HomeMy WebLinkAboutFIN 07-13W Lei IN,
From: Paul Bigioni
Director, Corporate Services & City Solicitor
Report to
Executive Committee
Report Number: FIN 07 -13
Date: May 13, 2013
Subject: Investment Portfolio Activity for the Year Ended December 31, 2012
Ontario Regulation 292/09 under the Municipal Act, 2001
Recommendation:
It is recommended that Report FIN 07 -13 of the Director, Corporate Services & City
Solicitor regarding Investment Portfolio Activity for the Year Ended December 31, 2012
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 2012 totaled approximately $181.7 million with a year end balance in the portfolio
of approximately $79.4 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 declined from the 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 2012 was $1.2 million (2011 - $1.2M) of which $222,000 (2011 - $373,000) 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 components:
(i) Reserve Funds and
(ii) 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.
Report FIN 07 -13
May 13, 2013
Page 2
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 31,
2012 of $79.4 million (2011 - $57.2M) is higher than the prior year. At the end of 2011
there was a large balance held in the bank accounts to meet financial commitments in
early 2012, such as payment of 2011 invoices and the purchase of land for the new
Operations Centre. There was not a similar need at the end of 2012. This resulted in a
short-term investment balance at the end of 2012 of $39.9 million (2011 - $23.6M). The
long -term investment balance of $36.3 million (2011 - $32.8M) remained relatively
unchanged compared to the prior year with the increase primarily due to timing of
collection of development charges and federal gas tax funds.
The return on the portfolio decreased in 2012 with a weighted yearly rate of return of
1.37% (2011 — 2.49 %) on the combined short-term and long -term investments
excluding interfund investments. Although the rates remained relatively stable, there
was a slight decline from the beginning to the end of the 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. Notwithstanding these restrictions, staff was able to
achieve an annual return of 1.37% and still outperformed 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 indices are deemed to be comparative
benchmarks for reviewing the portfolio's performance and are considered the standard
for analysis of investment funds in the industry.
The average return on interfund investments (internal loans) was 4.4% (2011 — 4.3 %).
At year end, the total portfolio of approximately $79.4 million, consists of approximately
$36.3 million or 45.7% in external long -term investments and approximately $3.1 million.
or 3.9% in Interfund Investments (Internal Loans). The balance of approximately $39.9
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 2012
2. Outstanding Investments as at December 31, 2012
3. Correspondence dated February 9, 2013 from BMO Nesbitt Burns
Report FIN 07 -13
Prepared By:
C _
Kristine Senior
Manager, Accounting Services
Recommended for the consideration
of Pickering City Council 4
Tony Prevedel, P.Eng.
Chief Administrative Officer
May 13, 2013
Page 3
Approved /Endorsed By:
Stan Karwowski
(Acting) Division Head, Finance & Treasurer
Paul Bigioni
Director, Co
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& City Solicitor
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