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HomeMy WebLinkAboutItem 4.04 Investment Report 1st Qtr~~~~ Off' nU~~~ /ii ~ 111 L~~ - ~ ~~~ DATE: TO: FROM: SUBJECT STAFF REPORT CITY COUNCIL CITY CLERK File #320-30 November 15, 2011 Honorable Mayor and City Councilmembers ~~ Joni Pattillo, City Manager ° ~' City Treasurer's Investment Report for 1st Quarter 2011-2012 Prepared by Paul S. Rankin, Administrative Services Director EXECUTIVE SUMMARY: The City's investment portfolio totals $104,369,517.28 (par value). As of September 30, 2011, funds were invested at an average yield of 1.322%. The portfolio includes both discretionary and restricted funds and the balance will fluctuate throughout the year. The report presented provides background on the City investment portfolio, as well as the investment results, as of September 30, 2011. 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 1.332%. Actual revenue will be impacted by both the interest rate earned and the balance invested. RECOMMENDATION: Staff recommends that the City Council receive the Quarterly Investment Report. ~'~ ... , ~" M_ °~...,,..... ~ " ~ .. l a,ti~ .......~~ . Submitted By Reviewed By Administrative Services Director Assistant City Manager DESCRIPTION: The format of the quarterly 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 Page 1 of 5 ITEM NO. 4.4 Section III -Listing of Investment Transactions by Month 1St QUARTER RESULTS As shown on the Portfolio Summary the total investments as of September 30, 2011 were approximately $104.4 million. The "Yield to Maturity" was calculated at 1.322% and the weighted average maturity of the portfolio was 605 days (1.66 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 412 days (1.134 years). The Market Value, as of September 30, 2011, was approximately $1.4 million more than the Par Value (Par Value = $104,369,517 and Market Value = $105,776,447). 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 2010/11 2010/11 2010/11 2010/11 2011/12 Portfolio Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Measure (Jul-Sept (Oct-Dec (Jan -Mar (Apr -Jun (Jul-Sept 2010) 2010) 2011) 2011) 2011) Par Value $90,326,716 $103,312,201 $96,536,664 $101,656,026 $104,369,517 Average 363 da~Ts 472 da~Ts 535 da~Ts 650 da~Ts 605 da~Ts Term (1 ~,~r.) (1.29 ~-~rs.) (1.47 ~-~rs.) (1.78 ~-~rs.) (1.66 ~-~rs.) Yield To 1.62 % 1.48 % 1.47 % 1.388 % 1.322 Maturit /Call As noted in Table 1, the total portfolio balance has increased from what was reported one year ago. The collection of one time payments, Impact Fees, and reductions in expenditures have 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 also impacts the balance available to the portfolio. With recent building and development activity there has been additional revenues collected. 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 increased over the past year from 1 year to 1.66 years. This is, in part, as a result of placing new investments. Compared to the previous quarter the length of maturity dropped slightly from 1.78 years to 1.66 years. Page 2 of 5 INVESTMENT ACTIVITY DURING THE FIRST QUARTER This report discloses changes in individual securities due to Maturities, Called Securities, and New Investments. There were no securities which matured during the quarter. As shown below one transaction was due to an investment that was called prior to its stated maturity dates. TABLE 2: INVESTMENTS CALLED DURING THE FIRST QUARTER Original Date Maturity Coupon Type* Acquired Par Value Date Rate Call Date FHLB 12/21/2010 $4,000,000 12/23/2014 1.0% 8/19/2011 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" Two new investments with a combined par value of $7,000,000 were purchased during the first quarter. TABLE 3: INVESTMENTS PURCHASED DURING THE FIRST QUARTER Type* Date Acquired Value at Maturity Maturity Date Coupon Rate Effective Yield with Premium / Discount Call Date FNMA 7/15/2011 $ 3,000,000 7/15/2015 1.50% N/A 7/15/2013 FFCB 9/6/2011 $ 4,000,000 9/6/2013 0.49% N/A 9/6/2012 Total $ 7,000,000 Both of the securities which were purchased have call provisions as shown in the Table above. Although securities can sell for either a premium or discount depending on the market on the day the security is purchased. The purchases made in the first quarter were completed without the payment of a premium or discount. The "premium" or "discount" is allocated over the life of the investment in the City accounting records. 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: • At September 30, 2011, 34.09% of the portfolio was immediately available in the Local Agency Investment Fund (LAIF) and Money Market instruments; this is slightly less than the 35.5% reported as of June 30, 2011. • Federal Agency Securities represented 65.63% of the Portfolio, which is slightly more than the 64.3% reported as of June 30, 2011. Page 3 of 5 • There was diversity in the issuers of the federal securities held in the portfolio. A total of four different issuers were represented. (FNMA-20%; FHLB - 58%; FFCB-12% and FHLMC-10%). • Securities issued by the Federal Home Loan Bank (FHLB) total $39.5 million as of September 30, 2011 and represent 37.9% of the total portfolio. The City investment policy states that the Treasurer shall strive to provide diversity among the debt issuers purchased. The investment policy suggests that the placement of investments strive to limit the maximum to 40% of the total portfolio. The changes in the portfolio holdings during the first quarter, brought resulted in the percentage concentration with a single issue being below the maximum target. In the June 30, 2011 report, FHLB securities represented 42.8% of the portfolio. • The investment policy also suggests that the City strive to limit callable securities to no more than 25% of the portfolio. As of June 30, 2011, the portfolio was slightly above the target at 26%. The changes of the holdings during the first quarter resulted in only 23% of the total portfolio being invested in callable securities. • 43.9% of the funds are invested for one year or less compared to 36% reported in this category as of June 30, 2011. • 27.3% of the funds are invested in securities with maturities of 3 years or more, compared to 29% reported in this category as of June 30, 2011. MONTHLY TRANSACTIONS Section III of the Report provides a list of transactions related to investments in the City portfolio for each month of the first quarter (July, August, and September). 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 assumptions used to project Fiscal Year 2011-2012 revenue earned from investments, included a Local Agency Investment Fund (LAIF) return of 0.50% and an estimated total portfolio rate of 1.5%. As noted below the rate for LAIF during the first quarter was below this threshold. TABLE 4: Local Agency Investment Fund (LAIF) Quarterly Rate 2010/11 2010/11 2010/11 2010/11 2011/12 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 (Jul-Sept (Oct-Dec (Jan-Mar (Mar- June (Jul-Sept 2011) 2010 2010 2011 2011 LAIF 0.51% 0.46% 0.51 % 0.48 RATE 0.38 The total portfolio earnings of 1.322% is also below the FY 2011-12 budgetary assumption. On an annualized basis, this lower interest rate could cause a decrease in General Fund revenue of Page 4 of 5 $100,000 - $110,000. 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. Quarterly Investment Report For The Period Ending September 30, 2011 Page 5 of 5 CITY OF DUBLIN QUARTERLY INVESTMENT REPORT First Quarter Fiscal Year 2011-2012 September 30, 2011 Report Prepared October 31, 2011 Report Presented To City Council November 15, 2D11 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 9 U `~ ~ s ~ ~ ~ ~ cfl th ra+ !6 „y U s~ ^ ~ 1 N ~ ~ l~- ^ O O ,Q \° ~ O O `1 Q7 O ~ r O ip ~ ~ ~ Q} ~ O Z ~ ~ N ~ M ~ ~ R f/? ~ O ~ O ~ `- /"' Q ~ y~. 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LJ,.. l.1., ~ ~ ( ~ Q M M c'') c~ M can c+] c'~7 c'7 c*~ M ('~ cY3 e+') tY7 d' eb cD [0 Cfl CO ~ , y C'7 C~ - C*7 C*7 M S+7 C+') L'7 C'~J C~ C'7 M CrJ M C~ C+') N C*3 CT7 C*7 C'') i .~ ~e-- LY7 r-- M r- C'') r^ M r- ['~3 r c'') r c+7 r M r C*7 r C*7 r C'7 r CrS r C'~J r C+') r CrJ r ['7 r M ~., r C'7 r- M e- f'7 e-- C+7 d R m .C C C O `O a d 0 c ,O R Z L as m s ~ ~ II m ~ C ~ ar ~ ~ _ °' `v o `~ S '~ m i ~ d ~ a °: ~ ~ u. u `-' m a L ~ a c ~ i0 O a1 U Y_ ~ •L~ yl VC L L LL. SC d ~ ~ O IMI W L u~ ~ ~ 11 ~ U ~ ~ N ~ ~ ~ a F N C ICJ C d 7 C v m L V C n u QUARTERLY INVESTMENT REPORT First Quarter Fiscal Year 2011-2012 September 30, 201'1 Section II ~- Investment Charts INVESTMENTS BY TYPE (September 30, 2011) MONEY MARxET FEDERAL .22°i° _---- r -= - - ~: - r ~~ ~ ~~ SECURITIES ::n 65.63% __ ~. LAIF 34.09% CAMP .06°10 FEDERAL SECURITIES BY ISSUER {September 30, 2011) FHLMC 10%_ FNMA 20% FFCB _12% 58% ~"EDER.~.E EC~~IE~ C ~LL~i,B~E ~ s r1''C}~'-~ ~:L ABLE (~t~er 30, 201) _.-, t 1~~ r t' ~~ \O\-C ALT. ABLE i ~,7°,'~ ~` ~L~ September 30, 20'11 -Portfolio Maturities $40,000,000 $35,869,517 $35,000,000 ~~- $30,000,000 $25,000,000 ,', $22,500,000 $19,000,000 $2a,ooo,ooo ~~: $15,000,000 $lo,000,000 $5,000,000 $10,000,000 No Maturity (1 Yr or Less) Date $11,000,000 $s,ooo,ooo ~- (1 Yr - 2 Yr) {2 Yr _ 3 Yr) {3 Yr - 4 Yr) (4 Yr - 5 Yr) QUARTERLY INVESTMENT REPORT First Quarter Fiscal Year 201'1-2012 September 30, 20'11 Section III Listing of Monthly Investment Transactions o ~ r ~ ~ ~ N ,.~'+ e"' '- M .. 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