HomeMy WebLinkAbout5E 2017 3rd Quarter Investment Report
4646 Dakota Street SE
Prior Lake, MN 55372
CITY COUNCIL AGENDA REPORT
MEETING DATE: NOVEMBER 6, 2017
AGENDA #: 5E
PREPARED BY: JASON ETTER, ACCOUNTING MANAGER
PRESENTED BY: CATHY ERICKSON, FINANCE DIRECTOR
AGENDA ITEM: CONSIDER APPROVAL OF 3RD 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 third quarter of 2017.
Current Circumstances
Staff has prepared a list of investments as of September 30, 2017. 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. Motion and second as part of the consent agenda to approve the 2017 3rd
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 – by Security Type” identifies the various types of investments and
the brokers/banks the City of Prior Lake uses for investment purposes.
As of September 30, 2017, the balance of the investment portfolio is $30,036,751. This is an increase
of $1.8M from June 30, 2017.
The ‘weighted average yield to maturity at cost’ of the investment portfolio is currently 1.49% which is
an increase from 1.44% 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 $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 3rd
quarter of 2017 compared to the previous two years:
As rates decrease, the market value of the existing securities will increase. As of September 30, 2017,
the market value of the portfolio is greater than the cost of the investments by $26K. 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 third quarter of 2017; no actual gain is realized because the City holds the securities until
maturity.
-
0.50
1.00
1.50
2.00
2.50
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr
US Treasury Yield Curve
9/30/15 9/30/16 9/30/17
3
During the third 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.
As the attached chart titled Investment Portfolio – Diversification, by Maturity Range indicates, approx-
imately 40% or $12.1 million matures within 1 month. Of that total, $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 September Treasurer’s Report, the balance of cash and investments, is $31.8M. Of
this balance, $30M is investments and $1.8M 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;
-
0.25
0.50
0.75
1.00
1.25
1.50
1.75
2.00
2.25
2.50
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr
US Treasury Yield Curve
7/31/17 8/31/17 9/30/17
4
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;
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
9/30/2016 12/31/2016 3/31/2017 6/30/2017 9/30/2017 year prior
Market Value 5,874,655 5,710,646 4,301,259 9,371,136 10,905,708 5,031,053
1 1 1 1 1 0
0.06% 0.25% 0.34% 0.59% 0.67%0.61%
Fixed Income Assets
19,823,000 20,445,000 19,836,276 18,799,627 19,131,043 (691,957)
20,096,281 20,533,421 19,905,497 18,846,876 19,156,982 (939,299)
988 873 909 824 857 (131)
518 437 405 457 475 (43)
1.95% 1.90% 1.97% 1.86% 1.96%0.01%
Total Portfolio Value
25,697,655 26,155,646 24,137,535 28,170,763 30,036,751 4,339,096
25,970,936 26,244,067 24,206,756 28,218,012 30,062,690 4,091,754
67,230 88,612 66,954 100,992 67,330 100
273,282 87,084 69,221 47,249 25,938 (247,344)
763 683 747 550 545 (218)
400 342 333 305 303 (97)
1.52% 1.54% 1.68% 1.44% 1.49% -0.03%
BENCHMARK
90 Day T-Bill 0.29% 0.51% 0.76% 1.03% 1.06% 0.77%
0.47% 0.62% 0.91% 1.14% 1.20% 0.73%
0.59% 0.85% 1.03% 1.24% 1.31% 0.72%
Weighted Average Yield to
Maturity @ Cost
CITY OF PRIOR LAKE, MINNESOTA
Quarterly Investment Report
September 30, 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 - 1,817,734 1 6.06%
Certificate of Deposit 1.750 10,131,000 728 33.77%
FHLMC Bond 2.075 3,715,000 1,303 12.39%
FNMA Bond 1.824 1,900,000 1,402 6.34%
LGIP 0.802 9,087,974 1 30.30%
Municipal Bond 2.525 3,385,043 439 11.14%
Total / Average 1.488 30,036,751 545 100.00%
CITY OF PRIOR LAKE, MINNESOTA
Investment Portfolio - Diversification, by Security Type
September 30, 2017
Description
City of Prior Lake - Quarterly Investment Report
YTM @
Cost Cost Value
Days to
Maturity
% of
Portfolio
0-1 Month 0.716 12,139,708 3 40.49%
1-3 Months 0.900 245,000 41 0.82%
3-6 Months 1.193 1,481,336 133 4.82%
6-9 Months 1.320 849,000 235 2.83%
9-12 Months 1.433 1,473,000 322 4.91%
1-2 Years 2.463 3,962,707 579 13.18%
2-3 Years 2.437 2,340,000 974 7.80%
3-4 Years 1.906 5,371,000 1,310 17.92%
4-5 Years 2.387 1,685,000 1,688 5.62%
5-10 Years 2.152 490,000 2,038 1.63%
Total / Average 1.488 30,036,751 545 100.00%
CITY OF PRIOR LAKE, MINNESOTA
Investment Portfolio - Diversification, by Maturity Range
September 30, 2017
Description
City of Prior Lake - Quarterly Investment Report
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83
GE
C
a
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k
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GE
C
a
p
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C
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2
HS
B
C
B
a
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82
JP
M
o
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2
Me
d
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8
3
Me
r
c
a
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3
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86
0
.
8
2
NB
T
B
a
n
k
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N
Y
2
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1
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6
9
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4
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2
6
0
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8
2
Ne
w
Y
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C
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m
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1
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2
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o
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d
1
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Q
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3
Pi
n
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8
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