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HomeMy WebLinkAbout4.3 Treasurer's Invesment Rptor 19 82 /ii � 111 U_,% 14 TO FROM: STAFF REPORT CITY COUNCIL March 5, 2013 Honorable Mayor and City Councilmembers Joni Pattillo City Manager""' CITY CLERK File #320 -30 SUBJECT: City Treasurer's Report of Investments for the Period October 1, 2012 to December 31, 2012 Prepared by Jim O'Leary, Interim Administrative Services Director EXECUTIVE SUMMARY: The City's Investment Policy calls for a semi - annual report of investments to be reviewed by the City Council. This is an informational report for the period from October 1, 2012 through December 31, 2012. The City's investment portfolio totals $139,596,300 (par value). As of December 31, 2012, funds were invested at an average yield of 0.905 %. The portfolio includes both discretionary and restricted funds and the balance fluctuates throughout the year. This report provides information on the City investment portfolio, in addition to the investment results, as of December 31, 2012. FINANCIAL IMPACT: Investments are made in accordance with the City Investment Policy and state law. Interest earned is apportioned among funds (i.e. General Fund, Gas Tax Fund, etc.) based on each fund's proportionate share of the total cash balance. The current earning rate nearly meets the projection used for the Adopted Budget and Financial Plan, 2012 -3 and 2013 -14. Actual interest revenue earned is impacted by both the interest rate earned and the balance invested. RECOMMENDATION: Staff recommends that the City Council receive the report. ­ bmitted °° y Interim Administrative Services Director DESCRIPTION: Reviewed by Assistant City Manager The format of this report consists of sections on Investment Results for October to December 2012, Investment Activity during Second Quarter, Composition of Portfolio, Monthly Transactions, and Recent Trends Compared to Budget. The attachment includes the Portfolio Summary, Portfolio Details - Investments, various charts depicting investments by type, Aging Report, and three monthly Cash / Checking Activity Reports. Page 1 of 4 ITEM NO. 4.3 Investment Results October to December 2012 As shown on the Portfolio Summary, the total of the investments as of December 31, 2012 was $139,596,300. The Yield to Maturity was calculated at 0.905% and the weighted average maturity of the portfolio was 415 days (1.1 years). The report also displays the weighted average maturity based on Call Date. If all securities were assumed to be called the portfolio average maturity drops to 263 days (0.7 years). The Market Value, as of December 31, 2012, was approximately $742,000 more than the Par Value (Par Value at $139,596,300 and Market Value at $140,338,300). The Par Value is the face value or principal amount at maturity of the note or bond. The 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 quarters as well as the same quarter one year ago. Table 1: Composition of Portfolio Measures Most Recent Five Quarters The total portfolio has increased from the amounts at both December 2011 and September 2012. The collection of one -time payments and Impact Fees contributed to the balances reported. The total portfolio fluctuates 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 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 slightly over the past year from 1.28 years to 1.14 years. The City has not made purchases of longer term investments (beyond 2017) and an increased balance ($19,000,000) 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. Page 2 of 4 2011112 201112 2011112 2012113 2012113 Portfolio Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Measure (Oct -Dec (Jan - Mar (Apr- Jun (Jul -Sept (Oct -Dec 2011) 2012) ,; 2012) 2012) 1 1 1 2012) , Par Value $112,918,989 $111,424,381 $125,608,900 $126,808,800 $139,596,300 Average 467 days 423 days 413 days 352 days 415 days Term (1.28 yrs.) (1.16 yrs.) (1.13 yrs.) (0.96 yrs.) (1.14 yrs.) Yield To 1.195% 1.090% 1.024% 0.933% 0.905% Maturity /Call The total portfolio has increased from the amounts at both December 2011 and September 2012. The collection of one -time payments and Impact Fees contributed to the balances reported. The total portfolio fluctuates 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 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 slightly over the past year from 1.28 years to 1.14 years. The City has not made purchases of longer term investments (beyond 2017) and an increased balance ($19,000,000) 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. Page 2 of 4 Investment Activity during Second Quarter There were no changes in existing securities due to maturities or calls. Three new investments, with a combined par value of $12,000,000, were purchased during the second quarter. Table 2: Investments Purchased During Second Quarter Type* Date Acquired /aloe at Maturity Maturity date, Coupon ,,Rate, tffeett Recent Trends Compared to Budget The assumptions used to project FY 2012 -13 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 3: Local Agency Investment Fund (LAIF) Quarterly Rate The total portfolio earnings of 0.905% are below the 2012 -13 budgetary assumption. On an annualized basis, this lower interest rate could cause a small decrease in total interest revenue for all funds. Since only two quarters of data are available, it is too early to recommend any adjustment. Staff will continue to monitor conditions and provide updates as part of the investment reports. NOTICING REQUIREMENTS /PUBLIC OUTREACH: None. ATTACHMENT: 1. Investment Report, for the Period October 1, 2012 — December 30, 2012 Page 4 of 4 2011/12 2011/12 2011/12 2 201 2/13 2012/13 Quarter 2 Ouarter'3 Quarter 4 Quarter I Qdarker'2 (Oct -0ed (JarnWar� (Apr -Jun (�u1- Sep# ' � (Oct4)ec 20't2) 2010 2012) 2012) 212) LAIF RATE 0.38% 0.37% 0.36% 0.35% 0.35% The total portfolio earnings of 0.905% are below the 2012 -13 budgetary assumption. On an annualized basis, this lower interest rate could cause a small decrease in total interest revenue for all funds. Since only two quarters of data are available, it is too early to recommend any adjustment. Staff will continue to monitor conditions and provide updates as part of the investment reports. NOTICING REQUIREMENTS /PUBLIC OUTREACH: None. ATTACHMENT: 1. Investment Report, for the Period October 1, 2012 — December 30, 2012 Page 4 of 4 City of Dublin INVESTMENT REPORT For the Period October 1, 2012 — December 30, 2012 • Portfolio Summary • Investments By Type • Investment Graphs (By Type, By Issuer, and Callable v Non - Callable) • Aging Report by Maturity Date • Cash 1 Checking Activity Report (October, November, and December) ATTACHMENT 9 U a' 11.E ID ID M �Oi f0 N � T y, r6 ro N E N o �a 0 0 a N -V d Z ((� �y d r 7 C0 E D 0 W� co !L 0 O o c o r � O 00 O 0- O 0. r r V 3 M o d L � a� r r r r YS d M 7 C0 t�f5 0 W� O O O r � O b t� O r r r d) M o n i\ r ° (Y) r tm N r r r r YS F7 N IR Lo co O b t� 000 T-1 N (P LO LO r n e a o n i\ r ° (Y) r c 0 r E� n f- 0 r O N O ti r C+J W W LO r r— N t(5 catD G M r 0 M co ( O F7 N IR Lo co O b t� 000 T-1 c+5 G N r n i\ r 00 r E� n f- Cl) cr v N (( O r K► tri ao N O co L r N O 005 r 3± i, © Lr '.. � N to 0 6% 31. 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