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HomeMy WebLinkAbout4.6 Invest Rpt 3rd Qtr 5T AFF REPORT CITY COUNCIL CITY CLERK File #320-30 DATE: May 15, 2012 TO: Honorable Mayor and City Councilmembers . FROM: Joni Pattillo, City Manager \.1~ ~ SUBJECT: City Treasurer's Investment Report for 3rd Quarter 2011-2012 Prepared by Paul S. Rankin, Administrative Services Director EXECUTIVE SUMMARY: The City's investment portfolio totals $111,424,381 (par value). As of March 31, 2012, funds were invested at an average yield of 1.090%. 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, 2012. 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 of 1.09% is nearly equal to the adjusted rate assumed in the mid-year budget projection of 1.1 %. Actual revenue results will also be impacted by fluctuations in the Total Funds invested. RECOMMENDATION: Receive the Quarterly Investment Report. ~w~~. C5<J {!/~+- Submitted By Administrative Services Director Reviewed By Assistant City Manager 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 .,'" /-', ITEM NO. 4.6 Section III -Listing of Investment Transactions by Month 3rd QUARTER RESULTS As shown on the Portfolio Summary the total investments as of March 31, 2012 were approximately $111.4 million. The "Yield to Maturity" was calculated at 1.090% and the weighted average maturity of the portfolio was 423 days (1.16 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 less than a year (298 days). The Market Value as of March 31, 2012 was $1,096,760 more than the Par Value (Par Value = $111,424,381 and Market Value = $112,521,171). 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 2011/12 2011/12 2010/11 Portfolio Quarter 3 Quarter ~ Quarter 1 Quarter 2 Quarter 3 Measure (Jan -Mar (Apr -Jun (Jul-Sept (Oct-Dec (Jan-Mar 2011) 2011) 2011) 2011) 2012) Par Value $103,312,201 $101,656,026 $104,369,517 $112,918,989 $111,424,381 Average 472 da~Ts 650 da~Ts 605 da~Ts 467 da~Ts 423 da~Ts Term (1.29 ~-~rs) (1.78 ~-~rs) (1.66 ~-~rs) (1.28 ~-~rs) (1.16 ~-~rs) Yield To 1.48 % 1.388 % 1.322 % 1.195 % 1.090% Maturity/Call As noted in Table 1, the total portfolio is approximately $8.1 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 average maturity of the investments held has decreased over the past quarter from 467 days to 423 days. When comparing to a year ago, the average maturity of the portfolio has decreased slightly from 472 days to 423 days. Comparing the interest rate earned the rates have continued to decline and the most recent quarterly results are essentially slightly less than the previous quarter (1.090% compared to 1.195% respectively). The rates continue to be below what the City earned one year ago. Page 2 of 4 INVESTMENT ACTIVITY DURING THE THIRD QUARTER This section of the report discloses changes in individual securities due to Maturities, Called Securities, and New Investments. A total of $ 7,000,000 in securities either matured or were called during the quarter. As shown below one transaction was due to a maturing investment, and one security was called prior to the stated maturity date. TABLE 2: INVESTMENTS MATURED DURING THE THIRD QUARTER Type Value at Maturity Maturity Date Coupon Rate FHLB* $ 3,000,000 3/9/2012 3.30% TABLE 3: INVESTMENTS CALLED DURING THE THIRD QUARTER Original Date Maturity Coupon Type Acquired Par Value Date Rate Call Date FNMA* 6/27/2011 $4,000,000 12/30/2014 1.25% 3/30/2012 * FHLB =Federal Home Loan Bank; FFCB =Federal Farmers Credit Bank; FNMA =Federal National Mortgage Association or "Fannie Mae" 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, 2012 46.10% of the portfolio was immediately available in the Local Agency Investment Fund (LAIF) and Money Market instruments; this is 2.8% more than reported as of December 31, 2011. • Federal Agency Securities represented 53.85% of the Portfolio, which is a 2.83% decrease from the percentage reported as of December 31, 2011. • There was diversity in the issuers of the federal securities held in the portfolio. A total of four different issuers were represented. (FHLB - 53%; FFCB-13%, FHLMC-17% and FNMA-17%). • 55.1 % of the funds are invested for one year or less compared to 52.2% reported in this category as of December 31, 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 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. Page 3 of 4 RECENT TRENDS COMPARED TO BUDGET As part of the mid-year budget adjustments a revision was made to the projected revenue earned from investments. In the adjusted Budget it was assumed that LAIF would generate a rate of approximately 0.40%. As noted below the rate for the third quarter was slightly less than this target estimate. The following Table shows the trend relatively flat trend in short-term rates at LAIF over the past five consecutive quarters. TABLE 5: Local Agency Investment Fund (LAIF) Quarterly Rate 2010/11 2010/11 2011/12 2011/12 2011/12 Quarter 3 Quarter ~ Quarter 1 Quarter 2 Quarter 3 (Jan -Mar (Apr -Jun (Jul-Sept (Oct-Dec (Jan-Mar 2011)) 2011) 2011) 2011) 2012) LAIF RATE 0.46 % 0.51 % 0.48% 0.38 % 0.37 The current trend in the market has been a continued climate of low interest rates. Most projections do not anticipate a rapid change in interest rates and the low rates are expected for at least the next year. NOTICING REQUIREMENTS/PUBLIC OUTREACH: None. ATTACHMENTS: 1. Quarterly Investment Report for the Period Ending March 31, 2012 Page 4 of 4 CITY OF DUBLIN QUARTERLY INVESTMENT REPORT Third Quarter Fiscal Year 2011-2012 March 31, 2012 Report Prepared May 4, 2012 Report Presented To City Council May 15, 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 ATTACHMENT 1 ....._ ~;.. ~e ,; c:- - ~a ~~ ~• ,,"- ~~~ ~,ra _ csa ~~ ~~ - , Sri C5'a A~.I czti ~„ w '"' ~, ~;Ca e , ~ i ~' c i ~~ aw c ~ ~, r~-• ~ ~= r_-, ~; ~ _ r ~~ ~° ~~ f - U7,' C ; <`~C. ~: . ~~.,~ ~ -. p`^ K~ ~~ C,~. 9 ~ N1Y C~ ~~ tU - -: ,. ~ "~_ ~'""" ~~ -.w a «~ `~,E r ~~ 4r I( »- d_ ~.. ~~ ' ~: .^] qb R °i ~C' _Y ~, Y~, ,~ u;~ ~~' ~* ~. ~~ `. _~= -- r~ ~: iffy ..~ ~" ,~~ C C ~ +"' _ ~ ~ > ~ _ ~ ~ ~ ~ O ~ '~ ~ •O ~ U ,~ ~ i C 0 • a .° i 0 a N r N r M t V i c~ Q Q Q M M ~ N ~ M N ~ M ~ M M C4 ~ M ~ C4 ~ Z Z Z O O O O O O O O O O O O O O O O O O 'i 4? 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