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HomeMy WebLinkAbout4.07 Treasurer's Investment Reportor 19 82 /ii � 111 DATE: TO: FROM: STAFF REPORT CITY COUNCIL June 4, 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 January 1, 2013 — March 31, 2013 Prepared by Colleen Tribby, Administrative Services Director EXECUTIVE SUMMARY: Though the City's Investment Policy calls for a semi - annual report of investments to be reviewed by the City Council, the report is typically delivered to the City Council on a quarterly basis. This is an informational report covering investment activity during the third quarter of fiscal year 2012 -13, from January 1 to March 31, 2013. The City's investment portfolio totals $137,600,828 (par value), with an average yield of 0.901% as of March 31, 2013. This report describes the structure of the city's portfolio and provides summarized and detailed investment results for the period. 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.) using each fund's proportionate share of the total cash balance. Based on interest income earned to date, projected year -end interest revenue in the General Fund could come in slightly lower than budgeted, with a possible reduction of $50,000. Factors contributing to this include lower interest rates, total balance of funds invested, and the timing of revenue and expenditure streams. RECOMMENDATION: Staff recommends that the City Council receive the report. 4 r Submitted By , Administrative Services Director Reviewed By Assistant City Manager Page 1 of 4 ITEM NO. 4.7 DESCRIPTION: The attached quarterly report includes the following: 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 the Portfolio Summary illustrates, total par value of investments at March 31, 2013 was $137,600,828, with a Yield to Maturity of 0.901% and an average maturity of 482 days (1.32 years). If all securities were assumed to be called, the portfolio average maturity drops to 328 days (0.90 years). The following table shows portfolio values, average terms, and yield to maturity /call for the most recent five quarters. Table 1: Composition of Portfolio Measures Most Recent Five Quarters Average 423 days Term (1.16 yrs) Yield To Maturity/ Call 1.09% 413 days (1.13 vrs) 1.02% 352 days (0.96 vrs) 0.99% 2012 -13 Quarter 2 Oct - Dec '1 $139,596,3( 415 days (1.14 yrs) 0.91% 2012 -13 Quarter 3 Jan - Mar'13) $137,600,828 482 days (1.32 yrs) 0.90% The City pools all funds for investment purposes, to take advantage of economies of scale (lower trading costs, diversification) and to simplify the investment process. While the total portfolio value has decreased from December 2012 by $1,995,472, or 1.43 %, it is still $26,176,477 higher than the value at March 31, 2012. Portfolio value fluctuates with the timing of revenue collection and issuance of payments, and with the maturity, call, or purchase of securities. During the quarter, as shown in Table 2 below, the City purchased three new investments for a combined par value of $12,000,000. No securities were called, and one security matured, for a net change of $9,000,000 in securities held. Page 2 of 4 2011 -12 2011 -12 2012 -13 Portfolio Quarter 3 Quarter 4 Quarter 1 Measure Jan - Mar'12) Apr - Jun '12) Jul - Sept'1 Par Value $111,424,381 $125,608,900 $126,808,8( Average 423 days Term (1.16 yrs) Yield To Maturity/ Call 1.09% 413 days (1.13 vrs) 1.02% 352 days (0.96 vrs) 0.99% 2012 -13 Quarter 2 Oct - Dec '1 $139,596,3( 415 days (1.14 yrs) 0.91% 2012 -13 Quarter 3 Jan - Mar'13) $137,600,828 482 days (1.32 yrs) 0.90% The City pools all funds for investment purposes, to take advantage of economies of scale (lower trading costs, diversification) and to simplify the investment process. While the total portfolio value has decreased from December 2012 by $1,995,472, or 1.43 %, it is still $26,176,477 higher than the value at March 31, 2012. Portfolio value fluctuates with the timing of revenue collection and issuance of payments, and with the maturity, call, or purchase of securities. During the quarter, as shown in Table 2 below, the City purchased three new investments for a combined par value of $12,000,000. No securities were called, and one security matured, for a net change of $9,000,000 in securities held. Page 2 of 4 Table 2: Investments Purchased / Matured During the Quarter Change Type* Purchase Date Value at Maturity (new) Value at Maturity (matured) Maturity Date Coupon Rate Effective Yield New FFCB 3/7/13 $4,000,000 1/29/16 0.43% 0.38% New FFCB 3/7/13 $4,000,000 2/22/17 0.66% 0.61% New FHLMC 3/7/13 $4,000,000 5/13/16 0.50% 0.45% Matured FHLB 6/25/10 $3,000,000 2/25/13 1.25% 1.25% Total $12,000,000 $3,000,000 Net Change $9,000,000 * FFCB = Federal Farm Credit Bank; FHLMC = Federal Home Loan Mortgage Corporation; FNMA = Federal National Mortgage Association; FHLB = Federal Home Loan Bank Key Elements of the Portfolio Though the Local Agency Investment Fund's (LAIF) average yield earnings continue to be lower than the earnings on City- managed investments, the City keeps a LAIF balance at nearly the maximum allowed, as LAIF provides for same -day liquidity and allows the City to rely of the investment expertise of the State Treasurer's Office. The following Table shows the recent downward spike in short -term rates at LAIF over the past five consecutive quarters. 2011 -12 Quarter 3 Jan - Mar'1 LAIF Rate 0.37% Table 3: LAIF Quarterly Rate 2011 -12 2012 -13 2012 -13 Quarter 4 Quarter 1 Quarter 2 )r - Jun '12) Jul - Sept'12) Oct - Dec'1 0.36% 1 0.35% 1 0.35% The following are additional portfolio highlights- 2012-13 Quarter 3 Jan - Mar'1 0.28% • As of March 31, 2013, 44.04% of the portfolio was immediately available in the Local Agency Investment Fund (LAIF), California Asset Management Program (CAMP) and Money Market accounts. • Federal Agency Securities represented 55.96% of the portfolio. • The portfolio has maintained diversification of issuers of the federal securities held: FNMA: 27 %; FHLB: 34 %; FFCB: 16 %; and FHLMC: 23 %. Page 3 of 4 • 56% of the funds are invested for one year or less, compared to 65% reported in this category as of December 31, 2012. 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 The interest revenue projection for the Adopted Budget and Financial Plan 2012 -13 and 2013- 14 was calculated using a weighted average rate of return of 1.10 %, which combined an expectation of 0.50% LAIF earnings and 1.75% earnings on federal securities. The City's actual portfolio earnings were lower, at a combined 0.0901% at March 31, with LAIF at 0.28% and securities at 1.409 %. Staff will continue to monitor cash transactions, investment performance and cash balances as the year draws to a close, and will bring to the City Council any recommended adjustments to the budget projections, if necessary. NOTICING REQUIREMENTS /PUBLIC OUTREACH: None. ATTACHMENTS: 1. Investment Report for the Period January 1 - March 31, 2013 Page 4 of 4 CITY OF DUBLIN INFORMATIONAL INVESTMENT REPORT FOR THE PERIOD JANUARY 1, 2013 - MARCH 31, 2013 Report Presented To City Council June 4, 2013 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 11— Investment Charts Section III -- Listing of Monthly Investment Transactions ATTACHMENT 1 t! 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