Quarterly Investment Report for the 6 months ended 12-31-19CITY OF ENCINITAS
INVESTMENT REPORT
MEMORANDUM
Six Months ended December 31, 2019
TO: City Council
VIA: Karen P. Brust, City Manager
FROM: Teresa S. McBroome, Director of Finance/City Treasurer
DATE: February 12, 2020
SUBJECT: City of Encinitas Investment Report for the six (6) months ended December 31,
2019
It is the practice of the Finance Department to report on the status of City investments to the
City Council on a periodic basis. Currently, the process is to report investment positions and
results quarterly via memorandum, with attachments showing positions and earnings by
investment and in summary. This report covers only the City's Pooled Investment fund (the
"Pool".) It does not cover monies invested by the City's bond trustee, which are reported on an
annual basis.
The Pool had an investable balance of $124.1 million at December 31, 2019, compared to an
average investable balance for the six months ended December 31, 2019 of $117.0 million.
The size of the pool varies throughout the year depending upon cash flow. Several factors have
a significant impact on cash flow. Property tax revenue is received primarily in December,
January, April, and May, while debt payments typically fall in February, April, August, and
October. In addition, large payments on capital projects can happen throughout the year. The
chart below shows the monthly portfolio balance over the last five years.
Monthly Portfolio Balance by Fiscal Year
$145,000,000
$135, 000, 000
$125, 000, 000
$115,000,000 — FY 19-20
$105,000,000 FY 18-19
$95,000,000 FY 17/18
$85,000,000 FY 16/17
$75,000,000 — FY 15/16
Q CA O Z 0 LL 2 Q
End of Month Balance
The City utilizes a variety of investment vehicles, including direct investments and indirect
investments. Direct investments are primarily fixed income securities issued by the US
Treasury and several US Gov't Agencies, such as the Federal National Mortgage Association
(FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC). Indirect investments
include money market funds and pooled investments funds managed by other agencies, such
as the California Local Agency Investment Fund. Indirect investment balances are generally
available to the City on a next day basis and are classified as "liquid" meaning available to pay
current demands. Monies invested in direct securities can only be accessed via the maturity of
a security or selling the security prior to maturity. The final maturities on the City's direct
securities vary from less than one month to under five years. The City has total liquidity,
including cash in the bank, of $30.1 million at December 31, 2019.
FY 2019-20
June 30, 2020
March 31, 2020
Dec. 31, 2019
Sep. 30, 2019
$ 113,999,331
Book Value
$ 124,104,518
Market Value
$ 125,042,266
$ 114,973,050
Unrealized Gain/(Loss)
$ 937,748
$ 973,719
Unrealized Gain/Loss as
% of Book Value
0.7556%
0.8541%
Effective Rate of Return
2.05%
2.05%
Average Yield to
Maturity
1.97%
1.97%
Average Maturity
(Years)
1.66
1.90
Investment Earnings
Year to Date
$ 1,206,765
$ 624,656
The Pool earned $1,206,765 the first six months of FY 2019-20 for an annualized return of 2.05
percent. This compares to the City's adopted performance benchmark of the one (1) year
constant maturity Treasury index which averaged a 1.97 percent yield over the twelve months
ended December 31, 2019. The City also informally utilizes an alternative benchmark of the two
(2) year constant maturity Treasury index yield for comparison. This is a more appropriate
comparison when the weighted -average maturity (WAM) of the Pool is greater than one year
(the current WAM is 606 days or 1.66 years.) The 2 yr. T-note averaged a 2.23 percent yield
during the period.
City Portfolio Yield Compared to Treasury Indexes
3.50%
3.00%
2.50%
2.00%
1.00%-
0.50%
0.00%
a C V Ln In v1 of W W W W n n n n 00 00 00 00 M (n M C1
ti ti H 1y rti N N H ti 1� N ti N 1ti 17, ti ti N ti N 1r
c a U = c. U c a U c a u c Q u c c. u
LW 0 O in 0 Lon, 0 -_+ v°, 0 � ' V1 0
City Portfolio — — — 2 Yr Treasury 1 Yr Treasury — — — 6 Mth Treasury
The market value of the City's direct investments is more than their carrying value by $937,748
as of December 31, 2019, meaning that the portfolio has unrealized gains on securities held.
Since the City has never had to sell a security prior to maturity, any unrealized gains or losses
would only constitute a timing difference.
The public's monies are extremely safe and well -diversified and follow the City's adopted
investment policy and the overall direction of the City Council.
ATTACHMENTS — Portfolio Management and Interest Earnings Reports
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