HomeMy WebLinkAboutItem 4.08 Investment Report 1stQtr
CITY CLERK
, File # D~~[Q]-~[Q]
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: November 6, 2007
SUBJECT:
City Treasurer's Investment Report for I st Quarter 2007-2008
Report Prepared by Paul S. Rankin, Administrative Services Dir.1?Ifl-
ATTACHMENTS:
Quarterly Investment Report For The Period Ending September 30, 2007
. QAJ~
RECOMMENDA TIO~'\\' "Receive the Report
FINANCIAL STATEMENT: See Report
DESCRIPTION: The attached Investment Report details the City's investments as of September 30,
2007, in accordance with the requirements forreporting investments.
REPORT FORMAT
The format of the report consist of the following components:
Section 1 - Portfolio Information
. . Portfolio Summary (This 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 Investment Transactions by Month
1st QUARTER RESULTS
As shown on the Portfolio Summary the total investments as of September 30, 2007 were approximately
$100.6 million. The Yield to Maturity was calculated at 4.582% and the weighted average maturity of the
portfolio was 1,106 days (3.0 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 drops to slightly more than one
year at 407 days. As noted in the summary the Market Value at September 30,2007 was slightly more than
the Par Value. (Par Value = $100,590,779 and Market Value = $100,649,859) If the City holds all securities
until maturity as expected, the full par value will be received.
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G:\lnvestments\FY 2007-08\September2007 Ag Stmt\Ag_ Stmt_l stQtr _ Sept_ 07 .doc
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The following Table displays the comparative results based on information in the Portfolio Summary for the
first quarter of the previous year to the current year.
COMPARISON OF PORTFOLIO MEASURES
1 st Quarter FY 2006/07 vs. 1 st Quarter 2007/08
$100,590,779
1,106 days (3.03 yrs)
4.582%
As noted in the Table the total portfolio is lower than one year ago. The total portfolio will fluctuate based
on both additional contributions to reserves at year end; as well as expenditures made from reserves. In the
final quarter of Fiscal Year 2006/07 there were several one-time expenses or transfers including: a)
Acquisition of property for the Heritage Park ($7,865,000); transfer of funds to the CalPERS OPEB Trust
($5,468,611) ; and Pre-payment of the CalPERS Side Fund obligation ($3,569,754).
INVESTMENT ACTIVITY DURING THE QUARTER
Staff will continue to highlight as part ofthe Staff report changes in individual securities due to Maturities,
Called Securities, and New Investments. During the first quarter none ofthe securities matured or were
called. Staff purchased four new investments with a combined par value of $6.5 million during the quarter:
INVESTMENTS PURCHASED DURING THE FIRST UARTER
FNMA 8/31/2007 $1,500,000 04/05/2010 4.81 4.69% N/A
FFCB 8/31/2007 $1,000,000 04/25/2011 4.80 4.75 % N/A
FNMA 9/1 0/2007 $2,000,000 09/10/2012 5.20 5.20% 9/10/2009
FNMA 9/13/2007 $2,000,000 05/14/2010 4.75 4.53% N/A
Total $6,500,000
The securities which were purchased included one which has a one-time call provision in 2009. The types of
securities purchased were selected to continue to diversify the investments among different issuers. All are
AAA rated securities issued by agencies ofthe Federal government. The portfolio tracking software assists
with reporting the value of securities that were purchased at a discount or premium. For example the FNMA
security purchased has a coupon and pays interest at a rate of 4.81 %. However, it was purchased at a
premium which will produce an effective rate ofretum of 4.69%. The financial records will account for the
premium over the life of the security, instead of recognizing the entire amount at the time of purchase. These
factors will be accounted for in the quarterly investment reports.
2
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 aswell as the composition of the portfolio. The
following are key highlights ofthe portfolio:
. At September 30, 2007 (26%) of the portfolio was immediately available in LAIF and Money Market
instruments. This represents a smaller proportion of the portfolio than the 41 % reported as of June
30, 2007.
. Federal Agency Securities represented 74% ofthe Portfolio. This is a change from June 30, 2007
when 59% ofthe portfolio was reported in this category.
. The federal securities were issued by five different issuers.
. 59% of the funds are invested for one year or less. This is up slightly from the 57% reported as of
June 30, 2007.
. 33% ofthe funds are invested in securities with maturities of 3 years or more.
MONTHLY TRANSACTIONS
Section III of the Report provides a list of transactions related to investments in the City portfolio for each
month ofthe fourth quarter (July, August and September 2007). This schedule provides compliance with the
Government Code requirement to disclose monthly transaction data. It is proposed to incorporate it as part of
the quarterly investment report rather than individual monthly reports.
It is recommended that the City Council receive the report.
3
I~ If
CITY OF DUBLIN
QUARTERLY INVESTMENT REPORT
First Quarter Fiscal Year 2007-2008
September 30, 2007
Presented To City Council November 6, 2007
Section 1 - Portfolio Information
. Portfolio Summary (Includes the Par Value; Market
Yalue; 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
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5~'1
QUARTERLY INVESTMENT REPORT
First Quarter Fiscal Year 2007-2008
September 30, 2007
Section II - Investment Charts
INVESTMENT CHARTS FOR THE QUARTER ENDING SEPTEMBER 30, 2007 l.o Ob ( r
INVESTMENTS BY TYPE (September 30, 2007)
MONEY MARKET
2%
I
FEDERAL
SECURITIESJ
74%
LAIF
/~ 24%
FEDERAL SECURITIES BY ISSUER (September 30, 2007)
FNMA
20%
FHLMC
19%
FARMAC
3%
FFCB
r 9%
FHLB
49%
INVESTMENT CHARTS FOR THE QUARTER ENDING SEPTEMBER 30,2007 7't> \ (
$30,000,000
'$25,000,000
$20,000,000 -
$15,000,000
$10,000,000 -
$5,000,000
FEDERAL SECURITIES CALLABLE vs NON-CALLABLE
CALLABLE
35%
NON-CALLABLE
65%
September 30, 2007 - Portfolio Maturities
$0
No Maturity (l Yr or Less) (l Yr - 2 Yr) (2 Yr - 3 Yr) (3 Yr - 4 Yr) (4 Yr - 5 Yr)
Date
QUARTERLY INVESTMENT REPORT
First Quarter Fiscal Year 2007-2008
September 30, 2007
Section III -
Listing of Monthly Investment Transactions
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