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HomeMy WebLinkAboutItem 4.08 Invest Rpt Qtr Ending 12-31-2013OF Ill 4 �Ir 111 0 � =�, 82 DATE: TO: FROM: SUBJECT: STAFF REPORT CITY COUNCIL February 18, 2014 Honorable Mayor and City Councilmembers CITY CLERK File #320 -30 Christopher L. Foss, Acting City Manager City Treasurer's Informational Report of Investments for the Quarter Ending December 31, 2013 Prepared by Colleen Tribby, Administrative Services Director EXECUTIVE SUMMARY: The City of Dublin's Investment Policy calls for a semi - annual report of investments. This report is for the quarter ending December 31, 2013, and includes a monthly transaction ledger. The City's investment portfolio for this period totaled $150,263,628 (book value) with an average book yield of 0.53 %. All investment transactions continue to comply with the City's Investment Policy and the California Government Code. As required by the Policy, the City Treasurer (Administrative Services Director) affirms that the City is able to meet its expenditure requirements for the next six months. 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 yield is lower than anticipated due to market conditions. Staff will address with the City Council any budget change needed with the next quarterly budget review. RECOMMENDATION: Staff recommends that the City Council receive the Report. — 0 &1i Submitted By Administrative Services Director Ac A Reviewed By Acting Assistant City Manager Page 1 of 4 ITEM NO. 4.8 DESCRIPTION: This report is the first investment performance account provided to the City Council since the City began a contract with Chandler Asset Management for ongoing investment management services. The total investment portfolio of $150,263,628 (book value) is comprised of $98,122,383 managed by Chandler, and $52,141,245 invested by the City in local government pools. The average book yield of the Chandler portfolio and the local pools was 0.68% and 0.24 %, respectively. The portfolio includes both discretionary and restricted funds and the balance will fluctuate throughout the year due to cash flow. The investment environment in the second quarter of fiscal year 2013 -14 was marked by continued low interest rates and some volatility, due to the uncertainty surrounding the phasing out of the Federal Reserve's (Fed) bond - buying program. In mid - December, the Federal Open Market Committee (FOMC) announced a plan to taper the program beginning in January 2014, following improving employment numbers and labor conditions, and confidence in economic growth. This news led to an increase to long -term bond interest rates at the end of the quarter, although the Fed is holding the Fed Funds rate to an exceptional low range of 0.0% and 0.25% for the near future. City of Dublin Portfolio Since the City's engagement of Chandler to manage funds invested outside of the local pools, and the revision of the City's investment policy to allow for new investment opportunities, the City's portfolio has been significantly restructured. Graphs 1 and 2, and Table 1, illustrate the difference in the portfolio from June 30, 2013 to the quarter ending December 31, 2013. Graphs 1 and 2: Investments by Type, June 30 — Dec 31, 2013 INVESTMENTS BY TYPE I us INVESTMENTS BY TYPE June 0, 2013 Treasury December 31, 2013 12.3196 U5 Corporates 5.31% Money Market 3.03% Agen Commercial 37.2 Paper 3.93% Page 2 of 4 LAI F/CAMP 34.70% 7°/a ABS 2.4596 Table 1: Quarterly Holdings (Par Value) by Type and Market Yield, 5 Quarters Holdi LAIF/CAMP ABS Agency Commercial Paper Money Market US Corporates US Treasury TOTAL YIELD TO MATURITY 12/31/12 3/31/13 6/30/13 9/30/13 71, 445, 231 60, 477, 703 61, 703, 809 75, 954, 293 68, 000, 000 77, 000, 000 73, 000, 000 64, 000, 000 151,106 123,125 14, 358, 708 3,541 139, 596, 337 137, 600, 828 149, 062, 517 139, 957, 834 0.91% 0.90% 0.60% 0.50% Highlights through December 2013 12/31/13 52,141, 245 3,700,000 56, 000, 000 5,900,000 4,547,383 9,475,000 18, 500, 000 150, 263, 628 0.46% YTM 0.24% 0.49% 0.65% 0.23% 0.00% 1.17% 0.30% The book value of the City's portfolio increased $1.2 million since June 2013, and $10.7 million over December 2012. The total balance changes primarily due to in -flows and out -flows of funds invested in the local short -term investment pools, with matured /called investments immediately re- invested in other vehicles. Because rates have been so low, securities that matured during the period were reinvested in lower- yielding instruments, resulting in a decline in yield. However, new investment opportunities such as Corporates are faring better in the overall portfolio (see Table 2). As interest rates rise over the long term, the City will continue to work with Chandler to balance the portfolio in accordance with the City's priorities of safety, liquidity, and yield. For detailed monthly transactions, see Attachment 2. Table 2: Portfolio Values and Yields by Type Total Book Market ParValue Aook Value Market'Value Subtotal Portfolio Yield Yield klanaged by City o LAIF 47,SW,000 _ 47,SM000 _ 47 91:1% 322% 0,26% 16 CA NNjW �y��/y�yy,, 4y, �y1:+7y49_I �4y =641:+2y45 y= 4fx7} e5 8. 3p� �0.088� 0 8�p� 17,7./ AL 52,141, €45 72,1411243 # 52,141,244 191 M6 Z%F � 024 Funds Managed by the City The City participates in two local agency investment pools managed by government finance professionals and treasurers: the Local Agency Investment Fund (LAIF) and the California Asset Page 3 of 4 Management Program (CAMP). The City typically carries close to the $50 million maximum allowable in LAIF with any excesses resulting from the timing of large payments deposited into CAMP as a temporary holding place. The investment tools provide same -day liquidity, and the City moves funds frequently between these pools and its bank account. While the quarterly LAIF yield remains at a historic low (see Table 3) it appears to have stabilized. The City will continue to participate in this investment tool to satisfy its immediate cash flow needs and to provide for immediate liquidity, though Staff will be evaluating whether to maintain a balance close to the maximum allowed. Table 3: Quarterly LAIF Yields, Recent Five Years NOTICING REQUIREMENTS /PUBLIC OUTREACH: None. ATTACHMENTS: 1. Investment Report 2. Investment Transaction Ledger Page 4 of 4 March June Sept Dec 2009 1.91 1.51 0.9 0.6 2010 0.56 0.56 0.51 0.46 2011 0.51 0.48 0.38 0.38 2012 0.38 0.36 0.35 0.32 2013 0.28 0.24 0.26 0.26 NOTICING REQUIREMENTS /PUBLIC OUTREACH: None. ATTACHMENTS: 1. Investment Report 2. Investment Transaction Ledger Page 4 of 4 tf O Cl a? it C O E N C F ■ o) C) C N in c co co W 0� 0 �E n U N rig a-+ O y.. 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