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HomeMy WebLinkAboutCS 17-10 Cit', Report To Executive Committee T ~ T~~I 1~ T P1CKE1~ Report Number: CS 17-10 6 7 Date: May 10, 2010 From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Investment Portfolio Activity for the Year Ended December 31, 2009 Recommendation: That Report CS 17-10 of the Director, Corporate Services & Treasurer regarding Investment Portfolio Activity for the Year Ended December 31, 2009 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 2009 totaled approximately $196.8 million with a year end balance in the portfolio of approximately $62.1 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, although significantly lower then in previous years, has performed favourably comparative to market benchmarks again. Financial Implications: Total investment income, including bank account interest for 2009 was $1.6 million (2008 - $2.5M) of which $171,000 (2008 - $1.1 M) was for the Current (Operating) Funds. The balance of the income was allocated to the various reserve funds. Sustainability Implications: This report does not contain any sustainability implications. 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. Report CS 17-10 Date: May 10, 2010 Subject: Investment Portfolio Activity for the Year Ended Page 2 December 31, 2009 68 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 balance at December 31, 2009 of $62.1 million (2008 - $66:8M) is slightly lower than the prior year which is primarily driven by the reduction in the short-term investment balance. Grant and debt proceeds that were received. in November 2008 led last year's short-term investment balance to unexpectedly increase. During 2009 this balance decreased as expenditures were incurred on the related capital projects and these funds used. This resulted in a short-term investment balance at the end of 2009 of $27.6 million (2008 - $34.2M). The overall increase in the Reserve Fund balances of approximately $.1.7 million led to an increased long-term investment balance of $32.2 million (2008 - $29.6M). The return on the portfolio significantly declined in 2009 with a weighted yearly rate of return of 1.54% (2008 - 4.92%) on the combined short-term and long-term investments excluding interfund investments. As everyone knows the economy began stalling near the end of 2008 and did not recover during the course of 2009. This significantly impacted short-term rate of returns which started at the beginning of 2009 around 1.5% and ended the year at 0.21 The City's portfolio was somewhat protected by having a . favourable mix between the short-term (highly liquid) and longer term investments, in addition to taking advantage of selling some bonds early when they were selling at a premium and recognizing a monetary gain. 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 1.54% still out performed the annual returns for the CIBC World Markets 91-Day T-Bill Index (0.5%) and the Morningstar Canadian Money Market Mutual Fund Index (0.5%). These returns are deemed comparative benchmarks for reviewing the portfolio's performance and considered the standard for analysis of investment funds in the industry. Over the past couple of years there have been efforts to maximize the portion of long- term investments allowed to the overall portfolio to allow the City to take advantage of more stable rates of return rather than fluctuating with the short-term markets. You can see from the portfolio's rate of return compared to the performance indicators this has proven to be successful leaving the City somewhat protected from the fall of short-term rates that commenced at the end- of 2008 and continued to decline through most of 2009. Unfortunately the operating fund's investment income does not benefit from this protection and significantly declined due to the drop in short-term rates. Report CS 17-10 Date: May 10, 2010 Subject: Investment Portfolio Activity for the Year Ended Page 3 6 9 December 31, 2009 The average return on interfund investments was 3.5% (2008 - 4.1%). This reduction was due to an interest rate revision to a number of loans to reflect the current economic climate. Of the year end total portfolio of some $62.1 million, approximately $32.2 million or 51.8% were external long-term investments and approximately $2.3 million or 3.7% were Interfund Investments (Internal Loans). The balance of approximately $27.6 million is short-term investments of 90 days or less. It is my opinion that all investments were made in accordance with the Investment Policy approved by Council. Attachments: 1. Investment Activities for 2009 2. Outstanding Investments as at December 31, 2009 3. Correspondence dated March 31, 2010 from BMO Nesbitt Burns Prepared By: Approved / Endorsed By: C 4diine Senior Gillis A. Paterson Manager, Accounting Services Director, Corporate Services & Treasurer KS:vw Copy: Chief Administrative Officer Recommended for the consideration of Pickering City u o J. 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