Quarterly Investment Report for the 9 months ended 03-31-20CITY OF ENCINITAS
INVESTMENT REPORT
MEMORANDUM
Nine Months ended March 31, 2020
TO: City Council
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VIA: Karen P. Brust, City Manager
FROM: Teresa S. McBroome, Director of Finance/City Treasurer
DATE: May 6, 2020
SUBJECT: City of Encinitas Investment Report for the nine (9) months ended March 31, 2020
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 $125.3 million at March 31, 2020, compared to an average
investable balance for the nine months ended March 31, 2020 of $120.2 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 .10
$115,000,000 FY 19-20
$105,000,000 FY 18-19
$95,000,000 FY 17/18
FY 16/17
$85,000,000
• FY 15/16
$75,000,000
�aA
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 $33
million at March 31, 2020.
FY 2019-20
June 30, 2020
March 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Book Value
$ 125,311,447
$ 124,104,518
$ 113,999,331
Market Value
Unrealized Gain/(Loss)
$ 127,886,829
$ 125,042,266
$ 937,748
$ 114,973,050..
$ 973,719
$ 2,575,382
Unrealized Gain/Loss as % of Book
Value
2.0552%
0.7556%
0.8541%
Effective Rate of Return
2.00%
2.05%
2.05%
Average Yield to Maturity
1.82%
1.97%
1.97%
Average Maturity (Years)
1.52
1.66
1.90
Investment Earnings Year to Date
$ 1,815,649
$ 1,206,765
$ 624,656
The Pool earned $1,815,649 the first nine months of FY 2019-20 for an annualized return of 2.00
percent. This compares to the City's adopted performance benchmark of the one (1) year
constant maturity Treasury index which averaged a 1.50 percent yield over the twelve months
ended March 31, 2020. 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 553 days or 1.52 years.) The 2 yr. T-note averaged a 2.03 percent yield during
the period.
City Portfolio Yield Compared to Treasury Indexes
4.00%
3.00%
2.00%
1.00%
r-I e-1 ri a--1 a--1 a--1 a --I a-4 .-4 -1 c-1 -4 -1 -4 rl ri -1 -1 -1 a--1 ri -1 -1 N
c Q. u c a u L c a u- c L u c Q b c a u L
a v N N ro a v Io v ro n y tc n N �a
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 $2,575,382
as of March 31, 2020, 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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