Sacramento Public Library Authority

Transcription

1 Sacramento Public Library Authority February 22, 2017 Agenda Item 5.2: Quarterly Investment Performance Report for Q2 December 2017 TO: FROM: Sacramento Public Library Authority Board Johnny Ea, Finance Manager RE: Quarterly Investment Performance Report for Q2 December 2017 RECOMMENDED ACTION(S): Receive and File INFORMATION The Library Authority s Investment Policy, adopted by the Board on May 25, 2017, 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 Dec. 31, 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 proposed 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 June 30, 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 December 2017 (Attachment B) and the Library summary of the City s monthly investment report for December 2017 (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 $19,728,136 at Dec. 31, Total cash and investments were $22,616,299, including a balance of $2,888,163 in the Authority s Bank of America account. Investment income for the month of December was $31,093, and totals $226,833 for FY The December portfolio yield was 1.71%, up 0.25% from the yield in November 2017 of 1.46%. This yield compares favorably to the State of California Local Agency Investment Fund rate of return for December 2017 of 1.24%. HURST TRUST INVESTMENTS Per the Joint Exercise of Powers Agreement signed in September 2015 between the Sacramento Public Library Authority and the City of Sacramento, the Authority Board approved a plan for the Hurst Trust funds to be managed by the City Treasurer s Office. As of Dec. 31, 2017, the Hurst Trust Portfolio Appraisal shows a market value of $1,791,475 (Attachment D). In addition, $1,339 is included in the Authority s Bank of America operating account for a total cash and investment balance of $1,792,814. Investment income realized year-to-date for FY is $14,566 and expenditures were $12,050 as of Dec. 31, The Hurst Trust investments are in compliance with the Authority s Investment Policy. ATTACHMENT(S): Attachment A: Attachment B: City of Sacramento Treasurer Report: Quarterly Investment Report for the period ended Dec. 31, 2017 City of Sacramento Treasurer Report: December 2017 Monthly Investment Transaction Report (Pool A portion only) Attachment C: City of Sacramento Treasurer Report: Monthly Investment Report December 2017 (Library portion only) Attachment D: Portfolio Appraisal: Sacramento Public Library Authority - Hurst Trust for the period ended Dec. 31, 2017

3 City Council Report 915 I Street, 1 st Floor Sacramento, CA File ID: January 30, 2018 Consent Item 05 Title: December 2017 Monthly Investment Transactions Report Location: Citywide Recommendation: Receive and file. Contact: John Colville, City Treasurer, (916) , Office of the City Treasurer Presenter: None Attachments: 1-Description/Analysis 2-Exhibit A to F Exhibit A Summary of Transactions Exhibit B City Pool a and City Trust Funds Exhibit C SCERS Exhibit D SHRA Investment Pool Exhibit E CADA Exhibit F All Other Funds Matthew Ruyak, Interim City Attorney Mindy Cuppy, City Clerk John Colville, City Treasurer Howard Chan, City Manager

4 File ID: Consent Item 05 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: This action is not a project that is subject to CEQA because it is an administrative activity that will not result in direct or indirect physical changes in the environment, and it relates to government fiscal activities that do not involve any commitment to any specific project that may result in a potentially significant physical impact on the environment. (CEQA Guidelines 15378(a), (b)(2), (b)(4) and (b)(5).) 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 applicable state law. Consistent with the Investment Policy adopted by City Council on August 22, 2017, the monthly report herein includes the content described in Government Code sections and (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 December 31, 2017 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. Portfolio value on November 30, 2017 was $934,875,901 and on December 31, 2017 the value was $999,980,311. The interest yield for the month was 1.71%. There were 17 total transactions for the period (11 purchases, 1 call and 5 maturities). The estimated duration of the portfolio is 2.01 years. Local Business Enterprise (LBE): Not applicable.

5 EXHIBIT A City of Sacramento Summary of Transactions December-17 Local Agency Funds: Pool A Ethel Hart Trust Public Trust George Clark Total Purchases $ 73,349,549 $ - $ - $ - $ 73,349,549 Sales Calls 1,964, ,964,061 Maturities 35,205, ,205,443 Contributions 129,706, ,706,427 Withdrawals 65,503,228-14,196 4,508 65,521,932 Total $ 305,728,708 $ - $ 14,196 $ 4,508 $ 305,747,412 Outside Agency Funds: Sacramento City Employees' Retirement System (SCERS) Funds: Fixed Bonds Equity Income Large Cap International Total Purchases $ - $ 528,370 $ 614,604 $ - $ 1,142,974 Sales - 527,209 2,992,842-3,520,051 Calls Maturities 21, ,793 Expenses Contributions ,700,000 3,700,000 Withdrawals 104, ,121 4,139, ,405 4,848,619 Total $ 126,832 $ 1,420,700 $ 7,746,637 $ 3,939,405 $ 13,233,574

6 City of Sacramento Summary of Transactions December-17 SHRA Investment Pool Fund: Pool D Total Purchases $ 1,000,000 $ 1,000,000 Sales - - Calls 1,955,000 1,955,000 Maturities - Contributions 53,862 53,862 Withdrawals - - Total $ 3,008,862 $ 3,008,862 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 Purchases $ - $ - $ - $ - $ - $ - Maturities Contributions , ,773 Withdrawals - - 4,000,000-4,000,000 Total $ - $ - $ 4,093,773 $ - $ - $ 4,093,773 GRAND TOTAL $ 326,083,621

7 EXHIBIT B City of Sacramento TRANSACTION SUMMARY City Investment Pool A From To Trade Unit Total Unit Total Gain/ Date Quantity Security Cost Cost Price Proceeds Loss PURCHASES ,000,000 Societe Generale ,941, % Due ,000,000 JP Morgan Securities LLC ,919, % Due ,000,000 Inter-American Dev. Bank ,001, % Due ,000,000 Bank Of Montreal Chicago ,000, % Due ,000,000 JP Morgan Securities LLC ,888, % Due ,000,000 Exxon Mobil Corp ,987, % Due ,000,000 Bank of Tokyo MUFJ ,939, % Due ,000,000 Toyota Motor Credit Corp ,919, % Due ,000,000 Farmer Mac ,000, % Due ,000,000 Bank of Nova Scotia ,878, % Due ,000,000 Societe Generale ,873, % Due TOTAL 73,349,549

8 City of Sacramento TRANSACTION SUMMARY City Investment Pool A From To Trade Unit Total Unit Total Gain/ Date Quantity Security Cost Cost Price Proceeds Loss CALLS ,945,000 California St Dept Wtr Res Cen ,964, ,945,000-19, % Due TOTAL 1,964,061 1,945,000-19,061

9 City of Sacramento TRANSACTION SUMMARY City Investment Pool A From To Trade Unit Total Unit Total Gain/ Date Quantity Security Cost Cost Price Proceeds Loss MATURITIES ,000,000 Disney Walt Co Mtns Be ,009, ,000,000-9, % Due ,000,000 JP Morgan Securities LLC ,951, ,951, % Due ,500,000 General Electric Co ,966, ,500,000-1,466, % Due ,000,000 Tennessee Valley Auth ,277, ,000,000-1,277, % Due ,000,000 Federal Home Loan Bank ,000, ,000, % Due TOTAL 35,205,443 32,451,878-2,753,565

10 City of Sacramento TRANSACTION SUMMARY City Investment Pool A From To Trade Unit Total Unit Total Gain/ Date Quantity Security Cost Cost Price Proceeds Loss CONTRIBUTIONS JP Morgan Chase Cash 25, JP Morgan Chase Cash 3,798, JP Morgan Chase Cash 3,418, JP Morgan Chase Cash 2,767, Fidelity Fund 1,200, JP Morgan Chase Cash 4,205, JP Morgan Chase Cash 2,155, JP Morgan Chase Cash 2,035, JP Morgan Chase Cash 838, JP Morgan Chase Cash 2,223, JP Morgan Chase Cash 1,888, JP Morgan Chase Cash 1,868, JP Morgan Chase Cash 4,919, JP Morgan Chase Cash 2,960, JP Morgan Chase Cash 44,063, Fidelity Fund 2,400, JP Morgan Chase Cash 2,300, JP Morgan Chase Cash 35,784, JP Morgan Chase Cash 3,729, JP Morgan Chase Cash 2,213, JP Morgan Chase Cash 1,935, JP Morgan Chase Cash 1,671, Fidelity Fund 9, Fidelity Fund 4, Fidelity Fund 14, Fidelity Fund 131, Fidelity Fund 379, Fidelity Fund 239, Fidelity Fund 524,854 TOTAL 129,706,427

11 City of Sacramento TRANSACTION SUMMARY City Investment Pool A From To Trade Unit Total Unit Total Gain/ Date Quantity Security Cost Cost Price Proceeds Loss WITHDRAWALS JP Morgan Chase Cash 1,000, JP Morgan Chase Cash 2,657, Fidelity Fund 728, JP Morgan Chase Cash 2,151, JP Morgan Chase Cash 9,637, JP Morgan Chase Cash 4,175, JP Morgan Chase Cash 1,600, JP Morgan Chase Cash 893, JP Morgan Chase Cash 1,420, JP Morgan Chase Cash 3,866, JP Morgan Chase Cash 2,610, JP Morgan Chase Cash 1,853, JP Morgan Chase Cash 1,000, JP Morgan Chase Cash 1,448, JP Morgan Chase Cash 1,964, JP Morgan Chase Cash 9,496, JP Morgan Chase Cash 8,145, JP Morgan Chase Cash 1,910, JP Morgan Chase Cash 2,000, JP Morgan Chase Cash 1,272, JP Morgan Chase Cash 1,824, JP Morgan Chase Cash 1,346, JP Morgan Chase Cash 971, JP Morgan Chase Cash 1,527,089 TOTAL 65,503,228

12 SACRAMENTO PUBLIC LIBRARY AUTHORITY MONTHLY REVIEW DECEMBER 2017 STRATEGY 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 POOL A BY ASSET CLASS Portfolio s Beginning Balance 23,603,270 Contributions 93,773 Withdrawals (4,000,000) Interest Earned 31,093 Month-End Market Value 19,728,136 US AGENCY NOTES, 18.35% MUNICIPAL BONDS, 11.88% CASH AND EQUIVALENTS, 0.16% CALTRUST, 9.26% LAIF, 1.00% GOVPARTNERS, 0.50% CERTIFICATES OF DEPOSIT, 9.01% PERFORMANCE Earned Interest Yield for the Month 1.71% Laif Rate of Return (book value) 1.24% 90 Day T-Bill 1.27% Federal Funds 1.28% POOL A MATURITY SCHEDULE Maturity Market Value % < 1 Year 447,298, % 1-2 Years 118,790, % 2-3 Years 106,265, % 3-4 Years 169,434, % 4-5 Years 153,180, % 5 Yrs+30 Dys 5,010, % Total 999,980, % GOVERNMENT BONDS, 0.99% CORPORATE BONDS, 30.12% Investment Description Portfolio at Cost COMMERCIAL PAPER, 18.73% Yield at Month End CASH AND EQUIVALENTS 0.16% 1.12% CALTRUST 9.26% 1.41% LAIF 1.00% 1.24% GOVPARTNERS 0.50% 1.24% CERTIFICATES OF DEPOSIT 9.01% 1.72% COMMERCIAL PAPER 18.73% 1.56% CORPORATE BONDS 30.12% 1.98% GOVERNMENT BONDS 0.99% 1.90% MUNICIPAL BONDS 11.88% 1.97% US AGENCY NOTES 18.35% 1.83% $500,000, ,298,972 $400,000,000 $300,000,000 $200,000, ,434, ,180, ,790, ,265,737 $100,000,000 5,010,475 $0 < 1 Year 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5 Yrs+30 Dys

13 City of Sacramento CASH LEDGER Sacramento Public Library Authority From To All Cash Accounts Trade Settle Tran Date Date Code Quantity Security Amount Cash Balance Pool A Cash Beginning Balance 23,407, lo Pool A Cash -1,000, ,407, lo Pool A Cash -1,000, ,407, li Pool A Cash 93, ,501, SPLA portion of Property Tax Teeter Allocations, per AJ# lo Pool A Cash -2,000, ,501, ,906, Ending Balance 19,501, Pool A Interest Receivable Beginning Balance 195, in Pool A Cash 31, , Dec 2017 estimated Pool A interest 31, Ending Balance 226,832.84

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