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HomeMy WebLinkAbout4.12 Treasurer's Investment Rptor 19 82 /ii � 111 DATE: August 20, 2013 STAFF REPORT CITY COUNCIL TO: Honorable Mayor and City Councilmembers FROM: Joni Pattillo City Manager""' " CITY CLERK File #320 -30 SUBJECT: City Treasurer's Informational Report of Investments for the Period April 1, 2013 to June 30, 2013 Prepared by Colleen Tribby, Director of Administrative Services EXECUTIVE SUMMARY: The City's Investment Policy requires that a semi - annual report of investments is to be presented to the City Council for review, though City Staff has been submitting these reports for review on a quarterly basis. This report covers the 4t" quarter of fiscal year 2012 -13, for the period of April 1, 2013 to June 30, 2013. The City's investment portfolio as of June 30, 2013 totaled $149,062,517 (par value), with an average yield of 0.602 %. This report contains summarized and detailed investment results for the period. FINANCIAL IMPACT: General Fund interest earnings, as of June 30, 2013, including accruals, are $138,839 higher than the budgeted amount. The total balance of funds invested increased during the period, which happens when there are fluctuations with expenditure and revenue streams. Final earnings, including unrealized gains or losses that have not been taken into account here, will be reported with the completion of the Comprehensive Annual Financial Report. RECOMMENDATION: Staff recommends that the City Council receive the report. 4 r Submitted By , Administrative Services Director DESCRIPTION: The quarterly report contains the following components: Section I — Portfolio Information Reviewed By Assistant City Manager • Portfolio Summary (Includes the Par Value; Market Value; and Yield) • Portfolio Details (Includes a listing of individual securities and investments) Page 1 of 4 ITEM NO. 4.12 • 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 4th Quarter Results As shown on the Portfolio Summary, the City's investments as of June 30, 2013 totaled approximately $149.1 million. The Yield to Maturity was calculated at 0.602% and the weighted average maturity of the portfolio was 437 days (1.20 years). If all securities were assumed to be called at their Call Date, the portfolio average maturity drops to 378 days (1.04 years). The Market Value as of June 30, 2013 was approximately $0.2 million more than the Par Value, also referred to as "Face Value ", or principal amount at maturity (Par Value = $149.062,517 and Market Value = $148,856,637). The City's historical investment approach is to hold investments until maturity, rather than actively selling before maturity. Liquidating investments in a low interest rate environment can result in less interest income upon reinvestment, potentially offsetting any gains. As part of the year -end closing process, Staff book unrealized gains or losses based on the market value. This is a requirement imposed as part of accounting standards for the audit. 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 shows a $23.5 million increase from the amount reported one year ago, and an $11.5 million increase from the previous quarter. The total portfolio will fluctuate between fiscal years and quarters based upon planned expenditures, particularly large capital project expenditures, as well as fluctuations in revenue collected. The timing of revenue collection and issuance of payments also impacts the balance available to the portfolio: in this case, in the form of increased revenues from recent building and development activity. The balance is also impacted by the lag each year in the final billings for Contract Police and Fire Services, which will be accrued later this month. The average maturity of the investments held has remained relatively constant from the previous quarter and previous fiscal year. In the coming year, the City may have the Page 2 of 4 2Q11/12 2?12113 212/13 2012/13 2012/13 P©rtfolio Quarter 4' Quarter 1 Quarter 2 Quarter 3 Quarter 4 Measure (Apr - Jun (Jul -Sept (Oct-04c", (Jan -Mar (Apr - Jun'' 2012) 2012) 2012) 2013) 2013) Par Value $125,608,871 $126,808,800 $139,596,308 $137,600,828 $149,062,517 Average 413 days 352 days 415 days 482 days 437 days Term (1.13 yrs) (0.96 yrs) (1.14 yrs) (1.32 yrs) (1.20 yrs) Yield To 1.024% 0.99% 0.91 % 0.90% 0.602% Maturity /Call As noted in Table 1, the total portfolio balance shows a $23.5 million increase from the amount reported one year ago, and an $11.5 million increase from the previous quarter. The total portfolio will fluctuate between fiscal years and quarters based upon planned expenditures, particularly large capital project expenditures, as well as fluctuations in revenue collected. The timing of revenue collection and issuance of payments also impacts the balance available to the portfolio: in this case, in the form of increased revenues from recent building and development activity. The balance is also impacted by the lag each year in the final billings for Contract Police and Fire Services, which will be accrued later this month. The average maturity of the investments held has remained relatively constant from the previous quarter and previous fiscal year. In the coming year, the City may have the Page 2 of 4 opportunity to engage in a comprehensive review of the investment policy and possible rebalancing of the portfolio, in an effort to keep the investment policy in line with a changing market environment. 4t" Quarter Investment Activity As shown in Table 2, two investments totaling $6 million matured during the quarter, and three securities totaling $12 million were called prior to their stated maturity dates: TABLE 2: INVESTMENTS CALLED /MATURED DURING THE FOURTH QUARTER Type* Date Acquired Par Value Original Maturity Date Coupon Rate Call Date FHLMC 5/15/2012 $ 4,000,000 5/15/2017 1.25% 5/15/2013 FNMA 6/29/2012 $ 4,000,000 12/4/2014 0.55% 6/4/2013 FNMA 6/27/2011 $ 4,000,000 6/27/2016 2.0% 6/27/2013 FHLMC 10/14/2008 $ 3,000,000 5/22/2013 4.25 N/A FHLB 7/25/2008 $ 3,000,000 6/14/2013 4.25 N/A Total $18,000,000 Three new investments with a combined par value of $14,000,000 were purchased during the fourth quarter: TABLE 3: INVESTMENTS PURCHASED DURING THE FOURTH QUARTER Type* Date Acquired Value at Maturity Maturity Date Coupon Rate Yield to Maturity At Cost Call Date FFCB 4/23/2013 $ 5,000,000 2/6/2017 0.64% 0.57% N/A FFCB 4/25/2013 $ 5,000,000 4/25/2017 0.60% 0.62% N/A FHLMC 5/29/2013 $ 4,000,000 5/13/2016 0.50% 0.43% N/A Total $ 14,000,000 * 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" The effective yield is less than the stated coupon for two of the new securities purchased, as they were purchased at a premium. For example, the first security shown in the Table above indicates a Coupon Rate of 0.64% and an effective yield of 0.57 %. The $5,000,000 face value bonds were purchased for $5,012,442 and factoring this in results in a slight decrease in the yield. Securities can sell for either a premium or discount depending on the market on the day the security is purchased. The "premium" or "discount" is allocated over the life of the investment in the City accounting records. Key Elements of the Portfolio The Local Agency Investment Fund (LAIF) rate continues to be low, finishing the quarter with at 0.24% (see Table 4). However, like many other local agencies, the City keeps an amount invested in LAIF nearly at the maximum allowed, to provide for immediate liquidity for cash flow purposes. The remainder of the funds is invested in Federal Agency Securities. The following are some highlights of the overall portfolio: Page 3 of 4 • At June 30, 2013, 51.03% of the portfolio was available in the Local Agency Investment Fund (LAIF), California Asset Management Program (CAMP), and other Money Market instruments. • Federal Agency Securities represented 48.97% of the Portfolio. • There was diversity in the issuers of the federal securities held in the portfolio. A total of four different issuers were represented. (FNMA -18 %; FHLB — 31 %; FFCB -30% and FHLMC -21 %). • 58% of the funds are invested for one year or less compared to 56% reported in this category as of March 31, 2013. TABLE 4: Local Agency Investment Fund (LAIF) Quarterly Rate Monthly Transactions Section III of the Report provides a list of transactions related to investments in the City portfolio for each month of the fourth quarter (April, May, and June). 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. NOTICING REQUIREMENTS /PUBLIC OUTREACH: None. ATTACHMENTS: 1. Quarterly Investment Report for the Period Ending June 30, 2013 Page 4 of 4 2011/12 2p12/13 2012/13 2012/13 2012/13 Quarter 4' Quarter 1 Quarter 2 Quarter 3 Quarter 4 (Mar- June (Jul -Sept (Oct Dec (Jan -Mar (Mar- June 2012), 2012) 2012) 2013) 2013), LAIF RATE 0.36% 0.35% 0.32% 0.28% 0.24% Monthly Transactions Section III of the Report provides a list of transactions related to investments in the City portfolio for each month of the fourth quarter (April, May, and June). 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. NOTICING REQUIREMENTS /PUBLIC OUTREACH: None. ATTACHMENTS: 1. Quarterly Investment Report for the Period Ending June 30, 2013 Page 4 of 4 City of Dublin For the Period April 1, 2013 — June 30, 2013 • Portfolio Summary • Portfolio Details - Investments • Investments By Type • Investment Graphs (By Type, By Issuer, and Callable v Non - Callable) • Aging Report by Maturity Date • Cash / Checking Activity Report (January, February, and March) ATTACHMENT 1 �W LO M d N U N � I O 0 0 0 0- o-+ Y N O O Z > E � � O ® M e LL 0 ® N 0 ® 0 O N o 0 ® � 0 0 CL a (1) OX 7 N O I- m m W � C6 > w C N c O O O I- h � � O m e O N m O N o 0 0 0 - cu (1) c0 ch N O I- m 0 r r C6 00 00 LO LO LO C Ch O � M r r � O h � � m r 1-- m m O 1` O d Lo O r (1) c0 ch N O I- m cn 6 m C6 00 o LO LO LO C Ch O O 0 d 0 m r � CO Om Ir w O °d Q. 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