HomeMy WebLinkAboutFY 2013 Annual Investment ReportCITY OF ETILESS
ANYLAL I\TVESTMENT REPORT
FISCAL YEAR E\TDING
SEPTEMBER 30, 2013
201 N. Ector Drive
Euless, TX 76039
www. eulesstx. gov
INVESTMENT COMMITTEE MEETING
01/07/14
*Annual Review, FY13
Introduction
Investment Strategy Compliance
I. Portfolio Summary
11. Performance Summary
111. Interest Income Summary
IV. Collateral Review
V. Broker Selection Process
VI. Summary
*Appendices
Appendix A - Changes in Portfolio Values by Asset
Appendix B - Investment Portfolio by Type of Asset
Appendix C - Investment Portfolio by Fund
Appendix D - Investment Purchases
Appendix E - Investment Maturities
Appendix F - Investment Maturities by Fund at September 30, 2013
*Economic News
*Investment Policy
*General Discussion and Questions
INTRODUCTION
This report is written and submitted in accordance with Chapter 2256 of the Texas Government Code
entitled the "Public Funds Investment Act," 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 Investment Officers as the responsible managers for the
City's investment program. The daily investment procedures are monitored by the City's Finance
department and reviewed by the investment officers. This report has been signed by each investment
officer as required by the Public Funds Investment Act and the City's investment policy.
In compliance with the City's investment policy, the Finance department fulfills four main objectives:
compliance, safety, liquidity, and yield, in that order. Compliance is maintained through regular
reporting to City management on a monthly, quarterly and annual basis. Safety is insured by 1)
investing only in securities allowed by Chapter 2256 of the Texas Government Code entitled the "Public
Funds Investment Act"; 2) using delivery vs. payment for all purchases; 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 by the Federal Reserve Bank; 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
payable, debt service, and capital improvement disbursements. The City also utilizes money market
funds and local government investment pools to provide daily liquidity needs. The yield or rate of return
which the City receives is measured against the 90 -day treasury bill yield as set by the investment
policy.
The information contained in this report will quantitatively and graphically demonstrate the achievement
of these City objectives for Fiscal Year 2012-13.
2
Investment Strategy Compliance
The strategy for all pooled funds is to assure that cash flows are matched with projected needs and assume
adequate liquidity and safety. This may be accomplished by purchasing high quality securities in a laddered
structure or utilizing an investment pool (See Appendix E). Furthermore the following purposes are also
considered when investing.
-Operating Funds will be structured in such a way as to minimize volatility during economic cycles. This may be
accomplished by purchasing high quality short-term securities. The weighted average maturity on these funds
will remain within the 6 to 9 month range. These funds include:
101 General Fund
201 Hotel -Motel Tax Fund
202 Juvenile Case Fund
210 1/2 Cent Sales Tax -Operations
220 Crime Control & Prevention District
221 Police Seized Asset Fund
230 Police Drug - DEA Awards
231 Police Drug - State Awards
240 Car Rental Tax Fund
245 Glade Parks PID
250 Glade Parks TIRZ
260 Cable PEG Fund
501 Water & Wastewater Fund
510 Drainage Utility
520 Recreation Classes Fund
521 Arbor Daze Fund
530 Softball World -Operations
540 Golf Course Operations
550 Athletic Complex Operations
601 Equipment Replacement Fund
610 Health Insurance Fund
615 Risk Management Fund
-Funds for Capital Improvement Projects (CIP) and Special Purposes may purchase securities which allow for
flexibility and unanticipated project outlays by having a portion of their investments in highly liquid securities
(See Appendix E). The stated final maturity dates of securities held should not exceed the estimated project
completion date. These funds include:
301 Developer's Escrow Fund
305 Streets CIP
310 1/2 Cent Sales Tax-CIP
320 General Capital Projects Fund
321 Redevelopment CIP Fund
325 Police Facility Construction Fund
330 Car Rental CIP
-Debt Service Funds should assure adequate
payment date. These funds include:
401 Debt Service/General Obligation
402 Star Center Debt Service
403 Glade Parks Debt Service
410 1/2 Cent Sales Tax -Debt Service
502 Water & Wastewater-CIP
505 Water Impact Fees Fund
508 Wastewater Impact Fees Fund
511 Drainage CIP
552 Athletic Complex CIP-Phase II
720 Glade Parks Escrow
liquidity to cover the debt service obligation on the required
506 Water/Wastewater Debt Service
531 Softball World Debt Service
541 Golf Course Debt Service
-Emergency, Contingency, Operating and Debt Service Reserve funds will have the ability to generate a
dependable revenue stream to the appropriate fund from securities with a low degree of volatility. Such
securities will tend to hold their value during economic cycles. The stated final maturity dates of securities held
should not exceed five years (see Appendix E). These funds include:
102 General Fund -Emergency
103 General Fund -Contingency
211 1/2 Cent Sales Tax -Bond Reserve
240 Car Rental Tax Fund (2,000,000 Reserve)
503 Water & Wastewater Bond Reserve
507 Water & Wastewater -Emergency Fund
509 Rate Stabilization Reserve
532 TSSC Reserve
542 TSGC Reserve
705 Star Center Bond Reserve
Based on the above strategies, the investment portfolio reported herein is in compliance with the city's adopted
investment policy.
Janina Jewell
Director of Finance
Jackie Theriot
Assistant Director of Finance
3
s
I. PORTFOLIO SUMMARY
The City's investment portfolio at the end of the fiscal year, September 30, 2013, is
summarized by instrument as shown below.
Distribution by Instrument
Weighted
of Average Avg. Yield
Instrument $ Cost Portfolio Yield Prior Qtr
Agencies 39,003,600 60.95% 0.17% 0.19%
Investment Pools 24,992,980 39.05% 0.02% 0.02%
63,996,580 100.00%
The Distribution by Instrument table shows that the majority of City funds, approximately
61% are invested in government agencies, while the remaining 39% is invested in local
government investment pools. As of the date of this report, the weighted average yield on
the portfolio was .19%. When compared to prior quarter levels, the yield on the portfolio
has remained relatively stable. The portfolio composition below demonstrates the diversity
within the portfolio.
FHLB
33%
FAMCA
FNMA 2%
2%
Portfolio Composition
as of September 30, 2013
FHLMC
11%
FFCB
13%
Texpool
20%
Texstar
19%
4
I. PORTFOLIO SUMMARY (CONTINUED)
The City's investment portfolio at the end of the fiscal year, September 30, 2013,
is summarized by maturity as shown below.
Distribution by Maturity
# of months $ Cost
Overnight $24,992,980
< 1 mo $ 2,500,000
up to 6 mos $ 6,275,175
6 to 9 mos $ 2,999,920
9 to 12 mos $ 6,999,575
12 to 18 mos $10,324,473
18 to 24 mos $ 9,004,457
> 24 mos $ 900,000
$63,996,580
of Portfolio
39.1%
3.9%
9.8%
4.7%
10.9%
16.1%
14.1%
1.4%
100.0%
The Distribution by Maturity table reflects the degree of liquidity in the City's
portfolio. Currently, access to 39% of the portfolio is available within 24 hours,
with an additional 14% available within 6 months. This liquidity strategy was
followed to meet cash flow requirements for construction projects, payroll, debt
service, and other operating expenses. An additional 16% of the portfolio
matures within one year. Currently, the City has 16% of the portfolio invested
between 12 - 18 months, 14% of the portfolio invested between 18 - 24 months,
and an additional 1 % beyond 24 months to take advantage of yields in this area
of the curve. The weighted average maturity on the portfolio is currently 237.07
days.
> 24 mos
18 to 24 mos
12 to 18 mos
9 to 12 mos
6 to 9 mos
up to 6 mos
< 1 mo
Overnight
Investment Maturity Distribution
as of September 30, 2013
$0.0
$5.0
$10.0 $15.0
$20.0
$25.0 $30.0
5
I. PORTFOLIO SUMMARY (CONTINUED)
The City's investment portfolio at the end of the fiscal year, September 30, 2013, is
summarized by institution as shown below.
Institution
Cantor Fitzgerald
Coastal Securities
Duncan Williams
First Southwest
Mutual Securities
Samco Capital
Vining Sparks
Texpool
TexStar
B of TX
Distribution by Institution
$ Cost
3,009,627
9,999,301
1,321,586
8,498,326
7,497,950
5,001,810
2,775,000
12,775,658
12,205,780
911,542
% of Portfolio
4.7%
15.6%
2.1%
13.3%
11.7%
7.8%
4.3%
20.0%
19.1%
1.4%
$ 63,996,580 100.0%
The City strives to not only diversify the portfolio by the type of instruments that are
purchased, but also by the institution in which they are purchased from. The City
uses the following guidelines:
-No more than 10% in repurchase agreements,
-No more than 33% in investment pools with any single institution,
-No more than 33% in money market mutual funds, and
-No more than 33% by individual brokerage firms.
The chart below demonstrates the City's compliance with the above guidelines.
B of TX
Investments by Institution
as of September 30, 2013
$0.9
Texstar $12.2
Texpool $12.8
Vining $2.8
Samco $5.0
Mutual `
FSW
Duncan $1.3
Coastal $10.0
Cantor $3.0
$7.5
$8.5
$0.0 $4.0
$8.0 $12.0
$16.0 $20.0
6
City of Euless
Pooled Portfolio Summary
for Quarter Ending
September 30, 2013
Cost Book Market
Principal Only Value Value
Investments at June 30, 2013 $63,612,610.94 $63,587,816.63 $63,571,746.74
Investment Purchases/Dividends 20,401,287.69
Investment Maturities (20,017,318.95)
Investments at September 30, 2013 $63,996,579.68 $63,993,349.98 $64,001,010.70
Janina Jewell
Director of Finance
Jackie Theriot
Assistant Director of Finance
Summary of Investments by Fund
The following is a summary of cash and investments held by each fund at June 30, 2013 and September 30, 2013. The changes
include all investment purchases, maturities, revenues, expenses, and transfers that occurred during the fourth quarter of FY2013.
101 General Fund
102 General Fund Emergency
103 General Fund Contingency
201 Hotel -Motel Tax Fund
202 Juvenile Case Fund
210 1/2 Cent Operations Fund
211 1/2 Cent Debt Reserve
220 CCPD
221 Police Seized Asset Fund
230 Police Drug DEA Awards
231 Police Drug State Awards
240 Car Rental Tax Fund
245 Glade Parks PID
250 Glade Parks TIRZ #3
260 Cable PEG Fund
301 Developer's Escrow Fund
305 Streets CIP
310 1/2 Cent Sales Tax CIP
320 General CIP Fund
321 Redevelopment CIP Fund
325 Police Facility CIP
330 Car Rental CIP Fund
401 Debt Service/General
402 Star Center Debt Service
501 Water & Wastewater Fund
502 Water & Wastewater-CIP
503 Water & Wastewater Bond Rese
504 Service Center Fund
505 Water Impact Fees
506 Water & Wastewater -Debt Servi
507 Water & Wastewater-Emergenc'
508 Wastewater Impact Fees
509 W/WW Rate Stabilization
510 Drainage Utility
511 Drainage CIP
512 Drainage Reserve
520 Recreation Classes Fund
521 Arbor Daze Fund
530 Softball World Operations
531 TSSC Debt
532 TSSC Debt Reserve
540 TSGC Operations
541 TSGC Debt
542 TSGC Debt Reserve
550 Parks @ Texas Star
552 Parks @ Texas Star CIP
601 Equipment Replacement
610 Health Insurance Fund
615 Risk Management Fund
705 Star Center Escrow
720 Glade Park Phase II Escrow
TOTAL
Cash & Investment Cash & Investment
at Market Value at Market Value
6/30/2013
11, 359,132.87
499,080.00
500,355.00
158,632.01
128,160.51
1,530,591.48
919, 856.43
267,732.69
3,223.92
118,679.57
6,976,418.34
229, 310.84
224,865.04
1,432,146.90
2,002,401.39
1,081,509.40
578,476.73
205,372.13
77,517.31
3,103,739.25
1,539,290.66
562,077.58
5,194,843.76
3,799,802.23
305,035.51
(32,440.80)
1, 786, 362.49
271,123.46
500,000.00
528,215.08
2,198, 341.63
245,708.32
1,265,587.06
436,980.22
33,527.70
(183,117.55)
(36,787.94)
839,734.93
246,991.65
(174,154.35)
1,753,885.86
287,295.86
752,773.15
2,516,908.12
3,250,390.02
1,680,241.31
1,420,820.14
283,710.28
62,670,348.19
Increase/
Decrease
9/30/2013 In Fund
8
9,480,176.30
499,150.85
500,041.00
169, 787.97
136,134.08
1, 572, 788.23
914,734.20
309,245.45
2,432,585.88
14,570.53
106, 593.74
9, 877, 848.17
56,060.20
0.00
258,467.13
1,447,287.20
1, 881, 345.96
1, 044, 311.82
633,130.81
205,396.03
77,525.79
1,270,046.59
651,621.70
152,487.64
5,724,233.88
4,673,119.25
305, 071.78
-32,010.53
1, 597, 730.82
9,099.14
500, 000.00
480,529.90
2,152, 505.55
273,525.63
1,248,087.19
0.00
363, 730.17
33, 530.19
(247,172.25)
8,008.70
883,467.90
5,518.66
54,066.14
1, 796, 703.77
288,716.77
752,856.33
2,704,793.90
2,857,767.15
1,847,735.80
1,420,710.01
283, 741.41
(1,878,956.57) Operating expenses
70.85
(314.00)
11,155.96
7,973.57
42,196.75 Operating expenses
(5,122.23)
41,512.76 Operating Revenues
2,432,585.88 Seized funds
11, 346.61
(12,085.83)
2,901,429.83 Operating Revenues
(173,250.64) Transfer to Debt
33,602.09 Cable Franchise PEG Fees
15,140.30
(121,055.43) Capital outlay
(37,197.58) Capital outlay
54,654.08
23.90
8.48
(1,833,692.66) Capital outlay
(887,668.96) Debt service payments
(409,589.94) Debt service payments
529,390.12 Operating revenue
873,317.02 Capital outlay
36.27
430.27
(188,631.67) TRA water payment
(262,024.32) Debt service payments
(47,685.18) TRA wastewater payment
(45,836.08) Transfer to W/WW operations
27,817.31 Operating revenue
(17,499.87)
(73,250.05) Operating expenses
2.49
(64,054.70) Operating expenses
44,796.64 Transfer from operating
43,732.97 Gas royalty payments
(241,472.99) Operating expenses
228,220.49
42, 817.91
1,420.91
83.18
187,885.78 Transfer from other funds
(392,622.87) Insurance claims
167,494.49 Transfer from other funds
(110.13)
31.13
63,677,404.53 1,007,056.34
II. PERFORMANCE SUMMARY
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 percent of invested funds is 100%
for FY13. The monthly data below shows the continued utilization of City funds through investments.
Consolidated Invested Percentage
Cash Balance Invested
October -11 $265,985 $59,418,980 100%
November -11 694,788 60,880,529 99%
December -11 629,083 67,925,028 99%
January -12 338,039 71,715,207 100%
February -12 (509,448) 72,727,026 101%
March -12 338,093 62,841,299 100%
April -12 1,092,608 62,815,926 98%
May -12 524,952 64,044,594 99%
June -12 79,152 64,557,278 100%
July -12 909,414 63,948,675 99%
August -12 (540,941) 64,415,816 101%
September -12 (12,726) 63,958,495 100%
Average 317,417 64,937,404 100%
Consolidated
Cash
October -12 ($1,045,701)
November -12 (238,976)
December -12 2,004,279
January -13 1,222,208
February -13 (791,791)
March -13 159,410
April -13 423,498
May -13 230,971
June -13 338,998
July -13 440,639
August -13 461,983
September -13 371,050
Average 298,047
Invested Percentage
Balance Invested
$64,157,930 102%
64,921,362 100%
68,001,451 97%
71,764,660 98%
73,911,243 101%
63,124,139 100%
63,026,697 99%
62,562,590 100%
63,623,480 100%
63,083,427 99%
64,667,172 99%
64,003,860 99%
65,570,668 100%
This graph shows how a greater portion of the City's funds continue to be invested, always in pursuit of
100%.
Percent Invested
105.00%
100.00%
95.00%
90.00%
85.00%
{
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fiscal Year
9
Cash management performance - effectiveness of the cash management program has been
measured utilizing actual figures for FY13 as shown below:
Average City's Number Estimated
90 day Invested Days in Interest
Month T-bill Yield Balance Month Earnings
October -12 0.11% $64,157,930 31 $5,994
November -12 0.08% $64,921,362 30 $4,269
December -12 0.05% $68,001,451 31 $2,888
January -13 0.07% $71,764,660 31 $4,267
February -13 0.11% $73,911,243 28 $6,237
March -13 0.07% $63,124,139 31 $3,753
April -13 0.05% $63,026,697 30 $2,590
May -13 0.04% $62,562,590 31 $2,125
June -13 0.04% $63,623,480 30 $2,092
July -13 0.04% $63,083,427 31 $2,143
August -13 0.03% $64,667,172 31 $1,648
September -13 0.02% $64,003,860 30 $1,052
Average 0.06% $65,570,668 $3,255
Estimated earnings at benchmark yields: $39,057
Actual FY13 interest income (un -audited) $146,562
Earnings over benchmark: $107,505
Key rate comparisons - an objective of the investment policy is for the City's average rate of
return to consistently exceed that of the three month U.S. Treasury Bill, as stated before.
Therefore, returns for both have been presented for comparative purposes below.
Benchmark
90 -day City's Avg.
Month T-bill yield Portfolio Yld Difference
October -12 0.11% 0.34% 0.23%
November -12 0.08% 0.33% 0.25%
December -12 0.05% 0.29% 0.24%
January -13 0.07% 0.27% 0.20%
February -13 0.11% 0.27% 0.16%
March -13 0.07% 0.27% 0.20%
April -13 0.05% 0.27% 0.22%
May -13 0.04% 0.26% 0.22%
June -13 0.04% 0.28% 0.24%
July -13 0.04% 0.27% 0.23%
August -13 0.03% 0.27% 0.24%
September -13 0.02% 0.26% 0.24%
Average 0.06% 0.28% 0.22%
During FY13, the Federal Reserve left rates unchanged. The Federal Open Market
Committee has kept the target fed funds rate between 0.00% and 0.25% throughout the year
and currently anticipates economic conditions are likely to warrant exceptionally low levels
for the fed funds rate at least through mid -2015. The average yield on the City's portfolio has
dropped slightly from month-to-month throughout the year. However, the City's portfolio
continues to surpass the benchmark 90 -day T-bill rate by an average of 22 basis points for
the year.
10
Interest Income Summary'
III. INTEREST INCOME SUMMARY
FY09 Audit
FY10 Audit
FY11 Audit
FY12 Audit
FY13 Un -audited
FY13 Budgeted
$1,117,296
$380,555
$235,087
$193,366
$146,562
$187,419
$1,200,000
$1,000,000
0)
L $800,000
w
$600,000
a)
$400,000
$200,000
$0
FY09 Audit
FY10 Audit
FY11 Audit
FY12 Audit
FY13 Un -audited
Interest income did not meet the budgeted level for fiscal year 2013. When compared to prior
year, interest earnings have decreased. This decrease can be attributed to the reinvestment of
proceeds from maturing securities into lower yield investments.
11
Interest Income By Fund
For Fiscal Year Ending September 2013
# Fund FY 12 FY 12 Actual FY 13 FY 13 Actual Diff FY13
Budget Audited Budget (Unaudited) Bud. -Act.
101
General
$80,000
$47,169
$60,000
$40,710
($19,290)
201
Hotel/Motel
150
118
150
114
($36)
202
Juvenile Case Fund
0
87
0
73
$73
210
Half Cent Sales Tax -Operations
1,500
1,089
1,500
1,128
($372)
211
Half Cent Sales Tax -Reserve
500
6,298
2,000
9,001
$7,001
220
Crime Control Prevention District
350
148
150
178
$28
221
Police Seized Asset Funds
0
0
0
116
$116
230
Euless DEA Fund
500
24
500
6
($494)
231
Police DEA State Awards
500
166
500
118
($382)
240
Car Rental
35,000
28,376
35,000
18,030
($16,970)
245
Glade Parks PID
0
61
0
0
$0
250
Glade Parks TIRZ
0
0
0
0
$0
260
Cable PEG Fund
0
0
0
0
$0
301
Developer's Escrow
1,000
1,784
1,000
2,331
$1,331
305
Streets CIP
4,203
9,147
6,000
3,637
($2,363)
310
Half Cent Sales Tax - CIP
2,500
3,600
2,500
4,149
$1,649
320
G.O. CIP
6,000
6,427
6,000
2,139
($3,861)
321
Redevelopment CIP Fund
500
319
819
251
($568)
325
Police Facility CIP
0
119
150
91
($59)
330
Car Rental CIP
350
1,165
350
8,621
$8,271
401
GO Debt Service
1,500
699
1,500
1,091
($409)
402
Star Centre Debt
550
399
550
334
($216)
501
Water and Wastewater
60,000
27,087
30,000
15,810
($14,190)
502
Water and Wastewater CIP
5,600
8,289
5,600
9,229
$3,629
503
Water and Wastewater Reserve
0
442
0
298
$298
504
Service Center Fund
0
0
0
0
$0
505
Water Impact Fees
5,000
6,802
5,000
3,252
($1,748)
508
Wastewater Impact Fees
1,000
653
1,000
518
($482)
509
W/WW Rate Stabilization
0
7,686
5,000
5,043
$43
510
Drainage
500
391
500
153
($347)
511
Drainage CIP
2,100
1,300
1,000
2,018
$1,018
520
Recreation Classes
500
447
500
389
($111)
521
Arbor Daze
0
24
0
20
$20
530
Softball World
0
0
200
0
($200)
531
Softball World Debt
0
0
0
0
$0
532
TSSC Reserve
0
721
0
753
$753
540
Golf Course
0
1
0
38
$38
541
Golf Course Debt
0
44
0
22
$22
542
Golf Course Reserve
5,000
5,867
5,000
1,614
($3,386)
550
Parks At Texas Star
250
192
250
179
($71)
552
Athletic Complex - CIP
1,000
813
500
705
$205
601
Equipment Replacement
3,000
12,827
3,000
5,535
$2,535
610
Health Insurance
10,000
11,373
10,000
7,383
($2,617)
615
Risk Mgmt/Worker's Comp
1,200
1,212
1,200
1,485
$285
Total
$230,253
$193,366
$187,419
$146,562
($40,857)
Note that interest earnings are being earned on all investable City funds and great efforts are pursued to meet
budgeted levels. This report points out that the un -audited interest earnings for the end of the fiscal year did not meet
budgeted expectations due to unprecedented market lows.
Several funds were budgeted conservatively or not at all due to the volatility of revenues and expenditures. However,
these funds are used for investment purposes when available. These funds include Capital Improvement Projects,
DEA Funds, Grant Funds, and Debt Service Funds.
12
IV. COLLATERAL REVIEW
The first and most important objective of investing public funds is safety. One 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 in which the City would invest. Bank balances are monitored daily to assure full
coverage. The amount of collateral required by the depository bank varies with the expected level of deposits (typically
correlates with large receipts such as property taxes, franchise taxes and investment maturities).
City of Euless
Collateral Analysis for
Cash & C.D. Investments
as of 09/30/13
Pledging Safekeeping Pledged Sec. Security Market Value Inv. Value Difference
Institution Location Description Par Value (w/FDIC Ins.) (a7 Mat'v (P & I) Over/(Under)
Frost Bank Federal Reserve $3,294,058 $3,741,109 $868,000 $2,873,109
Bank FHLMC Payroll $12,581
4/1/2018 $3,294,058 Operating $673,592
Insurance $181,827
Produced By:
Director of Finance
Reviewed by:
Assistant Director of Finance
This review is practiced on a regular basis assuring coverage. Another regular practice is reviewing each individual
instrument purchased. This assures compliance with the investment policy and consideration of the underlying
security. This separate but thorough practice has protected the City's portfolio against derivative products.
13
V. BROKER SELECTION PROCESS
This section of the report is to provide a brief explanation of the process undertaken to
select brokers with which the City invests. The broker/dealer list is reviewed annually,
and additions/deletions are made as necessary. The city currently maintains a list of
seven broker/dealers. The process is outlined below:
1. Brokers express an interest in doing business with the City's investment portfolio.
2. A questionnaire is sent to the broker which requests the necessary information for
management to review including references, capital adequacy ratios, etc.
3. The Finance Department reviews all received questionnaires, summarizes the
information and recommends the desired list of brokers with explanatory notes in
conjunction with the first quarter investment report.
4. The list is presented to the investment committee annually for their approval.
5. All brokers are notified after the selection is complete.
VI. SUMMARY
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. This year proved to
be another successful year for the investment program. The City of Euless, like all other
local governments, is faced with the challenge of meeting benchmark levels triggered by
the Fed's actions and meeting additional reporting requirements as stated by new
legislation. Therefore, the City's investment program will continue to seek new
techniques, instruments, etc. to enhance the return on the City's funds, as well as the
return of all City funds.
The investment committee will meet on January 14, 2014 to discuss the Annual
Investment Report. Once the annual report is approved by the committee, it will be
forwarded to the City Council.
,,,e‘4,t4LAAeza
Janina Jewell Jackie Theriot
Director of Finance Assistant Director of Finance
14
CERTIFICATION
This report has been examined and approved by the Investment Officers of the City of Euless.
Information presented in this report to the Investment Committee and City Council represents
an accurate description of the City's investment activity for the fiscal year ending September
30, 2013. This report meets all requirements specified by the Public Funds Investment Act
and the Policy of the City of Euless.
Investment Officers
1;4f-e-otet.g.de-4,d,
Janina Jewell
Director of Finance
411 d
Jackie Theriot
Assistant Director of Finance
0/144A
Diana L Ayala
Accountant II
15
Members:
Minutes - 11/14/13 Investment Committee Meeting
Gary McKamie, City Manager
Loretta Getchell, Deputy City Manager
Janina Jewell, Director of Finance
Mary Lib Saleh, Mayor
Committee members present included, Mayor Saleh, Gary McKamie, Loretta Getchell, and Janina Jewell and
non -committee member, Chris Barker.
Janina Jewell presented the Quarterly Investment Report for the second and third quarters of FY2013 to the
committee in accordance with Chapter 2256 of the PFIA. The committee reviewed the report. Janina
reported that the City's investment portfolio was in compliance with the City's policy. At the end of March,
51% of the City's portfolio was invested in local government investment pools, providing the City with the
liquidity needed to meet cash flows, with the additional 49% invested in government agencies. At the end of
the quarter, the weighted average rate of return was 0.27% compared to 0.22% last quarter. The portfolio
return increased during the reporting period due to an extension of the weighted average maturity but
continued to out -perform the benchmark rate.
Janina also reported that approximately 51 % of the portfolio was available overnight, with an additional 22%
available within 6 months and another 12% available within one year. The remainder of the portfolio was
invested out to a maximum maturity of 24 months, with the exception of the EDC bond reserve which is
invested out to March 2016 at the direction of the investment committee. This strategy provides the City with
the liquidity needed to meet cash flow requirements for operating expenses and allows for reinvestment
opportunities should the market shift. The weighted average maturity at the end of March was 157.57 days.
Janina also reported that the City not only diversifies by type of investment and maturity date, but also by
institution. At the end of March, the City's portfolio was well within the stated guidelines, with no more than
33% invested within any one institution. At the end of March, the investment portfolio had decreased
primarily as a result of the DFW Revenue Sharing Agreement payments. The market value of investments at
the end of March was $63,114,918.35 compared to a book value of $63,101,077.74. The market value of
cash and investments at the end of March was $62,259,994.70.
The City was able to exceed the benchmark rate by an average of 19 basis points throughout the quarter.
However, the report detailed the projected interest earnings for the year which are anticipated to fall short of
budget due to declining interest rates. The City ended the quarter with total interest earnings of $51,744 and
an average yield of 0.27%.
A motion to approve the FY2013 Second Quarterly Report was made by Loretta Getchell and seconded by
Mayor Saleh. The motion was approved.
Janina then presented the third quarter report. At the end of June, 34% of the City's portfolio was invested in
local government investment pools, providing the City with the liquidity needed to meet cash flows, with the
additional 66% invested in government agencies. At the end of the quarter, the weighted average rate of
return was 0.27% compared to 0.27% last quarter. The portfolio return continued to out -perform the
benchmark rate. In fact, the City's average rate maintained its average as the benchmark average reduced.
Janina also reported that approximately 34% of the portfolio was available overnight, with an additional 18%
available within 6 months and another 13% available within one year. The remainder of the portfolio was
invested out to a maximum maturity of 24 months, with the exception of the EDC bond reserve which is
invested out to March 2016 at the direction of the investment committee. This strategy provides the City with
the liquidity needed to meet cash flow requirements for operating expenses and allows for reinvestment
opportunities should the market shift. The weighted average maturity at the end of June was 257.25 days.
The committee discussed their concern about the WAM growing too large for a few extra yield points verses
the risk of investing too far out in the market and not being able to react quickly if the market moves upward.
An extension of time in investment maturity was made after last committee meeting but minutes did not reflect
any committee suggested changes. Committee asked for a recalculation of WAM considering call dates.
16
The City was able to exceed the benchmark rate by an average of 22.7 basis points throughout the quarter.
However, the report detailed the projected interest earnings for the year which are anticipated to fall short of
budget due to declining interest rates. The City ended the quarter with total interest earnings of $80,008 and
an average yield of 0.27%.
A motion to approve the FY2013 Third Quarterly Report was made by Mayor Saleh and seconded by Loretta
Getchell. The motion was approved.
The minutes from the 4/11/13 meeting were presented for approval. Loretta Getchell motioned to approve
the minutes, Mayor Saleh seconded. The minutes were approved.
The committee discussed liked having the previous quarter report available during the meeting for
comparative purposes. It was also discussed that having investment committee meetings the day of a City
Council meeting at 3:30 pm may be convenient.
Gary McKamie motioned to adjourn the committee meeting. Mayor Saleh seconded.
Meeting was adjourned at 2:50pm.
17
APPENDIX
A-1
City of Euless
Change in Portfolio Values by Asset and Investment Fund
For the Quarter Ending September 30, 2013
Inv.
Type
CUSIP
Number
Maturity/
CaII Date
Pas-
N. attic
Market Value
09/30/2013
Market Value
06/30/2013
Change in
Market Value
Book Value
09/30/2013
Book Value
06/30/2013
Change in
Book Value
OPERATING FUNDS:
FHLMC
3134G3LA6
02/27/2014
775,000
775,554
776,132
(577)
775,000
775,000
-
FHLB
313378U25
10/18/2013
1,000,000
1,000,111
1,000,390
(279)
1,000,000
1,000,000
-
FAMCA
31315PSE0
03/25/2014
1,000,000
1,000,432
1,000,330
102
1,000,350
1,000,350
-
FFCB
3133ECBS2
06/26/2014
1,000,000
1,000,036
1,000,000
36
1,000,000
1,000,000
-
FFCB
3133ECDY7
07/30/2014
1,000,000
999,600
998,340
1,260
999,600
999,600
-
FHLB
313381Y66
02/13/2015
1,000,000
1,000,059
999,950
109
1,000,000
1,000,000
-
FHLB
313382CG6
03/12/2015
1,000,000
1,000,473
999,390
1,083
1,000,000
1,000,000
-
FHLB
313382JF1
09/15/2014
1,000,000
1,000,387
1,000,170
217
999,850
999,850
FHLB
313382LU5
09/25/2014
1,000,000
1,000,399
999,670
729
1,000,000
1,000,000
-
FHLMC
3134G3NL0
02/24/2015
1,000,000
1,001,048
1,002,410
(1,362)
1,001,578
1,001,874
(296)
FNMA
3135G0HN6
02/27/2015
1,000,000
1,001,535
1,003,300
(1,765)
1,001,913
1,002,271
(359)
FHLB
313382ML4
10/08/2014
1,000,000
1,000,108
999,870
238
999,820
999,820
-
FHLMC
3134G42K3
04/29/2015
1,000,000
1,000,172
985,000
15,172
1,000,000
1,000,000
-
FFCB
3133ECNQ3
08/06/2014
1,000,000
1,000,016
998,250
1,766
1,000,000
1,000,000
-
FHLB
313383B34
03/21/2014
1,000,000
999,794
1,000,250
(456)
1,000,000
1,000,000
FHLB
313383DN8
05/26/2015
1,000,000
999,365
997,970
1,395
1,000,000
1,000,000
-
FFCB
3133ECKX1
04/09/2015
1,000,000
999,870
998,760
1,110
999,630
999,630
-
FHLB
313383KP5
06/30/2014
1,000,000
1,000,154
999,620
534
1,000,000
1,000,000
-
FHLB
313383NV9
06/26/2014
1,000,000
1,000,372
999,900
472
999,920
999,920
-
Purchases
FFCB
3133ECYQ1
09/03/2014
1,000,000
1,000,000
-
1,000,000
1,000,000
-
1,000,000
FFCB
3133ECJY1-1
03/26/2015
411,000
410,826
-
410,826
410,363
-
410,363
FHLB
313383YC9
09/24/2014
1,000,000
999,870
-
999,870
1,000,125
-
1,000,125
FHLB
313383U25
02/02/2015
1,000,000
1,000,107
-
1,000,107
999,776
-
999,776
FHLB
313383TT8
07/29/2014
1,000,000
1,000,321
-
1,000,321
1,000,000
-
1,000,000
FHLMC
3134G4CE6
07/22/2015
500,000
500,161
-
500,161
500,000
-
500,000
FNMA
3136FM6V1
02/18/2015
400,000
409,369
-
409,369
409,396
-
409,396
Maturities
FNMA
31398A2M3
09/30/2013
1,000,000
-
1,002,610
(1,002,610)
-
1,001,406
(1,001,406)
FHLB
313376UY9
08/05/2013
1,000,000
-
1,000,130
(1,000,130)
-
1,000,000
(1,000,000)
FNMA
31398A3A8
09/03/2013
1,000,000
-
1,001,760
(1,001,760)
-
1,001,318
(1,001,318)
FHLB
313378ED9
09/09/2013
1,000,000
-
1,000,280
(1,000,280)
-
1,000,000
(1,000,000)
FHLB
3133797L7
07/15/2013
1,000,000
-
999,990
(999,990)
-
999,900
(999,900)
FHLB
313379ZH5
07/05/2013
1,000,000
-
1,000,000
(1,000,000)
-
1,000,000
(1,000,000)
FHLB
313376WS0
08/15/2013
1,000,000
-
1,000,270
(1,000,270)
-
1,000,566
(1,000,566)
Par total does not
Total Operating:
include maturities
$ 24,086,000
$ 24,100,140
$ 25,764,742
$ (1,664,602)
$ 24,097,320
$ 25,781,506
$ (1,684,185)
A-1
A-2
City of Euless
Change in Portfolio Values by Asset and Investment Fund
For the Quarter Ending September 30, 2013
Inv.
Type
CUSH'
Number
Maturity/
Call Date
Par
Value
Market Value
09/30/2013
Market Value
06/30/2013
Change in
Market Value
Book Value
09/30/2013
Book Value
06/30/2013
Change in
Book Value
CIP FUNDS:
FHLMC
3134G3JR2
01/09/2014
1,000,000
1,000,766
1,001,520
(755)
1,000,226
1,000,453
(226)
FHLMC
3134G3NS5
03/21/2014
1,000,000
1,000,620
1,001,210
(590)
999,640
999,424
216
FHLB
313380X44
10/04/2013
1,000,000
1,000,005
1,000,320
(315)
1,000,000
1,000,000
-
FHLB
313381U86
01/10/2014
500,000
499,940
499,975
(35)
499,815
499,815
FHLB
313381YP4
02/20/2015
1,000,000
1,000,435
999,020
1,415
999,193
999,042
151
FHLB
313382DK6
03/18/2015
1,000,000
1,000,460
998,570
1,890
999,900
999,900
-
FFCB
3133ECJY1
03/26/2015
1,000,000
999,577
998,490
1,087
999,801
999,801
-
FFCB
3133EANJ3
05/01/2015
1,000,000
1,003,021
1,002,430
591
1,003,821
1,004,425
(603)
FFCB
3133ECR71
06/04/2015
1,000,000
999,190
998,960
230
1,000,000
1,000,000
-
FHLB
3133835W7
06/05/2015
1,000,000
999,392
998,050
1,342
1,000,000
1,000,000
-
FHLMC
3134G3H78
12/05/2014
500,000
500,709
500,585
124
500,653
500,653
-
FHLB
313383HD6
06/24/2015
1,000,000
1,000,977
1,000,470
507
1,000,000
1,000,000
-
Purchases
None
Maturities
FHLB
313380LS4
08/28/2013
1,000,000
-
1,000,190
(1,000,190)
-
1,000,000
(1,000,000)
Par total does not
Total CIP:
include maturities
$ 11,000,000
$ 11,005,091
$ 11,999,790
$ (994,699)
$ 11,003,050
$ 12,003,512
$ (1,000,462)
RESERVE FUNDS:
FHLMC
3134G3RK8
03/14/2016
900,000
903,200
904,221
(1,021)
900,000
900,000
-
FHLB
313378YX3
10/15/2013
500,000
500,041
500,355
(314)
500,000
500,000
FHLB
313379FK0
11/15/2013
1,000,000
1,000,234
1,000,760
(527)
1,000,000
1,000,000
-
FAMCA
31315PVZ9
04/24/2015
500,000
499,151
499,080
71
500,000
500,000
FHLB
313383DD0
06/19/2015
1,000,000
1,000,175
1,000,000
175
1,000,000
1,000,000
-
Purchases
None
Maturities
None
Par total does not
Total Reserve:
include maturities
$ 3,900,000
$ 3,902,799
$ 3,904,416
$ (1,617)
$ 3,900,000
$ 3,900,000
$ -
OVERNIGHT INVESTMENTS:
Beginning Bal
Ending Bal
Texpool
Balance
12,775,658
12,775,658
11,686,811
1,088,848
12,775,658
11,686,811
1,088,848
Purchases
9,079,120
-
-
Maturities
7,990,273
-
-
Texstar
Balance
- 10,;204,441
12,205,780
12,205,780
10,204,447
2.001.333
12.205,780
10,204,447
2,001,333
Purchases
6,001,333
-
-
Maturities
4,000,000
-
-
13 ol'l
Balance
11,542
11,542
11,542
0
11,542
11,542
0
Purchases
0
Maturities
-
Total Overnight:
$ 24,992,980
$ 24,992,980
$ 21,902,799
$ 3,090,181
$ 24,992,980
$ 21,902,799
$ 3,090,181
Par total does not
Total Portfolio
include maturities
$ 63,978,980
$ 64,001,011
$ 63,571,747
$ 429,264
$ 63,993,350
$ 63,587,817
$ 405,533
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