 47,574.99 47,574.99 0.05 1
49,647,756.02 49,647,756.02 49,647,756.02 52.59 1
55,772.02 55,772.02 55,772.02 0.06 1
44,655,000.00 45,954,725.00 44,727,858.71 47.30 775
$94,406,103.03 $95,705,828.03 $94,478,961.74 100.00% 367
Total Cash and $94,406,103.03
Investments Value
Book % of Term /
Value Portfolio Days
466,522.52
$96,172,350.55 $94,945,484.26
367 207 2.232%
The schedule of investments, including the dates of maturity, provide adequate cash flow liquidity to meet anticipated expenditures over the next six months. The
investments and schedule of investments are in compliance with the City of Dublin Investment Policy, and all applicable laws and regulations.
~d~ ~ . ~,~'~'~----'., ~! 3O Z~l~?
PAUL S. RANKIN, ADMINISTRATNE SERVICES DIRECTOR DATE
(1) Accrued Interest represents the portion of interest earned as of the end of the quarter, that will be paid in a future month. Federal Securities typically pay interest twice a year
(6 month intervals).
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City of Dublin
Portfolio Management
Portfolio Details - Investments
March 31, 2010
CUSIP Investment # Issuer Purchase par Value Market Value Book Value Coupon Days To Days To YTM ~ Maturity
Date Rate Maturity Call/Mat Cost Date
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CAMP California Asset Management Program 55,772.02 55,772.02 55,772.02 0.17 1 1 0.17 N/A
LAIF LAIF 49,647,756.02 49,647,756.02 49,647,756.02 0.56 1 1 0.56 N/A
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31359MA94 10054 Federal National Mtg Assn 9/13/2007 2,000,000.00 2,004,380.00 2,000,130.26 4.75 20 20 4.53007 4/20/2010
31398AQN5 10080 Federal National Mtg Assn 9/12/2008 3,000,000.00 3,006,570.00 3,000,000.00 3.05 28 28 3.04864 4/28/2010
3133XGLE2 10036 Federal Home Loan Bank 1/26/2007 3,000,000.00 3,067,500.00 3,000,383.23 5.125 163 163 5.08024 9/10/2010
3133XQUH3 10069 Federal Home Loan Bank 4/28/2008 1,500,000.00 1,522,035.00 1,500,000.00 3.125 211 211 3.12502 10/28/2010
31331XNE8 10037 Federal Farm Credit Bank 2/14/2007 2,000,000.00 2,074,380.00 2,000,019.68 5.05 307 307 5.04013 2/1/2011
31331XRQ7 10055 Federal Farm Credit Bank 11/15/2007 1,655,000.00 1,721,200.00 1,664,151.34 4.85 343 343 4.24005 3/9/2011
31331XWU2 10049 Federal Farm Credit Bank 8/31/2007 1,000,000.00 1,044,380.00 1,000,478.80 4.8 390 390 4.75026 4/25/2011
3133XQ4C3 10065 Federal Home Loan Bank 4/3/2008 3,000,000.00 3,135,930.00 3,011,117.10 3.5 709 709 3.3003 3/9/2012
3133XKNN1 10041 Federal Home Loan Bank 5/3/2007 3,000,000.00 3,012,180.00 3,000,000.00 5.02 764 33 5.02005 5/3/2012
3133XLEN9 10042 Federal Home Loan Bank 6/15/2007 3,000,000.00 3,031,890.00 3,000,000.00 5.56 807 76 5.56002 6/15/2012
3133XVZ53 10086 Federal Home Loan Bank 12/21/2009 1,500,000.00 1,500,945.00 1,500,000.00 1 996 265 1.69409 12/21/2012
3133XNST7 10058 Federal Home Loan Bank 12/27/2008 2,000,000.00 2,055,000.00 2,000,000.00 4.42 1002 271 4.42003 12/27/2012
3128X1EJ2 10084 Federal Home Loan Mtg Corp 10/14/2008 3,000,000.00 3,194,640.00 3,021,626.06 4.25 1148 1148 4.00207 5/22/2013
3128X7WV2 10074 Federal Home Loan Mtg Corp 6/10/2008 3,000,000.00 3,115,380.00 2,994,278.31 4.05 1167 436 4.11273 6/10/2013
3133XRFL9 10077 Federal Home Loan Bank 7/25/2008 3,000,000.00 3,216,570.00 2,999,817.84 4.25 1171 1171 4.25023 6/14/2013
3133XD6A4 10082 Federal Home Loan Bank 9/26/2008 3,000,000.00 3,231,570.00 3,035,854.53 4.375 1262 1262 4.00007 9/13/2013
31398AZJ4 10085 Federal National Mtg Assn 9/29/2009 3,000,000.00 3,006,570.00 3,000,000.00 3.125 1643 182 3.125 9/29/2014
3133XW2R9 10087
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Total / Averege 94,406,103.03 95,705,828.03 94,478,961.74 2.242 367 207 2.23244
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City of Dublin Investments By Type (March 31, 2010)
CUSIP
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31331XRQ7 10055 FFCB 1,655,000.00 101.863 1,664,151.34 4.85 3/9/2011
31331XNE8 10037 FFCB 2,000,000.00 100.033 2,000,019.68 5.05 2/1/2011
FFCB Total
3133XQUH3 10069 FHLB 1,500,000.00 100 1,500,000.00 3.125 10/28/2010
3133XQ4C3 10065 FHLB 3,000,000.00 100.728 3,011,117.10 3.5 3/9/2012
3133XRFL9 10077 FHLB 3,000,000.00 99.993 2,999,817.84 4.25 6/14/2013
3133XD6A4 10082 FHLB 3,000,000.00 101.671 3,035,854.53 4.375 9/13/2013
3133XNST7 10058 FHLB 2,000,000.00 100 2,000,000.00 4.42 12/27/2012 12/27/2010
3133XKNN1 10041 FHLB 3,000,000.00 100 3,000,000.00 5.02 5/3/2012 5/3/2010
3133XGLE2 10036 FHLB 3,000,000.00 100.138 3,000,383.23 5.125 9/10/2010
3133XLEN9 10042 FHLB 3,000,000.00 100 3,000,000.00 5.56 6/15/2012 6/15/2010
3133XVZ53 10086 FHLB 1,500,000.00 100 1,500,000.00 1 12/21/2012 12/21/2010
3133XW2R9 10087 FHLB 1,500,000.00 100 1,500,000.00 1.5 12/30/2014 12/30/2011
FHLB Total
3128X7WV2 10074 FHLMC 3,000,000.00 99.719 2,994,278.31 4.05 6/10/2013 6/10/2011
3128X1EJ2 10084 FH~MC 3,000,000.00 101.03 3,021,626.06 4.25 5/22/2013
FHLMC Total
31398AQN5 10080 FNMA 3,000,000.00 100 3,000,000.00 3.05 4/28/2010
31398AZJ4 10085 FNMA 3,000,000.00 100 3,000,000.00 3.125 9/29/2014 9/29/2010
31359MA94 10054 FNMA 2,000,000.00 100.53 2,000,130.26 4.75 4/20/2010
3136F6W54 10048 FNMA 1,500,000.00 100.285 1,500,001.56 4.81 4/5/2010
FNMA Total
Grand Total 44,655,000.00
ISSUERS: FFCB = Federal Farm Credit Bank; FHLB = Federal Home Loan Bank;
FHLMC = Federal Home Loan Mortgage Corporation ("Freddie Mac"); FNMA = Federal National Mortgage Association ("Fannie Mae")
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QUARTERLY INVESTMENT REPORT
Third Quarter Fiscal Year 2009-2010
March 31, 2010
Section II - Investment Charts
6 ~~ II
INVESTMENT CHARTS FOR THE QUARTER ENDING MARCH 31, 2010
INVFSTMENTS BY TYPE (March 31, 2010)
MONEY MARKET
Less than 1%
FEDERAL
S ECURITIES
47.3%
LAIF
52.6%
CAMP
Less than 1%
~ ~'
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INVESTMENT CHARTS FOR THE QUARTER ENDING MARCH 31, 2010
g~~ I~
QUARTERLY INVESTMENT REPORT
Third Quarter Fiscal Year 2009-2010
March 31, 2010
Section III -
Listing of Monthly Investment Transactions
City of Dublin
Cash / Checking Activity Report
January 1, 2010 - January 31, 2010
Issuer Transaction Comment Deposits Withdrawals ~nterest Balance
Date Received
..~~-, ~ . -x.~~~~-~,~. :~.;.. ~ 55,745.45
California Asset Mana ement Pro ram ~i2si2o~o Interest on account 10.26 55,755.71
Endmg Balance ~ : , v , . ~ T .: ~,s , ,,~z ~ ;, ~~ y
Subtotal and ' "
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Fidelity US Government Portfolio MM ..,~~, H, ~ h., . u.=
~i~si2o~o
UB Fee collected 272,534.81
Fidelity US Government Portfolio MM
~i~si2o~o
Pa ment of Fees
875
00 875.00 271,659.81
Fidelity US Government Portfolio MM
ii2si2o~o
Int on inv# 10033 .
75
000
00 272,534.81
Fidelity US Government Portfolio MM
~i2si2o~o
Matured inv# 10033 ,
.
3,000,000.00 347,534.81
3,347,534.81
Subtotal and Ending Balance ~ ~;, ~~ R~ ' q ~y ~
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259
923.79
_AIF 1/11/2010
(2,400,000.00) ,
,
37
859
923
79
_AIF ii2si2o~o 1,300,000.00 ,
,
.
39,159,923.79
Subtotal and Ending Balance `~ ~~ ~ ~ ~ "~ ~; ° ~ ~ ~k ~ ~~~ ~ ~, ~ ~ ~
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TOTAL 4,375,875.00 (2,400,875.00) 10.26 42,563,214.31
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City of Dublin
Cash / Checking Activity Report
February 1, 2010 - February 28, 2010
Issuer Transaction Comment Deposits Withdrawals ~nterest Balance
Date Received
,~.~..+.~~,,,.~:~. ~~: . ~~~,;, c~,~..~ ~: ,:~ ~„ ~ E: 55,755.71
:,alifornia Asset Management Pro ram 2/28/2010 Interest on account 8.31 55,764.02
Subtotal and Ending Balance
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534.81
-idelity US Government Portfolio MM 2/1/2010 Interest on account 13.70 ,
3,347
548.51
=idelit US Government Portfolio MM 2/1/2010 Interest on inv# 10037 50,500.00 ,
3,398
048.51
=idelity US Government Portfolio MM 2/8/2010 Interest inv# 10059 53,550.00 ,
3,451,598.51
=idelity US Government Portfolio MM 2/8/2010 Full call inv# 10059 3,000,000.00 6,451,598.51
=idelity US Government Portfolio MM 2/22/2010 Interest on inv# 10060 49,500.00 6
501
098.51
=idelity US Government Portfolio MM 2/22/2010 Full call inv# 10060 3,000,000.00 ,
,
9,501,098.51
Subtotal and Ending Balance ~' ~ ~~ `~~~ T ` ~ ~~ °~ %~ ~, ~
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..AIF ~ ~ ~
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2/3/2010
2/19/2010
1,200,000.00)
(2, 300, 000.00)
39,159,923.79
37,959,923.79
35,659, 923.79
Subtotal and Ending Balance `
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TOTAL 6,153,550.00 (3,500,000.00) 22.01 45,216,786.32
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City of Dublin
Cash / Checking Activity Report
March 1, 2010 - March 31, 2010
Issuer Transaction Comment Deposits Withdrawals Interest Balance
Date Received
, . ,.. , , ..,,
. .,~ ~ : -, ;, ,.2,, , . ~: ;,;;~~. ~ :-F , : 55,764.02
:,alifornia Asset Mana ement Pro ram 3/31/2010 Interest on account 8.00 55,772.02
Subtotal and Ending Balance ~~ ``' ~ ;.
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idelity US Government Portfolio MM
=idelit US Government Portfolio MM
=idelit US Government Portfolio MM
=idelity US Government Portfolio MM
=idelit US Government Portfolio MM
~idelity US Government Portfolio MM ,~~ ~ A
3/1/2010
3i9i2o~o
3isi2o~o
3iioi2o~o
sn5i2o~o
Interest on account
Interest on inv# 10055
Interest on inv# 10065
Interest on inv# 10036
Interest on inv# 10082
ao,133.75
s2,soo.oo
~s,s~s.oo
ss,s25.oo
157.92 9,501,098.51
9,501,256.43 '
9,541,390.18
9,593,890.18
9,670,765.18
9,736,390.18
~idelity US Government Portfolio MM si25i2oio Transf to LAIF (9,736,000.00) 390.18
~idelit US Government Portfolio MM si2si2o~o Interest on inv# 10085 as,s~s.oo 47,265.18
~idelit US Government Portfolio MM 3is~i2o~o Interest on account 309.81 47,574.99
~idelit US Government Portfolio MM 47,574.99
47,574.99
Subtotal and Ending Balance ~ ~"
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TOTAL 16,018,008.75 (11,536,000.00) 52,307.96 49,751,103.03
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