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HomeMy WebLinkAboutCST 15-12 19 Jcitq Report To Executive Committee PICKERIly Report Number: CST 15-12 Date: May 14, 2012 From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Investment Portfolio Activity for the Year Ended December 31, 2011 Ontario Regulation 292/09 under the Municipal Act, 2001 Recommendation: That Report CST 15-12 of the Director, Corporate Services & Treasurer regarding Investment Portfolio Activity for the Year Ended December 31, 2011 be received for information. Executive Summary: The following report and attachments represent a summary of the investment activity and year end balance in the portfolio. Investment activity for the year 2011 totaled approximately $181.7 million with a year end balance in the portfolio of approximately $57.2 million. Current Fund investments are limited to one year or less and Reserve Funds to 10 years or less under the Council approved policy. As discussed below and as confirmed by the attached Performance Report from BMO Nesbitt Burns, the return on the City's portfolio has slightly declined from prior year. However, staff have achieved returns that compare favourably to market benchmarks. Over the last decade, the City's returns have generally exceeded, sometimes significantly, comparative benchmarks. Financial Implications: Total investment income, including bank account interest for 2011 was $1.2 million (2010 - $1.1M) of which $373,000 (2010 - $208,000) was for the Current (Operating) Funds. The balance of the income was allocated to the various reserve funds. Discussion: The City's investment portfolio is comprised of two main areas: Reserve Funds and balances available in the Current Fund when not required to meet current operating expenditures. This latter balance can vary greatly depending upon many factors including the timing of the receipt of property taxes and levy payments to the School Boards and the Region. Investments are undertaken as one consolidated pool of funds and interest earned is credited back to the appropriate funds. The Treasurer of the City of Pickering is required under Provincial Regulation 292/09 to report certain information and opinions to Council. The attached schedules are also included as part of the information requirements. The portfolio balance at December Report CST 15-12 Date: May 14, 2012 195 Subject: Investment Portfolio Activity for the Year Ended Page 2 December 31, 2011 Ontario Regulation 292/09 under the Municipal Act, 2001 31, 2011 of $57.2 million (2010 - $68.6M) is lower than the prior year primarily due to a larger balance in the bank accounts at December 31 which led to a reduction in the short-term investment balance. This balance was required in early 2012 to meet payment of 2011 invoices and the purchase of the land for the new Operations Centre. This resulted in a short-term investment balance at the end of 2011 of $23.6 million (2010 - $34.OM). The long-term investment balance of $32.8 million (2010 - $33AM) remained relatively unchanged compared to the prior year. The return on the portfolio increased in 2011 with a weighted yearly rate of return of 2.49% (2010 - 1.25%) on the combined short-term and long-term investments excluding interfund investments. Although the rates increased slightly over the prior year, worldwide rates continue to remain at historic lows which has had a significant effect on the portfolio returns over the last few years. Investment parameters are much narrower for the City than permitted for money market funds due to the Municipal Act and Regulations limiting the selection of qualified investments for municipal entities. However, notwithstanding these restrictions, staff was able to achieve an annual return of 2.49% outperforming the annual returns for the CIBC World Markets 91-Day T-Bill Index (1.0%) and the Morningstar Canadian Money Market Mutual Fund Index (0.6%). These returns are deemed comparative benchmarks for reviewing the portfolio's performance and considered the standard for analysis of investment funds in the industry. The average return on interfund investments (internal loans) was 4.3% (2010 - 3.7%). Of the year end total portfolio of some $57.2 million, approximately $32.8 million or 57.4% were external long-term investments and approximately $0.8 million or 1.4% were Interfund 'Investments (Internal Loans). The balance of approximately $23.6 million is short-term investments of 90 days or less. All investments were made in accordance with the Investment Policy approved by Council. Attachments: 1. Investment Activities for 2011 2. Outstanding Investments as at December 31, 2011 3. Correspondence dated February 3, 2012 from BMO Nesbitt Burns Report CST 15-12 Date: May 14, 2012 19 Subject: Investment Portfolio Activity for the Year Ended Page 3 December 31, 2011 Ontario Regulation 292/09 under the Municipal Act, 2001 Prepared By: Approved / Endorsed By: G~ CC 9~C a-G-04 Kristine Senior, CA Gillis A. Paterson, CMA Manager, Accounting Services Director, Corporate Services & Treasurer KS:vw Copy: Chief Administrative Officer Recommended for the consideration of Pickering City Council 2-01Z Tony Prevedel, P.Eng Chief Administrative Officer ATTACHMENT #-I-TO REPORT # SL 15 / a 193 T _ _ r N r N N N N N 4! r r r C T 9 C T T r C Q C r 07 C d .r.'.• d L1 T T>> U U U U C U 4~ T C r `m c c m co `a~ a) > a= a m m c= m> m o m (D v v p o 0 0 0 O m 0 m 0 0 m ca z-,gL~~LL ~a~~-? n)-? 1-? 9 nfnQQQ_Z Z ❑❑❑❑~❑LLLL 2-~~ to f~ V V N a n (D O cO N O r O O O V M V r O d O O N 00 'It r O N CO r r N N 0 N N N M r r N N r N N r N N^ r r r N r r r r r r r N O 0 0 0 0 0 0 0 0 0 Vr r r r r r r r r r r r r r r r r r r r r T r r r r r r r 7 r 7 r r r r r r r r m r a d s > 0 U U r C C M ' C C O) O) Q1 Q tZ > U U U m O O D U> O a) a) a) C m m 0 O m ca m m Q a m m m C 7 3 7 7 7 7 7 7 N N 0 0 0> O N N 0 0 lnCn99 Z o 'cow-~tilt~~~~QQ~~~ ~~-?QQ(n(n000ZZ❑❑❑ 7 a 0 d' N N c0 M V' 7 O N c0 N (D W n N N N N M N M N N r N N N N N N N (h d' N d r r r r r r r r r r r r r r r r r r Q N ^aO~ON ON 0) co Ot NM0 U) co t~NnvU) 't r- co 't C) M M M V Ocnco r rn 00m r`r Nr 000) ma)r 0) Cn 00 Mrr 00 00 00 00 N Mrnr 0) m Lf) 00000) 0) 0) Mrn 0 LL \ \ \ ~ O N O N m M O (D M O O_ O N O M (0 O) N N O V M O M N d m c) O O 00 W p O OJT r~ N«)() cU O MO O O O r 00 O C0 P, M O M O O O r O N It O W r-(00) M C0 L0 M U) N O m O m 0 0 0 O. r r 0 0 . 0 0 0 0 0 m 0 00 . 0 . 0 . 0 Cn 0n cn m 0) cq 00 00 co M 0) (n f. 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