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File #: 17-0072    Version: 1 Name: 2/6/17 Fourth Quarter 2016 Investment Portfolio Report
Type: Report or Communication Status: Filed
File created: 2/6/2017 In control: City Council
On agenda: 2/6/2017 Final action: 2/6/2017
Enactment date: Enactment #:
Title: Fourth Quarter 2016 Investment Portfolio Report
Attachments: 1. 2016 Q4 Portfolio Report.pdf

Title

Fourth Quarter 2016 Investment Portfolio Report

 

Memorandum

Attached for your information is the City’s investment portfolio report for the fourth quarter 2016. At December 31, the weighted average yield for the portfolio for the quarter was 1.20%, which exceeded our benchmark by 36 basis points. Our benchmark is the 12-month trailing rate of the 2-year Treasury Note, which earned 0.84% as of December 31. The weighted average effective maturity at quarter end was 730 days.

 

In addition to the securities disclosed in the attached portfolio report, the City owns Certificates of Deposit as described below:

 

Institution                                                               Certificate Amount                                          Maturity Date___

Bank of Ann Arbor                                          $250,750.00                                                               January 9, 2017

Ann Arbor State Bank                     $250,000.00                                                               May 19, 2018

Flagstar Bank                                          $250,000.00                                                               January 9, 2017

 

The Governmental Accounting Standards Board requires under Statement 31 that all investments be recorded at fair value versus amortized cost. At quarter end, the amortized cost value of the portfolio was $242,782,203.28. If investments were recorded using the fair value method, the value of the portfolio would be $241,467,283.00. Recording investments at fair market value, the portfolio experienced an unrealized loss of $1,314,920.28.

 

Staff

Prepared by:                       Matthew V. Horning, Treasurer

Reviewed by:                      Tom Crawford, Financial Services Area Administrator

Approved by:                       Howard S. Lazarus, City Administrator