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Quarterly Investment Report for the 9 months ended 03-31-21CITY OF ENCINITAS INVESTMENT REPORT MEMORANDUM Nine Months ended March 31, 2021. TO: City Council VIA: Pamela Antil, City Manager FROM: Teresa S. McBroome, Director of Finance/City Treasurer DATE: May 5, 2021 SUBJECT: City of Encinitas Investment Report for the nine (9) months ended March 31, 2021 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 $121.1 million at March 31, 2021, compared to an average investable balance for the nine months ended March 31, 2021 of $114.1 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 $155,000, 000 $145,000,000 $135,000, 000 ' $125,000,000 FY 20-21 $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 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 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 $51.9 million at March 31, 2021. FY 2020-21 June 30, 2021 March 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Book Value $ 121,080,785 $ 117,948,054 $ 106,220,774 Market Value $ 122,972,873 $ 120,238,588 $ 108,856,613 Unrealized Gain/(Loss) $ 1,892,088 $ 2,290,534 $ 2,635,839 Unrealized Gain/Loss as % of Book Value 1.56% 1.94% 2.48% Effective Rate of Return 1.58% 1.67% 1.69% Average Yield To Maturity 1.35% 1.54% 1.65% Average Maturity (Years) 0.93 1.17 1.32 Investment Earnings Year to Date $ 1,356,959 $ 936,738 $ 499,841 The Pool earned $1,356,959 the first nine months of FY 2020-21 for an annualized return of 1.58 percent. This compares to the City's adopted performance benchmark of the one (1) year constant maturity Treasury index which averaged a .12 percent yield over the twelve months ended March 31, 2021. The 2 yr. T-note averaged a .80 percent yield over the 24 months ended March 31, 2021. City Portfolio Yield Compared to Treasury Indexes 3.50% 3.00% - - 2.50% - 2.00% ®� 1.50% 1.00 % — ��d ���o 0.00 H o0 00 00 0o rn rn rn rn o 0 0 0 ,� ri r-I u M c a u M c a u C n u M c a u M p u L 0 2 Ln 0 2 in 0 2 cn 0� cn 0 0 2i 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 $1,892,088 as of March 31, 2021, 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. 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