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DATE:
TO:
FROM:
SUBJECT
STAFF REPORT
CITY COUNCIL
CITY CLERK
File #320-30
February 7, 2012
Honorable Mayor and City Councilmembers
~~
Joni Pattillo, City Manager ° ~'
City Treasurer's Investment Report for 2nd Quarter 2011-2012
Prepared by Paul S. Rankin, Administrative Services Director
EXECUTIVE SUMMARY:
The City's investment portfolio totals $112,918,989 (par value). As of December 31, 2011,
funds were invested at an average yield of 1.195%. 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
December 31, 2011.
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 below the 1.5%
projection used for revenue purposes in the Fiscal Year 2011/2012 Budget Projection. Actual
revenue results will also be impacted by fluctuations in the Total Funds invested.
RECOMMENDATION:
Staff recommends that the City Council receive the Quarterly Investment Report.
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Submitted By Reviewed By
Administrative Services Director Assistant City Manager
DESCRIPTION:
The format of the quarterly 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
Page 1 of 4 ITEM NO. 4.7
2nd QUARTER RESULTS
As shown on the Portfolio Summary the total investments as of December 31, 2011 were
approximately $113.0 million. The "Yield to Maturity" was calculated at 1.195% and the
weighted average maturity of the portfolio was 467 days (1.28 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 328 days.
The Market Value, as of December 31, 2011, was approximately $1.27 million more than the
Par Value (Par Value = $112,918,999 and Market Value = $114,186,349). 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
2010/11 2010/11 2010/11 2011 /12 2011 /12
Portfolio Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2
Measure (Oct-Dec (Jan -Mar (Apr -Jun (Jul-Sept (Oct-Dec
2010) 2011) 2011) 2011) 2011)
Par Value $103,312,201 $96,536,664 $101,656,026 $104,369,517 $112,918,989
Average 472 days 535 days 650 days 605 days 467 days
Term (1.29 yrs.) (1.47 yrs.) (1.78 yrs.) (1.66 yrs.) (1.28 yrs.)
Yield To 1.48 % 1.47 % 1.388 % 1.322 % 1.195
Maturity/Call
As noted in Table 1, the total portfolio is approximately $9.6 million more 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.
The balance is also impacted by the lag in the billing for contract Police and Fire Services.
During this quarter the City also had a large expenditure for the purchase of property adjacent to
the Civic Center.
The average maturity of the investments held has decreased over the past quarter from 605
days to 467 days. However, the average maturity of the portfolio compared to one year ago
was relatively unchanged (1.29 years in December 2010 and 1.28 years in December 2011).
During the last quarter investments were called which shortened the total maturity of the
portfolio.
Page 2 of 4
INVESTMENT ACTIVITY DURING THE SECOND QUARTER
This section of the report discloses changes in individual securities due to Maturities, Called
Securities, and New Investments. During the quarter there were no investments that matured
and no new investments were purchased. However, two investments totaling $4.5 million were
called prior to the stated maturity date.
TABLE 2: INVESTMENTS CALLED DURING THE SECOND QUARTER
Type*
Date
Acquired
Par Value Original
Maturity
Date
Coupon
Rate
Call Date
FHLB 9/30/2010 $3,000,000 4/14/2014 1.00% 10/14/2011
FHLB 12/2/2009 $1,500,000 12/30/2014 1.50% 12/30/2011
TOTAL $4,500,000
* FHLB =Federal Home Loan Bank
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 December 31, 2011, 43.3% of the portfolio was immediately available in the Local
Agency Investment Fund (LAIF) and Money Market instruments; this is 9.2% more than
reported as of September 30, 2011.
• Federal Agency Securities represented 56.68% of the Portfolio, which is an 8.95%
decrease from the percentage reported as of September 30, 2011.
• There was diversity in the issuers of the federal securities held in the portfolio. A total of
four different issuers were represented. (FHLB - 55%; FFCB-12%, FHLMC-11 % and
FNMA-22%).
• 52.2% of the funds are invested for one year or less compared to 43.9% reported in this
category as of September 30, 2011.
MONTHLY TRANSACTIONS
Section III of the Report provides a list of transactions related to investments in the City portfolio
for each month of the second quarter (October, November and December). 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
The assumptions used to project Fiscal Year 2011-2012 revenue earned from investments
included a Local Agency Investment Fund (LAIF) return of 0.50% and an estimated total
portfolio rate of 1.5%. As noted below the rate for LAIF during the first two quarters was below
this threshold.
Page 3 of 4
TABLE 3: Local Agency Investment Fund (LAIF) Quarterly Rate
2010/11 2010/11 2010/11 2011 /12 2010/11
Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2
(Oct-Dec (Jan-Mar (Mar- June (Jul-Sept (Oct-Dec
2010) 2011) 2011) 2011) 2011)
LAIF RATE 0.46% 0.51 % 0.48 % 0.38 % 0.38
The total portfolio earnings of 1.195% are also below the FY 2011-12 budgetary assumption.
Staff will continue to monitor conditions and examine impacts on the total City revenue as part of
the mid-year analysis of revenue and expenditures.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
None
ATTACHMENTS: 1. Investment report for the quarter ending December 31, 2011
Page 4 of 4
CITY OF DUBLIN
QUARTERLY INVESTMENT REPORT
Second Quarter Fiscal Year 2011-2012
December 31, 2011
Report Prepared January 30, 2012
Report Presented To City Council February 7, 2012
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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QUARTERLY INVESTMENT REPORT
Second Quarter Fiscal Year 2011-2012
December 31, 2011
Section II -Investment Charts
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Second Quarter Fiscal Year 2011-2012
December 31, 2011
Section III -
Listing of Monthly Investment Transactions
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