Professional Documents
Culture Documents
QUARTERLYINVESTMENTREPORT
J
June30,2011
30 2011
CityofDallas
PortfolioHoldings
CombinedInvestmentSummary
Asof06/30/2011
PortfolioDescription
01TheCity'sInvestmentPool
02ConventionCenterReserve
03WaterReserve
04ArtEndowment
05IdaGreenLibraryFund
10DWUCommercialPaperProgram
14TrinityParkwayEscrow
16OncorElectricEscrow
Total
FaceAmount
BookValue
MarketValue
Accrued
Interest
1,408,543,841
22,800,000
71,670,000
2,192,000
1,000,000
873,824
1,604,846
540,315
1,509,224,827
1,419,059,467
22,839,726
71,822,088
2,312,452
1,000,579
873,824
1,604,846
540,315
1,520,053,297
1,423,794,962
22,896,067
72,216,272
2,310,258
1,001,201
873,824
1,604,846
540,315
1,525,237,746
6,968,700
64,646
270,821
37,020
1,375
7,342,562
MarketValue+
AccruedInterest
*Unrealized
Gain/(Loss)
1,430,763,662
22,960,713
72,487,093
2,347,279
1,002,576
873,824
1,604,846
540,315
1,532,580,308
4,735,495
56,342
394,184
(2,194)
622
5,184,449
Weighted
%of
Average YieldTo
DaysTo Maturity Portfolio
Maturity
410
0.70% 93.36%
206
0.67%
1.50%
311
0.93%
4.72%
578
0.50%
0.15%
92
0.32%
0.07%
1
0.08%
0.06%
1
0.13%
0.11%
1
0.13%
0.04%
401
0.71% 100.00%
*Unrealized gain/loss is the difference between the market value and book value and does not represent an actual gain or loss. Gains and losses are realized only when a security is sold prior to maturity. Since it is the City's practice
to hold investments until they mature, the temporary gains and losses are unlikely to be realized.
CityofDallas
TradeActivitybyPortfolio
Asof:3/31/20116/30/2011
PortfolioDescription
City'sInvestmentPool
FederalFarmCreditBank
FederalHomeLoanBank
FederalHomeLoanMortgageCorp.
FederalNationalMortgageAssoc.
TreasuryNote
Total
BeginningFace
Amount
281,875,000
252,505,000
419,685,000
357,570,000
75,000,000
1,386,635,000
BeginningYieldTo
Maturity
0.83%
0.67%
0.85%
0.86%
0.74%
0.75%
Purchased
Matured/Called
35,000,000 20,000,000
90,000,000 40,000,000
25,000,000 88,000,000
80,000,000 96,570,000
230,000,000 244,570,000
EndingFaceAmount
EndingYieldTo
Maturity
296,875,000
302,505,000
356,685,000
341,000,000
75,000,000
1,372,065,000
0.80%
0.56%
0.80%
0.70%
0.74%
0.70%
Trade activity includes agencies and treasuries only and excludes local government investment pools and money market mutual funds.
ConventionCenterReserve
FederalFarmCreditBank
FederalHomeLoanBank
Total
5,600,000
13,300,000
18,900,000
0.99% 3,900,000
0.64%
0.75% 3,900,000
9,500,000
13,300,000
22,800,000
0.71%
0.64%
0.67%
WaterReserve
FederalFarmCreditBank
Federal Home Loan Bank
FederalHomeLoanBank
FederalNationalMortgageAssoc.
Total
10,000,000
55,770,000
55 770 000
65,770,000
0.80%
1.02%
1
02%
0.00% 15,000,000
0.98% 15,000,000
9,100,000
9 100 000
9,100,000
10,000,000
46,670,000
46 670 000
15,000,000
71,670,000
0.80%
1.06%
1
06%
0.60%
0.93%
ArtEndowment
FederalHomeLoanBank
FederalNationalMortgageAssoc.
Total
2,540,000
2,540,000
0.57%
0.00% 2,192,000
0.57%
2,540,000
2,540,000
2,192,000
2,192,000
0.00%
0.50%
0.50%
IdaGreenLibraryEndowment
FederalFarmCreditBank
Total
1,000,000
1,000,000
0.32%
0.32%
1,000,000
1,000,000
0.32%
0.32%
DWUCommercialPaper
MoneyMarket
Total
43,562,098
43,562,098
0.09%
0.09%
42,688,274
42,688,274
873,824
873,824
0.08%
0.08%
TrinityParkwayEscrow
MoneyMarket
Total
1,720,143
1,720,143
0.09% 392
0.09% 392
115,688
115,688
1,604,846
1,604,846
0.13%
0.13%
OncorElectricEscrow
MoneyMarket
Total
540,190
540,190
0.08% 125
0.08% 125
540,315
540,315
0.13%
0.13%
GrandTotal
1,520,667,430
1,472,745,985
0.71%
CityofDallas
SummaryStatementbyPortfolio
Asof:3/31/20116/30/2011
*AccruedInterest
Ending
YieldTo
Maturity
(12,396,023)
(309,184)
(12,705,207)
6,637,190
331,510
6,968,700
0.08%
0.01%
0.72%
0.74%
0.70%
3,919,136
3,919,136
64,646
64,646
0.67%
0.67%
72,216,272
72,216,272
5,796,270
5,796,270
270,821
270,821
0.93%
0.93%
2,543,056
2,543,056
2,310,258
2,310,258
(232,797) 37,020
(232,797) 37,020
0.50%
0.50%
1,000,579
1,000,579
1,001,832
1,001,832
1,001,201
1,001,201
(631) 1,375
(631) 1,375
0.32%
0.32%
43,562,098
43,562,098
873,824
873,824
43,562,098 873,824
43,562,098 873,824
(42,688,274)
(42,688,274)
0.08%
0.08%
1,604,846
1,604,846
1,720,143
1,720,143
1,604,846
1,604,846
1,720,143
1,720,143
(115,296)
(115,296)
0.13%
0.13%
540,315
540,315
540,190
540,190
540,315
540,315
540,190 540,315
540,190 540,315
125
125
0.13%
0.13%
BeginningFace
Amount
EndingFace
Amount
BeginningBook
Value
EndingBookValue
BeginningMarket
Value
City'sInvestmentPool1
LocalGovt.InvestmentPool
MoneyMarket
USAgency
USTreasury
Total
138,673,533
2,675,308
1,311,635,000
75,000,000
1,527,983,841
33,803,533
2,675,308
1,297,065,000
75,000,000
1,408,543,841
138,673,533
2,675,308
1,323,843,981
75,504,646
1,540,697,468
33,803,533
2,675,308
1,307,303,698
75,276,928
1,419,059,467
138,673,533 33,803,533
2,675,308 2,675,308
1,324,317,619 1,311,921,596
75,703,709 75,394,525
1,541,370,169 1,423,794,962
(104,870,000)
(104,870,000)
ConventionCenterReserve2
USAgency
Total
18,900,000 22,800,000
18,900,000 22,800,000
18,921,108
18,921,108
22,839,726
22,839,726
18,976,931
18,976,931
22,896,067
22,896,067
WaterReserve
USAgency
Total
65,770,000 71,670,000
65,770,000 71,670,000
66,087,632
66,087,632
71,822,088
71,822,088
66,420,002
66,420,002
ArtEndowment3
USAgency
Total
2,540,000
2,540,000
2,192,000
2,192,000
2,540,557
2,540,557
2,312,452
2,312,452
IdaGreenLibraryEndowment4
USAgency
Total
1,000,000
1,000,000
1,000,000
1,000,000
1,001,151
1,001,151
DWUCommercialPaper5
MoneyMarket
Total
43,562,098
43,562,098
873,824
873,824
1,720,143
1,720,143
540,190
540,190
PortfolioDescription
EndingMarket
Value
Deposits/
Changein
Redemptions
MarketValue
TrinityParkwayEscrow
MoneyMarket
Total
OncorElectricEscrow7
MoneyMarket
Total
1,604,846
1,604,846
CityofDallas
StrategyStatementandCompliancebyPortfolio
Asof:3/31/20116/30/2011
OBJECTIVES
The objectives of the portfolios are to: a) ensure safety of principal by investing only in highquality securities for which a strong secondary market exists; b) ensure that anticipated cash flows are matched
with adequate investment liquidity; c) manage market and credit risk through diversification; and d) attain the best feasible yield commensurate with the objectives and the restrictions set forth in the
investmentpolicyandthebondordinancebymanagingtheportfoliotomeetorexceedthebondyield.
STRATEGYCOMPLIANCESTATEMENT
ForthequarterendingJune30,2011theportfoliosareincompliancewiththeprovisionsofthePublicFundInvestmentActandtheinvestmentstrategyadoptedinSec.17.0oftheCity'sInvestmentPolicy.
STRATEGYSTATEMENT
1)City'sInvestmentPool
The City's Investment Pool is an aggregation of the majority of City funds that includes tax
receipts, enterprise fund revenues, fine and fee revenues, as well as some, but not all, bond
proceeds, grants, gifts and endowments. This portfolio is maintained to meet anticipated daily
cash needs for City of Dallas operations, capital projects and debt service. In order to ensure the
ability of the City to meet obligations and to minimize potential liquidation losses, the dollar
weightedaveragestatedmaturityoftheInvestmentPoolshallnotexceed1.5years.
5)DWUCommercialPaperProgram
Water Utilities issues taxexempt commercial paper notes as an interim financing tool for
construction projects. Proceeds from the issuance of commercial paper debt must be liquid in
order to fund periodic payments to contractors and must be invested in taxexempt securities in
order to avoid costly and complex arbitrage rebate computations. In order to meet these
requirements, commercial paper proceeds will be invested in taxexempt money market mutual
funds.
2)ConventionCenterReserveandWaterReserve
Nonpooled reserve funds for outstanding revenue bonds (Convention Center and Water) are set
at levels required by their respective bond ordinances. These funds will be used to pay principal
and/orinterestatfinalmaturityorifcalledpriortofinalmaturity.
6)TrinityParkwayEscrow
The Trinity Parkway Escrow portfolio was created with the deposit of $5,000,000 on November
16, 1999 in an escrow account in accordance with an agreement dated as of January 1, 1999
between the City and the North Texas Tollway Authority ("NTTA") pertaining to development of
the Trinity Parkway. A subsequent deposit of $4,500,000 was made in June 2009. These fund will
be used to reimburse NTTA for specified payment related to project feasibility. Permitted
investment for this account are defined in the Escrow Agreement as those that are consistent with
thePublicFundsInvestmentAct.
3)ArtEndowment
The Art Endowment Fund was created by the City from a $1,285,026 repayment to the General
Fund from the Convention Center. Pursuant to Resolution No. 84311 dated September 26, 1984,
this endowment fund was created to provide additional monies for the arts, not to replace the
current level of support. Funds received as gifts to the City with instructions that the income
generated by the investment of said funds be used for specified purposes are invested as separate
nonpooledportfoliosinordertomaximizereturn.
7)OncorElectricEscrow
The Oncor Electric Escrow portfolio was created with the deposit of $4,500,000 in December 2007
in an escrow account in accordance with an agreement dated as of July 13, 2007 between the City
and the Oncor Electric Delivery Company LLC pertaining to the development of the West Levee to
Norwood Transmission Line. These funds will be used to reimburse Oncor for specified payment
related to project feasibility. Permitted investments for this account are defined in the Escrow
AgreementasthosethatareconsistentwiththePublicFundsInvestmentAct.
4)IdaGreenLibraryEndowment
The Ida M. Green Endowment Fund was created with the proceeds from the sale of stock from the
estate of Ms. Green pursuant to Resolution No. 870836. Its purpose it to provide funds for the
operating and capital expenses of the library's Texas Center for the Book and Children's Center.
Funds received as gifts to the City with instructions that the income generated by the investment
of said funds be used for specified purposes are invested as separate nonpooled portfolios in
ordertomaximizereturn.
CityofDallas
City'sInvestmentPoolPortfolioAllocation
InvestmentSummary
Asof06/30/2011
City'sInvestmentPoolPortfolioAllocation
FederalHome
LoanBank
21.55%
YieldComparison
FederalHome
LoanMortgage
Corp.
25.38%
1.40%
1.20%
1.00%
0.80%
FederalNational
MortgageAssoc.
24.25%
0.60%
0.40%
FederalFarm
CreditBank
20.94%
TreasuryNote
5.30%
Description
FederalFarmCreditBank
FederalHomeLoanBank
FederalHomeLoanMortgageCorp.
FederalNationalMortgageAssoc.
LocalGovernmentInvestmentPool
MoneyMarket
TreasuryNote
Total
Investment
Pool
Benchmark
0.20%
Local
Government
InvestmentPool
2.38%
MoneyMarket
0.19%
0.00%
FaceAmount
BookValue
MarketValue
*Unrealized
Gain/(Loss)
Weighted
AverageDays
ToMaturity
YieldTo
Maturity
296,875,000
302,505,000
356,685,000
341,000,000
33,803,533
2,675,308
75,000,000
1,408,543,841
297,134,313
305,822,149
360,222,579
344,124,657
33,803,533
2,675,308
75,276,928
1,419,059,467
298,428,201
306,676,259
361,488,282
345,328,854
33,803,533
2,675,308
75,394,525
1,423,794,962
1,293,888
854,110
1,265,703
1,204,197
117,597
4,735,495
495
400
431
440
1
1
80
410
0.80%
0.56%
0.81%
0.70%
0.08%
0.01%
0.74%
0.70%
%of
Portfolio
20.94%
21.55%
25.38%
24.25%
2.38%
0.19%
5.30%
100.00%
*Unrealizedgain/lossisthedifferencebetweenthemarketvalueandbookvalueanddoesnotrepresentanactualgainorloss.Gainsandlossesarerealizedonlywhenasecurityissoldpriortomaturity.SinceitistheCity'sstategytoholdinvestmentsuntilthey
mature,thetemporarygainsandlossesareunlikelytoberealized.
AsperSection17.1oftheCity'sInvestmentPolicy,thebenchmarkfortheInvestmentPoolisthe12monthmovingaverageyieldontreasury1yearconstantmaturitiesasreportedbyFederalReserveStatisticalReleaseH.15.
COMPLIANCESTATEMENT
ForthequarterendingJune30,2011theCity'sInvestmentPoolisincompliancewiththeprovisionsadoptedinSec.13.0oftheCity'sInvestmentPolicy.
CityofDallas
City'sInvestmentPoolAllocationbyMaturityRange
Asof06/30/2011
City'sInvestmentPoolAllocationbyMaturityRange
WeightedAverageDaystoMaturity
InvestmentPool
600
400
36Months
300
69Months
200
912Months
100
0
12Years
23Years
41.53%
Description
01Month
13Months
36Months
69Months
912Months
12Years
23Years
Total
3.95%
FaceAmount/Shares
BookValue
MarketValue
YieldToMaturity
WeightedAverage
DaysToMaturity
82,478,841
255,000,000
140,000,000
35,000,000
54,675,000
583,705,000
257,685,000
1,408,543,841
82,562,509
255,773,440
140,852,748
35,089,568
56,024,571
589,383,676
259,372,955
1,419,059,467
82,585,565
256,013,635
141,128,945
35,147,910
56,155,874
591,530,454
261,232,579
1,423,794,962
0.33%
0.64%
0.69%
0.46%
0.49%
0.64%
1.11%
0.70%
12
60
112
231
330
510
859
410
Jun11
2.47%
13Months
Mar11
9.93%
500
Dec10
18.02%
01Month
Sep10
5.82%
Jun10
18.28%
Maximum
%of
Portfolio
5.82%
18.02%
9.93%
2.47%
3.95%
41.53%
18.28%
100.00%
CityofDallas
DateToDate
BrokerDealerActivity
Asof:FY1011toDate
Description
BankofAmerica
CoastalSecurities
CrewsandAssociates
FirstSouthwest
Jefferies&Co.
JPMorgan
LoopCapitalMWBE
MorganKeegan&Co.
Oppenheimer&Co.
RiceFinancialMWBE
ViningSparks
WellsFargo
WilliamsCapitalMWBE
Total
FY1011toDate
Awarded
20,000,000
197,685,000
10,000,000
169,000,000
196,875,000
60,000,000
47,675,000
10,000,000
65,117,000
73,900,000
80,000,000
60,000,000
990,252,000
Q2FY11
%
2.02%
19.96%
1.01%
17.07%
19.88%
6.06%
4.81%
0.00%
1.01%
6.58%
7.46%
8.08%
6.06%
100.00%
Description
NationalDealers
MWBEDealers
RegionalDealers
Total
Awarded
276,875,000
172,792,000
540,585,000
990,252,000
%
27.96%
17.45%
54.59%
100.00%
Description
BankofAmerica
CoastalSecurities
FirstSouthwest
Jefferies&Co.
JPMorgan
Oppenheimer&Co.
RiceFinancialMWBE
ViningSparks
WellsFargo
WilliamsCapitalMWBE
Total
Awarded
20,000,000
65,000,000
30,000,000
40,000,000
30,000,000
10,000,000
2,192,000
53,900,000
251,092,000
%
7.97%
25.89%
11.95%
15.93%
11.95%
3.98%
0.87%
21.47%
0.00%
0.00%
100.00%
BrokerDealerActivityFY1011toDate
27.96%
54.59%
NationalDealers
MWBEDealers
RegionalDealers
Notes:
Section 9 of the City's investment Policy requires the investment committee to annually review and adopt a
list of qualified broker/dealers. These firms represent the broker dealer firms that are currently approved by
theInvestmentCommitteeasofFebruary3,2011.
17.45%
ItistheCity'sPracticetosolicitthreeormorecompetivebids/offerseachtrade.
The Overall
Community Grade is
A Report Card
is issued for
each of the
seven (7)
districts
Community Code
Conduct (10%) and the
Service Requests
Created by Inspectors
Grade
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
10%
40%
City of Dallas
Code Accountability Report Card
July 2011
(For the period of 07/01/11 through 07/31/11)
Community
Code Area
(1) Central
(2) Northeast
(3) Southeast
(4) Southwest
(5) Northwest
(6) North Central
(7) South Central
Grade
City-wide SR Volume
Improvement Rating
B
B
B
C+
BB+
C+
B
NORTH
NORTHCENTRAL
CENTRAL
July'
Aug
Jan11
10
09SR
SRVolume:
Volume: 993
1,091
1,404
Most
Most
Common
Common
SRSR
forfor
July
Aug
Jan
'11:
10:
09:
Animal
Animal
High Weeds
Confined
Confined
38%
NORTHWEST
NORTHWEST
July
Aug
Jan'11
10
09 SR
SR Volume:
Volume: 2,064
1,525
2,817
Most
MostCommon
Common SR
SRfor
forJuly'11:
Aug
Jan 10:
09:
Loose
Loose
HighAnimals
Weeds
Animals
NORTHEAST
NORTHEAST
Aug
Jan
09
SR
Volume:
3,322
July10
'11
SR
Volume:1,897
2,454
Most
Jan
10:
09:
MostCommon
CommonSR
SRfor
forAug
July'
11:
Loose
High Weeds
Animals
Animal
Confined
CENTRAL
CENTRAL
CENTRAL
July'
Aug
Jan 11
09
10 SR
SR Volume:
Volume: 1,679
2,209
1,370
Most
MostCommon
Common SR
SRfor
forJuly
Aug
Jan '11:
10:
09:
Loose
Loose
High Animals
Weeds
Animals
SOUTHWEST
July'
Aug
Jan 10
09
11 SR
SR Volume:
Volume: 3,212
5,272
5,413
Most Common SR for Aug
July'11:
Jan 10:
09:
Loose
High Weeds
Animals
SOUTHEAST
Aug
July'11
Jan 10
09 SR Volume: 3,643
5,542
7,557
Most Common SR for Aug
Jan
July'11:
10:
09:
Loose
High Weeds
Animals
SOUTH CENTRAL
Page 3
City of Dallas
Code Accountability Report Card
July 2011
(For the period of 07/01/11 through 07/31/11)
Community Code:
(1) Central
4th Qtr FY 10 - 11
July'11
B
--
Overall
Average
B
Grade
Grading Table
% Change
Grade
A+
A
AB+
B
BC+
C
CD+
D
DF
D+
Central Stats
Grade
FY2010-2011
A-
FY 11
Target
July 11
Actual
Grade
60%
50%
Page 4
City of Dallas
Code Accountability Report Card
July 2011
(For the period of 07/01/11 through 07/31/11)
Community Code:
(2) Northeast
4th Qtr FY 10 - 11
July '11
--
--
Overall
Average
B
Grade
Grading Table
% Change
Grade
A+
A
AB+
B
BC+
C
CD+
D
DF
D+
Northeast Stats
Grade
FY2010-2011
B-
FY 11
Target
July 10
Actual
Grade
60%
62%
A+
Page 5
City of Dallas
Code Accountability Report Card
July 2011
(For the period of 07/01/11 through 07/31/11)
Community Code:
(3) Southeast
4th Qtr FY 10 - 11
July '11
Aug '11
Sept'11
Overall
Average
--
--
Grade
Grade
A+
A
AB+
B
BC+
C
CD+
D
DF
Southeast Stats
Grade
FY2010-2011
% Change
C-
Grading Table
July 10
Actual
FY 11
Target
July 11
Actual
Grade
48%
58%
50%
B+
Page 6
City of Dallas
Code Accountability Report Card
July 2011
(For the period of 07/01/11 through 07/31/11)
Community Code:
(4) Southwest
C+
4th Qtr FY 10 - 11
July '11
C+
--
Overall
Average
C+
Grade
% Change
Grade
A+
A
AB+
B
BC+
C
CD+
D
DF
Southwest Stats
Grade
Grading Table
FY2010-2011Total Volume:
B+
5,413
Most Common SR: Loose
Animals
FY2009-2010Total
Volume: 6,293
Most Common SR: Loose
Animals
FY 11
Target
July 11
Actual
Grade
60%
43%
C-
Page 7
City of Dallas
Code Accountability Report Card
July 2011
(For the period of 07/01/11 through 07/31/11)
Community Code:
(5) Northwest
4th Qtr FY 10 - 11
July '11
B-
Aug '11
Sept'11
--
--
Overall
Average
B-
Grade
% Change
Grade
A+
A
AB+
B
BC+
C
CD+
D
DF
Northwest Stats
Grade
FY2010-2011
B+
Grading Table
C-
B-
July 10
Actual
FY 11
Target
July 11
Actual
Grade
51%
60%
52%
B+
Page 8
City of Dallas
Code Accountability Report Card
July 2011
(For the period of 07/01/11 through 07/31/11)
Community Code:
(6) North Central
B+
4th Qtr FY 10 - 11
July '11
B+
--
Overall
Average
B+
Grade
Grade
Grade
A+
A
AB+
B
BC+
C
CD+
D
DF
North Central
Stats
(Volume numbers include 311 and
inspector created Service
Requests)
% Change
C+
Grading Table
B-
FY2010-2011
Total Volume: 993
Most Common SR: Animal
Confined
FY2009-2010
FY 11
Target
July 11
Actual
Grade
60%
67%
A+
Page 9
City of Dallas
Code Accountability Report Card
July 2011
(For the period of 07/01/11 through 07/31/11)
Community Code:
(7) South Central
C+
4th Qtr FY 10 - 11
July '11
C+
Aug '11
Sept'11
--
--
Overall
Average
C+
Grade
Grade
C+
% Change
Grade
A+
A
AB+
B
BC+
C
CD+
D
DF
Grading Table
July 10
Actual
FY 11
Target
July 11
Actual
Grade
61%
60%
56%
South Central
Stats
(Volume numbers include 311 and
inspector created Service
Requests)
FY2010-2011
Total Volume: 4,853
Most Common SR: Loose
Animals
FY2009-20106
Total Volume: 6,502
Most Common SR:High
Weeds
Page 10