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Home My WebLink AboutFY 1993 Annual Investment Report s � J � 1 DALLAS or � FOFrr MqS�S ANNUAL INVESTMENT J .- REPORT FISCAL YEAR 1992/1993 TABLE OF CONTENTS INrRODUCI'ION I. Portfolio Summary . . . . . . . . . . . . . . . . . . . . . . 2 A. Diversification by Instrument . . . . . . . . . . . . . . 2 B, Diversification by Maturity . . . . . . . . . . . . . . . 2 II. Performance Summary . . . . . . . . . . . . . . . . . . . . . 3 A. Cash & Investments Balances . . . . . . . . . . . . . . . 3 B. Key Rate Comparisons . . . . . . . . . . . . . . . . . . 4 C. Cash Management Performance . . . . . . . . . . . . . . . 5 III. Interest Income Summary . . . . . . . . . . . . . . . . . . . 6 A. Actual vs. Budget . . . . . . . . . . . . . . . . . . . . 6 B. Market Rate Outlook . . . . . . . . . . . . . . . . . . 6 C. Interest Earnings by Fund . . . . . . . . . . . . . . . . 7 IV. Collateral Review . . . . . . . . . . . . . . . . . . . . . . 8 V. swmary . . . . . . . . . . . . . . . . . . . . . . 9 Excerpt - tidCities News . . . . . . . . . . . . . . . . . .10 VI. Appendix Investment Instrument Descriptions Monthly Transactions Short-Term Rates TN1'�1170CiZtN This report is written and sutritted in accordance with Texas State law, specifically Tex. Rev. Civ. Stat. Ann. Art. 4413 (34C) Section 4, which states that "at least once each year, the investment officer of a state agency or Political subdivision shall prepare a written report concerning the agency's or subdivision's local funds investment transactions for the preceding year and describing in detail the investment position of the agency or subdivision as of the date of the report." The City's investment policy designates the Director of Fiscal & Human Resources as the responsible manager for the City's i.nvt program and as such has delegated the daily investment procedures to the Cash & Debt Manager. In compliance with the City's investment policy, the Cash & Debt Manager fulfills four main objectives: , safety, 144uidity and yield, in that order. Compliance is maintained through regular reporting to City Management on a monthly, quarterly and annual basis. etv is insured by 1) westing only in those securities allowed by Art. 842(a-2, V.T.C.S.) entitled the "Public Funds Investment Act of 1987" with revisions in 1989, 1991 and 1993; 2) using delivery vs. payment for all purchases (payment for securities is made upon their delivery); 3) protecting all non-government securities, (cash and bank certificates of deposit) with collateral in the form of government securities which are pledged to the City of Euless and safekept at a third party institution; and 4) diversifying investment purchases into different security markets to minimize individual market risk. Liquidity is met by matching investment terms to future operating cash needs such as payroll, accounts payables, debt service and capital improvement disbursements. Furthermore, investment in the Focal Government Investment Fund for Texas (the L.G.I.F.T. pool) provides the safety and daily liquidity needs of the City. The yield or rate of return which the City receives is measured against the average 90 day treasury bill yield as set by the investment policy. This "benchmark" has been exceeded through the diversification of investment securities such as government agencies and utilization of the (L.G.I.F.T.) pool as it continues to provide competitively high short-term rags of return. The information contained in this report will quantitatively and graphically explain the achievement of these City objectives for fiscal year 1992-93. 2 I. PCFaV=O SUMMARY Diversification by Instnmient - The following table describes the Composition of the City's portfolio as of 9/30/93. Instnzment %f Portfolio Average Yield C.D.s 2.5% 3.3250 Treasuries 15.8 4.39 Agencies 65.2 3.348 L.G.I.F.T. 15.7 2.97 Money Market (Bank ane) .8 2.70 This table shows that the majority of City funds, 65%, are invested in government agency securities which provide safety and a campetitive average yield in the portfolio. The highest average yield is being earned through the use of U.S. treasuries made possible through an investment policy amendment which extended the length of investment maturities, thus directly relating to the higher rates of returns. The City further diversifies its investments throes an investment pool sponsored by NCICyOG and professionally managed by Fidelity Investments, Local Govexrmient Investment Fund for Texas (L.G.I.F.T.). It is the first and only pool with ratings of AAAm and Prime-1 from Standard & Pbor's Corporation and Moody's Investor Service, respectively. These high quality ratings reflect directly upon the safety of the investment. The City also reviews information received from other invest pools as possible inclusions to our portfolio. The main criteria used to analyze the various pools is portfolio makeup and objectives. They must comply with those in the City's investment policy. Thus far, no other investment pool has been found to add to the City's portfolio which would enhance the program. Diversification IN Maturity - The table below reflects the degree of liquidity the City retains particularly with use of the L.G.I.F.T. # of Days $ Cost s of Portfolio 1 - 30 $ 2,732,159 22% 31 - 90 2,175,201 18 91 -180 2,725,868 22 181 -365 3,142,060 26 Over 365 1,449,376 12 Total $12,224,664 10090- City 00%City Portfolio City Portfolio By Instrument By Maturity 181-365 days Treasuries Over 365 days 26% 16% 12% G D.s 3% Agencies $Market 65% 1% 1-90 tleys LGIFT 22% 91-180 days 16%15% 22% 31-90 days September, 1993 18% September, 1993 3 II. SCS Cash and Investments Balances - Full utilization of funds and minimization of idle cash is necessary to pursue additional interest income revenues for the City. The average % of invested funds is 101% for FY93, fulfMing that Objective.. The monthly data below shows a greater utilization of City funds through investments. Consolidated Invested Percentage Month Cash Balance Invested Oct 91 $ (325,395) $ 9,644,231 101.20% Nov 168,892 11,254,336 98.50 Dec (516,593) 12,543,106 104.00 Jan 92 (450,863) 13,743,741 103.00 Feb 899,671 13,879,390 94.00 Mar (130,464) 13,420,665 101.00 Apr (394,936) 13,197,885 103.00 May ( 96,955) 13,725,179 101.00 Jun (276,508) 13,844,746 102.00 Jul (245,446) 13,059,743 102.00 Aug (102,523) 12,872,644 101.00 Sept (996,746) 12,345,844 108.00 Averages $ (205,656) $ 3.2,794,292 102.00% Oct 92 $ ( 66,286) $110229,793 99.00% Nov ( 61,111) 11,228,872 101.00 Dec 435,574 11,887,349 96.00 Jan 93 (154,154) 13,347,645 101.00 Feb (232,979) 13,498,919 102.00 Mar ( 2,672) 12,697,617 100.00 Apr (242,840) 12,361,070 102.00 May 4540348 13,288,022 100.00 Jun ( 92,761) 13,078,456 100.00 Jul (188,091) 12,242,221 102.00 Aug ( 79,080) 12,482,476 101.00 Sept (823,099) 12,224,664 106.00 Average $ ( 87,763) $ 3.2,463,925 101.00$ This graph shows how a greater portion The City's average annual cash at of the City's funds are being invested the bank has been minimized as as compared to prior years. compared to prior years as well. Millions 102 1— __....._..._..._...__............. _......__........_._._._. 99.741sy 1001E .. _..........._......__........__._........_......__ .......... 0.5i \ _.._._.._.._._... _. _ _.. 951 _ _..... _ 90A 0 ages _... _ 85% 0 88 1990 1991 1992 1899 1989 1990 1991 1992 WIN The two graphs present how cash and investrients are actively being managed resulting in additional in rest irmwe revenues for the City. 4 Key Rate Comparisons - An objective of the investment policy is for the City's rats of return to consistently exceed that of the three month U.S. Treasury Bill; therefore, they have been presented for comparative purposes below. 90 day City's Avg Basis Point Month T-Bi11, Yld Portfolio Yl d Difference Oct, 92 2.92% 4.38% 146 Nov 3.19 4.30 111 Dec 3.28 4.165 88 Jan, 93 3.05 3.97 92 Feb 2.98 3.75 77 Mar 3.01 3.77 76 Apr 2.93 3.70 77 May 3.01 3.53 52 Jun 3.13 3.44 31 Jul 3.10 3.42 32 Aug 3.07 3.44 37 Sep 3.01 3.44 43 Average 3.06% 3.78% 72 This table shows the additional interest revenues gained through actively investing in instruments which provide yields greater than the 90 day T Bill or benchmark rate. The graph below presents the "spread" between these rates as well as the flat state of interest rates during this fiscal year's continued sluggish economy. Basis Point spread Yield % 4.35% ............_._........_....................._.._....._............._._._-_.__ 3.85% _._....__......._. 3.35% 2.85%' ' Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep FY1993 Monthly Averages 90 day T Bill M, City Portfolio 5 Cash Management Per - Effectiveness of the cash management program has been measured utilizing actual figures for FY93 as shown below: Average City's Number Estimated 90 day Invested Days in Interest nth T Bill* Balance Earnings Oct, 1992 2.92% $ 11,229,793 31 $ 27,850 Nov 3.19 11,228,872 30 29,441 Dec 3.28 11,887,349 31 33,115 Jan, 1993 3.05 13,347,645 31 34,575 Feb 2.98 13,498,919 28 30,858 Mar 3.01 12,697,617 31 32,461 Apr 2.93 12,361,070 30 29,768 May 3.01 13,288,022 31 33,970 Jun 3.13 13,078,456 30 33,645 Jul 3.10 12,242,221 31 32,232 Aug 3.07 12,482,476 31 32,546 Sept 3.01 12,224,664 30 30,243 Estimated Earnings at Benchmark Yields: $380,704 Actual FY93 Interest Earnings (Pre-Audit): $474,727 Earnings over Benchmark $ 94,023 The table above presents an estimated amount the City would have earned for the past year on just matching the benchmark yield. The operational budget for Cash Management is $43,306 for FY93. A net benefit of new revenue to City funds of $ 50,717. *Source: Shearson Lehman Brother Inc. and Merrill Lynch ti nr. vrmc* nome SPRY FY91 Audit $ 821,565 FY92 Audit $ 873,288 FY93 Budget $ 446,588 FY93 Pre-Audit $ 474,727 Interest Income Received 1.06% Interest income met the budgeted level for fiscal year 1993. This year experienced basically a flat trend in short-term rates as the economy struggled to recover and remained sluggish throughout the fiscal year. Market Rate -Outlook - the chart below illustrates the spread between types of short-term instruments, agencies and treasuries. This spread decreased this fiscal year from prior fiscal year. The outlook through the end of 1993 is for continued sluggish growth in the economy including layoff announcements, consumer confidence at recession levels and businesses deeply concerned over impending tax hikes and the ultimate costs of health-care reform. These factors make it difficult to get a clear focus on the economy's status or to make firm judgements as to where it is heading. (Source: Merrill Lynch) Government Yield Comparisons Yield % 4.45% '" .45% . 3.95% - --------- ------------- ................ 3.45% - ...... ....... ........... .............. ................ 2.95% Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep FY1993 Closing Yields # 3 month T Bill 3 month Agencies 2 year Treasury ............................................................................................. A .cr.9 30 83 ........................... .... ...................................................................... ............................................................................................. ............................................................................................. ....................................................................I........................ ............................................................................................. ............................................................................................. ............................................................................................. ............................................................................................. Fund FY92 FY92 FY93 FY93 # Budget Actual Budget YTD Difference 1 $405,000 $174,550 $154,000 $152,815 $1,185 2 300,000 178,813 111,150 126,375 $15,225 4 114,288 28,688 100,002 22,628 ($77,374 8 17,286 5,000 12,000 $7,000 9 44,005 _ 32,530 $32,530 12 1 2,419 1,100 3,969 $2,869 17 10,216 5,000 2,435 $2,565 18 104 $0 20 4,143 236 $236 21 6,000 7,081 7,000 4,453 $2,547 24 3,022 59 $59 26 32,737 10,000 10,092 $92 LW 27 40,000 3,434 $0 29 8,000 7,185 16,952 $16,952 30 42,021 43,306 44,994 $1,688 39 68,314 10,000 40,954 $30,954 40 3,507 4,234 $4,234 44 $873,2881 $627,5251 $446,5681 $474,7271 $28,169 \► 8 IV. CCLLAMMAL IWVIW The first and most important objective of investing public funds is safety. Cne way to insure the City's assets is to have them fully secured with "Collateral". Acceptable collateral is defined in the City's investment policy, but generally consists of types of securities the City would invest in. Bank balances are monitored daily to assure their full coverage. The amount of collateral required by the bank varies with the expected level of deposits (typically correlates with large receipts such as property taxes, franchise taxes and investment maturities. ............... ................... X... ............. ........... ...... ........................................... ...............................- ....... ....... ........................... ............. ..................... ........................ . ... ......... ............... . ..... ............ I Analysis ................... ...... ................. t$ - _xX X,& C.D. ffivestmen ♦ .......... ..... .. ..... ............ . .. ...... .... . ........ ..... N. ... ..... ........... ............ ............. .............. .. ........ ................. .......... . .................... ... ............. ........... ..... ...... ........... ...I......... Pledging Safekeeping Pledged Sec. Security Market Value Inv. Value Difference Institution Location Description Par Value (w/FDIC Ins) @ M_4y P I Over Under _fAJ moo Western Amer. Bank One U.S.Treas. $300,000 $400,000 $303,775 $96,225 Nat'l Bank 12/9/93 Bank One Federal Res FHLMC $820,299 $913,163 $189,226 $723,937 6115/97 $Mkt $93,996 DDA $96,230 Landmark Bank Texas tndep Agency $300,000 $412,937 $200,000 $212,937 Bank-Dallas 10102/01 (Avg payroll balance) Prepared by: 9 VTI. summw The City's investment program has just completed its third year with much to its accomplishments: first and foremost, compliance with State law and establishment of investment procedures adhering to an approved investment Policy providing paramenters for investment of funds; secondly, the policy has been revised to provide for safe but enhanced interest income revenues for the City by extending the length of maturity for specific funds; and third, receiving the Certification of Excellence Award for the City's investment policy as reviewed by Municipal Treasurers Association of U.S. & Canada, a national treasurers organization. The primary objectives of compliance, safety, liquidity and yield have been achieved for the reporting period as evidenced by this report. These objectives will continue to be pursued for the City of Euless as provided by the investment policy. In the area of yield, however, it is important to remember that this objective is to be measured by a relative benchmark, T-Bill rate; and, this basis of comparison is external, variable and uncontrollable. Thus, interest earning levels as they are directly related to this factor will also vary. The City of Euless, like all other local governments, is faced with the challenge of maintaining the current and budgeted level of interest income revenues as the economy continues its road to recovery in FY94. The investment committee met on January 18, 1993 and reviewed the presented data for transmittal to City Council. Diana G. Ortiz, Cash & Debt Manager DISTRIBUTED TO: DATE : ��C. 10 MAYOR CITY COUNCIL T. HART J. HENNIG 44 C /� _ DATE: S. CRIM M. MUNDO T. COX R. HEROLD CITY ATTORNEY D. FORTE ' , 'Ca' s' h "manag' ement ractices earn honors for i,;u ess By L.JAMES KUNKE third award from the Municipal MTA for its investment policy and News Stan water - ' Treasurers Association for its in- the way that policy is utilized to re- vestment policy and practices. .-ceive the maximum safe return Euless has been honored by two "It really is a big honor to win .possible. national organizations for its ef- these awards," said Diana Ortiz, "They have guidelines that cov- forts in budgeting and investing lo- cash and debt manager for the er everything from diversification cal tax dollars. city. "We have won the GFOA and safety to checks and balances The city received two awards awards several times in the past, type of stuff," Ortiz said. "It's all 'from the Government Finance Of- but this is the first time for the based on cash management and in- , ficers Association, one for its bud- MTA (award)." vestment practices and how your get package and one for its Euless was presented a Certifi- guidelines are set up — number low financial reporting, and received a cation of Excellence Award by the. one,whether they are set up at all; and number two, whether you in. Ortiz said Euless residents "On the budget award, it's an volve your governing body in the should feel good about their city operational tool ana communica d = policy." having received all three awards. tion device to the citizens and to. The city also received the Dis- "The MTA award for the invest- the public. It's an informational tinguished Budget Award and a ments signifies that the we are document that is readable to the Certificate of Achievement for Ex- meeting national safe investment public so they can come back and. cellence in Financial Reporting practices,so that should give them ask questions as opposed to giving, form the GFOA. Both of those a peace of mind so far as the port- them a book with a bunch of- awards are based on whether the folio not being invested on a risky spreadsheets on it where they don't city's financial reports are present- basis," she said. "It gives peace of know what it means. It lets them ed in a way that can be easily read mind that their money is invested decipher what the city's financial• and understood by the citizens. safely. plans are." APPENDIX Treasury Bills - Issued at a discount at auctions conducted by the Federal Reserve Bank. May be issued in maturities of three months, six months or one year. Difference between the face amount at maturity and the discounted amount paid by the investor is the 'ncome earned on the security. The market for treasury bills is the most active and most carefully watched sector in the world. Every other type of security trades at a basis spread over these securities. Treasury Notes - Notes are interest-bearing securities with a stated coupon rate issued at or near face value and redeemable at face value with interest coupon payments every six months. Notes have maturities from one to ten years. Certificates of Deposit - Issued by financial institutions for specified terms and must be fully insured or collateralized by allowable securities to be a suitable investment for a municipality. Usually purchased in denominations of $100,000, but can be odd amounts. A penalty for early withdrawal is assessed if not held to the pre-arranged term. Certificates of Deposit must be purchased from a Texas bank or savings and loan according to the "Texas Public Funds Investment Act of 1987". Federal Ag-encies and Instrumentalities - Created to provide credit to various sectors of the economy. Issues include discount nous, coupon notes and bonds, medium term notes and mortgage securities. All issues have a backing from the federal government. Pooled Government Funds - Allowed under the Interlocal Cooperation Act, Article 4413(32c) of the Tex. Rev. Civ. Stat., which provides that any local government may contract or agree with one or more local governments to perform governmental functions and services including public funds investment. 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C � � p C � � N � us _ C C �� o 0 o e G e e e i O o po m G� u O c O — U Vi�r u m`� O y � � N N c e 2'v C C c m G cr c G r �. m ` m J �.r� ` J � � o s } of - _ - C v o .t s y,ti - maw Y' :t • e e o o - • `u A t~ O V O Y[ O c 7 Go o e e e e 9 n r a o N v e e e e t1 o e e e o t e o e o ` 0 0 0 0 0 0 0 m • � �t a � N o 0 o N N m m � � � F � � d .� o �� e � z A m _ z .c o�` .--. .-a .-a � y -� y mso-z. h c .c �� ; t=. v r s y ... .�-. ..+ N � N c>� «.x z � � o 0 0 o c c o c �'^Y �_ 0 0 0 o m � Y N C o 0 0 y� ~ � � ! ~ N ss — o 0 0 0 c o 0 0 r..d. m a w 0 0 0 0 0 o m m .�.c m .-. u o.. m w m y� r o � o N N .� m d s� 0 0 0 �o o �o o � �� . � - - - - - - o � mo =oo � o � � � � ' � � � .� v y Y. c �z _ 6 4C t Z h ti f� OOs or {' 7 p „10 O U Y o v9a! O m ^ ✓s �e d R m a Y q o 0 0 m Sit'-Rm RATS Prime Rate - The rate posted by large banks as a base rate for loans to consumers and smaller businesses. Discount Rate - The interest rate charged by Federal Reserve banks on loans to depository institutions. Federal Funds - The rate for overnight loans among financial institutions. Treasury Bills - Discount rates for three-month Treasury bills traded in the secondary market. Commercial Paper - Discount rate for unsecured 30-day notes of high quality corporate bortawers. Broker Call Loans - The rate charged on bank loans to securities dealers with stocks as collateral. Bankers Acceptances - Discount rate in the secondary market for bank credits created to finance trade. Certificates of Qepo~si - Offering yield on the secondary market for one-month certificates of large banks in blocks of $1 million or more. Eurodollar Time De osits - Rates paid on one-months dollar deposits outside the United States London Interbank Offered Rates - The rate paid in London on three-month dollar deposits from other banks, used as a base rate in international lending.