2012-10-24 Item 03 City Treasurers Annual Investment ReportCITY OF ENCINITAS
CITY COUNCIL
AGENDA REPORT
Meeting Date: October 24, 2012
TO: City Council
VIA: Gus Vina, City Manager t°
Paul Bussey, Finance Depement Consultant
FROM: Jay Lembach, City Treasurer/Investment Of er��-
SUBJECT: City Treasurer's Investment Report for the fiscal year ended June 30, 2012
BACKGROUND:
It is the practice of the City Treasurer to report on the status of City investments to the City
Council on a periodic basis. This Annual Report covers the period from July 1, 2011 through
June 30, 2012, .and covers all aspects of the City's Investment Program, except for debt proceeds
on deposit with fiscal agents, which represent restricted funds that have extremely limited
activity.
ANALYSIS:
The Annual Investment Report is actually a series of reports produced by the City's in-house
investment tracking software, SYMPRO. The reports that are included are:
(1) Portfolio Summary Report
(2) Portfolio Details — Investments and Cash
(3) Investments by Issuer
(4) Activity Report
(5) Interest Earnings
(6) Realized Gains and Losses
(7) Unrealized Gains and Losses
The Portfolio Summary Report summarizes much of the information included in the detail reports
that follow.. The Portfolio Details Reports show each investment owned as of June 30, 2012,
reporting the par value, the market value, and the book value, as well stated rates and yield -to -
maturity (YTM). The Investments by Issuer report is included to allow for easier analysis of
investments owned by type and by Agency. The Activity Report allows the reader to see all
investments held during the year, including purchase, early redemption (calls) and maturities. The
Last printed 10/4/2012 4:09:00 PM
10/24/2012 ITEM #03
Interest Earnings Report details the amount earned and the effective rate of return on each
investment. The Realized Gains and Losses Report shows the additional amounts earned on
selected investments; generally investments that were redeemed prior to maturity (also referred to as
called investments.) The Unrealized Gains and Losses report shows the difference between book
(carrying) value and market value, as of June 30, 2012. Depending on the type of report, the
information presented is either as of June 30th, 2012 or for the period July 1, 2011 through June 30th,
2012. That distinction is indicated in the header of each report.
THE NUMBERS
The City's portfolio earned $438,065 for the fiscal year, an effective return of 0.45%. That number
is reported in Report (1), and is comprised of the totals from Reports (5) and (6). This is slightly
below the budget estimate of 0.50%, but is well above the City's Performance Benchmark, the one-
year US Treasury bill, of 0.10%. The primary reason that the performance is so much higher than
the benchmark is because the benchmark has been pushed to historic levels by US monetary policy.
A fairer comparison for this period would be the return on the California LAIF fund, which was
0.36%.
Investments held at June 3e totaled $94.2 million, with an average investable balance of $97.9
million. No one group of investments made up more than 30% of total holdings, and all investment
groups were within the guidelines set out in the City's Investment Policy. Management of
investments continues to focus on maintaining credit quality, limiting the weighted average life
(WAM) of holdings, and promoting diversification of assets. The City had about $9 million in cash
at June 30th to cover several large payments that were due in early July 2012.
There was an unrealized gain of $64,039 at June 30th, which means that securities held had an
estimated market value greater than the book value, as of that date. This difference is insignificant
in a portfolio of $100 million, and those "gains" are not likely to be realized in the next accounting
period since the City does not generally sell securities before their maturity date.
FISCAL AND STAFF IMPACTS:
The Investment Program makes a positive contribution to the City's overall financial condition,
with interest revenues well above the costs for administering the Program. The financial benefits
have declined over the last five years, due to the significant decline in market interest rates and the
corresponding lower rates of return to the City. The overriding concern and focus of the Program is
to keep the taxpayers' monies safe and well protected from possible losses.
RECOMMENDATION:
Accept and file the City Treasurer's Annual Investment Report
Last printed 10/4/2012 4:09:00 PM
10/24/2012 ITEM #03 2
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