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HomeMy WebLinkAbout4.02 Investment Rptor 19 82 /ii � 111 DATE: TO: FROM: STAFF REPORT CITY COUNCIL November 20, 2012 Honorable Mayor and City Councilmembers Joni Pattillo City Manager""' CITY CLERK File #320 -30 SUBJECT: City Treasurer's Informational Report of Investments for the Period from July 1, 2012 to September 30, 2012 Prepared by Paul S. Rankin, Administrative Services Director EXECUTIVE SUMMARY: The adopted Investment policy calls for a semi - annual report of investments. This is an informational report for the period from July 1, 2012 to September 30, 2012. The City's investment portfolio totals $126,808,769.86 (par value). As of September 30, 2012, funds were invested at an average yield of 0.933 %. The portfolio includes both discretionary and restricted funds and the balance will fluctuate throughout the year. The report provides background on the City investment portfolio, as well as the investment results, as of September 30, 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 is less than the 1.10% projection which was developed for the adopted Fiscal Year 2012/2013 Budget. Actual revenue will be impacted by both the interest rate earned and the balance invested. RECOMMENDATION: Staff recommends that the City Council receive the Report. Submitted By Administrative Services Director DESCRIPTION: Reviewed By Assistant City Manager Page 1 of 4 ITEM NO. 4.2 The format of the 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 Results For The Period July 2012 — September 2012 As shown on the Portfolio Summary, the total investments as of September 30, 2012 were approximately $126.8 million. The "Yield to Maturity" was calculated at 0.933% and the weighted average maturity of the portfolio was 352 days (0.96 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 219 days (0.6 years). The Market Value, as of September 30, 2012, was approximately $950,390 more than the Par Value (Par Value = $126,808,770 and Market Value = $127,759,160). 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 As noted in Table 1, the total portfolio balance has increased from what was reported for September 2011; however it has only increased by less than one - percent since the June 30, 2012 report. The collection of one -time payments and Impact Fees contributed to the balances reported. The total portfolio will fluctuate between fiscal years based upon several factors including: planned expenditures; fluctuations in revenue collected; and differences in timing of both revenue and expenditures. The timing of revenue collection and issuance of payments Page 2 of 4 2011/12 2011/12 2011/12 2011/12 2012/13 Portfolio Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Measure (Jul -Sept (Oct -Dec (Jan - Mar (Apr - Jun (Jul -Sept 2011 ) 2011 ) 2012 2012 2012 Par Value $104,369,517 $112,918,989 $111,424,381 $125,608,871 $126,808,770 Average 605 days 467 days 423 days 413 days 352 days Term (1.66 yrs.) (1.28 yrs.) (1.16 yrs.) (1.13 yrs.) (0.96 yrs.) Yield To 1.322% 1.195% 1.090% 1.024% 0.933 % Maturity /Call As noted in Table 1, the total portfolio balance has increased from what was reported for September 2011; however it has only increased by less than one - percent since the June 30, 2012 report. The collection of one -time payments and Impact Fees contributed to the balances reported. The total portfolio will fluctuate between fiscal years based upon several factors including: planned expenditures; fluctuations in revenue collected; and differences in timing of both revenue and expenditures. The timing of revenue collection and issuance of payments Page 2 of 4 also impacts the balance available to the portfolio. The balance is also impacted by the lag in the billing for contract Police and Fire Services. The average maturity of the investments held has decreased over the past year from 1.66 years to slightly less than 1 year (0.96 year). This reflects that the City has not made purchases of longer term investments and an increased balance is currently held as investments of 1 year or less. The investment opportunities and yield on longer term investments have remained at historic low rates. It is currently expected that the Federal Treasury will continue with current policies aimed at keeping interest rates low for at least the next year and possibly longer. In addition, the City is embarking on projects and initiatives that will require significant expenditures (proceeding with Emerald Glen Recreation and Aquatic Center; pre- funding of Fire Retiree Health liabilities; Public Safety Complex; Maintenance Facility; etc.) These expenditures will reduce the portfolio balance in the coming year. INVESTMENT ACTIVITY This report discloses changes in individual securities due to Maturities, Called Securities, and New Investments. There were two securities which matured during the quarter. TABLE 2: INVESTMENTS MATURING DURING THE REPORTING PERIOD Type* Date Acquired Par Value Maturity Date Coupon Rate' FHLB 4/30/2010 $4,000,000 8/27/2012 1.25% FFCB 6/10/2010 $3,000,000 8/30/2012 1.05% TOTAL Rate $7,000,000 FFCB 8/25/2011 As shown below one transaction was due to an investment that was called prior to its stated maturity dates. TABLE 3: INVESTMENTS CALLED DURING THE REPORTING PERIOD * FHLB = Federal Home Loan Bank; FFCB = Federal Farmers Credit Bank; FNMA = Federal National Mortgage Association or "Fannie Mae "; FHLMC = Federal Home Loan Mortgage Corporation or "Freddie Mac" No new investments were purchased within the reporting period. 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 Original Date Maturity Coupon Type* Acquired Par Value Date Rate Call Date FFCB 8/25/2011 $4,000,000 9/6/2013 0.49% 9/6/2012 TOTAL $4,000,000 * FHLB = Federal Home Loan Bank; FFCB = Federal Farmers Credit Bank; FNMA = Federal National Mortgage Association or "Fannie Mae "; FHLMC = Federal Home Loan Mortgage Corporation or "Freddie Mac" No new investments were purchased within the reporting period. 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, 2012, 55.84% of the portfolio was immediately available in the Local Agency Investment Fund (LAIF) and Money Market instruments (Money Market and CAMP); this is more than the 46.7% reported as of June 30, 2012. • Federal Agency Securities represented 44.16% of the Portfolio. As a result of maturities and the called investment this is less than the 53.34% reported as of June 30, 2012. • There was diversity in the issuers of the federal securities held in the portfolio. A total of four different issuers were represented. (FNMA -30 %; FHLB — 45 %; FFCB -7% and FHLMC -18 %). • 67.7% of the funds are invested for one year or less compared to 59.4% reported in this category as of June 30, 2012. MONTHLY TRANSACTIONS Section III of the Report provides a list of transactions related to investments in the City portfolio for each month covered by the report (July, August, and September). This schedule provides compliance with the Government Code requirement to disclose monthly transaction data. RECENT TRENDS COMPARED TO BUDGET The assumptions used to project Fiscal Year 2012 -2013 revenue earned from investments included a Local Agency Investment Fund (LAIF) return of 0.50% and an estimated total portfolio rate of 1.10 %. The rate for LAIF during the first quarter was below this threshold. TABLE 5: Local Agency Investment Fund (LAIF) Quarterly Rate The total portfolio earnings of 0.933% are also below the FY 2012 -13 budgetary assumption. On an annualized basis, this lower interest rate could cause a decrease in total interest revenue for all funds of $100,000 - $150,000. Since only one quarter of data is available for review, it is too early to recommend any adjustment at this time. It is anticipated that there will not be a rapid increase in interest rates over the next 1 -2 years. Staff will continue to monitor conditions and provide updates as part of the investment report. NOTICING REQUIREMENTS /PUBLIC OUTREACH: None. ATTACHMENTS: 1. Informational Investment Report for the Period Ending September 30, 2012 Page 4 of 4 1011/12'' 2011/12'' 2011/12'' 2011/12 2012/13 Quarter 1 Quarter 2'' Quarter 3 Quarter 4 Quarter 1 (Jul =Sept (Oct -Dec` (Jan -Mar (MAr- June (Jul -Sept 2012) 2011) 2011) 2012) 2012) LAIF 0.48% 0.38% 0.37% 0.36 RATE 0.35 The total portfolio earnings of 0.933% are also below the FY 2012 -13 budgetary assumption. On an annualized basis, this lower interest rate could cause a decrease in total interest revenue for all funds of $100,000 - $150,000. Since only one quarter of data is available for review, it is too early to recommend any adjustment at this time. It is anticipated that there will not be a rapid increase in interest rates over the next 1 -2 years. Staff will continue to monitor conditions and provide updates as part of the investment report. NOTICING REQUIREMENTS /PUBLIC OUTREACH: None. ATTACHMENTS: 1. Informational Investment Report for the Period Ending September 30, 2012 Page 4 of 4 CITY OF DUBLIN INFORMATIONAL INVESTMENT REPORT FOR THE PERIOD JULY 13 2012 - SEPTEMBER 30, 2012 Report Presented To City Council November 20, 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 F- LLJ U-) 0 — E H (D > c) co LO "cr LO Cy LO 0) 0) V- NI" I " U) C14 m 0) LO = a) --p (0 0� rl- 0 = QD , CR C14 0— cz > r-- LO T- a co co I-- 04 U) (N C) 41 co ssa U') cq (D as m Cl) I Z LL 0 0 E N CD 0 CL '00 m. 2 -" 0 w U) (o I- 0 n ,CT LO Cr- L (D > c) co LO "cr LO Cy LO 0) 0) V- NI" I " U) C14 m (N 0) LO — --p (0 0� rl- �D 1� QD , CR CC) 7 a, r-- LO 0) co co I-- I -- U) (N C) 41 co ssa U') r-- (D as m (N 0) LO — I- 19 r-� -r C s CR m co r-- LO 0) co cq I-- I -- U) (N C) 41 co ssa U') r-- (D as m Cl) I Z U) U) w N CD co 0 '00 m. m m (o I- T. ,CT LO CN (N 0 LID C) co 19 114 � CR ce) co rl_ C> 0) E m U) 0 U') r-- (D C) m Cl) I Z U) U) w cll� CQ oci G� rl.- m. m m (o I- Lr) CN (N m LO to CC> � OR a) co N r-- CD (D ll� C� 'Ili C� tl� LO r- (D CD co c o 1,- 0) C) 0 era (D co C) co C6- cy� (6 (6 'Ir LO CN Qs M co Ci tti Cl) C4 co Ci co m cm ca 04 Rf RS W ctt U) o > 72 CL >, o 0 cr 77 to = Q) cn 0 (D cs 0 a> 0 4� cz ta. 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