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R-2016-3161 - 1/14/2016
RESOLUTION NO. R-2016-3161 WHEREAS, Chapter 2256, Texas Government Code, Section 2256.023 of the Public Funds Investment Act states that a written report of investments be submitted to the governing body at least quarterly; and WHEREAS, a Quarterly Investment Report for the quarter ending September 30, 2015 for the City of Round Rock has been submitted to the City Council; and WHEREAS, the City Council desires to acknowledge the receipt and acceptance of the attached Quarterly Investment Report, Now Therefore BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS, That the Quarterly Investment Report, attached hereto as Exhibit "A" and incorporated herein, is hereby received and accepted. The City Council hereby finds and declares that written notice of the date, hour, place and subject of the meeting at which this Resolution was adopted was posted and that such meeting was open to the public as required by law at all times during which this Resolution and the subject matter hereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act, Chapter 551, Texas Government Code, as amended. RESOLVED this 14th day of January, 2016. ALAN MCGRAW, Mayor City of Round Rock, Texas ATTEST: SARA L. WHITE, City Clerk 0112.1604;00349064 EXHIBIT „A„ t� ROUM03 RDCKI TE/"(A5 FINANCE Quarterly ffnvestment Report Ending September 309 20115 PATTERSON & ASSOCIATES !tJVESTMENT City of Round Rock, Texas Quarterly Investment Report June 30,2015—September 30,2015 Portfolio Summary Management Report Portfolio as ofJune 30,2015 Portfolio as ofSeptember 30,2015 Beginning Book Value $365,523,506 Ending Book Value $340,380,131 Beginning Market Value $365,740,166 Ending Market Value $340,644,028 Beginning Par Value $365,054,214 Ending Par Value $340,009,195 Total Int.Earned for the Quarter $ 326,974 Unrealized Gains/Losses $ 263,897 WAM at Beginning Period Date' 241 days WAM at Ending Period Date' 248 days Change in Market ValueZ $(25,096,138) Average Yield to Maturity for period 0.386% Average Yield 180-day T Bill for period 0.170% Average Yield 1-year T-Note for pe rio 0.350% Prepared by: \ - City'otRound Rock ity of Round Rock Susan Morgan,Chief Financial Officer) Lorie Lankford,Assistant Finance Director City of Round Rock City of Wdnd Rock Elaine Wilso ,Account' Manager Joan Sharp,Treasury Accountant )Za" Regist ed vestinent Advisor Patterson&Associates,Linda T.Patterson,President �rj3/i s' Date r WAM is dollar-weighted average maturity bused on stated maturity dates. =Change in Alarket Value is required data,but-will primarily reflect the increase or decrease in the City's par value of Investments held from quarter to quarter. r r4 ©UM�� ROCK.TEXAS Porcroflo CKY1 FitJnrv[c As of September 30, 2015 I -City Allocation Percentages Murals • The portfolio is constantly reviewed for optimal T-Bills 1W TX ally TexStar asset allocation and a controlled average 4.41003.520% 1.47°io 1.52% T maturity because a diversified portfolio can CDs I x16'6.2828 I ro 3.60°'0 � _.- �-- —_/ IPMGiase better adjust to volatile market conditions. -� - �� 5.1300% • The extremely low short-term rates make T-Notes) l diversification difficult and they are reasonably 19.54 '° expected to continue now of least through 2015. Longer term rates have moved lower and do not provide reward for extension risks. 40.'29005 Banks remain uninterested in new deposits and although state and local bonds continue to add Cit) Maturities value they have been discovered and are i declining in yields.• o0 y�oo Portfolios are cash heavy as we struggle to find °o - - - value with a flat yield curve which provides little °o value under six months. Th• e non-cash portion of your portfolio is yielding 0.55%. ° 0 3 V c'N Ro u n d P,,,, oc cKy o' S"ign 'h'icant Changes 'Lo Por'LTo o f FINANCE ROUND MEN TEXAS i=on Lamer Ending September 50 2015 � O The City wired out approximately $20,000,000 in bond payments in %august, vihich @CCOLn' for the significant overall drop in the portfolio this gLlarier. C The City increased its certificate of deposit investments by $3,000,000 thiS quarter. O The City purchased 9 investment securities for $36,000,000 this quarter. O The City had '15 investment securities mature during the quarter totaling '339,500,000. !JJJ Quarterly Average Yields (Quarter Over Quarter) 4th Quartan Interest ❑4Q2015 ❑3Q2015 Earned 0.60% Investments ❑ CDs 0.55% ❑ TexPool ❑ Te)(STAR 0.50% 0.45% TexasDaily 0.40% $11,634 $1,103 0.35° 4 $12,101 I �-$1,426 0.30% -- 0.25% - 0.20% 0.15% $300,711 0.10% I 0.05% - 0.00% 41, ` 4th Qtr 2015 Total Interest: A' $326,974 Cash and Investments Investment -Yl field and loo f Benchmark Comparison 90% 80% 70% 60% 01 Yr T-Bill -City Yield so% 0.45% e, Ob 40% \ \ 6\o p• 0.40% o 0 0 \° p�6 p'y O� 30% 0.35% 20%20% Al O• Off' ° 0.30% pC6ro 6\° 10/o O� 0% . 0.25% R R + A o5 5 5 +5 5 5 +5 5 5 cs ov 1 cc 1 nn 1 eb nt s ny rc, .s\y ob e4s � p �• � �• A4 tfs• S° } A S 0.20% 0.15% ❑Cash/MMICT ❑US Agn ❑US Treas ❑CDs ❑Muni 0.10% 0.05% 0.00% 0ct Nov pec �a� Feo Mac pp� May �o�e ��\9 po9 geP� PAiTEftSgp m A65IICIAIE6 Patterson&Associates f� City of Round Rock, Texas 901 S.MoPac Suite 195 Summary by Type Austin,TX 78746 September 30, 2015 n;trecTlr•r+r Grouped by Fund Number of Par %of Average Average Days Security Type Investments Value Book Value Portfolio YTM 365 to Maturity Fund: I&S GO Bonds TexPool 1 516,914.08 518,914.08 0.15 0.085 1 Subtotal 1 518,914.08 518,914.08 0.15 0.085 1 Fund: I&S Debt Service JPM Chase Bank 1 3,905.53 3,905.53 0.00 0.000 1 Subtotal 1 3,905.53 3,905.53 0.00 0.000 1 Fund: Bond Fund Money Market 1 10,022,433.47 10,022.433.47 2.94 0.150 1 Treasury Coupon Securities 6 42,000,000.00 41,988,495.06 12.34 0.563 306 TexPool 1 19,164,714.43 19,164,714.43 5.63 0.085 1 Subtotal 8 71,187,147.90 71,175,642.96 20.91 0.376 181 Fund: CO Bond Fund Money Market 1 5,004,882.58 5,004,882.58 1.47 0.150 1 Treasury Discounts-Amortizing 6 12,000,000.00 11,994,596.39 3.52 0.170 89 Subtotal 7 17,004,882.56 16,999,478.97 4.99 0.164 63 Fund: Reserves Fund TexPool 1 806,858.09 806,858.09 0.24 0.085 1 Subtotal 1 806,858.09 806,858.09 0.24 0.085 1 Fund: I&S Revenue Bonds TexPool 1 1,444,602.28 1,444,602.28 0.42 0.085 1 Subtotal 1 1,444,602.28 1,444,602.28 0.42 0.085 1 Fund: Drainage Utility Revenue Bond Treasury Coupon Securities 3 4,500,000.00 4,502,384.86 1.32 0.282 182 Subtotal 3 4,500,000.00 4,502,384.86 1.32 0.282 182 Portfolio RRCK AP ST(PRF STI 7.2.0 Run Dalo:10!09207 5-10:48 Report Ver.7.3.5 City of Round Rock,Texas Summary by Type Page 2 September 30,2015 Grouped by Fund Numberof Par %of Average Average Days Security Type Investments Value Book Valuo Portfolio YTM 365 to Maturity Fund: Pooled Investments Municipal Obligations B 11,910,000.00 12,128,220.35 3.56 0.693 496 Federal Agency Coupon Securities 37 137,000,000.00 137,155,072.04 40.29 0.588 392 JPM Chase Bank 1 19,735,360.11 19,735,360.11 5.80 0.000 1 Treasury Coupon Securities 6 20,000,000.00 20,012,167.33 5.88 0.507 340 TexasDAILY 1 5,002,350.75 5,002,350.75 1.47 0.130 1 ToxPool 1 33,469,953.00 33,469,953.00 9.83 0.085 1 TexStar 1 5,180,221.06 5,180,221.06 1.52 0.099 1 Certificates of Deposit-Bank 3 5,245,000.00 5,245,000.00 1.54 0.401 160 CD's-Interest Paid Quarterly 2 7,000,000.00 7,000,000.00 2.06 0.556 289 Subtotal 60 244,642,884.92 244,928,344.64 71.95 0.446 284 Total and Average 82 340,009,195.38 340,380,131.41 100.00 0.412 248 Portfolio RRCK AP Run Dale:1010912015.10:48 ST(PRF_ST)7.2.0 Report Ver.7.3.5 City of Round Rock Portfolio Valuation Comparison Report July 1,2015-September 30,2015 L,cDLOW03 UzCDCK TEXAS f'innHcr: Investment Type Par Value Book Value Market Value Local Government Pools Beginning Value 06/30/15 91,466,597.46 91,466,597.46 91,466,597.46 Net Change -25,878,983.77 -25,878,983.77 -25,878,983.77 Ending Value 09/30/15 65,587,613.69 65,587,613.69 65,587,613.69 Bank Deposits/Money Markets Beginning Value 06/30/15 30,432,616.95 30,432,616.95 30,432,616.95 Net Change 4,333,964.74 4,333,964.74 4,333,964.74 Ending Value 09/30/15 34,766,581.69 34,766,581.69 34,766,581.69 Investments Beginning Value 06/30/15 233,910,000.00 234,379,291.48 234,595,951.25 Net Change -6,500,000.00 -6,598,355.45 -6,551,118.85 Ending Value 09/30/15 227,410,000.00 227,780,936.03 228,044,832.40 Bank Certificates of Deposit Beginning Value 06/30/15 9,245,000.00 9,245,000.00 9,245,000.00 Net Change 3,000,000.00 3,000,000.00 3,000,000.00 Ending Value 09/30/15 12,245,000.00 12,245,000.00 12,245,000.00 Total Beginning Value 06/30/15 365,054,214.41 365,523,505.89 365,740,165.66 Net Change -25,045,019.03 -25,143,374.48 -25,096,137.88 Ending Value 09/30/15 340,009,195.38 340,380,131.41 340,644,027.78 City of Round Rock,Texas Investments by Asset Type September 30,2015 CUSIP Investment# Fund Issuer Purchase Date Maturity Date Book Value Par Value Market Value Current Rate 033896JXO 767 000 Anderson ISD IN 03/1012015 01/0512017 501559.54 500000.00 501550.00 1.100 041796MD2 778 000 Arlington TX 06117/2015 0811512017 3092185.53 3000000.00 3107040.00 2.500 163597HP5 766 000 Chemeketa OR CCD 03110/2015 06/15/2016 305395.96 300000.00 305805.00 3.000 185486LN5 768 000 Cleburne ISO TX 03/10/2015 02/15/2016 1026630.00 1020000.00 1025773.20 2.000 222057GHS 774 000 Cotulla ISD TX 05/21/2015 02/15/2016 1106861.92 110D000.00 1107546.00 2.000 560211MSO 765 000 Mahtomedi ISD MN 03/03/2015 02/01/2017 530748.62 535000.00 530709.30 581664DK2 771 000 McKinney ISD TX 04/07/2015 02/15/2017 2332727.08 2290000.00 2331769.60 2.000 899616GPS 775 000 Tulsa County ISD OK 0512812015 05/01/2017 3232111.70 3165000.00 3220767.30 2.000 31315PUT4 728 000 FAMCA Note 06/2012014 04/04/2016 1999283.91 2000000.00 2001250.00 0.425 3133ED71-0 696 000 FFCB Note 11/21/2013 11/13/2015 2499960.49 2500000.00 2500400.00 0.330 3133EDCU4 701 000 FFCB Note 01/21/2014 12130/2015 2499774.00 2500000.00 2500047.50 0.360 3133EDCU4 701A 000 FFCB Note 01/21/2014 12/3012015 2499774.00 2500000.00 2500047.50 0.360 3133ED6D9 704 000 FFCB Note 02/27/2014 05/04/2016 2501008.16 2500000.00 2501642.50 0.500 3133EDNS7 733 000 FFCB Note 07/31/2014 06/2012016 2498604.87 2500000.00 2500415.00 0.450 3133EDNS7 733A 000 FFCB Note 07131/2014 06/20/2016 2498604.87 2500000.00 2500415.00 0.450 3133EEFK17 750 000 FFCB Note 01129/2015 10/14/2016 5003546.05 5000000.00 5010335.00 0.580 3133EEWNS 770 000 FFCB Note 04/06/2015 04/06/2017 5998365.00 6000000.00 6010122.00 0.700 3133EFBA4 783 000 FFCB Note 09/0812015 05/01/2017 1998442.83 2000000.00 1999540.00 0.650 3133EFBS5 785 000 FFCB Note 09/08/2015 07/03/2017 4993914.47 500000D.00 5001485.00 0.680 3130A13CO 702 000 FHLB Note 02/25/2014 02/25/2016 3000000.00 3000000.00 3003141.00 0.350 313370TWB 738 000 FHLB Note 11/21/2014 09/09/2016 5067808.64 5000000.00 5073660.00 2.000 313OA3HG2 740 000 FHLB Note 12/04/2014 11/18/2016 5002523.52 5000000.00 5009870.00 0.625 313371PV2 752 000 FHLB Note 01/29/2015 12/09/2016 5060686.57 5000000.00 5064975.00 1.625 313OA2QQ2 757 000 FHLB Note 02/17/2015 01/25/2016 5000583.49 5000000.00 5004075.OD 0.340 3130A46U1 756 000 FHLB Note 02/17/2015 02/1312017 4999656.42 5000000.00 5015555.00 0.720 313OA4BZ4 760 000 FHLB Note 02/18/2015 02/18/2016 5000114.17 5000000.00 5000605.00 0.330 3130A4QQ8 769 000 FHLB Note 03/30/2015 03124/2017 6003717.56 6000000.00 6016074.00 0.750 3130AGAJ6 784 000 FHLB Note 09/08/2015 06/15/2017 5001694.04 5000000.00 5009905.00 0.750 313OA5KH1 786 000 FHLB Note 09108/2015 09/2812017 5008865.61 5000000.00 5013465.00 0.900 3134G4S90 697 000 FHLMC Call Note 12/30/2013 12/3012016 2000000.00 2000000.00 2002330.00 0.800 3134G4S90 697A 000 FHLMC Call Note 12/30/2013 12/30/2016 2000000.00 2000000.00 2002330.00 0.800 3134G4TDO 699 000 FHLMC Call Note 01/27/2014 01/27/2017 2500000.00 2500000.00 2505280.00 0.875 CUSIP Investment# Fund Issuer Purchase Date Maturity Date Book Value Par Value Market Value Current 3137EADQ9 720 000 FHLMC Note 03127/2014 05/13/2016 2499637.73 2500000.00 2502665.00 0.500 3134G5RS6 751 000 FHLMC Note 01129/2015 11/2812016 5002499.47 5000000.00 5009415.00 0.600 3137EADUO 753 000 FHLMC Note 01/2912015 01127/2017 4493436.77 4500000.00 4499136.00 0.500 3134G7ND9 781 000 FHLMC Sep Note 08/20/2015 0812012018 3000000.00 3000000.00 3002052.00 0.750 3135GOQB2 693 000 FNMA Note 11/01/2013 10/22/2015 2000164.93 2000000.00 2000476.00 0.500 3139BA4M1 694 000 FNMA Note 11/21/2013 10126/2015 2001832.37 2000000.00 2001996.00 1.625 3135GOVA8 705 000 FNMA Note 02/27/2014 03/30/2016 2501421.98 2500000.00 2503215.00 0.500 3133EDEC2 706 000 FNMA Note 02/27/2014 04/2812016 2502140.24 2500000.00 2504045.00 0.550 3135GOVAS 721 000 FNMA Note 03127/2014 03/30/2016 2500247.58 2500000.00 2503215.00 0.500 3135GOYE7 739 000 FNMA Note 11/21/2014 08/2612016 5006372.05 5000000.00 5005435.00 0.625 3135GOYE7 748 000 FNMA Note 01129/2015 08/26/2016 5009314.37 5000000.00 5008435.00 0.625 313OA2T97 749 000 FNMA Note 01/29/2015 09/28/2016 5000983.39 5000000.00 5003810.00 0.50D 3135GOMZ3 759 000 FNMA Note 02/17/2015 08/2812017 5000090.49 5000000.00 5006930.00 0.875 912796FBO 744 461 T Bill 01/13/2015 10/1512015 1999902.78 2000000.00 2000040.00 912796FG9 745 461 T Bill 01/1312015 11/12/2015 1999650.00 2000000.00 2000030.00 912796FN4 746 461 T Bill 01/13/2015 12/1012015 1999377.78 2000000.00 2000140.00 912796FP9 747 461 T Bill 01/13/2015 01/07/2016 1998897.50 2000000.00 1999966.00 912796FV6 780 461 T Bill 07/30/2015 02/04/2016 1999195.00 2000000.00 1999868.00 912796GD5 787 461 T Bill 09/08/2015 03/31/2016 1997573.33 2000000.00 1999242.00 91282BUC2 712 460 T Note 03124/2014 15/1512015 6998309.97 7000000.00 7002737.00 0.250 912828A59 713 460 T Note 03124/2014 12/15/2016 6986453.74 7000000.00 7014763.00 0.625 912828VW7 715 460 T Note 03/24/2014 09/15/2016 7013415.34 7000000.00 7032627.00 0.875 912828US7 717 460 T Note 03/24/2014 03/15/2016 6997736.76 7000000.00 7007021.00 0.375 912828VG2 718 460 T Note 03124/2014 06/15/2016 6996879.99 7000000.00 7012215.00 0.500 912828J92 779 460 T Note 07/14/2015 12/31/2015 6995699.26 7000000.00 6998817.00 0.500 91282BA67 761 863 T Note 02/18/2015 03/31/2016 1500168.74 1500000.00 1500489.00 0.250 912828C40 762 863 T Note 02/18/2015 06/30/2016 1500759.85 1500000.00 1501465.50 0.375 912828WQ9 763 863 T Note 02/18/2015 11/21/2013 1501456.27 1500000.00 1502578.50 0.500 912828PJ3 695 000 T Note 11/21/2013 01/21/2014 2003501.35 2000000.00 2004180.00 1.375 912828UMO 698 000 T Note 01/21/2014 02/15/2016 2499598.67 2500000.0D 2502572.50 0.375 912828SJO 734 000 T Note 08/29/2014 02/2812017 3006504.39 3000000.00 3015546.OD 0.875 912828SJO 734A 000 T Note 08/29/2014 02/28/2017 2505420.33 2500000.00 2512955.00 0.875 9128281788 736 000 T Note 11/21/2014 10/31/2016 4992592.43 5000000.00 4998895.00 0.375 912828WX4 737 000 T Note 11/21/2014 07/31/2016 5004550.16 5000000.00 5006935.00 0.500 CUSIP Investment# Fund Issuer Purchase Date Maturity Date Book Value Par Value Market Value Current Rata 1017592447A 764 000 Union State Bank CDARS 02/2612015 02/25/2016 2500000.00 2500000.00 2500000.00 0.400 10175924476 764A 000 Union State Bank CDARS 02/26/2015 02/25/2016 2500000.00 2500000.00 2500000.00 0.400 524488C 777 000 Union State Bank CDARS 06/04/2015 12/04/2016 245000.00 245000.00 245000.00 0.421 1017849324 776 000 Union State Bank CDARS 05114/2015 05/12/2016 2000000.00 2000000.00 2000000.00 0.450 1018148028 782 000 Union State Bank CDARS 08/13/2015 08/13/2015 5000000.00 5000000.00 5000000.00 0.598 Sub-total: 240,025,936.03 239,655,000.00 240,289,832.40 TXPL0005 TXPL170 170 TexPool 04/0112013 518914.08 518914.08 518914.08 0.085 6976 601 210 JPM Chase Bank 04/01/2013 3905.53 3905.53 3905.53 TXPL00011 722 460 TexPool 03106/2014 19164714.43 19164714.43 19164714.43 0.085 8664004275 723 460 East West Bank MM 3 Check 03/3112014 10022433.47 10022433.47 10022433.47 0.150 8664004275A 773 461 East West Bank MM 3 Check 02/13/2015 5004882.58 5004882.58 5004882.58 0.150 TXPL0007 TXPL591 591 TexPool 04/01/2013 806858.09 806858.09 806858.09 0.085 TXPL0009 TXPL602 602 TexPool 04/01/2013 1444602.28 1444602.28 1444602.28 0.085 1246-00 772 000 TexasDAILY 04/16/2015 5002350.75 5002350.75 5002350.75 0.130 TXSTAR1 TXSTAR604 000 TexStar 04101/2013 5180221.06 5180221.06 5180221.06 0.099 TXPL0003 TXPL100 000 TexPool 04/01/2013 33469953.00 33469953.00 33469953.00 0.085 1386 602 000 JPM Chase Bank 04/01/2013 19735360.11 19735360.11 19735360.11 Sub-total: 100,354,195.38 100,354,195.36 100,354,195.38 Totok 340,380,131.41 340,009,195.38 340,644,027.78