HomeMy WebLinkAbout2013/06/11 Item 05~, CITY COUNCIL
AGENDA STATEMENT
~~ CITY OF
CHULA VISTA
JiJNE 11, 2013, Item ~
ITEM TITLE: INVESTMENT REPORT FOR THE QUARTER ENDED
MARCH 31, 2013
SUBMITTED BY: .DIRECTOR OF FINANCE/TREASURER ~'~''' H~
REVIEWED BY: CITY MANAGER
ASSISTANT CITY ANAGER~'
4/STHS VOTE: YES ~ NO
SUMMARY
Transmitted herewith is the City's investment report for the quarter ended March 31, 2013. To
meet the reporting requirements set forth in the California Government Code Sections 53600 et
seq. and the City of Chula Vista Investment Policy, a separate report was distributed to the City
Council in April
ENVIRONMENTAL REVIEW
The Environmental Review Coordinator has reviewed the proposed activity for compliance with
the Califomia Environmental Quality Act (CEQA) and has determined that the activity is not a
"Project" as defined under Section 15378 (b)(4) of the State CEQA Guidelines; therefore,
pursuant to Section 15060(c)(3) of the State CEQA Guidelines the activity is not subject to
CEQA. Thus, no environmental review is necessary.
RECOMMENDATION
Council accept the report.
BOARDS/COMMISSION RECOMMENDATION
Not applicable.
DISCUSSION
The total cash and investment portfolio held by the City as of March 31, 2013 was $202,763,307.
This is an increase of approximately $9SM from December 31, 2012. For the quarter ended
March 31, 2013, the earned interest yield was 0.672%, a slight decrease from the 0.697%
reported for the quarter ended December 31, 2012, reflecting reinvestment in lower yielding
investments. The weighted average maturity as of March 31, 2013 was 2.35 years, versus 2.38
years in the prior quarter. The weighted average maturity remains sufficiently liquid to enable
the City to meet all operating requirements which might be reasonably anticipated.
5-1
JUNE 11, 2013, Item ~
Page 2 of 2
DECISION MAKER CONFLICT
Staff has determined that the action contemplated by this item is ministerial in nature and does
not require the City Council members to make or participate in making a governmental decision,
pursuant to California Code of Regulations section 18702.4(a). Consequently, this item does not
present a conflict under the Political Reform Act (Cal. Godt Code § 87100, et seq.). Staff is not
independently aware, nor has staff been informed by any City Council member, of any other fact
that may constitute a basis for a decision maker conflict of interest in this matter.
CURRENT YEAR FISCAL IMPACT
Considering the projected timing of cash receipts and disbursements and the structure of the
Pooled Investment Portfolio, the City should be able to comfortably meet overall cash flow
needs over the next six months. There is no direct fiscal impact by this action.
ONGOING FISCAL IMPACT
There is no ongoing fiscal impact by this action.
ATTACHMENTS
A. Investment Report for the Quarter Ended March 31, 2013
Prepared by: E. Adachi, Associate Accountant, Finance Dept.
5-2
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_._^._.
CITY OF
CHUTA VISTA
Finance Departrr
Investment Report for the Quarter Ended March 31, 2013
June 11, 2013
Honorable Mayor and City Council,
I am pleased to present this report of investment activity for the quarter ended March 31, 2013
in compliance with the reporting requirements as set forth in the California Government Code
Sections 53600 et seq. and the City of Chula Vista Investment Policy. The information
presented in this report highlights the investment activity for the quarter ended March 31, 2013
as well as provides a comparison to the quarters ended December 31, 2012 and March 31,
2012.
Market Overview
The Federal Open Market Committee (FOMC) continues to maintain the key Fed Funds rate at
a target range of 0.00% to 0.25% in hopes of stimulating the economy. Two-year Treasuries
yielding 0.27% at the beginning of the quarter dropped slightly to 0.25% by the end of the
quarter.
The overall consumer price index (CPI) rose 1.5% on ayear-over-year basis, and the core CPI
(excluding food and energy) showed a 1.9% increase year-over-year. The Federal Reserve
continues to monitor these increases to ensure that inflation remains under control.
Portfolio Composition
The table below provides a summary of the City's total investment portfolio as of March 31,
2013. The Investment Portfolio ($190,579,427), Cash/Time Deposits ($12,183,880) and Bank
TrusteelFiduciary Funds ($82,216,249) continue to be invested in accordance with the
Government Code, bond covenants and the Council Investment Policy as adopted on February
26. 2013.
5-3
Investment Report Quarter ended 03/31/2013
Page 2 of 5
Summery of Cash and Investments as of March 31, 2013
of
Investment Type Par Value Market Value Book Value Portfolio
Investment Portfolio
Federal Securi0es 116,000,000 116,051,235 115,998,500 40.70°k
Pooledlnvestments 74,579,427 74,614,451 74,579,427 26.17%
Corporate Bonds 0 0 0 0.00%
Subtotal 190,579,427 190,665,686 190,577,927 66.67%
Cash/Time Deposits $12,183,880 $12,183,860 $12,183,880 4.28°k
Total Cash & Investments Held by the City $202,763,307 $202,849,566 $202,761,807 71.15%
Held by Bank Trustee/Fiduciary Funds (1)
U. S. Government 2,021,563 2,021,800 2,021,563 0.71%
Repurchase Agreement 0.00%
IrrvestmentAgreements' 14,577,627 14,577,627 14,577,627 5.12%
Mutual Funds' fi2,913,990 62,924,359 62,913,990 22.08%
Cash with Fiscal Agents 0 0 0 0.00%
Restricted Cash 2 703 070 2,703,070- 2,703,070 0.95%
Total Held by Bank Trustee/Fiduciary Funds $82,216 249 $82,226,857 $82,216,249 28.85%
Total Portfolio $284,979,557 $285,076,423 $284,978,057 100.00%
(1) Reflects bond proceeds held by trustee in accordance with bond covenants.
The graph below provides a snapshot of the portfolio composition by investment type for that
portion of the portfolio not held by the bank trustee or in a fiduciary fund.
Portfolio Composition
as of March 31, 2013
($190.6M Total Par Value)
US Governrr
Agency
60.9%
CalTru
0.5%
SD County Pool
20.6%
LAIF (State
Pool)
18.0%
5-4
Investment Report Quarter ended 03/31/2013
Page 3 of 5
Portfolio Performance
The summary information provided below includes the total portfolio income recognized for the
last quarter as compared to the prior quarter and the same quarter one year ago.
Total Portfolio Income Recognized
Accrual Basis
March 31, 2013 December 31, 2012 March 31, 2012
Quarter-End
Net Interest Earnings $ 401,130 $ 326,555 $ 492,792
Net Gains (Losses) from Sales $ - $ -
Net Total Income Recognized $ 401 130 $ 326 555 $ 492,792
Fiscal Year-to-Date
Net Interest Earnings $ 1,108,620 $ 707,490 $ 1,555,115
Net Gains (Losses) from Sales $ - $ - $ 5,740
Net Total Income Recognized $ 1 108 620 $ 707 490 $ 1,560,855
This info comes from the monthly Sympro "Interest Earnings Summary" reports.
This table shows the City's average yield to maturity as of
March 31, 2013 as compared to the County of San Diego and
other cities in the county. Carlsbad and Oceanside both have
dedicated staff that actively manage their portfolios by buying
and selling investments daily as opposed to our more passive
"hold-to-maturity' investment style. Liquidity needs and risk
tolerance can also affect yields.
Benchmark Comparison
Agency Yield
Chula Vista 0.67%
County of San Diego 0.35%
Carlsbad 1.09%
EI Cajon 0.47%
Oceanside 0.91%
San Diego 0.64%
The following graph compares the monthly earned interest yield of the City's Portfolio Fund with
the monthly average yields for the same period of the State of California Local Agency
Investment Fund (LAIF) and the two-year and three-year treasury from March 2011 through
March 2013.
5-5
Investment Report Quarter ended 03/31/2013
Page 4 of 5
1.6
1.6
1.4%
1.2%
1.0%
0.8
0.6 %
0.4
0.2 %
0.0
Monthly Benchmark Comparison
Mar-11 Jun-11 Sep-11 Deo11 Mar-12 Jun-12 Sepr12 Deo-12
t City tIAIF -t-2yr Treasury t3yrTreasury
Yer JE;CiIOrI lb.l OT Ine l.liy5 mVeSlmenl 1"OIIGy, Ine
two-year U.S. Treasury and the Local Agency
Investment Fund yields are the performance
benchmarks to be used when determining whether
market yields are being achieved. The three-year U.S.
Treasury is added as an additional point of reference in
order to provide an upper range that is above the
Mar-13
Benchmac,. ill D
City 0.67% 85
LAIF 0.29% 213
Year Treasury 0.25% 73
3 Year Treasu 0.36% 1,09
ADM = Avera a Da s to Maturit
weighted average maturity of the City's portfolio, which is at 858 days.
Investment Activity
During the quarter, seven investments totaling $22,000,000 were redeemed prior to their
maturity dates. These monies represent pooled cash received from various funding sources
such as sewer, TDIF, PAD, General Fund, etc. These funds were reinvested through the
purchase of eight Federal Agency Securities totaling $25,000,000 using the City's Investment
Policy guidelines to ensure safety, liquidity and yield. There is no further activity to report on
other than routine investments in money market mutual funds by the City's fiscal agents.
Conclusion
The total cash and investment portfolio held by the City as of March 31, 2013 was
$202,763,307. This is an increase of approximately $9.5M from December 31, 2012. For the
quarter ended March 31, 2013, the earned interest yield was 0.672%, a slight decrease from the
0.697% reported for the quarter ended December 31, 2012, reflecting higher yielding
investments being redeemed and then reinvested at lower interest rates.
The weighted average maturity as of March 31, 2013 decreased from the previous quarter's
2.38 years to 2.35 years which is within the Council Policy of less than 3.0 years. The weighted
average maturity remains sufficiently liquid to enable the City to meet all operating requirements
that might be reasonably anticipated.
5-6
Investment Report Quarter ended 03/31/2013
Page 5 of 5
Considering the projected timing of cash receipts and disbursements and the structure of the
Pooled Investment Portfolio, the City should be able to comfortably meet overall cash flow
needs over the next six months. There is no direct fiscal impact by this action.
I certify that this report reflects the City of Chula Vista and related agencies pooled investments
and is in conformity with the State of California Government Code on authorized investments and
with the Investment Policy of the City of Chula Vista as stated in Resolution No. 2013-020 dated
February 26, 2013.
Respectfully submitted,
Maria Kachadoorian
Director of Finance/Treasurer
5-7
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City of Chula Vista
Cash/Time Deposits
31-Mar-13
CASH IN BANK
Bank of America -General Account
Bank of America -Payroll Account
California Bank -Direct Deposit Account
Wells Fargo Bank-CV Workers Comp Account
CASH ON HAND
Petty Cash Fund
TIME DEPOSIT
Bank of America Time Deposit
CashfTime Deposits as of 03/31/2013
11,268,256
0
3,025
595,049
11,866, 330
7,550
7,550
310, 000
310, 000
12,183,880
j:finance\data\Cash and Time Deposits FY1213 MARCH 31, 2013.DRAFT.xIs As of 04/25/2013
5-22