Department of Finance 1 Quarterly Investment Report Quarter Ending June 30, 2010 Finance Committee/City Council September 27, 2010 Vic Erganian – Deputy.

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Presentation transcript:

Department of Finance 1 Quarterly Investment Report Quarter Ending June 30, 2010 Finance Committee/City Council September 27, 2010 Vic Erganian – Deputy Finance Director/City Treasurer

Department of Finance 2 The Economy Economic growth has slowed down Negative job growth in June and July Unemployment rate at 9.5% Consumer confidence remains low and not spending Housing market still not out of the woods Existing home sales had major declines in May and June Year over year inflation declined to 1.2%, Core inflation dropped to 0.9% No change in Fed Funds rate

Department of Finance 3 Total Funds Under Management Pooled Portfolio $298,123,057 Capital Endowment 6,541,839 Stranded Inv Reserve 63,037,036 Special Funds 22,829,724 Investments w/Fiscal Agents 56,018,065 Total 446,549,721

Department of Finance 4 Pooled Portfolio Structure AS OF 06/30/2010 TYPE MKT VALUE PERCENT Money Market Fund$60,311, % MMF FDIC Insured5,249, % Municipal Bonds$17,254, % Corporate Bonds$36,136, % MBS/GNMAs $ % Federal Agencies $122,760, % LAIF $49,134, % Cash in Bank $6,240, % TOTALS: $297,088, % Accrued Int Receivable $1,034,356 GRAND TOTAL: $298,123,057

Department of Finance 5 General Fund’s portion General Fund had $34.9 million investments representing 12.27% of the Pooled Portfolio value.

Department of Finance 6 Pooled Portfolio Credit Quality Money Market Funds AAA Municipal Bonds AAA Federal Agencies AAA Corporate Bonds AA CD FDIC/Collateralized LAIF In Trust (Not rated)

Department of Finance 7 GE Capital Aa2 JP Morgan Aa3 Goldman Sachs A1 Wells Fargo A1 Merrill Lynch/BofA A2 Corporate Credit Quality

Department of Finance 8 Current Yield Pooled Portfolio1.49% State Treasurer’s LAIF0.51% 2 Year Treasury0.42%

Department of Finance 9 Fiscal YTD Effective Yield as of 6/30/10 Pooled portfolio 2.35% LAIF 0.65% 2 yr Treasury 0.91%

Department of Finance 10 Conclusion All investments are in compliance with the State Government Code and the City’s investment policy Ample liquidity is maintained to meet budgeted expenditures Adequate returns vs portfolio risk