HomeMy WebLinkAbout05 QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN & SUCCESSOR AGENCYAgenda Item 5
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8 Reviewed.
AGENDA REPORT City Manager
Finance Director jk
MEETING DATE: AUGUST 16, 2016
TO: JEFFREY C. PARKER, CITY MANAGER
FROM: JENNIFER LEISZ, ACTING FINANCE DIRECTOR
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
City Council at least quarterly showing balances by authorized investment and certifying its
compliance with the adopted Investment Policy.
RECOMMENDATION:
Receive and file.
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 June 30, 2016 is rendered.
The City's total cash and investments as of June 30, 2016 were $187 million, a decrease of $20.5
million from June 30, 2015 total cash and investments of $207.5 million. The decrease in cash and
investments of $20.5 million is primarily due to the following outflows:
• $12.5 million — Water rehabilitation capital projects and infrastructure development within
the former Marine Corp. Air Station known as the Legacy.
• $4.1 million — Annual payment to the Successor Agency to the Tustin Community
Redevelopment Agency per the settlement agreement to repay a promissory note between
the City and the former redevelopment agency. The remaining balance due to the
Successor Agency is $12.3 million, to be paid with annual installment payments over the
next 3 years.
• $4 million — Payment to Tustin Unified School District as an advance for the planning and
design of the grades 6-12 School Project per the School Facilities Implementation, Funding,
QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
August 16, 2016 Page 2 of 2
and Mitigation Agreement. Per the terms of the agreement, the City plans to fund an
additional $40 million over the next 12 months.
The average cash balance for fiscal year 2015-16 was $191 million with an average weighted
portfolio yield of 0.96% and average weighted days to maturity of 673 days. The average cash
balance for fiscal year 2014-15 was $188.7 million with an average weighted portfolio yield of 0.82%
and average weighted days to maturity of 707 days. The decrease in the weighted average maturity
was primarily caused by a significant number of called investments with longer maturity dates over
the past several months due to continued low interest rates. In the last three months alone about
$25 million in US agency bonds with maturities through 2020 were called, with the cash flow being
reinvested in the Local Agency Investment Fund (LAIF).
Interest earnings on a cash basis for fiscal year 2015-16 were $1.818 million, a $331 thousand
increase in interest earnings from fiscal year 2014-15. Fiscal year 2014-15 interest earnings were
$1.487 million. The higher average cash balances over the past year have contributed to the
increase in interest earnings, along with the slight increase in the average weighted portfolio yield
and careful monitoring of the City's cash flow needs and diversification of investments.
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 of the new TUSD school building project.
The attached report was produced using a new software application, Tracker Portfolio Accounting
and Reporting, which the City is utilizing on a subscription basis. The application provides greater
efficiency and accuracy in tracking our investment portfolio and improves internal controls, including
verification of interest payments. Using the new application, we are able to daily update the data for
new purchases, maturities and calls as they occur. The reporting capabilities will provide valuable
information for managing the City's portfolio, ensuring safeguarding the prudent investment of City
funds. You will notice that the attached report is slightly different in content and appearance, but for
the most part is the same as what you have been receiving historically. The application also
produces the information necessary to prepare the cash and investments section of our
Comprehensive Annual Financial Report (CAFR).
nifer Lei z
Acting Finance Director
Attachment: June 30, 2016 Quarterly Investment Report
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