Financial Management: Investment Options for Counties & Local Authorities
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1 Financial Management: Investment Options for Counties & Local Authorities
2 World Context The richest state in the USA is California, which ran a budget deficit of $60Bn in 2009 The world s superpower the USA runs a budget deficit of $1.3tn The and foreign holders of US Debt of $ 5tn PRC holds $1.2tn of US treasury Bonds US States and Local Governments U.S. debt holdings: $484.4 billion 7 th after Fed, China, Savings bonds, Japan,Pension funds and mutual funds
3 US Government Deficit Figures FY 2012: $1,327 billion FY 2011: $1,300 billion FY 2010: $1,293 billion FY 2009: $1,413 billion FY 2008: $459 billion FY 2007: $161 billion
4 US Government Deficits
5 List of U.S. states by GDP in 2010 $m California 1,936, ,000 Texas 1,207,432 New York 1,156,500 Florida 754,000 Illinois 644, ,000 Pennsylvania 575,600 New Jersey 497, ,000 Ohio 483,400 Virginia 427,700 North Carolina 407,400 Georgia 404,600 Massachusetts 377,700
6 When life gives you a lemon,
7 Las Vegas by Night
8 What is Financial Management An attempt to use limited financial resources to meet limitless needs
9 County/Local Government needs Provide Services to the resident of the counties, local government jurisdiction The services include; Education, Training Health, Water & Sanitation Environment, Transport, Maintenance of infrastructure,
10 County Government Responsibilities Meet the recurrent needs, through Central Government allocations Levies and projects income Finance development projects Surplus from recurrent expenditure, Central Government funding Development partners Local Investors County / Municipal Bonds
11 COUNTY EQUITABLE SHARE FORMULA EQUITABLE SHARE Ca= (Pi + PVi +Ai+BSi+FDi) WHERE Ca = COUNTY REVENUE SHARE P = COUNTY s SHARE OF POPULATION COMPONENT PV = COUNTY s SHARE OF POVERTY COMPONENT A = COUNTY s SHARE OF LAND AREA COMPONENT BS = COUNTY S EQUAL SHARE COMPONENT FD = COUNTY S SHARE OF FISCAL DISCIPLINE COMPONENT
12
13 Investment Policy First step in investments is to establish an Investment Policy An investment policy is meant to align the vision of the county to the investment characteristics It outlines the Investment Strategy to be deployed by the County It Profiles the Investments, the Risks and expected Returns Consult an Investment Expert for drafting an IP
14 Characteristics of a good IP Defines long-range objectives Recommends asset allocation strategy Matches sources of funds to investments Realistic Unambiguous Sustainable Subject to regular review
15 Investment can only be considered When the county has temporary excess cashflow If the county generates surplus funds from its operations and investments Raises investment funds form long term sources
16 When the county has temporary excess cashflow May arise from County receives allocation in lumpsum but will pay for services evenly throughout the year, County collects Fees and Licences annually in advance but will provide services over the year Consider only short to medium term investments Short term are < 1yr, medium term >1yr<5yrs
17 Short Term Investments Use Money Market Instruments Deposits Call, term deposits Treasury Bills 90, 180, 364 days Treasury Bonds when rates are going down Rates are dynamic depending on the economic realities of the day The Key characteristics to consider are LIQUIDITY and SAFETY
18 Medium Term Use Capital Market Instruments Treasury Bonds Strategic Equities Corporate Bonds Economic performance forms a key determinant of investment performance The Key characteristics to consider are SAFETY and RETURN
19 Long Term Investments Long term Investments go beyond 5 years Sources of Long Term funds County generates surplus funds County Receives development funds/loans/assistance Establish a county sovereign fund Look for opportunities in other counties Invest in Vision 2030 flagship projects
20 For Long Term Invesmtents Carry out Investment appraisal Economic Appraisal Technical Appraisal Commercial Appraisal Economic Appraisal Financial Appraisal Management Appraisal Social Cost Benefit Analysis Ecological Analysis
21 Financial Analysis Financial analysis falls into the following categories Non-discounted cash flow techniques Payback Period Average Rate of Return (ARR) Discounted cash flow techniques Net Present Value Method (NPV) Internal Rate of Return (IRR) Profitability Index (PI) Benefit to Cost Ratio (BCR)
22 Investment Risk Management Short Term & Medium Term Establish market depth and liquidity Determine the free float for equities Stability of the institution, Long Term Proper Appraisal Regular Reviews Quarterly Manage operational Risks
23 To be an Effective County Finance Manager Be proactive Be alert Involve experts Communicate objectives effectively Be a team player
24 Thank you Questions?
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