HomeMy WebLinkAboutCS 52-06
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REPORT TO
EXECUTIVE COMMITTEE
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Report Number: CS 52-06
Date: September 25,2006
From:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject:
Investment Portfolio Activity for the Year Ended December 31,2005
Recommendation:
It is recommended that Report CS 52-06 the Director, Corporate Services & Treasurer
be received by Council 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 2005 totaled approximately $173.9 million with a year end balance in the
portfolio of approximately $49.1 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 performed favourably comparative
to market benchmarks.
Financial Implications: None
Background: 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.
As the Treasurer of the City of Pickering there are certain information and opinions that
I must report, under Provincial Regulation, to the Committee and Council. The attached
schedules are also included as part of the information requirements. The portfolio has
increased over prior year by approximately $8 million. The main contributing factors are
the timing of supplementary taxes billed and collected at the end of the year and final
remittance to the Region and School Boards, the overall increase in the Reserve Fund
balances, primarily Development Charges Reserve Fund, and lastly the City's share of
taxes from OPG for properties that are still under assessment appeal. I feel that the
portfolio performed well during 2005 with a weighted yearly rate of return of 2.51 % on
the combined short term and long term investments excluding interfund investments.
The average return on interfund investments was 4.00%. The decrease in the rate of
.. .. .....
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Report CS 52-06 Date: September 25, 2006
Subject: Investment Portfolio Activity for the Year Ended Page 2
December 31 , 2005
return for interfund investments is due to a reduction in the interest rates to be
comparable with the rates provided on external debenture issues. Since these are
internal loans within the Corporation it is to our advantage to adjust the rates lower to
match external debenture rates rather than unnecessarily charging higher costs to the
Current Fund.
As you are aware 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, the annual return of 2.51 % continues to perform comparably with the
annual returns for the CIBC World Markets 91-Day T-Bill Index (2.5%) and the
Morningstar Canadian Money Market Mutual Fund Index (1.9%). 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 emphasis of the City's investment strategy has been to increase the portion of long
term investments to the overall portfolio, while retaining sufficient liquidity for current
operations, to take advantage of more stable rates of return rather than fluctuating with
the short term markets. However throughout 2005 the short term rates began to rise
while the long term rates were leveling out making the spread between the two very
minimal. As a result a number of the long term investments, with the attractive higher
rates, were called throughout the year by the issuer and at the time it was not
worthwhile to reinvest in long term investments but wait to see where rates would go.
Therefore our percentage of long term investments held within the portfolio decreased
slightly over last year by approximately 2%. It is only now in the latter half of 2006 that
we are seeing the long term rates begin to be attractive again.
Of the year end total portfolio of some $49.1 million, approximately $12.2 million or
24.8% (2004 - 26.9%) were external long term investments and approximately $5.6
million or 11.4% (2004 - 15.5%) were Interfund Investments (Internal Loans).
It is my opinion that all investments were made in accordance with the Investment
Policy approved by Council.
Attachments:
1 . Correspondence, BMO Nesbitt Burns
2. Investment Activities for 2005
3. Outstanding Investments as at December 31,2005
Report CS 52-06
Date: September 25,2006
11 ',\
Subject: Investment Portfolio Activity for the Year Ended
December 31, 2005
Page 3
Prepared By:
~ Q
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ris Ine Semor
Manager, Accounting Services
Approved I Endorsed By:
GiIIi~~~
Director, Corporate Services & Treasurer
GAP:vw
Attachments
Copy: Chief Administrative Officer
Recommended for the consideration of
Pickering Ci y Council \ \ ~
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