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Investment Report - Quarter 4 Financial Update (2016)

Investment earnings on the portfolio for the fourth quarter of 2016 amounted to $3,876. Segmented earnings were $3,320 on primary portfolio investments, $461 on the cash balance, and $96 on sinking fund investments.

The fourth quarter annualized yield on the investment and cash portfolio was 2.83 per cent vs. 2.62 per cent in Q3 2016. At December 31, 2016 the portfolio had unrealized market gains (market value vs. book value including accrued interest) of $1,838.

Total net investment income for 2016 to date is favourable when compared to the budget by $1,598..

Quarterly Gross Investment Income

  Q1 Q2 Q3 Q4 Total
2016 Budget (Net) $2,616 $2,927 $3,126 $3,505 $12,175
2016 Actual (Net) 3,320 3,625 3,113 3,716 13,773
Variance $703 $698 $(13) $210 $1,598

Note: Net amounts are after budgeted transfers from Investment Income Stabilization Reserve ($190) , Hospital Contribution Internal Loan ($460), as well as an annual transfer of interest income to the Development Charge/Rate Reserves ($915). These annual transfers are allocated on a monthly basis.

Institution Investment by Institution Percentage Holdings
Investments
Corporate $168,877 38.2%
Municipal 70,781 16.0%
Provincial 194,388 44.0%
Federal - 0.0%
Region of Niagara 8,202 1.9%
Total excluding Cash 442,248 100.0%
Cash
General Checking * 30,375  
Savings 70,278  
Sinking Fund 201  
Total including Cash $543,102  

*Cash balances shown are the amounts held by the financial institution at the end of the quarter and do not include adjustments for outstanding payments or deposits. Balances include unrealized exchange gains on U.S. funds of $794,661.

Funds Book Value Weight Q2
Cash $100,653 18.5%
Cash Equivalents < 1 Year 34,039 6.3%
2 Year 35,459 6.5%
3 Year 52,875 9.7%
4 Year 27,242 5.0%
5+ Year 282,680 52.0%
Sinking Fund (Incl. Cash) 10,154 1.9%
Total Portfolio $543,102 100%

List of Investments Outstanding as of December 31, 2016 (in thousands of dollars)

Institution Investment by Institution Percentage Holdings *
Corporate
Bank of Montreal $54,029 12.2%
Bank of Nova Scotia 20,200 4.6%
Canadian Imperial Bank of Commerce - 0.0%
HSBC Bank of Canada 17,600 4.0%
National Bank of Canada 43,900 9.9%
Royal Bank of Canada 33,148 7.5%
Corporate Total 168,877 38.2%
Municipal
City of Guelph - 0.0%
City of London 999 0.2%
City of Montreal 5,124 1.2%
City of Ottawa 5,677 1.3%
City of Quebec 2,279 0.5%
City of Saskatoon 3,331 0.8%
City of Toronto 9,023 2.0%
County of Wellington 851 0.2%
District of Muskoka 176 0.0%
Municipal Finance Authority of British Columbia 10,933 2.5%
New Brunswick Municipal Finance Authority 5,861 1.3%
Region of Durham 277 0.1%
Region of Halton 1,518 0.3%
Region of Peel 3,523 0.8%
Region of Waterloo 11,435 2.6%
Region of York 5,211 1.2%
York Region District School Board 4,560 1.0%
Municipal Total 70,781 16.0%
Provincial
Province of Ontario 36,069 8.2%
Province of Quebec 26,013 5.9%
Province of British Columbia 3,115 0.7%
Province of Alberta 1,211 0.3%
Province of Manitoba 18,659 4.2%
Province of Nova Scotia 14,578 3.3%
Province of Newfoundland 40,942 9.3%
Province of New Brunswick 4,020 0.9%
Province of Prince Edward Island 1,492 0.3%
Ontario Hydro 36,069 8.2%
Quebec Hydro 12,221 2.8%
Provincial Total 194,388 44.0%
Federal
Federal Total - 0.0%
Region of Niagara Debentures 8,202 1.9%
Total excluding Cash 442,248 100.0%
Cash and Cashable Guaranteed Investment Certificates 100,855
Total including Cash $543,102



Holding Type Policy Percentage Limits
Corporate 50%
Municipal 25%
Provincial 75%
Federal 100%
Region of Niagara Debentures 100%
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