HomeMy WebLinkAbout5B 2016 3rd Quarter Investment Report
4646 Dakota Street SE
Prior Lake, MN 55372
CITY COUNCIL AGENDA REPORT
MEETING DATE: NOVEMBER 28, 2016
AGENDA #: 5B
PREPARED BY: DON URAM, FINANCE DIRECTOR
PRESENTED BY: DON URAM
AGENDA ITEM: CONSIDER APPROVAL OF 3rd QUARTER 2016 INVESTMENT REPORT
DISCUSSION: Introduction
The purpose of this agenda item is for the Council to consider approval of the in-
vestment report for the third quarter of 2016.
Current Circumstances
Staff has prepared a list of investments as of September 30, 2016. The Investment
Report Summary Narrative provides some supplementary information with respect
to the investments currently held and the allowable forms of investments permitted
by Minnesota Statute.
The investment software provides the ability to generate reports and charts by bro-
ker, security type, maturities, etc. The software also enables staff to track interest
earned on an accrual basis versus a cash basis as well as changes in market
value.
Conclusion
The City Council should approve the quarterly investment report.
ALTERNATIVES: 1. A motion as part of the consent agenda to approve the 2016 3rd Quarter In-
vestment Report as submitted.
2. Remove this item from the consent agenda for discussion.
RECOMMENDED
MOTION:
Alternative 1.
2
INVESTMENT REPORT SUMMARY NARRATIVE
The attached “Investment Portfolio – Detail, by Broker” identifies the various types of investments and
the brokers/banks the City of Prior Lake uses for investment purposes.
As of September 30, 2016, the balance of the investment portfolio is $25,697,655. This is an increase
of $1.9M from June 30, 2016 due to the short-term investment of funds held at U.S. Bank.
The ‘weighted average yield to maturity at cost’ of the investment portfolio is currently 1.52% which is
a decrease from 1.61% as of June 30. The yield will fluctuate due in part to the balances that are in
the short-term money market accounts and the very low rate that is paid on money market funds. At
the end of September, the balance in the 4M money market was $1.7M.
It continues to be challenging to find competitive rates for short-term investments---30 to 120-day ma-
turities. These short-term securities are necessary to meet cash flow needs for payments to vendors
(including construction contracts) and payroll. The following table shows the treasury rates for 2016
compared to the previous two years:
As rates decrease, the market value of the existing securities will increase. As of September 30, 2016,
the market value of the portfolio is greater than the cost of the investments by $273k. The change in
the fair value of the securities is adjusted against interest earnings in each of the funds. This is a paper
gain for 3rd quarter 2016; no actual gain is realized because the City holds the securities until maturity.
During the third quarter of 2016, the chart below shows how rates, especially for mid to long-term se-
curities, have remained flat. Current long-term rates being offered by financial institutions continues to
be very low.
-
0.50
1.00
1.50
2.00
2.50
3.00
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr
US Treasury Yield Curve
9/30/14
9/30/15
9/30/16
3
As the attached chart titled Investment Portfolio – Diversification, by Maturity Range indicates, approx-
imately 26% or $6.6 million matures within 1 month. Of that total, $1.1 million is bond proceeds re-
served for construction projects and remainder in cash in our broker’s accounts. These funds will be
invested as the appropriate security (type, rate, and maturity) becomes available. Staff continues to
look for opportunities to invest our short-term funds. Revision to the City’s investment policy is cur-
rently being reviewed for possible updates.
The City’s investment portfolio amount is a pool of funds identified on the monthly Treasurer’s Report.
As shown on the September Treasurer’s Report, the balance of cash and investments, is $28.6M. Of
this balance, $25.6M is investments and $2.9M is cash. Because City funds are pooled for investment
purposes, interest is allocated to each fund monthly, and is based upon each individual fund’s propor-
tionate share of the total amount. Overall, the total investment pool does not represent excess re-
serves but rather available financial resources. In most instances, these funds were established and
restricted for specific and designated purposes by either Minnesota Statutes or City Code to accom-
plish the goals and objectives of the City. The constraints for each of the funds are noted on the
Treasurer’s Report.
Investments for local governments are restricted to only those permitted by Minnesota Statutes. Per
the City of Prior Lake Investment Policy, the City has chosen to limit its allowable investments as fol-
lows:
1. Bonds, notes certificates of indebtedness, treasury bills or other securities
now or hereafter issued by the United States of America, its agencies and al-
lowable instrumentalities;
2. Interest bearing checking and savings accounts, or any other investments
constituting direct obligations of any bank;
3. Certificates of deposit at state and federally chartered institutions that are lim-
ited to the amount of coverage provided by the Federal Deposit Insurance
Corporation;
4. Money market accounts that are invested in above referenced government se-
curities;
-
0.25
0.50
0.75
1.00
1.25
1.50
1.75
2.00
1 MO 3 MO 6 MO 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR
US TREASURY YIELD CURVE
7/31/16 8/31/16 9/30/16
4
5. State and local securities which have at the time of investment one of the
three highest credit ratings by a nationally recognized rating agency;
6. Investments may be made only in those savings banks or savings and loan
associations the shares, or investment certificates of which are insured by the
Federal Deposit Insurance Corporation;
7. Investment products that are considered as derivatives are specifically ex-
cluded from approved investments.
The breakdown of all security types held by the City is shown graphically in the attached document
titled Investment Portfolio – Diversification, by Security Type.
The investment policy also requires that all investment maturities shall not extend beyond ten (10)
years with no more than 20% maturing beyond five (5) years.
Change
from one
09/30/2015 12/31/2015 03/31/2016 06/30/2016 09/30/2016 year prior
Market Value 6,701,415 2,179,080 3,156,481 5,798,579 5,874,655 (826,760)
1 1 1 1 1 0
0.05%0.05%0.06%0.06%6.20%6.15%
Fixed Income Assets
21,525,125 21,400,125 21,326,125 17,987,700 19,823,000 (1,702,125)
21,743,809 21,482,504 21,598,640 18,294,310 20,096,281 (1,647,528)
1,483 1,348 1,146 1,074 988 (495)
747 708 664 634 518 (229)
2.13%2.10%1.97%2.12%1.95%-0.18%
Total Portfolio Value
28,226,540 23,579,205 24,482,606 23,786,279 25,697,655 (2,528,885)
28,445,224 23,661,585 24,755,121 24,092,889 25,970,936 (2,474,288)
83,438 99,404 80,548 79,372 67,230 (16,208)
218,684 82,379 272,515 306,610 273,282 54,598
1,131 1,224 998 812 763 (368)
570 642 578 479 400 (170)
1.64%1.91%1.72%1.61%1.52%-0.12%
BENCHMARK
90 Day T-Bill 0.00%0.16%0.21%0.27%0.29%0.29%
0.08%0.49%0.39%0.36%0.47%0.39%
0.33%0.65%0.59%0.46%0.59%0.26%
Don Uram, Finance Director
Weighted Average Yield to
Maturity @ Cost
CITY OF PRIOR LAKE, MINNESOTA
Quarterly Investment Report
September 30, 2016
Local Government
Investment Pools / Money
Market
Quarterly
WAM (1) in Days
Weighted Average Yield to
Maturity
Cost Value
Market Value
WAM (1) in Days
WAM / Callable (1) in Days
Weighted Average Yield
to Maturity @ Cost
6 Month Treasury
1 Year Treasury
Cost Value
Market Value
Accrued Interest
Unrealized Gain / Loss
WAM (1) in Days
WAM / Callable (1) in Days
City of Prior Lake - Quarterly Investment Report
YTM @
Cost Cost Value
Days to
Maturity
% of
Portfolio
Cash ‐ 4,207,191 1 16.37%
Certificate of Deposit 1.483 10,288,000 740 40.03%
FHLB Bond 0.750 900,000 327 3.50%
FHLMC Bond 1.961 3,490,000 1,535 13.58%
FNMA Bond 1.958 2,900,000 1,671 11.29%
LGIP 0.220 1,667,463 1 6.49%
Municipal Bond 4.528 2,245,000 660 8.74%
Total / Average 1.517 25,697,654 763 100.00%
CITY OF PRIOR LAKE, MINNESOTA
Investment Portfolio ‐ Diversification, by Security Type
September 30, 2016
Description
City of Prior Lake ‐ Quarterly Investment Report
YTM @
Cost Cost Value
Days to
Maturity
% of
Portfolio
0‐1 Month 0.143 6,612,654 3 25.73%
1‐3 Months 0.775 490,000 82 1.91%
3‐6 Months 0.889 1,324,000 135 5.15%
6‐9 Months 2.512 1,190,000 196 4.63%
9‐12 Months 0.857 1,982,000 333 7.71%
1‐2 Years 1.979 2,466,000 553 9.60%
2‐3 Years 2.945 2,576,000 922 10.02%
3‐4 Years 2.510 1,971,000 1,294 7.67%
4‐5 Years 2.006 6,351,000 1,681 24.71%
5‐10 Years 2.233 735,000 2,049 2.86%
Total / Average 1.517 25,697,654 763 100.00%
CITY OF PRIOR LAKE, MINNESOTA
Investment Portfolio ‐ Diversification, by Maturity Range
September 30, 2016
Description
City of Prior Lake ‐ Quarterly Investment Report
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