Sacramento Public Library Authority

Transcription

1 Sacramento Public Library Authority September 22, 2016 Agenda Item 7.0: Quarterly Investment Performance Report for Q4 June 2016 TO: FROM: Sacramento Public Library Authority Board Denise M. Davis, Deputy Library Director RE: Quarterly Investment Performance Report June 2016 RECOMMENDED ACTION(S): Receive and file INFORMATION The Library Authority s Investment Policy, adopted by the Board on May 26, 2016, requires the Authority s Treasurer to submit quarterly investment reports in compliance with Government Code Section 53646(b) and monthly investment transaction reports consistent with Government Code Section Attachment A is the City of Sacramento City Treasurer s Quarterly Report for the quarter ended June 30, All Authority investments currently are managed and held by the Sacramento City Treasurer in the City s Investment Pool A. Certification of Liquidity and Cash Flow for the Next Six-Month Period Based on the Authority Board s adopted Fiscal Year budget, past revenue and expenditure trends and current forecasts, the Authority s Treasurer projects that the Library has sufficient monies on hand, anticipated revenues and/or liquid investments to meet the Library s expenditure requirements through December 31, Compliance with Investment Policy The Authority s Investment Policy incorporates the City s Investment Policy-authorized investments by reference. The Authority s Treasurer accepts the Sacramento City Treasurer s certification that all City Investment Pool A investments held are in compliance with the City Treasurer s previously reviewed and current investment policy with no exceptions, as stated in Attachment A. Also attached is the transaction report for the City of Sacramento Investment Pool A for the month of June 2016 (Attachment B) and the Library summary of the City s monthly investment report for June 2016 (Attachment C). This report satisfies the State s investment reporting requirements and complies with the Library s investment policy quarterly and monthly reporting requirements.

2 FISCAL IMPACT The Library Authority had investments totaling $37,085,492 at June 30, Total cash and investments were $39,407,227, including a balance of $2,321,735 in the Authority s Bank of America account. Investment income for the month of March was $38,014 and totals $333,216 for FY The June portfolio yield was 1.20%, up 0.07 % from the yield in May 2016 of 1.13%. This yield compares favorably to the State of California Local Agency Investment Fund rate of return for June 2016 of 0.58%. ATTACHMENT(S): Attachment A: Attachment B: City of Sacramento Treasurer Report: Quarterly Investment Report for the period ended June 30, 2016 City of Sacramento Treasurer Report: June 2016 Monthly Investment Transaction Report (Pool A portion only) Attachment C: City of Sacramento Treasurer Report: Monthly Investment Report June 2016 (Library portion only)

3 Meeting Date: 8/9/2016 Report Type: Consent Report ID: City Council Report 915 I Street, 1 st Floor Title: June 2016 Monthly Investment Transactions Report Location: Citywide Issue: The City Treasurer provides monthly reports to the City Council on current investment activity. Recommendation: Receive and file. Contact: Bob Tokunaga, Chief Investment Officer, (916) , Office of the City Treasurer Presenter: None Department: City Treasurer Division: City Treasurer Dept ID: Attachments: 1-Description/Analysis 2-Exhibit A to F City Treasurer Review City Attorney Review City Treasurer Approved as to Form Joseph Cerullo 7/28/ :03:33 AM Approvals/Acknowledgements Department Director or Designee: John Colville - 7/18/ :35:28 AM Prior Council Financial Policy Approval or Outside City Treasurer Scope James Sanchez, City Attorney Shirley Concolino, City Clerk John Colville, Interim City Treasurer John F. Shirey, City Manager

4 Description/Analysis Issue Detail: The City Treasurer provides monthly reports to the City Council on current investment activity. Policy Considerations: The City Treasurer routinely reports on monthly investment transactions to keep the City Council advised of current investment activity. Economic Impacts: None Environmental Considerations: None Sustainability: None Commission/Committee Action: None Rationale for Recommendation: The City Treasurer is responsible for depositing and investing funds in the City treasury and for reporting on investment activity in accordance with the authority granted by City Charter section 73, City Council ordinances and resolutions, and state law. Consistent with the Investment Policy adopted by City Council on August 25, 2015, the monthly report includes the content described in Government Code sections and 53646(b). For informational purposes, the City Treasurer also reports on investment transactions of other funds invested by the City Treasurer s Office. The summary and transactions detail for the month ended June 30, 2016, are listed in Exhibits A, B, C, D, E, and F. Financial Considerations: The monthly investment report sets forth the monthly transactions of the City Treasurer s Office Investment Pool A funds. The portfolio value on May 31, 2016, was $909,202,620, and on June 30, 2016, the value was $926,650,884. The interest yield for the month was 1.20%. There were 22 total transactions for the period (11 purchases, 3 calls, and 8 maturities). The estimated duration of the portfolio is 1.82 years. Local Business Enterprise (LBE): The matter contained in this report is for the information of the City Council and the public. The report does not involve the purchase of goods or services for the City, so LBE efforts are not required.

5 Summary of Transactions June-16 Local Agency Funds: Pool A Ethel Hart Trust Public Trust George Clark Total Purchases $ 63,062,418 $ - $ - $ - $ 63,062,418 Sales Calls 12,533, ,533,850 Maturities 40,543, ,543,083 Contributions 83,888, ,888,711 Withdrawals 69,212,359-19,127 2,929 69,234,415 Total $ 269,240,421 $ - $ 19,127 $ 2,929 $ 269,262,477 Outside Agency Funds: Sacramento City Employees' Retirement System (SCERS) Funds: Fixed Bonds Equity Income Large Cap International Total Purchases $ - $ 2,781,540 $ 775,216 $ - $ 3,556,756 Sales - 2,596,610 3,736,150 8,549,979 14,882,739 Calls Maturities 41, ,121 Expenses Contributions - 7,600, ,600,000 Withdrawals 264, ,937 2,360,599 5,865,972 8,889,801 Total $ 305,576 $ 13,377,087 $ 6,871,965 $ 14,415,951 $ 34,970,579

6 Summary of Transactions June-16 SHRA Investment Pool Fund: Pool D Total Purchases $ 3,511,160 $ 3,511,160 Sales - - Calls 2,000,000 2,000,000 Maturities - - Contributions 155, ,503 Withdrawals - - Total $ 5,666,663 $ 5,666,663 Capitol Area Development Authority (CADA) Funds: CADA CADA-A CADA-B Total Contributions $ - $ - $ - $ - Withdrawals Total $ - $ - $ - $ - All Other Funds: ARFCD RD SPLA SPLA-T TNBC Total Contributions $ - $ - $ 5,000,000 $ - $ - $ 5,000,000 Withdrawals - - 1,500, ,500,000 Total $ - $ - $ 6,500,000 $ - $ - $ 6,500,000 GRAND TOTAL $ 316,399,719

7 TRANSACTION SUMMARY City Investment Pool A Trade Unit Total Unit Total Gain/ Date Quantity Security Cost Cost Price Proceeds Loss PURCHASES ,000,000 Wells Fargo & Co ,000, % Due ,000,000 Societe Generale ,922, % Due ,000,000 Pfizer Inc ,019, % Due ,700,000 Federal Home Loan Bank ,700, % Due ,000,000 JP Morgan Securities LLC ,922, % Due ,500,000 JP Morgan Chase & Co ,500, % Due ,000,000 Fannie Mae ,000, % Due ,000,000 University Calif Revs For Prev ,000, % Due ,070,000 Freddie Mac ,070, % Due ,000,000 Toyota Motor Credit Corp ,928, % Due TOTAL 63,062,418

8 TRANSACTION SUMMARY City Investment Pool A Trade Unit Total Unit Total Gain/ Date Quantity Security Cost Cost Price Proceeds Loss CALLS ,000,000 Fannie Mae ,997, ,000,000 2, % Due ,000,000 Fannie Mae ,037, ,000,000-37, % Due ,500,000 Fannie Mae ,499, ,500, % Due TOTAL 12,533,850 12,500,000-33,850

9 TRANSACTION SUMMARY City Investment Pool A Trade Unit Total Unit Total Gain/ Date Quantity Security Cost Cost Price Proceeds Loss MATURITIES ,175,000 Riverside Calif Pension Oblig ,175, ,175, % Due ,000,000 Toyota Motor Credit Corp ,973, ,973, % Due ,000,000 Federal Home Loan Bank ,799, ,000, , % Due ,000,000 Wells Fargo & Co New ,277, ,000, , % Due ,000,000 Synchrony Bank ,000, ,000, % Due ,000,000 Freddie Mac ,990, ,990, % Due ,000,000 U. S. Treasury Bill ,996, ,996, % Due ,325,000 Orange Cnty Calif Pension Obli ,331, ,325,000-6, % Due TOTAL 40,543,083 39,460,142-1,082,940

10 TRANSACTION SUMMARY City Investment Pool A Trade Unit Total Unit Total Gain/ Date Quantity Security Cost Cost Price Proceeds Loss CONTRIBUTIONS B Of A Cash 364, JP Morgan Chase Cash 25, JP Morgan Chase Cash 5,000, JP Morgan Chase Cash 3,617, Fidelity Fund 3, Fidelity Fund 1, Fidelity Fund 91, Fidelity Fund 58, Fidelity Fund 5, B Of A Cash 198, JP Morgan Chase Cash 293, Fidelity Fund Fidelity Fund 21, B Of A Cash 279, JP Morgan Chase Cash 2,277, Fidelity Fund Fidelity Fund Fidelity Fund 4, Fidelity Fund 9, B Of A Cash 542, JP Morgan Chase Cash 1,694, Fidelity Fund 3, B Of A Cash 379, JP Morgan Chase Cash 2,235, Fidelity Fund 1, Fidelity Fund Fidelity Fund Fidelity Fund 20, Fidelity Fund 4, B Of A Cash 367, JP Morgan Chase Cash 273, Fidelity Fund 10, B Of A Cash 231, JP Morgan Chase Cash 1, Fidelity Fund Fidelity Fund Fidelity Fund 10, B Of A Cash 287, JP Morgan Chase Cash 1,105, Fidelity Fund Fidelity Fund Fidelity Fund Fidelity Fund 2, Fidelity Fund 37, B Of A Cash 350, JP Morgan Chase Cash 2,060, Fidelity Fund 6, Fidelity Fund 78, B Of A Cash 366, JP Morgan Chase Cash 2,390, Fidelity Fund 153,762

11 TRANSACTION SUMMARY City Investment Pool A Trade Unit Total Unit Total Gain/ Date Quantity Security Cost Cost Price Proceeds Loss B Of A Cash 631, JP Morgan Chase Cash 1, Fidelity Fund 169, B Of A Cash 81, JP Morgan Chase Cash 6,119, Fidelity Fund Fidelity Fund Fidelity Fund 2, Fidelity Fund 9, Fidelity Fund 25, B Of A Cash 111, JP Morgan Chase Cash 1, Fidelity Fund 384, Fidelity Fund 21, Fidelity Fund Fidelity Fund Fidelity Fund B Of A Cash 91, JP Morgan Chase Cash 4,717, Fidelity Fund Fidelity Fund Fidelity Fund 29, B Of A Cash 70, JP Morgan Chase Cash 1,873, B Of A Cash 63, JP Morgan Chase Cash 3,510, Fidelity Fund B Of A Cash 100, JP Morgan Chase Cash 1, B Of A Cash 12,262, JP Morgan Chase Cash 3,255, Fidelity Fund Fidelity Fund 11, Fidelity Fund 2, Fidelity Fund 12, B Of A Cash 68, JP Morgan Chase Cash 4,318, Fidelity Fund 1, Fidelity Fund 2, Fidelity Fund 1, Fidelity Fund 7, Fidelity Fund 2,388, B Of A Cash 197, JP Morgan Chase Cash 2,629, Fidelity Fund 3, Fidelity Fund 787, B Of A Cash 75, JP Morgan Chase Cash 3,676, Fidelity Fund 1,730, Fidelity Fund 6,851, Fidelity Fund 1,625, B Of A Cash 54, JP Morgan Chase Cash 995,282

12 TRANSACTION SUMMARY City Investment Pool A Trade Unit Total Unit Total Gain/ Date Quantity Security Cost Cost Price Proceeds Loss Fidelity Fund 2, Fidelity Fund 25, Fidelity Fund 2,240 TOTAL 83,888,711

13 TRANSACTION SUMMARY City Investment Pool A Trade Unit Total Unit Total Gain/ Date Quantity Security Cost Cost Price Proceeds Loss WITHDRAWALS B Of A Cash 2, JP Morgan Chase Cash 6,446, B Of A Cash JP Morgan Chase Cash 1,392, B Of A Cash JP Morgan Chase Cash 327, B Of A Cash JP Morgan Chase Cash 470, Fidelity Fund 35, B Of A Cash JP Morgan Chase Cash 7,771, B Of A Cash JP Morgan Chase Cash 4,240, B Of A Cash 1, JP Morgan Chase Cash 813, B Of A Cash 3, JP Morgan Chase Cash 1,018, B Of A Cash 1, JP Morgan Chase Cash 2,582, Fidelity Fund 2, B Of A Cash JP Morgan Chase Cash 3,213, Fidelity Fund 48, B Of A Cash 3, JP Morgan Chase Cash 1,859, Fidelity Fund 4, B Of A Cash JP Morgan Chase Cash 815, B Of A Cash 14, JP Morgan Chase Cash 5,302, B Of A Cash JP Morgan Chase Cash 1,665, Fidelity Fund 10, B Of A Cash 25, JP Morgan Chase Cash 8,956, JP Morgan Chase Cash 4,999, Fidelity Fund 155, B Of A Cash JP Morgan Chase Cash 4,031, B Of A Cash 88, JP Morgan Chase Cash 1,500, JP Morgan Chase Cash 1,399, B Of A Cash JP Morgan Chase Cash 2,302, Fidelity Fund 206, JP Morgan Chase Cash 1,666, Fidelity Fund 1,939, B Of A Cash JP Morgan Chase Cash 2,273, B Of A Cash 18

14 TRANSACTION SUMMARY City Investment Pool A Trade Unit Total Unit Total Gain/ Date Quantity Security Cost Cost Price Proceeds Loss JP Morgan Chase Cash 1,612,255 TOTAL 69,212,359

15 STRATEGY SACRAMENTO PUBLIC LIBRARY AUTHORITY MONTHLY REVIEW JUNE 2016 The SPLA funds are invested in the City of Sacramento s Pool A investment fund. The Fund is invested pursuant to the objectives and requirements set forth in the City s investment policy. The three objectives of the investment policy, in order of priority, are (1) the preservation of capital by the investment in safe instruments, (2) the liquidity needs of the City and pool participants so such parties will have access to cash when they need it, and (3) the maximizing of current income while remaining consistent with the other more important objectives. The City s investment policy incorporates applicable provisions of state law including, among other things, the prudent person standard and California Code Section pertaining to eligible investments. PORTFOLIO STATISTICS Portfolio s Beginning Balance 31,668,786 Contributions 6,878,692 Withdrawals (1,500,000) Interest Earned 38,014 Month-End Market Value 37,085,492 PERFORMANCE Earned Interest Yield for the Month 1.20% Laif Rate of Return (book value) 0.58% ML Ready Asset 0.00% 90 Day T-Bill 0.25% Federal Funds 0.40% POOL A MATURITY SCHEDULE Maturity Market Value % < 1 Year 484,999, % 1-2 Years 136,506, % 2-3 Years 101,861, % 3-4 Years 100,224, % 4-5 Years 103,059, % Total 926,650, % CORPORATE BONDS 26.88% POOL A BY ASSET CLASS US AGENCY NOTES 17.59% Investment Description CASH AND CALTRUST EQUIVALENTS 14.31% 3.25% MUNICIPAL BONDS 13.27% Portfolio at Cost LAIF 2.16% CERTIFICATES OF DEPOSIT 1.98% COMMERCIAL PAPER 20.56% Yield at Month End CASH AND EQUIVALENTS % CALTRUST % LAIF % CERTIFICATES OF DEPOSIT % COMMERCIAL PAPER % MUNICIPAL BONDS % CORPORATE BONDS % US AGENCY NOTES % $500,000, ,999,137 $400,000,000 $300,000,000 $200,000,000 $100,000, ,506, ,861, ,224, ,059,232 $0 < 1 Year 1-2 Years 2-3 Years 3-4 Years 4-5 Years

16 CASH LEDGER Sacramento Public Library Authority All Cash Accounts Trade Settle Tran Date Date Code Quantity Security Amount Cash Balance Pool A Cash Beginning Balance 31,373, li Pool A Cash 5,000, ,373, dp Pool A Cash 155, ,529, in Pool A Cash 2, ,531, Jul to Dec 2015 Pool A interest adjustment lo Pool A Cash -1,500, ,031, li Pool A Cash 1,878, ,909, Q4 Gen Fund Contribution to SPLA, per AJ# ,536, Ending Balance 36,909, Pool A Interest Receivable Beginning Balance 295, wd Pool A Interest Receivable -155, , in Pool A Cash 35, , Jun 2016 estimated Pool A interest -119, Ending Balance 175,504.74