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Board of Finance Report Presented by Treasurer Manny Ortiz, and his staff February 11, 2014.

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Presentation on theme: "Board of Finance Report Presented by Treasurer Manny Ortiz, and his staff February 11, 2014."— Presentation transcript:

1 Board of Finance Report Presented by Treasurer Manny Ortiz, and his staff February 11, 2014

2 Agenda Approve Minutes from BOF Meeting November 12, 2013 Page# 1 - Property Tax Collections as of December 31, 2013 Page# 2 - Property Tax Distribution as of December 31, 2013 Page# 3 - Investment Portfolio as of December 31, 2013 Page# 4 - Investment Portfolio Maturity Breakdown as of December 31, 2013 Page# 5 - Schedule of Investments as of December 31, 2013 Page# 6 - Investment Income Page# 7 - Payment Methods & Monthly Payment Program Page# 8 - MDC & CCP Payments Page# 9 - Questions & Answers

3 Property Tax Collections (as of December 31, 2013) Collection % by Tax Year Tax Year% Collected 200499.82% 200599.82% 200699.84% 200799.81% 200899.66% 200998.52% 201099.32% 201198.84% 201297.96% 201355.10% The Treasurer’s Office Delinquent Accounts Department makes every effort possible to collect delinquent taxes before the properties are turned over to the State of New Mexico. Tax YearNet Taxes Charged to CollectTaxes Collected to DateTaxes Uncollected 2011592,438,405585,557,1096,881,296 2012601,441,067589,192,36912,248,698 2013614,195,279338,400,828275,794,451 Page # 1 of 9

4 Property Tax Distribution (as of December 31, 2013) There are 65 distribution entities. 6 entities are shown below plus the “OTHER” category which includes Albuquerque Metropolitan Arroyo Flood Control Authority, Edgewood Soil & Water Conservancy District, Los Ranchos de Albuquerque, Rio Rancho, Tijeras, Moriarty School Districts, Middle Rio Grande Conservancy District and the Trails, Boulders, Volterra, Montecito, Saltillo, Ventana West and Mesa Del Sol public improvement districts. There are also 44 charter school entities and the Mesa del Sol tax increment development district that receive property tax distributions. Distributions are made to the entities on the 20th of every month FY14 year to date distribution totals $351,245,337 (July 2013 through December 2013) More than 90% of property tax collections are distributed to APS, City of Albuquerque, Bernalillo County, UNMH and CNM Page # 2 of 9

5 Investment Portfolio (as of December 31, 2013) The goal of the investment policy is to protect public funds in a way that provides safety of principal, liquidity of the portfolio and achieves maximum rate of return, in that order Diverse investment types (multiple brokers and variety of terms) Collateralized as required by Bernalillo County Investment Policy and State Statutes Investment TypesAmount Percentage of Total Portfolio Current Weighted Average Coupon Money Market Account & LGIP$11,847,6072.55%0.01% Savings Account204,097,66644.02%0.24% Agency Notes229,551,57049.51%2.26% Certificate of Deposits1,491,0000.32%0.50% Reserves & Repurchase Agreements16,681,2793.60%5.86% TOTAL$463,669,122100%1.44% Page # 3 of 9

6 Investment Portfolio Maturity Breakdown (as of December 31, 2013) Time Until MaturityAmount Percentage of Total Portfolio Current Weighted Average Coupon Immediate Availability$217,436,27346.89%0.23% Less than 3 years0.000.00% 3 to 7 years16,693,5003.60%1.88% 7 to 10 years94,473,00020.38%1.95% Greater than 10 years135,066,34929.13%2.96% TOTAL$463,669,122100%1.44% Page # 4 of 9 All funds collected thru June 2014 will be invested in maturities less than or equal to 6 months The County’s investment portfolio remains sufficiently liquid to enable the County to adequately meet its day-to-day operational requirements Majority of longer term maturities are invested in step-up bonds Step-up bonds have coupon rates that increase over the life of the bond

7 Schedule of Investments (as of December 31, 2013) Page # 5 of 9 WELLS FARGO SAVINGS ACCOUNT5/10/2007ANYTIME0.240%204,097,666.36 WELLS FARGO MONEY MARKET ACCOUNT12/20/2006ANYTIME0.010%11,847,603.88 STATE OF NM: LGIP11/30/2007ANYTIME0.064%3.09 GUADALUPE CREDIT UNION2/26/20132/26/20140.600%249,000.00 MULTI-BANK SECURITIES - FIFTH THIRD BANK3/6/20133/6/20140.400%249,000.00 MULTI-BANK SECURITIES - DORAL BK SAN JUAN PR1/31/20137/31/20140.550%248,000.00 MULTI-BANK SECURITIES - SAFRA NATIONAL BANK OF NEW YORK1/31/20137/31/20140.500%248,000.00 MULTI-BANK SECURITIES - FIRSTBANK OF PUERTO RICO2/1/20138/1/20140.550%249,000.00 MULTI-BANK SECURITIES - DISCOVER BANK3/6/20139/8/20140.400%248,000.00 BAYERN LB (97 GRT RESERVE)6/19/19989/15/20175.250%1,693,500.00 MUTUAL SECURITIES5/22/20135/22/20192.000%5,000,000.00 SHEARSON FINANCIAL SERVICES LLC1/11/20131/9/20200.750%5,000,000.00 MUTUAL SECURITIES6/7/20133/6/20201.750%5,000,000.00 BANK OF ALBUQUERQUE3/25/20131/29/20211.500%5,000,000.00 SHEARSON FINANCIAL SERVICES LLC5/2/20132/1/20211.840%5,000,000.00 MUTUAL SECURITIES5/8/20138/8/20222.250%5,000,000.00 BANK OF ALBUQUERQUE9/12/20128/26/20221.125%3,750,000.00 BANK OF ALBUQUERQUE4/3/20131/23/20232.330%5,000,000.00 OPPENHEIMER & CO. INC.5/6/20131/23/20232.330%3,500,000.00 SHEARSON FINANCIAL SERVICES LLC1/30/20131/30/20231.000%5,000,000.00 OPPENHEIMER & CO. INC.1/30/20131/30/20231.000%5,850,000.00 FTN FINANCIAL1/30/20131/30/20231.000%5,000,000.00 OPPENHEIMER & CO. INC.2/21/20132/21/20231.250%5,000,000.00 OPPENHEIMER & CO. INC.5/30/20133/6/20232.550%5,000,000.00 MULTI-BANK SECURITIES INC5/8/20134/24/20232.350%5,000,000.00 VINING SPARKS5/15/20135/15/20232.380%4,980,000.00 OPPENHEIMER & CO. INC.5/16/20135/16/20232.300%5,000,000.00 Broker Name Maturity Date Purchase Date Coupon Rate Par AmountBroker Name Coupon Rate Par Amount Maturity Date Purchase Date BANK OF ALBUQUERQUE5/16/20135/16/20232.300%5,000,000.00 BANK OF ALBUQUERQUE5/22/20135/22/20232.050%5,000,000.00 BANK OF ALBUQUERQUE6/5/20136/5/20232.875%5,000,000.00 OPPENHEIMER & CO. INC.6/12/20136/12/20232.570%5,000,000.00 OPPENHEIMER & CO. INC.3/6/201310/30/20232.100%5,000,000.00 FTN FINANCIAL5/28/201310/30/20232.125%1,393,000.00 BANK OF ALBUQUERQUE4/29/20134/29/20242.000%10,000,000.00 FTN FINANCIAL1/31/201311/1/20242.600%5,000,000.00 BANK OF ALBUQUERQUE2/7/20137/30/20251.750%3,000,000.00 UNICREDIT BANK AG (OLD 99 RESERVE)12/27/200010/1/20265.700%4,933,749.07 PORTIGON (96A GRT RESERVE)7/31/19973/31/20275.970%4,615,582.43 PORTIGON (96B GRT RESERVE)7/31/19973/31/20276.100%5,438,447.73 OPPENHEIMER & CO. INC.6/14/20126/14/20273.240%3,064,516.12 BANK OF ALBUQUERQUE6/18/20126/18/20273.250%4,054,054.06 OPPENHEIMER & CO. INC.8/13/20128/13/20272.000%5,000,000.00 OPPENHEIMER & CO. INC.8/27/20128/27/20272.250%5,000,000.00 OPPENHEIMER & CO. INC.11/2/201210/29/20272.500%2,850,000.00 OPPENHEIMER & CO. INC.11/14/201210/29/20272.125%7,500,000.00 OPPENHEIMER & CO. INC.12/14/201212/14/20273.500%6,000,000.00 FTN FINANCIAL12/21/201212/21/20272.000%5,000,000.00 MUTUAL SECURITIES12/28/201212/28/20271.500%5,000,000.00 SHEARSON FINANCIAL SERVICES LLC12/28/201212/28/20271.250%5,000,000.00 OPPENHEIMER & CO. INC.5/24/20125/24/20323.000%6,000,000.00 BANK OF ALBUQUERQUE6/28/20126/28/20323.250%5,000,000.00 BANK OF ALBUQUERQUE6/28/20126/28/20323.250%5,000,000.00 MUTUAL SECURITIES7/16/20127/16/20323.400%6,610,000.00 OPPENHEIMER & CO. INC.7/16/20127/16/20323.000%5,000,000.00 SHEARSON FINANCIAL SERVICES LLC7/26/20127/26/20323.000%10,000,000.00 BANK OF ALBUQUERQUE10/26/201210/18/20323.000%5,000,000.00 STERNE AGEE & LEACH INC11/26/201211/26/20323.000%6,000,000.00 STERNE AGEE & LEACH INC12/27/201212/27/20322.000%5,000,000.00 TOTAL$463,669,122.74

8 Investment Income Investment Income will meet FY14 budgeted needs $3.8m budgeted for FY14 Earned $2.2m for FY14 year to date Still in process of restructuring investment portfolio Focus on more balanced maturities Shorter maturities have lower coupon rates than longer maturities Investment income will decline but the County will be better positioned to take advantage of changing interest rates Page # 6 of 9 Fiscal Year Investment Income (July through December) 20134,223,279 20142,241,895

9 Payment Methods & Monthly Payment Program Page # 7 of 9 Payment Methods 1.Monthly Property Tax Payment Program Update –Currently over 3,000 participants are enrolled in the monthly payment program –The monthly payment program provides Bernalillo County more than $500,000 in collections each month 2.Drop Box Locations –5 Convenient locations throughout the County 3.On-line Credit Card and e-check acceptance –7 th year accepting on-line credit and e-check payments (went live in FY07) –Processed over $93.1 million in on-line property tax payments thru December 2013 4.Point-of-Sale (POS) Credit and Debit acceptance –October 2010 the Treasurer’s Office began accepting credit and debit card payments for property taxes –Processed over $4 million in POS property tax payments thru December 2013

10 MDC & CCP Payments Accepting Metropolitan Detention Center (MDC) Trust Account Deposits at Treasury Cashiering Treasurer’s Office began accepting Inmate Trust deposits in October 2011 The Treasurer’s Office is processing more than 1,500 Inmate Trust Deposits and Community Custody Program payments per month and is steadily increasing. Prior to this service, Inmate Trust Account deposits could only be made at the MDC facility. The Treasurer’s office is a more convenient location for many family members and/or friends wishing to make inmate trust deposits versus driving approximately 60 plus miles round trip to and from the Westside facility District Court Pretrial Services GPS Program collection Now accepting District Court Pretrial Services GPS Program deposits Page # 8 of 9

11 Questions & Answers Page # 9 of 9

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