HomeMy WebLinkAbout5B 2017 1st Quarter Investment Report
4646 Dakota Street SE
Prior Lake, MN 55372
CITY COUNCIL AGENDA REPORT
MEETING DATE: MAY 22, 2017
AGENDA #: 5B
PREPARED BY: JASON ETTER, ACCOUNTANT
PRESENTED BY: CATHY ERICKSON, ACCOUNTING MANAGER
AGENDA ITEM: CONSIDER APPROVAL OF 1st QUARTER 2017 INVESTMENT REPORT
DISCUSSION: Introduction
The purpose of this agenda item is for the Council to consider approval of the in-
vestment report for the first quarter of 2017.
Current Circumstances
Staff has prepared a list of investments as of March 31, 2017. The Investment Re-
port 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. Motion and second as part of the consent agenda to approve the 2017 1st
Quarter Investment Report as submitted.
2. Motion and second to remove the Investment Report from the consent agenda
for additional 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 March 31, 2017, the balance of the investment portfolio is $24,137,535. This is a decrease of
$2M from December 31, 2016 due to the requirement to fund ongoing city operations.
The ‘weighted average yield to maturity at cost’ of the investment portfolio is currently 1.68% which is
an increase from 1.54% as of December 31. 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 March, the balance in the 4M money market was $2.9M.
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 the 1st
quarter of 2017 compared to the previous two years:
As rates decrease, the market value of the existing securities will increase. As of March 31, 2017, the
market value of the portfolio is greater than the cost of the investments by $69K. 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 the first quarter of 2017; no actual gain is realized because the City holds the securities until maturity.
During the first quarter of 2017, the chart below shows how rates, especially mid to long-term securi-
ties, 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
3/31/15 3/31/16 3/31/17
3
As the attached chart titled Investment Portfolio – Diversification, by Maturity Range indicates, approx-
imately 21% or $5 million matures within 1 month. Of that total, $2.9 million is in the 4M investment
pool which is currently generating the highest money market interest rates. These funds will be in-
vested 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 March Treasurer’s Report, the balance of cash and investments, is $24.5M. Of this
balance, $24.1M is investments and $400K 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
2.25
2.50
2.75
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr
US Treasury Yield Curve
1/31/17 2/28/17 3/31/17
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
3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 year prior
Market Value 3,156,481 5,798,579 5,874,655 5,710,646 4,301,259 1,144,778
1 1 1 1 1 0
0.06% 0.06% 0.06% 0.25% 0.34%0.28%
Fixed Income Assets
21,326,125 17,987,700 19,823,000 20,445,000 19,836,276 (1,489,849)
21,598,640 18,294,310 20,096,281 20,533,421 19,905,497 (1,693,143)
1,146 1,074 988 873 909 (237)
664 634 518 437 405 (259)
1.97% 2.12% 1.95% 1.90% 1.97%0.00%
Total Portfolio Value
24,482,606 23,786,279 25,697,655 26,155,646 24,137,535 (345,071)
24,755,121 24,092,889 25,970,936 26,244,067 24,206,756 (548,365)
80,548 79,372 67,230 88,612 66,954 (13,594)
272,515 306,610 273,282 87,084 69,221 (203,294)
998 812 763 683 747 (251)
578 479 400 342 333 (245)
1.72% 1.61% 1.52% 1.54% 1.68% -0.04%
BENCHMARK
90 Day T-Bill 0.21% 0.27% 0.29% 0.51% 0.76% 0.55%
0.39% 0.36% 0.47% 0.62% 0.91% 0.52%
0.59% 0.46% 0.59% 0.85% 1.03% 0.44%
Weighted Average Yield to
Maturity @ Cost
CITY OF PRIOR LAKE, MINNESOTA
Quarterly Investment Report
March 31, 2017
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 0.004 1,376,687 1 5.70%
Certificate of Deposit 1.512 8,656,000 655 35.86%
FHLB Bond 2.552 1,525,000 1,286 6.32%
FHLMC Bond 2.014 4,340,000 1,301 17.98%
FNMA Bond 1.863 2,400,000 1,571 9.94%
LGIP 0.500 2,924,572 1 12.12%
Municipal Bond 3.028 2,915,276 340 12.08%
Total / Average 1.677 24,137,535 747 100.00%
CITY OF PRIOR LAKE, MINNESOTA
Investment Portfolio - Diversification, by Security Type
March 31, 2017
Description
City of Prior Lake - Quarterly Investment Report
YTM @
Cost Cost Value
Days to
Maturity
% of
Portfolio
0-1 Month 0.768 5,046,259 2 20.91%
1-3 Months 0.844 1,834,276 36 7.60%
3-6 Months 0.835 2,309,000 143 9.57%
6-9 Months 1.113 983,000 198 4.07%
9-12 Months - - - 0.00%
1-2 Years 2.699 2,718,000 584 11.26%
2-3 Years 2.229 2,671,000 967 11.07%
3-4 Years 2.139 2,771,000 1,334 11.48%
4-5 Years 2.240 5,560,000 1,625 23.03%
5-10 Years 1.500 245,000 2,190 1.02%
Total / Average 1.677 24,137,535 747 100.00%
CITY OF PRIOR LAKE, MINNESOTA
Investment Portfolio - Diversification, by Maturity Range
March 31, 2017
Description
City of Prior Lake - Quarterly Investment Report
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r
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NB
T
B
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N
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2
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1
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6
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19
8
7
9
4
5
1
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0
7
1
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0
2
SA
L
L
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A
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B
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C
D
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u
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1
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5
1
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7
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5
0
P
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5
5
81
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7
1
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8
2
1
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0
2
ST
A
T
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B
K
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N
D
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A
N
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W
Y
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R
K
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Y
2
.
6
1
2
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6
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8
5
6
2
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4
3
H
5
3
3
68
2
1
2
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0
5
/
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