Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
101-Staff Report.pdf
ADMINISTRATIVE SERVICES DEPARTMENT CITY HALL 1010300TORRE AVENUE • CUPERTINO, CA 95014-3255 TELEPHONE: (408)777-3220www.cupertino.org CITYCOUNCILSTAFFREPORT Meeting:February 15, 2011 Subject Treasurer’sInvestmentandBudgetReportfor quarterendingDecember 2010 RecommendedAction Acceptthereport Description Investments ThemarketandbookvalueoftheCity’sportfoliobothtotaled$51.2millionatDecember31, 2010.Theportfolio’sDecemberyieldof0.28%wasdownfromtheSeptember2010yieldof 0.33%andtheyearagorateof0.46%duetotheportfolio’ssafeandliquidmixofinvestments andbecauseofthetemporaryhighportionoftheportfolioincashandmoneymarketpositions duetomaturitiesandtaxdepositsduringtheholidayofficeclosure.Theliquidpositionswerere- investedinJanuary.TheLAIFbenchmarkwasat0.46%forDecember,downfrom0.50%in Septemberand0.57%ayearago,reflectiveoftheirmovetoahigherpercentageofinvestments backedbythefullfaithandcredit ofthefederalgovernment. TheportfolioincreasedfromSeptembertoDecemberby$5millionduetosalesandpropertytax receipts.MaturingTreasuriesandacertificateofdeposittotaling$9.6millionwereeitherre- investedinto new Treasuries ortemporarilyleftinthemoneymarketfund. InvestmentsareinfullcompliancewiththeCityinvestmentpolicyandStatelawandaretiered toprovidesufficientcashflowstopayCityobligationsoverthenextsixmonths.Marketvalues onindividualsecuritiesintheinvestmentportfolioareprovidedbyWellsFargoBank InstitutionalTrustServicesusingvaluationsfromInteractiveDataPricingandReferenceData, Inc. TheretireemedicalPARStrustmarketvaluegrewfrom$7.1millionto$7.4millionduringthe quarterendingDecember31,2010.Theportfolioofmoneymarket,fixedincomeandequity mutualfundsreturned4.3%forthequarterand6.67%sinceinceptionsixmonthsago.Short- termvolatilityofmarketvalueisanticipated,withpositivereturnsexpectedinthelongrunto fundfutureretireemedical obligations. General Fund BudgetReport Revenuesareupfivepercentoverlastyear,ledbystronggrowthinsalestaxes,transient occupancytaxes,propertytransfertaxesandchargesforservices.Grantrevenues,finesand forfeituresaretrailingresultsfromlastyearwhileothercategoriesarerelativelysteady.Growth will needtocontinuein ordertoachievethisyear’s projections. Expendituresare on trackwithlastyearresultsandthisyear’s budgetexpectations. _____________________________________ Preparedby:DavidWoo,DeputyCity Treasurer Reviewedby:DavidWooforCarolA.Atwood,CityTreasurer ApprovedforSubmissionby:DavidW.Knapp,CityManager Attachments:InvestmentPortfolio PARS TrustReport Pie&Rate ofReturnChart&ComplianceSchedule GeneralFundBudgetReport Expenditure&RevenueCharts