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HomeMy WebLinkAbout02 QUARTLERY INVESTMENT REPORT FO R THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCYAgeItem 2 nda 0 :. G � City Manager AGENDA REPORT Finance Director (f MEETING DATE: JUNE 7, 2016 TO: JEFFREY C. PARKER, CITY MANAGER FROM: JENNIFER LEISZ, ACTING DIRECTOR OF FINANCE SUBJECT: QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY SUMMARY: Government Code Section 53646 requires that the Treasurer make an Investment Report to the Successor Agency at least quarterly showing balances by authorized investment and certifying its compliance with the adopted Investment Policy. RECOMMENDATION: Receive and file. FISCAL IMPACT: There is no Fiscal Impact associated with this item. BACKGROUND AND DISCUSSION: In compliance with Government Code Section 53646, the attached Investment Report reporting cash and investments for the City of Tustin and the Successor Agency for the Tustin Community Redevelopment Agency for the quarter ending March 31, 2016 is rendered. The City's total cash and investments as of March 31, 2016 were $182.2 million, a decrease of $9.3 million from December 31, 2015 total cash and investments of $191.5 million. The decrease in cash and investments of $9.3 million is primarily due to the following outflows: $4.7 million - debt service payments Finance Department June 7, 2016 Page 2 $2.0 million - remittance of CFD 06-1 special taxes received in prior quarter to fiscal agent $1.3 million - payment to Orange County Water District for water basin replenishment for July - December 2015 $1.3 million - Moffett Drive and Park Avenue extension project The weighted average portfolio yield as of March 31, 2016 was 1.03%, 6 basis points higher than the weighted average portfolio yield of 0.97% as of December 31, 2015. The primary reason for the slight increase in the weighted average portfolio yield is due to new investments in federal agency bonds at about 2% yield to maturity and the rise in LAIF rates from 0.33% in December 2015 to 0.51 % in March 2016. The weighted average days to maturity were 711 days as of March 31, 2016, a decrease from 729 as of December 31, 2015. The decrease in the weighted average days to maturity is due to six federal agency bonds being called during February and March 2016 that were reinvested at shorter maturity dates. The investment portfolio is currently laddered to reflect the projected cash flow needs of the City within the next three years for the completion of various capital projects primarily within the Legacy, for water rehabilitation projects, and for funding for the new TUSD school building project. Attachments: March 31, 2016 Quarterly Investment Report 0&1 I V W Q) `Q LLI R 0 W 410 LuT z LU0 v� LU Z Z W Q OV LL LL �- O V Z 0 V O y ~ WD V W C t0 Z H LL O U 2 N � H M to W to N 00 W Z iii v o 0 O Ct o w a `,1^ urvi N t' o N 10 Z U V1 eq n ry l' 'O V1 O C kp l0 O cn tV m N ei N N } QO ui Q Q Q z � Ix W m e O �! w 4. 9TOZ/T£/£ a,. 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