HomeMy WebLinkAbout2013/10/01 Item 04 - --,�.--�
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' � �F� . � AGENDA STATEMENT
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CHUTAVISfA
OCTOBER 1. 20li. Item �
ITEA4 TITLE: INVESTNIENT REPORT FOR THE QUARTER ENDED JUNE
30,2013
SUBAIITTED BY: DIRECTOR OF FINANCE/TREASURER���y�L
RE�'IENED BI': CITY MtL\?AGER�t�'ryJ.S.
ASSISTA\'T CITY A�fA\TAGER� - -
4/STHS �'OTE: YES � NO X� -
SUl�Z�4r1RY
Transmitted here���ith is the Cin�'s in��estment report for the quarter ended June 30. 20li. A
separate information memo ���as distributed to the Ciri Council in July to meet the reportin2
requirements set forth in the Califomia Go�ernment Code Sections �3600 et seg. and the Cit�� of
Chula Vista Investment Policy.
ENVIRONME\TAL REVIEW
The En��ironmental Review Coordinator has re��ie«ed the proposed acti��in for compliance with
the Califomia Environmental Qualih� Act (CEQA) and has determined that the activity is not a
"Project" as defined under Section 1�378 (b)(4) of the State CEQA Guidelines; therefore.
pursuant to Section 1�060(c)(3) of the State CEQA Guidelines the acti��it}° is not subject to
CEQA. Thus, no envirorunental review is �ecessary.
RECO���ZENDATION
Council accept the report.
BOARDS/C0�7!��SSION RECOMn�IENDATION
I�'ot applicable.
DISCUSSION
The total cash and investment porrfolio held b�� the City as of June 30; 2013 ���as S227,837.0�8.
This is an increase of approsimateh S2��4 from 1�4arch 31, 20li. For the quarter ended June 30,
20li; the eamed interest yield «°as 0.62%; a slight decrease from the 0.67% reported for the
quarter ended March 31, ZOli, reflectine higher ��ieldin� investments being redeemed and then
reinvested at lo���er interest rates. The ��Teiehted averaee maturity as of June 30; 2013 decreased
from the pre<<ious quarters 2.3� veazs to 2.18 years. The ���eiehted areraee maturity remains
4-1
� OCTOBER 1, 2013; Item 4
Page 2 of 2
sufficiently liquid to enable the City to meet all operating requirements fhat might be reasonably
anticipated.
DECISION MAKER CONFLICT
Staff has determined that the action contemplated by this item is ministerial in nature and does
not requite the City Council members to make or participate in making a govermnental decision,
pursuant to Califomia Code of Regulations section 18702.4(a). Consequently, this iYem does not
present a conflict under the Political Reform Act (Cal. Gov't Code § 87100, et seq.). Staff is not
independently aware, nor has staff been inforn�ed 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 d'uect fiscal impact by this action.
ONGOING FISCAL IMPACT
There is no ongoing fiscal impact by this action.
ATTACHMENTS
A. Investment Report for tbe Quarter Ended Jwie 30, 2013
Prepared by: E. Adachi, Associate Acco:mtant, Frnance Dept.
4-2
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CfTY OF
CHULA VISTA
Finance DepaRment �
Investment Report for the Quarter Ended June 30, 2013
October 1, 2013
Honorable Mayor and City Council,
I am pleased to present this report of investment activity for the quarter ended June 30, 2013 in
compliance with the reporting requirements as set foRh in the California Government Code
Sections 53600 et seq. and the City of Chula Vista Investment Policy. The information
presented in this report highiights the investment activity for the quarter ended June 30, 2013 as
well as provides a comparison to the quaRers ended March 31, 2013 and June 30, 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 025% in hopes of stimulating the economy. Two-year Treasuries
yielding 0.23% at the beginning of the quarter increased to 0.36% by the end of the quarter.
The overall consumer price index (CPI) rose 1.8% on a year-over-year basis, and the c6re CPI
(excluding food and energy) showed a 1.6% 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 June 30, 2013.
The Investment Portfolio ($203,639,508), Cash/Time Deposits ($24,197,540) and Bank
Trustee/Fiduciary Funds ($90,082,035) continue to be invested in accordance with the
Government Code, bond covenants and the Council Investment Policy as adopted on February
26, 2013.
4-3
Investment Report Quarter ended 06/30/2013
Page 2 of 5
Summary of Cash and Investments as of June 30, 2013
%of
- InvestmentType Par Value Market Value Book Value Portfolio
Investment Portfolio
FederalSecurities 1�6,000,000 114,224,819 115,998,500 36.49%
Pooled Investments 87,639,508 87,652,461 67,639,508 27.57% �
Corporate Bonds 0 0 0 0.00%
Subtotal 203,639,508 201,877,280 203,638,008 64.05%
CashlTime Deposits $24,'197,540 $24,197,540 $24,197,540 7.61%
Total Cash &Investments Held by the City $227,837,048 $226,074,820 $227,835,548 71.66%
Held by Bank TrusteelFiduciary Funds(1)
U. S. Government 2,021,563 2,005,380 2,02�,563 0.64%
Repurchase Agreement 0.00%
InvestmentAgreements 14,577,627 14,577,627 �4,577,627 4.59% �
Mutual Funds 72,466,252 72,469,035 72,466,252 22J9%
Cash with Fiscal Agents 0 0 0 0.00%
Restricted Cash 1,016,593 1,016,593 - 1,OtQ593 0.32%
Total Held by Bank TrusteelFiduciary Funds $90,082,035 $9D,068,636 $90,082,035 28.34%
TotalPortfolio $317,919,083 $316,143,456 $317,917,583 100.00%
(�) 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 June 30, 2013
($203.6M Total Par Value)
LAIF (State
?,i� ..-�� Pool)
US Government � d� , 23.3%
Agency 1
57.0%
SD County Pool
CalTrust 19.3%
0.5%
4-4
Investment Report Quarter ended 06/30I2013
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
June 30, 2013 March 31, 2013 June 30, 2012
Quarter-End
Net Interest Earnings 5 305,221 S 326,346 S 413,894
Net Gains (Losses) from Sales 5 - S - 5 1,300
NetTotallncomeRecognized S 305,221 S 326,346 S 415,194
Fiscal Year-to-Date
Net Interest Earnings 5 1,336,534 S 1,031,313 S 1,969,009
Net Gains (Losses) from Sales 5 - S - S 7,040
NetTotallncomeRecognized S 1,336,534 S 1,031,313 5 1,976,049
This inlo comes from the monthly Sympro'Interest Eamings Summar}r 2ports.
This tabie shows the City's average yield to maturity as of Agency Yield
June 30, 2013 as compared to the County of San Diego and Chula Vista 0.62%
other cities in the county. Carlsbad and Oceanside both have Cou�ty of San Diego 0.32%
dedicated staff that actively manage their portfolios by buying Carisbad o.99%
and selling investments daily as opposed to our more passive EI Cajon 0.47%
"hold-to-maturity° investment style. Liquidity needs and risk Oceanside. 0.87%
tolerance can also affect yieids. San Diego 0.16%
Benchmark Comparison
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 June 2011 through June
2013.
4-5
Investment Report Quarter ended 06/30/2013
Page 4 of 5
i.a�io
Monthly Benchmark Comparison
�.z^ro
�.o�ro
o.a^ro
o.s ro
o.a°ro
o.z�ro
0.�%
Jun-11 � Se�r17 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13
tCity —o—LAIF --r-2yrTreasury f3yrTreasury
Per Section 16.1 of the City's Investment Policy, the �,� F , �,--
two-year U.S. Treasury and the Local Agency Benchmarkt�w '�s� Y,iel�d ''=ri�ADM
' Investment Fund yields are the performance City 0.62/0 795
benchmarks to be used when determining whether LAIF 0.240% 278
market yields are being achieved. The three-year U.S. YearTreasury 0.36/0 73
Treasury is added as an additional point of reference in 3 Year Treasu 0.66% 1,09
order to provide an upper range that is above the ADM = Avera e Da s to Maturit
weighted average maturity of the City's portfolio, which is at 795 days.
Investment Activity
During the quarter, seven investments totaling $23,000,000 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 seven Federal Agency Securities totaling $23,000,000 using the City's Investment
Policy guidelines to ensure safety, liquidity and yield. There is no fuRher 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 June 30, 2013 was $227,837,048.
This is an increase of approximately $25M from March 31, 2013. For the quarter ended June
30, 2013, the earned interest yield was 0.62%, a slight decrease from the 0.67% reported for
the quarter ended March 31, 2013, reflecting higher yielding investments being redeemed and
then reinvested at lower interest rates.
4-6
investment Report Quarter ended 06/30/2013
Page 5 of 5
The weighted average maturity as of June 30, 2013 decreased from the previous quaRer's 2.35
years to 2.18 years which is within the Council Policy of less than 3.0 years. The weighted
average maturity remains su�ciently liquid to enable the City to meet all operating requirements
that might be reasonably anticipated.
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 Califomia Government Code on authorized investments and
with the Investment Policy of the City of Chula �sta as stated in Resolution No. 2013-020 dated
February 26, 2013.
RespectFully submitted,
�/ "/" ' L�2��G��(-'
�aria Kachadoorian
irector of Finance/Treasurer
4-7
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City of Chula Vista
CashlTime Deposits
30J u n-13
CASH IN BANK
Bank of America -General Account 23,663,743
Bank of America - Payroll Account 0
California Bank- Direct Deposit Account 3,498
Wells Fargo Bank-CV Workers Comp Account 212,748
23,879,990
CASH ON HAND
Petty Cash Fund 7,550
7,550
TIME DEPOSIT
Bank of America Time Deposit 310,000
310,000
CashlTime Deposits as of 06I30/2013 24,197,540
j:finance\data\Cash and Time Deposits FY1213 JUNE 30, 2013.DRAFT.xIs As of 07/30/2013
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